News Column

Capital Senior Living Corporation Reports Fourth Quarter and Full Year 2013 Results

February 27, 2014

DALLAS--(BUSINESS WIRE)-- Capital Senior Living Corporation (the “Company”) (NYSE:CSU), one of the country’s largest operators of senior living communities, today announced operating and financial results for the fourth quarter and full year 2013. Company highlights for the fourth quarter and full year include:

Operating and Financial Summary (see Non-GAAP Financial Measures below)

  • Revenue in the fourth quarter of 2013 increased 6.8% to $88.9 million, an increase of $5.7 million from the fourth quarter of 2012. Revenue for 2013 increased 12.8% to $350.4 million, an increase of $39.8 million from 2012.
  • Average monthly rent for the consolidated communities increased 3.1% to $3,037 per occupied unit in the fourth quarter of 2013, an increase of $90 per occupied unit from the fourth quarter of 2012.
  • Adjusted net income for the fourth quarter of 2013 was $1.2 million, or $0.04 per share, excluding non-recurring or non-economic items reconciled on the final page of this release. This compares to net loss of $2.4 million, or $0.08 per share, before adjusting for these non-recurring or non-economic items.
  • Adjusted EBITDAR increased 1.8% to $29.7 million in the fourth quarter of 2013, excluding two continuing care retirement communities (“CCRC’s”) that are being re-positioned. Adjusted EBITDAR for 2013 increased 8.7% to $119.6 million.
  • Adjusted Cash From Facility Operations (“CFFO”) increased 8.0% to $14.5 million, or $0.52 per share in the fourth quarter of 2013, excluding the two CCRC’s that are being re-positioned. This increase of $0.03 per share from the fourth quarter of 2012 includes tax savings from a cost segregation study of approximately $0.12 per share in the fourth quarter of 2013 compared to $0.09 per share in the fourth quarter of 2012. Adjusted CFFO increased 14.2% to $42.6 million, or $1.53 per share in 2013.
  • The Company completed the acquisition of six senior living communities in the fourth quarter for a combined purchase price of approximately $96.7 million. In 2013, the Company completed the acquisition of 11 communities for a combined purchase price of $150.4 million. These 11 communities are expected to generate incremental annual Adjusted CFFO of approximately $0.20 per share.

    “We are pleased to report positive results for the fourth quarter as we continue to recover from high levels of attrition in 2013,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “We are focused on reducing attrition and increasing occupancy by converting approximately 360 vacant independent living units to assisted living and memory care units. Once these converted units are stabilized, we expect overall occupancy to increase by approximately 300 basis points, approaching 90%.

    “Complementing this organic growth is a robust pipeline that allows us to continue our disciplined and strategic acquisition program that increases our ownership of high-quality senior living communities in geographically concentrated regions and generates meaningful increases in CFFO, earnings and real estate value. We differentiate Capital Senior Living as the value leader in providing quality seniors housing and care at reasonable prices. We believe that we are well positioned to make meaningful gains in shareholder value as a substantially all private-pay business in an industry that benefits from need-driven demand, limited new supply, and an improving economy and housing market.”

    Recent Investment Activity

  • In the fourth quarter of 2013, the Company completed the acquisition of six senior living communities for a combined purchase price of approximately $96.7 million. Four communities enhance the Company’s geographic concentration in Indiana and South Carolina and two communities add the contiguous states of Wisconsin and Massachusetts to the Company’s footprint. These communities comprise an aggregate of 538 units offering independent living, assisted living and memory care.



    Highlights of these transactions include:
  • Incremental earnings of $1.6 million, or $0.05 per share.
  • Additional Adjusted CFFO of $3.6 million, or $0.13 per share.
  • Increases annual revenue by $22.0 million.
  • Average occupancy above 95%.
  • Average monthly rents are approximately $3,300.
  • The six communities were financed with an aggregate of approximately $73.1 million of non-recourse 10-year mortgage debt with a blended fixed interest rate of 5.52%.
  • The Company is conducting due diligence on approximately $100 million of additional transactions consisting of high-quality senior living communities in regions with extensive existing operations. Subject to completion of due diligence and customary closing conditions, these transactions are expected to close in the first half of 2014.

