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 fourth quarter and full year 2010. Company highlights for the fourth quarter and full year include:
Fourth Quarter Highlights
- Adjusted Cash From Facility Operations (“CFFO”) was $5.6 million or $0.21 per share in the fourth quarter of 2010, an increase of 31.3% or $0.05 per share from the fourth quarter of 2009.
- Revenue of $59.9 million in the fourth quarter of 2010 increased $11.2 million or 23.0% from the fourth quarter of 2009.
- Average monthly rent improved 8.0% to $2,756 per occupied unit from $2,553 per occupied unit in the fourth quarter of 2009.
- Consolidated average occupancy was 85.1% in the fourth quarter of 2010, a 40 basis point increase from the third quarter of 2010 and a 90 basis point increase from the fourth quarter of 2009.
- Adjusted EBITDAR improved over the fourth quarter of 2009 by $6.3 million, or 43.5%, to $20.9 million. EBITDAR margin improved to 34.9% from 29.9% in the fourth quarter of the prior year.
Full Year Highlights
- Adjusted CFFO was $19.7 million or $0.74 per share in 2010, an increase of 18.3% or $0.11 per share from 2009.
- Revenue of $211.9 million in 2010 increased $25.7 million or 15.0% from 2009.
- Adjusted EBITDAR improved over 2009 by $11.3 million, or 19.7%, to $68.6 million. EBITDAR margin improved to 32.4% from 29.8% in 2009.
“By focusing on our core strengths, we produced strong results in the fourth quarter of 2010 and laid the groundwork for continued success,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “We achieved better occupancy, higher average monthly rents and stronger cash flow. We increased our resident capacity while enhancing our geographic concentration and maximizing our competitive strengths within our markets. We increased our levels of care through acquisitions and conversions. And, most importantly, we enhanced shareholder value through growth in revenues, margins and cash flow. We are well-positioned to leverage these positive trends with improving industry fundamentals in 2011 and beyond.”