Capital Senior Living Corporation (the “Company”) (NYSE:CSU),
one of the nation’s largest operators of senior living communities,
today announced operating and financial results for the second
quarter of 2015. Company highlights for the second quarter
include:
Operating and Financial
Summary (all amounts in this operating and financial
summary exclude four communities that are undergoing repositioning,
lease-up or significant renovation and conversion, unless otherwise
noted; also, see Non-GAAP Financial Measures below)
- Revenue in the second quarter of 2015,
including all communities, was $101.6 million, an $8.2 million, or
8.7%, increase from the second quarter of 2014.
- Occupancy for the Company’s
consolidated communities was 88.0% in the second quarter of 2015,
an increase of 70 basis points from the second quarter of 2014 and
70 basis points from the first quarter of 2015. Same-community
occupancy was 87.8% for the second quarter of 2015, a 40 basis
point increase from the second quarter of 2014 and a 60 basis point
increase from the first quarter of 2015.
- Average monthly rent for the Company’s
consolidated communities in the second quarter of 2015 was $3,364,
an increase of $207 per occupied unit, or 6.6%, as compared to the
second quarter of 2014, and a 210 basis point improvement from the
first quarter of 2015. Same-community average monthly rent was
$3,327, an increase of $81 per occupied unit, or 2.5%, from the
second quarter of 2014, and a 120 basis point improvement from the
first quarter of 2015.
- Adjusted EBITDAR was $35.7 million in
the second quarter of 2015, an 11.0% increase from the second
quarter of 2014. The four communities undergoing repositioning,
lease-up or significant renovation and conversion generated an
additional $0.9 million of EBITDAR. The Company’s Adjusted EBITDAR
margin was 36.8% for the second quarter of 2015, a record-high
second quarter margin for the Company and an increase of 120 basis
points versus the second quarter of the prior year.
- Adjusted Cash From Facility Operations
(“CFFO”) was $11.7 million, or $0.41 per share, in the second
quarter of 2015, a 22.3% increase versus the second quarter of the
prior year. Beginning in 2015, the Company no longer includes the
change in prepaid resident rent as a component of Adjusted CFFO as
it is a non-economic timing item. On a comparable basis, Adjusted
CFFO was $9.6 million, or $0.34 per share in the second quarter of
2014.
- The Company’s Net Loss for the second
quarter of 2015, including all communities, was $5.2 million, or
$0.18 per share, due mostly to non-cash amortization of resident
leases of $4.1 million associated with communities acquired by the
Company in the previous 12 months. Adjusted Net Income was $0.2
million, or $0.01 per share, for the second quarter of 2015.
- The Company completed the acquisition
of three communities during the second quarter of 2015 for a
combined purchase price of approximately $26.9 million. These
communities are expected to generate incremental annual CFFO of
approximately $0.05 per share.
- The Company announced today that it
closed on the acquisition of an additional community in late July
for a purchase price of approximately $13.3 million. This community
is expected to generate incremental annual CFFO of approximately
$0.02 per share.
“We are successfully executing on our strategic plan which
resulted in significant growth during the second quarter in all of
our key metrics, including revenue, occupancy, average monthly
rent, NOI, Adjusted EBITDAR and Adjusted CFFO as compared to the
prior year,” said Lawrence A. Cohen, Chief Executive Officer of the
Company. “Our same-community NOI grew 4.7%, our Adjusted CFFO
increased 22.3% and we reported a record-high second quarter
Adjusted EBITDAR margin of 36.8%. We were particularly pleased with
the second quarter growth in our same-community occupancy, which
increased 60 basis points from the first quarter of 2015 and 40
basis points from the second quarter of 2014. We continue to see
limited new supply and construction in our local markets. Also, our
conversions of independent living units to assisted living and
memory care units continue to show timely progress.
“Complementing this 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 have closed
on six such communities so far this year, and we continue to pursue
additional opportunities.
“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 in our local markets, a strong housing market and an
improving economy.”
Recent Investment
Activity
- In the second quarter of 2015, the
Company completed acquisitions of three senior living communities
for a combined purchase price of $26.9 million. These communities
expand the Company’s operations in Wisconsin and New York, and are
comprised of 203 units offering independent living, assisted living
and memory care services.Combined highlights of the transactions
include:
- Increases annual Adjusted CFFO by
approximately $1.3 million, or $0.05 per share.
