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Q3 2009 AMICA MATURE LIFESTYLES INC Earnings Conference Call - Final.

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OPERATOR: Good afternoon, ladies and gentlemen, and welcome to the Amica Mature Lifestyles third-quarter results conference call. At this time all participants are in a listen-only mode. Following the presentation we will conduct a question-and-answer session and instructions will be provided to you at that time to register for a question. (Operator Instructions)

As a reminder this call is being recorded. Today is April 8, 2009, and I would now like to turn the meeting over to Ms. Alyssa Williams. Please go ahead.

ALYSSA WILLIAMS, MANAGER, INVESTOR COMMUNICATIONS, AMICA MATURE LIFESTYLES, INC.: Good morning and thank you for joining Amica's third-quarter results conference call for fiscal 2009. If you would like a copy of the related news release or financial statements, you may find them on the Investor Relations section of our website at www.amica.ca. You may also access a replay of this conference call until April 11, 2009, details of which are also available on our website.

Featured on today's call is Mr. Samir Manji, Chairman, President, and CEO, who will provide a highlight of our financial results for the three months and nine months ended February 28, 2009, and an overview on the Company's progress over the quarter. Mr. Colin Halliwell, the Company's Chief Operating Officer, is also present and both Samir and Colin will be available to answer questions.

I would like to let you know that [John Thamulack], Manager of Financial Services, has also joined us today for the call.

We would like to recommend that you hold your questions until Samir has completed his presentation. Since by now you have had an opportunity to review the earnings announcement, we will not reiterate the numbers here other than those that merit special attention.

Before we begin I would like to remind everyone that statements made during our prepared remarks or in the Q&A portion of the conference call with reference to management's expectations or predictions of the future are forward-looking statements. All statements made today which are not statements of historical facts are considered to be forward-looking statements.

Please refer to the Safe Harbor statement in the earnings announcement set forth earlier today. Please also refer to the Risks and Uncertainties section of our 2008 annual report and our third quarter ended February 28, 2009, report which outlines certain factors that may cause actual results to differ. I will turn the call over to Samir.

SAMIR MANJI, CHAIRMAN, PRESIDENT & CEO, AMICA MATURE LIFESTYLES, INC.: Thank you, Alyssa. Good morning everyone in the West End and good afternoon to those of you in the East.

The major highlights of our third-quarter results as compared to the comparative period are as follows. For the three months ended February 28, 2009, cash flow from operations increased CAD0.1 million to CAD1.9 million. EBITDA decreased CAD0.5 million to CAD2.7 million. MARPAS, monthly average revenue per available suite, increased 2.1% on a same-community basis.

Net earnings decreased CAD1.3 million to CAD0.2 million. Basic and diluted net earnings per share decreased CAD0.08 per share to CAD0.01 per share. Basic and diluted cash flow from operations per share increased CAD0.01 to CAD0.11 per share.

For the nine months ended February 28, 2009, cash flow from operations decreased CAD1.2 million to CAD5.5 million. EBITDA decreased CAD2.6 million to CAD7.6 million. MARPAS increased 2.3% on a same-community basis.

Net earnings decreased CAD3.0 million to CAD1.3 million. Basic net earnings per share decreased CAD0.18 per share to CAD0.07 per share and diluted net earnings per share decreased CAD0.17 per share to CAD0.07 per share.

Basic cash flow from operations per share decreased CAD0.06 per share to CAD0.32 per share and diluted cash flow per share decreased CAD0.05 per share to CAD0.32 per share.

Consolidated cash by the end of the third quarter increased to over CAD15 million, which we believe will enable the Company to meet its expected operating and development commitments over the next 12 months subject to refinancing of maturing debt at current levels.

During the first nine months of fiscal 2009 to date we refinanced four properties at higher principal amounts and I will summarize them. The first mortgage on Amica at Rideau Manor was refinanced in November for CAD12 million including CMHC premium at a stated interest rate of 4.56% for a five-year term.

In November of 2008 we also refinanced Amica at Erin Mills and Amica at Villa Da Vinci. The first mortgage on Amica at Erin Mills was refinanced for CAD9 million. That represents our 50% share including CMHC premium at a stated interest rate of 4.56% for a five-year term.

The first mortgage on Amica at...

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