Capital Senior Living Corporation Announces Continuation of $10 Million Stock Repurchase Program
14 January 2016 - 10:00PM
Business Wire
Capital Senior Living Corporation (the “Company”) (NYSE:CSU),
one of the country’s largest operators of senior living
communities, today announced that its board of directors has
approved a continuation of the Company’s existing stock repurchase
program, which allows the Company to repurchase up to $10 million
of its common stock. The existing stock repurchase program was last
amended in December of 2011, and approximately $9 million remains
as part of the authorization.
“Our Board of Directors and senior management strongly believe
that the Company’s ability to generate substantial cash flows as
well as its outstanding growth prospects associated with its near-
and long-term strategy are not reflected by the Company’s current
stock price,” said Lawrence A. Cohen, the Company’s Chief Executive
Officer. “The continuation of our $10 million repurchase program
reflects our ability to successfully execute on the multiple
avenues of growth under our straightforward strategic plan, and
underscores our commitment to shareholder value creation. We have
experienced substantial growth in our key financial and operating
metrics and expect such growth to continue. We continue to see
limited new supply and construction in our local markets and our
conversions of independent living units to assisted living and
memory care units remain on schedule. Also, we intend to continue
our disciplined and strategic acquisition program that increases
our ownership of high-quality senior living communities, which we
expect to result in meaningful increases in CFFO, earnings and real
estate value.”
Repurchases under the stock repurchase program will be made in
open market or privately negotiated transactions in compliance with
Securities and Exchange Commission Rule 10b-18, subject to market
conditions, applicable legal requirements, and other relevant
factors. The Company has no obligation to repurchase any dollar
amount or number of shares under this repurchase program
authorization, and the program may be suspended, discontinued or
modified at any time at the Company’s discretion and in accordance
with legal and regulatory requirements. Payment for shares
repurchased under the program will be funded by the Company’s
existing cash balances.
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 121 senior living communities in geographically
concentrated regions with an aggregate capacity of approximately
15,400 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.
Contact Carey P. Hendrickson, Chief Financial Officer, at
972-770-5600 for more information.
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version on businesswire.com: http://www.businesswire.com/news/home/20160114005256/en/
Capital Senior Living CorporationCarey Hendrickson,
1-972-770-5600Chief Financial Officer
Capital Senior Living (NYSE:CSU)
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