- Adds approximately $0.7 million to
earnings, or $0.03 per share.
- Increases annual revenue by
approximately $8.1 million.
- Average monthly rents for the
communities are approximately $3,450.
The communities were financed with an aggregate of approximately
$20.3 million of non-recourse 10-year mortgage debt at an average
fixed interest rate of 4.68%.
- In July 2015, the Company completed the
acquisition of a senior living community for a purchase price of
approximately $13.3 million. This community expands the Company’s
operations in Ohio, and is comprised of 68 units offering
independent living and assisted living services.Highlights of the
transaction include:
- Increases annual Adjusted CFFO by
approximately $0.5 million, or $0.02 per share.
- Adds approximately $0.2 million to
earnings, or $0.01 per share.
- Increases annual revenue by
approximately $2.5 million.
- Average monthly rents for the
communities are approximately $3,350.
The community was financed with approximately $9.9 million of
non-recourse 10-year mortgage debt at an average fixed rate of
4.25%.
- The Company expects to close on the
sale of its only community in Kansas in August for approximately
$14.8 million. The transaction will be structured as a like-kind
exchange with the net proceeds accretively reinvested in another
community the Company expects to purchase in August.
- Subject to completion of due diligence
and customary closing conditions, acquisitions of three communities
totaling approximately $74.5 million are expected to close by the
end of September 2015, which will bring the Company’s total
acquisitions in 2015 to $163.4 million. The Company is conducting
due diligence on additional acquisitions of high-quality senior
living communities in states with extensive existing
operations.
Financial Results - Second
Quarter
For the second quarter of 2015, the Company reported revenue of
$101.6 million, compared to revenue of $93.4 million in the second
quarter of 2014, an increase of 8.7%. Resident and healthcare
revenue increased from the second quarter of the prior year by
approximately $10.0 million, or 10.9%, mostly due to the
acquisition of 12 communities during or after the second quarter of
2014. As expected, community reimbursement revenue and affiliated
management revenue decreased approximately $1.8 million in the
second quarter of 2015 as compared to the second quarter of 2014.
The acquisition of three Ohio communities in which the Company
previously held a 10% interest as a joint venture on June 30, 2014,
resulted in the elimination of these two revenue items as well as
community reimbursement expense.
Operating expenses for the second quarter of 2015 were $60.7
million, an increase of $5.1 million from the second quarter of
2014, primarily due to the acquisition of 12 communities during or
after the second quarter of 2014.
General and administrative expenses for the second quarter of
2015 were $5.7 million, which includes $0.8 million of transaction
and other one-time costs. Excluding transaction and other one-time
costs, general and administrative expenses increased $0.9 million
in the second quarter of 2015 as compared to the second quarter of
2014. As a percentage of revenues under management, general and
administrative expenses, excluding transaction and other one-time
costs, were 4.8% in the second quarter of 2015 as compared to 4.2%
in the second quarter of 2014.
The Company’s Non-GAAP financial measures exclude four
communities that are undergoing repositioning, lease-up of
higher-licensed units or significant renovation and conversion (see
“Non-GAAP Financial Measures” below). Also, as previously noted,
beginning in 2015, the Company no longer includes the change in
prepaid resident rent as a component of Adjusted CFFO as it is a
non-economic timing item.
Adjusted EBITDAR for the second quarter of 2015 was
approximately $35.7 million, an increase of $3.5 million, or 11.0%,
from the second quarter of 2014. This does not include EBITDAR of
$0.9 million related to four communities undergoing repositioning,
lease-up or significant renovation and conversion. The Adjusted
EBITDAR margin for the second quarter of 2015 was 36.8%, which is a
record-high second quarter margin for the Company and an increase
of 120 basis points from the second quarter 2014 margin of
35.6%.
