Capital Senior Living Corporation (NYSE:CSU) recently released operating results for the first quarter of 2010 which showed revenues of $47.9 million in the first quarter of 2010 compared to $48.0 million in the first quarter of 2009 and net income was $0.7 million or $0.03 per diluted share in the first quarter of 2010 compared to net income of $0.8 million or $0.03 per diluted share in the first quarter
Some of the operational highlights include:
- Average physical occupancy rate for the 59 stabilized communities was 86 percent.
- Operating margins (before property taxes, insurance and management fees) were 48 percent in stabilized independent and assisted living communities.
- At communities under management, excluding three communities undergoing conversions, same-store revenue increased 2.3 percent versus the first quarter of 2009 as a result of a 2.6 percent increase in average monthly rent.
- Samecommunity expenses increased 1.9 percent and net income increased 2.8 percent from the comparable period of the prior year.
“The first quarter of the year is typically our most challenging period and this year was particularly impacted by harsh weather around the country; yet we achieved positive
results through increases in average monthly rents and tight control of expenses,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “Our EBITDAR margin
increased from the first quarter of 2009 and CFFO for the quarter was $0.15 per share. We are encouraged by improvement in move-ins and deposits in March and April and
by the fact that new supply is practically non-existent as demand continues to grow. With the efficiencies we have achieved during this difficult economic period, we expect
future occupancy gains to result in solid incremental margins and meaningful cash flow growth.”