Capital Senior Living Corporation Reports Second
Quarter 2010 Results
August 04, 2010 06:36 PM Eastern Daylight Time
DALLAS--(EON: Enhanced Online News)--Capital Senior Living Corporation (the “Company”) (NYSE:CSU),
one of the country’s largest operators of senior living communities, today announced operating results for the second
quarter of 2010. Company highlights for the second quarter include:
Highlights
l Cash From Facility Operations (“CFFO”) increased 26 percent to $4.4 million, or $0.16 per share, in the
second quarter of 2010 versus $3.5 million, or $0.13 per share, for the second quarter of 2009.
l Net income was $1.5 million, or $0.05 per share, in the second quarter of 2010, versus $0.4 million, or $0.02
per share, in the second quarter of 2009.
l Revenue was $50.5 million, a 7 percent increase from the second quarter of 2009.
l Same community occupancy increased 40 basis points during the second quarter of 2010, ending the quarter
at 85 percent.
l Adjusted EBITDAR improved over the second quarter of 2009 by $2.6 million, or 18 percent, to $16.7
million. EBITDAR margin improved to 33.1 percent from 29.9 percent.
l The Company sold its interests in two joint ventures and began leasing eight communities, resulting in $4.5
million of proceeds, and $1.1 million of deferred gains.
l The Company announced that it expects to add 12 high-quality leased assisted living communities to its
portfolio in the third quarter of this year, expanding resident capacity by 764 seniors.
l Cash in the second quarter increased by $3.3 million while mortgage debt was reduced by $5.5 million. One
mortgage was paid off at a discount, resulting in a $0.7 million pre-tax gain.
“Our disciplined expense management and execution of our strategic business plan are contributing to meaningful
enhancements in shareholder value,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “We closed
two transactions in the second quarter and anticipate closing a third significant transaction