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Capital Senior Living Corporation Reports Second Quarter 2013 Results; CFFO Increases 15% Versus Prior Year

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 2013. Company highlights for the second quarter include:

Highlights

  • Adjusted Cash From Facility Operations (“CFFO”) increased 15.1% to $9.5 million, or $0.34 per share in the second quarter of 2013, an increase of $0.04 per share from the second quarter of 2012.
  • Adjusted EBITDAR increased 8.5% to $30.1 million in the second quarter of 2013, an increase of $2.4 million from the second quarter of 2012. Excluding two CCRCs being re-positioned, EBITDAR margin was 36.4% in the second quarter of 2013.
  • Revenue increased 13.2% to $87.2 million in the second quarter of 2013, an increase of $10.2 million from the second quarter of 2012.
  • Average monthly rent for the consolidated communities increased 2.5% to $3,043 per occupied unit in the second quarter of 2013, an increase of $75 per occupied unit from the second quarter of 2012.
  • Same-community occupancies increased 50 basis points from the second quarter of 2012. Same-community revenue grew 3.2%, same-community expenses increased 2.0% and same-community operating income increased 4.7% compared to the second quarter of 2012.
  • The Company completed the acquisition of two senior living communities for a combined purchase price of approximately $25.4 million.

“We are very pleased to report continued positive results for the second quarter as we recovered from the effects of the flu season in the first quarter,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “Second quarter same-community occupancies increased 50 basis points, revenue increased over 13% and CFFO grew 15% from the second quarter of the prior year. We are also pleased to announce that we are further enhancing our private-pay revenues through a re-positioning of two continuing care retirement communities. After considering a number of alternatives, including a sale of these owned communities, we decided that a reconfiguration of the services we offer will enhance annual CFFO, improve our operating metrics and enable meaningful gains in shareholder value.

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