Capital Senior Living Corporation (NYSE:CSU) announced operating results for the fourth quarter and full year 2009 that showed an increase in revenues to $48.7 million in the fourth quarter of 2009 compared to $48.0 million in the fourth quarter of 2008 and net income was $0.8 million in the fourth quarter of 2009, equal to the adjusted net income reported in the fourth quarter of 2008. For the full year, CSU had adjusted net income of $2.8 million in 2009 compared to adjusted net income of $4.7 million in 2008.
Some of the highlights from Q4 include:
- Average physical occupancy rate for 58 stabilized communities was 87 percent.
- Operating margins (before property taxes, insurance and management fees) were 49 percent in stabilized independent and assisted living communities.
- At communities under management, excluding three communities undergoing conversions to higher levels of care, same-store revenue increased 1.7 percent versus the fourth quarter of 2008 as a result of a 2.8 percent increase in average monthly rent.
- Same-store expenses decreased 2.1 percent and net income increased 7.7 percent from the comparable period of the prior year.
“We continue to report positive results despite a challenging operating environment,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “Sequential occupancies in our consolidated communities increased 30 basis points and all communities under management increased 70 basis points from the third quarter. Average monthly rents have continued to grow while both operating expenses and corporate overhead have declined year-over-year. Our focus on expense control and productive use of our resources has resulted in CFFO of $0.63 per share in 2009. We are well-positioned to leverage our competitive strengths and expand care to our residents to generate attractive returns, maximize free cash flow and enhance shareholder value.”
For the full operating results, visit http://www.capitalsenior.com/Documents/release3.10.10.pdf