    Financial Results - Fourth Quarter

    For the fourth quarter of 2013, the Company reported revenue of $88.9 million, compared to revenue of $83.3 million in the fourth quarter of 2012. Resident and healthcare revenue increased from the fourth quarter of the prior year by approximately $5.4 million, or 6.6%, largely as a result of acquiring 11 communities since the fourth quarter of 2012. The number of consolidated communities increased from 98 in the fourth quarter of 2012 to 109 in the fourth quarter of 2013.

    During 2013, the Company decided to close the skilled nursing units in its two CCRC’s and convert this space to private-pay use. Excluding the two CCRC’s that are being re-positioned, average monthly rent for the consolidated communities was $3,037 per occupied unit in the fourth quarter of 2013, an increase of $90, or 3.1%, over the fourth quarter of 2012. Financial occupancy of the consolidated portfolio averaged 86.5% in the fourth quarter of 2013.

    As a percentage of resident and healthcare revenue, operating expenses were 62.1% in the fourth quarter of 2013, compared to 59.8% in the fourth quarter of 2012. Margins were negatively impacted by higher utility costs from a particularly harsh winter and higher real estate taxes compared to the prior period which reflected multi-year tax adjustments from successful appeals coupled with higher tax assessments in the current quarter that are now under appeal. Operating expenses for the fourth quarter of 2013 were $54.1 million, an increase of $5.2 million from the fourth quarter of 2012, primarily due to 11 additional communities now being consolidated.

    General and administrative expenses as a percentage of revenues under management were 5.2% in the fourth quarter of 2013, excluding transaction costs of approximately $0.7 million. Medical claims that had been abnormally high earlier in the year came back into line in the fourth quarter.

    Adjusted EBITDAR for the fourth quarter of 2013 was approximately $29.7 million, an increase of $0.5 million, or 1.8%, from the fourth quarter of 2012. Excluding the two CCRC’s being re-positioned, EBITDAR margin for the fourth quarter of 2013 was 34.6%.

    Adjusted net income for the fourth quarter of 2013 was $1.2 million, or $0.04 per share, excluding non-recurring or non-economic items reconciled on the final page of this release. This compares to a net loss of $2.4 million, or $0.08 per share, before adjusting for these non-recurring or non-economic items. Adjusted CFFO was $14.5 million or $0.52 per share in the fourth quarter of 2013. Adjusted CFFO in the fourth quarter of 2013 included a benefit of $0.12 per share from the cost segregation study completed earlier this year. This benefit was $0.09 per share in the fourth quarter of 2012.

    Financial Results - Full Year

    The Company reported 2013 revenue of $350.4 million compared to revenue of $310.5 million in 2012, an increase of $39.8 million or 12.8%. Operating expenses of $208.2 million in 2013 increased $25.2 million from the prior year.

    General and administrative expenses in 2013 were $20.2 million compared to $16.1 million in 2012. Expenses in both years included approximately $1.9 million of transaction costs. Approximately half of the increase in 2013 was due to a higher level of medical claims paid under the Company’s self-insurance plan. The remainder was largely attributable to payroll and benefit costs to support growth. Excluding transaction costs, general and administrative expenses as a percentage of revenues under management were 5.2% in 2013.

    Adjusted EBITDAR increased 8.7% to $119.6 million in 2013, an increase of $9.6 million from 2012. EBITDAR margin was 34.9% in 2013 excluding the two CCRC’s being re-positioned. The Company earned adjusted net income of $4.9 million, or $0.17 per share, in 2013 excluding the non-recurring or non-economic items reconciled on the final page of this release. This compares to a net loss of $16.5 million, or $0.58 per share, before adjusting for these non-recurring or non-economic items. Adjusted CFFO was $42.6 million, or $1.53 per share, in 2013, an increase of 14.2% from 2012.

