Capital Senior Living Corporation (NYSE:CSU) released operating results for the fourth quarter and full year 2010 that shows revenue of $59.9 million in the fourth quarter of 2010 increased $11.2 million or 23.0% from the fourth quarter of 2009 and adjusted Cash From Facility Operations (“CFFO”) of $5.6 million, up 31% from Q4 2009. Net income was $1.6 million, or $0.06 per share, in the fourth quarter of 2010, versus $0.8 million, or $0.03 per share, in the fourth quarter of 2009. For the full year of 2010, CSU earned adjusted net income of $4.7 million or $0.17 per share in 2010, an increase of approximately 70% from 2009. Other operating highlights include:
- 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.
- Same-store revenue in 2010 increased 3.1% versus 2009 and same-community expenses increased 2.4% while net income increased 4.2% from the prior year.
“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.”