RT: Pay Attention, Skeptics-Read The Letter To Shareholders
Although I previously presented CEO Mark Ordans March 17th "Letter To Shareholders" as part of the recent 2009 Annual Report mailing, I thought it would be worthwhile to do another posting for those who may have missed it. The skeptics here need to pay close attention to it. Again, I would like to share that communication with everyone at this chatboard as follows:
"2009 was another year of rebuilding Sunrise Senior Living, its balance sheet and its operations. We are pleased with our progress in restructuring the organization, and this remains our key focus in 2010. We continue to make many changes to strengthen the imperatives of mission, profitability and creating lasting value.
Everything we do at Sunrise begins with the needs of our residents - it comes down to offering them the best possible standard of service and care. We are the largest premium provider of senior-living services and, despite a very difficult economy, we continue to attract residents who seek the Sunrise difference: our commitment to championing quality of life for all seniors. This mission is what guides every decision we make.
Our team, through diligent cash management and certain asset sales, has improved our liguidity and reduced and partially restructured our debt. As we have reduced the size of our operations, we have kept our focus on our core operations to the direct benefit of our current and future residents, our team and our capital partners. These efforts have included the painful but very necessary process of reducing our overhead. We foresee 2010 as another year of rebuilding Sunrise, where we will enact more organizational changes to continue to strengthen the company.
We have a hard-charging team whose passion for what we do pushes us every day to attack our shortcomings and play to our strengths. I cannot be more appreciative of the great efforts that are simply part of daily life in all areas of Sunrise. I am optimistic that this dedication and passion, combined with Sunrise's mission and our responsibility to all sakeholders, will lead to increasing strength, profitability and a strong future.
On behalf of the Board of Directors and management team, thank you for your support during this difficult period that we look forward to looking back on. The greatest strength of our company has always been the outstanding service we provide to our seniors, and we remain focused on preserving this competitive edge. Sunrise has an extraordinary team of people and I would like to thank all of our 38,000 team members for the work they do each day throughout the company to build a brighter future for all of our stakeholders".
There is no doubt in my mind that CEO Mark Ordan and his fine team will eventually be successful at turning this operation completely around to the point where they are once again outperforming in their marketplace. Hold on to your shares, folks, and buy more if you can. Over the long haul, SRZ is going to be very hard to beat as an investment.