    Operating Activities

    The Company is well positioned as a substantially all private-pay business and intends to further differentiate itself by enhancing its private-pay revenues. Two CCRC’s are being re-positioned with formerly skilled nursing space being converted to private-pay use. While these communities are being re-positioned, same-community results for these two communities will be excluded.

    At communities under management, excluding the communities referenced above, same-community revenue in the fourth quarter of 2013 increased 0.9% versus the fourth quarter of 2012. Same-community expenses increased 3.3% and net operating income declined 2.5% from the fourth quarter of the prior year. The increase in expenses was due to higher utility costs from unusually cold weather and real estate tax adjustments received in the fourth quarter of 2012. Same-community occupancies were 85.9% and average rents were $68 per occupied unit, or 2.3%, higher than the fourth quarter of the prior year.

    Capital expenditures for the fourth quarter of 2013 were approximately $3.7 million, representing $2.6 million of investment spending and $1.1 million of recurring capital expenditures. Spending in 2013 for recurring capital expenditures equaled $4.1 million, approximately $400 per unit.

    Balance Sheet

    The Company ended 2013 with $25.0 million of cash and cash equivalents, including restricted cash. During the year, the Company invested $38.1 million of cash as equity to complete 11 acquisitions and spent $13.6 million on capital improvements.

    As of December 31, 2013, the Company financed its 59 owned communities with mortgages totaling $476.2 million at interest rates averaging 5.25%. All of the Company’s debt is at fixed interest rates, except three bridge loans totaling approximately $22.5 million at variable rates averaging 4.24%. The Company has no mortgage maturities before the third quarter of 2015.

    Q4 2013 Conference Call Information

    The Company will host a conference call with senior management to discuss the Company’s fourth quarter and full year 2013 financial results. The call will be held on Thursday, February 27, 2014 at 5:00 p.m. Eastern Time. The call-in number is 913-312-0395, confirmation code 6286856. A link to a simultaneous webcast of the teleconference will be available at www.capitalsenior.com through Windows Media Player or RealPlayer.

    For the convenience of the Company’s shareholders and the public, the conference call will be recorded and available for replay starting February 27, 2014 at 8:00 p.m. Eastern Time, until March 8, 2014 at 8:00 p.m. Eastern Time. To access the conference call replay, call 719-457-0820, confirmation code 6286856. The conference call will also be made available for playback via the Company’s corporate website, www.capitalsenior.com, beginning February 28, 2014.

    Non-GAAP Financial Measures

    Adjusted EBITDAR, Adjusted EBITDAR Margin, Adjusted Net Income and Adjusted CFFO are financial measures of operating performance that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). Non-GAAP financial measures may have material limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP. As a result, these non-GAAP financial measures should not be considered a substitute for, nor superior to, financial results and measures determined or calculated in accordance with GAAP. The Company believes that these non-GAAP measures are useful in identifying trends in day-to-day performance because they exclude items that are of little or no significance to operations and provide indicators to management of progress in achieving optimal operating performance. In addition, these measures are used by many research analysts and investors to evaluate the performance and the value of companies in the senior living industry. The Company strongly urges you to review the reconciliation of net income from operations to Adjusted EBITDAR and Adjusted EBITDAR Margin and the reconciliation of net loss to Adjusted Net Income and Adjusted CFFO, along with the Company’s consolidated balance sheets, statements of operations, and statements of cash flows.

    About the Company

    Capital Senior Living Corporation is one of the nation’s largest operators of residential communities for senior adults. The Company’s operating strategy is to provide value to residents by providing quality senior living services at reasonable prices. The Company’s communities emphasize a continuum of care, which integrates independent living, assisted living, and home care services, to provide residents the opportunity to age in place. The Company operates 112 senior living communities in geographically concentrated regions with an aggregate capacity of approximately 14,600 residents.