The Company recorded a net loss of $5.2 million in the second
quarter. Excluding non-recurring or non-economic items reconciled
on the final page of this release, the Company’s adjusted net
income was $0.2 million, or $0.01 per share, in the second quarter
of 2015. Adjusted CFFO was $11.7 million, or $0.41 per share, in
the second quarter of 2015, a 22.3% increase from the second
quarter of the prior year. On a comparable basis, Adjusted CFFO was
$9.6 million, or $0.34 per share, in the second quarter of
2014.
Operating Activities
Same-community results exclude the four communities previously
noted that are undergoing repositioning, lease-up or significant
renovation and conversion, and transaction and other one-time
costs.
Same-community revenue in the second quarter of 2015 increased
2.1% versus the second quarter of 2014. Same-community expenses
decreased 0.2% from the second quarter of the prior year. Labor
costs, including benefits, increased 0.6%, while food costs
decreased 1.5% and utilities decreased 3.3% in the second quarter
of 2015 as compared to the second quarter of the prior year.
Same-community net operating income increased 4.7% in the second
quarter of 2015 as compared to the second quarter of 2014.
Capital expenditures for the second quarter of 2014 were $8.0
million, representing approximately $6.6 million of investment
spending and approximately $1.4 million of recurring capital
expenditures. If annualized, spending for recurring capital
expenditures was approximately $495 per unit.
Balance Sheet
The Company ended the quarter with $51.7 million of cash and
cash equivalents, including restricted cash, a decrease of $11.7
million since March 31, 2015. During the second quarter of 2015,
the Company invested $6.6 million of cash as equity to complete the
acquisitions of three communities and spent $8.0 million on capital
improvements.
As of June 30, 2015, the Company financed its owned communities
with mortgages totaling $679.8 million at interest rates averaging
4.6%. All of the Company’s debt is at fixed interest rates, except
for two bridge loans totaling approximately $20.3 million at June
30, 2015, at variable rates averaging 4.3%. The Company expects to
refinance one of the bridge loans that matures during the fourth
quarter of 2015 with 10-year fixed-rate debt during the third
quarter of 2015. Otherwise, the Company has no mortgage maturities
before the second quarter of 2017.
The Company’s cash on hand and cash flow from operations are
expected to be sufficient for working capital, prudent reserves and
the equity needed to fund the Company’s acquisition program.
Q2 2015 Conference Call
Information
The Company will host a conference call with senior management
to discuss the Company’s second quarter 2015 financial results. The
call will be held on Tuesday, August 4, 2015, at 5:00 p.m. Eastern
Time. The call-in number is 913-312-0653, confirmation code
2595372. 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 August 4, 2015 at 8:00 p.m. Eastern Time, until
August 13, 2015 at 8:00 p.m. Eastern Time. To access the conference
call replay, call 719-457-0820, confirmation code 2595372. The
conference call will also be made available for playback via the
Company’s corporate website, www.capitalsenior.com, beginning
August 5, 2015.
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 119 senior living communities in geographically
concentrated regions with an aggregate capacity of approximately
15,200 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, refinancing, community sales, 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, except per share data) June 30,
December 31, 2015
2014 (unaudited)
ASSETS Current assets: Cash and cash equivalents $ 39,403 $
39,209 Restricted cash 12,251 12,241 Accounts receivable, net 7,453
5,903 Accounts receivable from affiliates 3 5 Federal and state
income taxes receivable 310 — Deferred taxes — 460 Assets held for
sale — 35,761 Property tax and insurance deposits 10,698 12,198
Prepaid expenses and other
5,418
6,797 Total current assets 75,536 112,574
Property and equipment, net 811,052 747,613 Other assets, net
35,386 37,514
Total assets
$ 921,974
$ 897,701 LIABILITIES
AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable
$ 2,055 $ 2,540 Accounts payable to affiliates — 7 Accrued expenses
29,934 32,154 Notes payable of assets held for sale — 15,076
Current portion of notes payable 23,022 33,664 Current portion of
deferred income and resident revenue 13,844 14,603 Current portion
of capital lease and financing obligations 1,074 1,054 Federal and
state income taxes payable — 219 Customer deposits
1,451 1,499 Total
current liabilities 71,380 100,816 Deferred income 14,996 15,949
Capital lease and financing obligations, net of current portion
39,563 40,016 Deferred taxes — 460 Other long-term liabilities
1,359 1,426 Notes payable, net of current portion 660,172 597,860
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 – 29,502 and 29,097 in 2015 and 2014,
respectively
299 294 Additional paid-in capital 155,599 151,069 Retained deficit
(20,460 ) (9,255 ) Treasury stock, at cost – 350 shares
(934 ) (934
) Total shareholders' equity
134,504 141,174
Total liabilities and shareholders' equity
$
921,974 $ 897,701
See accompanying notes to unaudited consolidated
financial statements.
