Emeritus Assisted Living, Seattle, has announced that it will delay reporting its third-quarter financial results pending completion of a review of issues related to previously announced earnings restatements for 2003 and 2004.The restatements will correct the booking of a 2003 transaction as a sale-leaseback that should have been booked as a refinance under Financial Accounting Standard No. 98, Accounting for Leases, Emeritus said. The company said it expects the restatements to decrease net income to common shareholders by approximately $470,000 in 2003, increase net loss to shareholders by approximately $310,000 in the first quarter of 2004, and decrease net loss to shareholders by approximately $10,000 in the second quarter of 2004. The company can be found online at http://www.emeritus.com.

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