    Safe Harbor

    The forward-looking statements in this release are subject to certain risks and uncertainties that could cause results to differ materially, including, but not without limitation to, the Company’s ability to find suitable acquisition properties at favorable terms, financing, licensing, business conditions, risks of downturns in economic conditions generally, satisfaction of closing conditions such as those pertaining to licensure, availability of insurance at commercially reasonable rates, and changes in accounting principles and interpretations among others, and other risks and factors identified from time to time in our reports filed with the Securities and Exchange Commission.

    For information about Capital Senior Living, visit www.capitalsenior.com.

           
    CAPITAL SENIOR LIVING CORPORATION
    CONSOLIDATED BALANCE SHEETS
    (in thousands)
     
    December 31,December 31,
    20132012
     
    ASSETS
    Current assets:
    Cash and cash equivalents $ 13,611 $ 18,737
    Restricted cash 11,425 10,179
    Accounts receivable, net 3,752 5,229
    Accounts receivable from affiliates 416 753
    Federal and state income taxes receivable 5,123 3,901
    Deferred taxes 845 1,443
    Property tax and insurance deposits 11,036 11,442
    Prepaid expenses and other   6,605     4,758  
    Total current assets 52,813 56,442
    Property and equipment, net 649,967 527,159
    Deferred taxes 9,350
    Investments in unconsolidated joint ventures 1,010 1,074
    Other assets, net   41,759     42,917  
    Total assets $745,549   $636,942  
     
    LIABILITIES AND SHAREHOLDERS' EQUITY
    Current liabilities:
    Accounts payable $ 3,813 $ 6,978
    Accounts payable to affiliates 1 2
    Accrued expenses 29,321 24,445
    Current portion of notes payable 11,918 20,230
    Current portion of deferred income 11,215 8,193
    Current portion of capital lease and financing obligations 948 766
    Customer deposits   1,489     1,540  
    Total current liabilities 58,705 62,154
    Deferred income 18,021 19,990
    Capital lease and financing obligations, net of current portion 41,093 42,146
    Deferred taxes 845
    Other long-term liabilities 1,559 1,692
    Notes payable, net of current portion 467,376 342,366
    Commitments and contingencies
    Shareholders' equity:
    Preferred stock, $.01 par value:
    Authorized shares — 15,000; no shares issued or outstanding
    Common stock, $.01 par value:

    Authorized shares — 65,000; issued and outstanding shares 28,845 and 28,218 in 2013 and 2012, respectively

    292 286
    Additional paid-in capital 143,721 137,867
    Retained earnings 14,871 31,375

    Treasury stock, at cost – 350 shares in 2013 and 2012

      (934)   (934)
    Total shareholders' equity   157,950     168,594  
    Total liabilities and shareholders' equity $745,549   $636,942  
     
             
    CAPITAL SENIOR LIVING CORPORATION
    CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
    (in thousands, except per share data)
     

    Three Months Ended

    December 31,

    Year Ended

    December 31,

    2013     20122013     2012
    Revenues:
    Resident and health care revenue $ 87,069 $ 81,687 $ 343,478 $ 304,848
    Affiliated management services revenue 211 182 797 674
    Community reimbursement revenue   1,655     1,409     6,087     5,014  
    Total revenues 88,935 83,278 350,362 310,536
    Expenses:
    Operating expenses (exclusive of facility lease expense and depreciation and amortization expense shown below)