CAPITAL SENIOR LIVING CORPORATION CONSOLIDATED STATEMENTS
OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited, in
thousands, except per share data)
Three Months Ended
June 30,
Six Months Ended
June 30,
2015 2014
2015 2014
Revenues: Resident and healthcare revenue $ 101,588 $ 91,600 $
200,228 $ 181,774 Affiliated management services revenue — 207 —
415 Community reimbursement revenue
—
1,618 —
3,093 Total revenues 101,588 93,425
200,228 185,282 Expenses: Operating expenses (exclusive of facility
lease expense and depreciation and amortization expense shown
below) 60,707 55,585 120,838 111,276 General and administrative
expenses 5,718 4,651 10,731 9,622 Facility lease expense 15,298
14,889 30,554 29,683 Stock-based compensation expense 2,717 2,717
4,444 4,077 Depreciation and amortization 13,468 10,816 26,263
21,767 Community reimbursement expense
—
1,618 —
3,093 Total expenses
97,908 90,276
192,830 179,518
Income from operations 3,680 3,149 7,398 5,764 Other income
(expense): Interest income 11 16 24 28 Interest expense (8,673 )
(7,393 ) (17,028 ) (14,530 ) Write-off of deferred loan costs and
prepayment premiums — (6,979 ) (871 ) (6,979 ) Joint venture equity
investment valuation gain — 1,519 — 1,519 Loss on disposition of
assets, net (65 ) (14 ) (171 ) (10 ) Equity in earnings of
unconsolidated joint ventures, net — 64 — 105 Other income
— 9
1 17 Loss before
provision for income taxes (5,047 ) (9,629 ) (10,647 ) (14,086 )
Provision for income taxes
(119 )
(190 ) (558
) (380 ) Net loss
$ (5,166 ) $
(9,819 ) $
(11,205 ) $
(14,466 ) Per share data: Basic net loss
per share
$ (0.18 )
$ (0.34 ) $
(0.38 ) $ (0.50
) Diluted net loss per share
$
(0.18 ) $ (0.34
) $ (0.38 )
$ (0.50 ) Weighted average
shares outstanding — basic
28,705
28,298 28,636
28,222 Weighted average shares outstanding —
diluted
28,705
28,298 28,636
28,222 Comprehensive loss
$
(5,166 ) $
(9,819 ) $
(11,205 ) $
(14,466 ) CAPITAL
SENIOR LIVING CORPORATION CONSOLIDATED STATEMENTS OF CASH
FLOWS (unaudited, in thousands) Six Months
Ended
June 30,
2015 2014
Operating Activities Net loss $ (11,205 ) $ (14,466 )
Adjustments to reconcile net loss to net cash provided by operating
activities: Depreciation and amortization 26,263 21,767
Amortization of deferred financing charges 582 646 Amortization of
deferred lease costs and lease intangibles 652 615 Deferred income
(131 ) (109 ) Write-off of deferred loan costs and prepayment
premiums 870 6,979 Joint venture equity investment valuation gain —
(1,519 ) Loss on disposition of assets, net 171 10 Equity in
earnings of unconsolidated joint ventures — (105 ) Provision for
bad debts 544 372 Stock-based compensation expense 4,444 4,077
Changes in operating assets and liabilities: Accounts receivable
(2,090 ) (1,554 ) Accounts receivable from affiliates 2 4 Property
tax and insurance deposits 1,500 1,931 Prepaid expenses and other
1,379 2,143 Other assets 208 (46 ) Accounts payable (492 ) (2,790 )
Accrued expenses (2,220 ) (2,726 ) Federal and state income taxes