    53,888

    48,651

    207,744

    182,286

    General and administrative expenses 5,209 5,191 20,238 16,114
    Facility lease expense 14,173 13,965 56,986 55,144
    Stock-based compensation expense 1,164 601 4,322 2,444
    Provision for bad debts 167 198 497 749
    Depreciation and amortization 10,055 10,160 43,238 35,130
    Community reimbursement expense   1,655     1,409     6,087     5,014  
    Total expenses   86,311     80,175     339,112     296,881  
    Income from operations 2,624 3,103 11,250 13,655
    Other income (expense):
    Interest income 13 17 151 453
    Interest expense (6,446 ) (5,323 ) (23,767 ) (18,022 )
    Gain (Loss) on disposition of assets, net 1,442 1,454 (19 )
    Equity in earnings (losses) of unconsolidated joint ventures 57 24 133 (217 )
    Other income   6         34      
    Loss before (provision) benefit for income taxes (2,304 ) (2,179 ) (10,745 ) (4,150 )
    (Provision) Benefit for income taxes   (91)   538     (5,759)   1,031  
    Net loss $(2,395)$(1,641)$(16,504)$(3,119)
     
    Per share data:
    Basic net loss per share $(0.08)$(0.06)$(0.58)$(0.11)
    Diluted net loss per share $(0.08)$(0.06)$(0.58)$(0.11)
    Weighted average shares outstanding — basic   27,949     27,403     27,815     27,349  
    Weighted average shares outstanding — diluted   27,949     27,403     27,815     27,349  
     
    Comprehensive loss $(2,395)$(1,641)$(16,504)$(3,119)
     
       
    CAPITAL SENIOR LIVING CORPORATION
    CONSOLIDATED STATEMENTS OF CASH FLOWS
    (in thousands)
     

    Year Ended

    December 31,

    2013     2012
    Operating Activities
    Net loss

    $

    (16,504

    )

    $

    (3,119

    )

    Adjustments to reconcile net loss to net cash provided by operating activities:
    Depreciation and amortization 43,238 35,130
    Amortization of deferred financing charges 1,100 787
    Amortization of deferred lease costs, net 1,164 753
    Deferred income 1,053 (1,816 )
    Deferred income taxes 10,793 (3,532 )
    Equity in (earnings) losses of unconsolidated joint ventures, net (133 ) 218
    (Gain) Loss on disposition of assets, net (1,454 ) 19
    Provision for bad debts 497 749
    Stock-based compensation expense 4,322 2,444
    Changes in operating assets and liabilities:
    Accounts receivable 980 (1,452 )
    Accounts receivable from affiliates 337 (45 )
    Property tax and insurance deposits 406 (47 )
    Prepaid expenses and other (1,847 ) 1,310
    Other assets (1,745 ) 3,721
    Accounts payable (3,166 ) 4,369
    Accrued expenses 4,876 5,359
    Federal and state income taxes receivable (1,222 ) 1,537
    Customer deposits   (51)   10  
    Net cash provided by operating activities 42,644 46,395
    Investing Activities
    Capital expenditures (13,562 ) (12,302 )
    Cash paid for acquisitions (150,391 ) (178,110 )
    Proceeds from disposition of assets 1,460 19
    Contributions to joint ventures (243 )
    Distributions from joint ventures   197     21  
    Net cash used in investing activities (162,296 ) (190,615 )
    Financing Activities
    Proceeds from notes payable 140,237 160,413
    Repayments of notes payable (23,539 ) (15,900 )
    Cash payments for capital lease and financing obligations (871 ) (499 )
    Increase in restricted cash (1,246 ) (1,077 )
    Cash proceeds from issuance of common stock 3,163 165
    Excess tax benefits on stock options exercised (1,625 ) (37 )
    Deferred financing charges paid   (1,593)   (2,391)
    Net cash provided by financing activities   114,526     140,674  
    Decrease in cash and cash equivalents (5,126 ) (3,546 )
    Cash and cash equivalents at beginning of period   18,737     22,283  
    Cash and cash equivalents at end of period $13,611   $18,737  
    Supplemental Disclosures
    Cash paid during the period for:
    Interest $21,953   $16,620  
    Income taxes $702   $4,719  
    Non-cash operating, investing, and financing activities:
    Intangible assets acquired through capital lease and financing obligations $   $11,794  
    Property and equipment acquired through capital lease and financing obligations $   $13,243  
    Notes payable assumed through capital lease and financing obligations $   $18,293  
    Notes payable assumed through acquisitions $   $3,240  
     
     
    Supplemental Information
                  Average          
    CommunitiesResident CapacityAverage Units
    Q4 13Q4 12Q4 13     Q4 12Q4 13Q4 12
    Portfolio Data
    I. Community Ownership / Management
    Consolidated communities
    Owned 59 48 7,611 6,675 5,911 5,431
    Leased 50 50 6,298 6,298 5,213 5,039
    Joint Venture communities (equity method) 3   3   674   674   443   433  
    Total 112 101 14,583 13,647 11,567 10,903
     
    Independent living 7,277 7,213 5,888 6,003
    Assisted living 6,761 5,719 5,226 4,282
    CCRC’s 545   715   453   618  
    Total 14,583 13,647 11,567 10,903
     
     
    II. Percentage of Operating Portfolio
    Consolidated communities
    Owned 52.7 % 47.5 % 52.2 % 48.9 % 51.1 % 49.8 %
    Leased 44.6 % 49.5 % 43.2 % 46.2 % 45.1 % 46.2 %
    Joint venture communities (equity method) 2.7 % 3.0 % 4.6 % 4.9 % 3.8 % 4.0 %
    Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
     
    Independent living 49.9 % 52.9 % 50.9 % 55.1 %
    Assisted living 46.4 % 41.9 % 45.2 % 39.3 %
    CCRC’s 3.7 % 5.2 % 3.9 % 5.6 %
    Total 100.0 % 100.0 % 100.0 % 100.0 %
     
       

    Capital Senior Living Corporation

    Supplemental Information (excludes CCRC’s being re-positioned)
     
    Selected Operating ResultsQ4 13Q4 12
    I. Owned communities
    Number of communities 57 46
    Resident capacity 7,066 5,960
    Unit capacity 5,457 4,571
    Financial occupancy (1) 87.0 % 89.2 %
    Revenue (in millions) 39.4 31.9
    Operating expenses (in millions) (2) 22.4 17.5
    Operating margin 43 % 45 %
    Average monthly rent 2,764 2,606
    II. Leased communities
    Number of communities 50 50
    Resident capacity 6,298 6,298
    Unit capacity 5,213 5,207
    Financial occupancy (1) 85.9 % 86.9 %
    Revenue (in millions) 44.7 44.2
    Operating expenses (in millions) (2) 22.7 22.0
    Operating margin 49 % 50 %
    Average monthly rent 3,326 3,253
    III. Consolidated communities
    Number of communities 107 96
    Resident capacity 13,364 12,258
    Unit capacity 10,670 9,778
    Financial occupancy (1) 86.5 % 88.0 %
    Revenue (in millions) 84.1 76.0
    Operating expenses (in millions) (2) 45.1 39.5
    Operating margin 46 % 48 %
    Average monthly rent 3,037 2,947
    IV. Communities under management
    Number of communities 110 99
    Resident capacity 14,038 12,932
    Unit capacity 11,113 10,219
    Financial occupancy (1) 86.6 % 87.6 %
    Revenue (in millions) 88.3 79.7
    Operating expenses (in millions) (2) 47.4 41.6
    Operating margin 46 % 48 %
    Average monthly rent 3,058 2,966
    V. Same communities under management
    Number of communities 89 89
    Resident capacity 11,886 11,886
    Unit capacity 9,761 9,748
    Financial occupancy (1) 85.9 % 87.2 %
    Revenue (in millions) 75.9 75.3
    Operating expenses (in millions) (2) 40.2 39.1
    Operating margin 47 % 48 %
    Average monthly rent 3,018 2,950
    VI. General and administrative expenses as a percent of total revenues under management
    Fourth Quarter (3) 5.2 % 5.2 %
    Fiscal Year (3) 5.2 % 4.5 %
    VII. Consolidated mortgage debt information (in thousands, except for interest rates)
    Total fixed rate mortgage debt 453,641 349,309
    Total variable rate mortgage debt 22,522 11,550
    Weighted average interest rate 5.25 % 5.27 %
     

    (1) Financial occupancy represents actual days occupied divided by total number of available days during the month of the quarter.