receivable/payable (529 ) (278 ) Customer deposits (48 ) 136
Deferred resident revenue
(1,581 )
153 Net cash provided by operating
activities 18,319 15,240
Investing Activities Capital
expenditures (13,540 ) (7,887 ) Cash paid for acquisitions (74,710
) (98,180 ) Proceeds from disposition of assets 35,807 4 Proceeds
from SHPIII/CSL Transaction — 2,532 Distributions from
unconsolidated joint ventures
—
102 Net cash used in investing activities
(52,443 ) (103,429 )
Financing Activities Proceeds from
notes payable 102,332 231,122 Repayments of notes payable (66,315 )
(125,917 ) Increase in restricted cash (10 ) (12 ) Cash payments
for capital lease and financing obligations (433 ) (391 ) Cash
proceeds from the issuance of common stock 42 169 Excess tax
benefits on stock option exercised 49 (82 ) Deferred financing
charges paid
(1,347 )
(2,377 ) Net cash provided by financing
activities
34,318
102,512 Increase in cash and cash equivalents
194 14,323 Cash and cash equivalents at beginning of period
39,209 13,611 Cash
and cash equivalents at end of period
$
39,403 $ 27,934
Supplemental Disclosures Cash paid during the period
for: Interest
$ 16,112
$ 13,980 Income taxes
$ 1,020 $
695 Capital Senior Living
Corporation Supplemental Information
Average
Communities Resident Capacity Average Units
Q2 15 Q2 14 Q2 15 Q2 14 Q2 15
Q2 14 Portfolio Data I. Community Ownership /
Management Consolidated communities Owned 68 63 8,744
8,363 6,608 6,626 Leased 50 50 6,333 6,333
4,907 5,000 Total 118 113 15,077 14,696 11,515
11,626 Independent living 7,090 7,597 5,512 6,191 Assisted
living 7,987 7,099 6,003 5,435 Total
15,077 14,696 11,515 11,626
II. Percentage of
Operating Portfolio Consolidated communities Owned 57.6 % 55.8
% 58.0 % 56.9 % 57.4 % 57.0 % Leased 42.4 % 44.2 % 42.0 % 43.1 %
42.6 % 43.0 % Total 100.0 % 100.0 % 100.0 % 100.0 % 100.0 % 100.0 %
Independent living 47.0 % 51.7 % 47.9 % 53.3 % Assisted
living 53.0 % 48.3 % 52.1 % 46.7 % Total 100.0 % 100.0 % 100.0 %
100.0 %
Capital Senior Living Corporation
Supplemental Information (excludes communities being
repositioned/leased up) Selected Operating Results
Q2 15 Q2 14 I. Owned
communities Number of communities 65 60 Resident
capacity 8,135 7,103 Unit capacity 6,159 5,700 Financial occupancy
(1) 89.2 % 88.4 % Revenue (in millions) 53.1 43.8 Operating
expenses (in millions) (2) 29.4 25.0 Operating margin 45 % 43 %
Average monthly rent 3,221 2,899
II. Leased communities
Number of communities 49 49 Resident capacity 6,107 6,107 Unit
capacity 4,766 4,839 Financial occupancy (1) 86.5 % 85.9 % Revenue
(in millions) 44.0 43.3 Operating expenses (in millions) (2) 21.6
21.7 Operating margin 51 % 50 % Average monthly rent 3,555 3,469
III. Consolidated communities Number of communities 114 109
Resident capacity 14,242 13,210 Unit capacity 10,925 10,540
Financial occupancy (1) 88.0 % 87.3 % Revenue (in millions) 97.1
87.1 Operating expenses (in millions) (2) 51.0 46.6 Operating
margin 47 % 46 % Average monthly rent 3,364 3,157
IV.
Communities under management Number of communities 114 109
Resident capacity 14,242 13,861 Unit capacity 10,925 10,968
Financial occupancy (1) 88.0 % 87.3 % Revenue (in millions) 97.1
91.2 Operating expenses (in millions) (2) 51.0 48.9 Operating
margin 47 % 46 % Average monthly rent 3,364 3,177
V. Same
communities under management Number of communities 105 105
Resident capacity 13,239 13,239 Unit capacity 10,341 10,421
Financial occupancy (1) 87.8 % 87.4 % Revenue (in millions) 90.6
88.7 Operating expenses (in millions) (2) 47.2 47.3 Operating
margin 48 % 47 % Average monthly rent 3,327 3,246
VI. General
and Administrative expenses as a percent of Total Revenues under
Management Second Quarter (3) 4.8 % 4.2 % First six months (3)
4.7 % 4.5 %
VII. Consolidated Mortgage Debt Information (in
thousands, except interest rates) (excludes insurance
premium and auto financing) Total fixed rate mortgage debt
659,485
524,018 Total variable rate mortgage debt 20,272 65,222 Weighted
average interest rate
4.64
% 4.74 % (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.
CAPITAL SENIOR LIVING CORPORATION NON-GAAP
RECONCILIATIONS (In thousands, except per share data)
Three
Months Ended June 30, Six Months Ended June 30,
2015 2014 2015 2014
Adjusted EBITDAR Net income from operations $ 3,680 $ 3,149
$ 7,398 $ 5,764 Depreciation and amortization expense 13,468 10,816
26,263 21,767 Stock-based compensation expense 2,717 2,717 4,444
4,077 Facility lease expense 15,298 14,889 30,554 29,683 Provision
for bad debts 280 134 544 372 Casualty losses 260 101 521 415
Transaction and conversion costs 876 754 1,463 1,241 Communities
being repositioned/leased up (872 ) (401 ) (1,354 )
(401 ) Adjusted EBITDAR $ 35,707 $ 32,159 $
69,833 $ 62,918
Adjusted EBITDAR Margin
Adjusted EBITDAR $ 35,707 $ 32,159 $ 69,833 $ 62,918 Total
revenues $ 101,588 $ 93,425 $ 200,228 $ 185,282 Communities being
repositioned/leased up (4,428 ) (2,995 ) (8,783 )
(6,012 ) Adjusted revenues $ 97,160 $ 90,430 $
191,445 $ 179,270
Adjusted EBITDAR margin 36.8 % 35.6 % 36.5 %
35.1 %
Adjusted net income and net income per share
Net loss $ (5,166 ) $ (9,819 ) $ (11,205 ) $ (14,466 ) Casualty
losses, net of tax 164 64 328 261 Transaction and conversion costs,
net of tax 552 476 922 782 Resident lease amortization, net of tax
2,582 1,991 4,919 4,196 Write-off of deferred loan costs and
prepayment premium, net of tax - 4,397 549 4,397 Joint venture
equity investment valuation gain, net of tax - (957 ) - (957 ) Loss
(Gain) on disposition of assets, net of tax 41 9 110 6 Deferred tax
asset valuation allowance 1,851 3,703 4,350 5,395 Tax impact of 4
property sale 9 - 291 - Communities being repositioned/leased up,
net of tax 215 153 705
604 Adjusted net income $ 248 $ 17 $ 969
$ 218 Adjusted net income
per share $ 0.01 $ 0.00 $ 0.03 $ 0.01
Diluted shares outstanding 28,707 28,301 28,638 28,228
Adjusted CFFO and Adjusted CFFO per share Net loss $
(5,166 ) $ (9,819 ) $ (11,205 ) $ (14,466 ) Non-cash charges, net
17,068 19,689 33,395 32,733 Recurring capital expenditures (1,095 )
(1,036 ) (2,182 ) (2,065 ) Casualty losses 260 101 521 415
Transaction and conversion costs 876 754 1,463 1,241 Tax impact of
4 property sale 9 - 291 - Tax impact of Spring Meadows Transaction
(106 ) (106 ) (212 ) (212 ) Communities being repositioned/leased
up, net of tax (138 ) (10 ) 152 318
Adjusted CFFO $ 11,708 $ 9,573 $ 22,223
$ 17,964 Adjusted CFFO per share
$ 0.41 $ 0.34 $ 0.78 $ 0.64
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version on businesswire.com: http://www.businesswire.com/news/home/20150804006907/en/
Capital Senior Living CorporationCarey Hendrickson,
1-972-770-5600Chief Financial Officer
Capital Senior Living (NYSE:CSU)
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