    (2) Excludes management fees, insurance and property taxes.

    (3) Excludes transaction costs incurred by the Company.

     
     
    CAPITAL SENIOR LIVING CORPORATION
    NON-GAAP RECONCILIATIONS (excludes CCRC’s being re-positioned)
    (In thousands, except per share data)
                 
    Three Months Ended December 31,Fiscal Year Ended December 31,
    2013     20122013     2012
     
    Adjusted EBITDAR
    Net income from operations $ 2,624 $ 3,103 $ 11,250 $ 13,655
    Depreciation and amortization expense 10,055 10,160 43,238 35,130
    Stock-based compensation expense 1,164 601 4,322 2,444
    Facility lease expense 14,173 13,965 56,986 55,144
    Provision for bad debts 167 198 497 749
    Casualty losses 161 441 543 976
    Transaction costs 660 735 1,866 1,899
    CCRC's being re-positioned   739     -     859     -  
    Adjusted EBITDAR $ 29,743   $ 29,203   $ 119,561   $ 109,997  
     
    Adjusted EBITDAR Margin
    Adjusted EBITDAR $ 29,743 $ 29,203 $ 119,561 $ 109,997
     
    Total revenues $ 88,935 $ 83,278 $ 350,362 $ 310,536
    CCRC's being re-positioned   (2,987 )   -     (7,847 )   -  
    Adjusted revenues $ 85,948   $ 83,278   $ 342,515   $ 310,536  
           
    Adjusted EBITDAR margin   34.6 %   35.1 %   34.9 %   35.4 %
     
    Adjusted net income and net income per share
    Net loss $ (2,395 ) $ (1,641 ) $ (16,504 ) $ (3,119 )
    Casualty losses, net of tax 101 278 342 615
    Transaction costs, net of tax 416 463 1,176 1,196
    Resident lease amortization, net of tax 1,937 2,775 10,774 9,003
    (Gain) Loss on disposition of assets, net of tax (908 ) - (916 ) 12
    Deferred tax asset valuation allowance 1,297 - 8,810 -
    CCRC's being re-positioned, net of tax   756     -     1,170     -  
    Adjusted net income $ 1,204   $ 1,875   $ 4,852   $ 7,707  
           
    Adjusted net income per share $ 0.04   $ 0.07   $ 0.17   $ 0.28  
     
    Diluted shares outstanding 27,966 27,514 27,871 27,434
     
    Adjusted CFFO and Adjusted CFFO per share
    Net loss $ (2,395 ) $ (1,641 ) $ (16,504 ) $ (3,119 )
    Non-cash charges, net 17,037 15,090 60,581 34,752
    Recurring capital expenditures (991 ) (894 ) (3,866 ) (3,373 )
    Casualty losses, net of tax 101 278 342 615
    Transaction costs 660 735 1,866 1,899
    Tax impact of Spring Meadows Transaction (106 ) (106 ) (424 ) (424 )
    Tax impact of lease modification - - - 6,983
    CCRC's being re-positioned, net of tax   237     -     631     -  
    Adjusted CFFO $ 14,543   $ 13,462   $ 42,626   $ 37,333  
           
    Adjusted CFFO per share $ 0.52   $ 0.49   $ 1.53   $ 1.36  





    Capital Senior Living Corporation

    Ralph A. Beattie, 1-972-770-5600

    Chief Financial Officer

    Source: Capital Senior Living Corporation


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