Capital Senior Living Corporation Reports Third Quarter EPS of $0.21

Capital Senior Living Corporation CSU today announced operating results for the third quarter of 2010. Company highlights for the third quarter include:

Highlights

• Adjusted Cash From Facility Operations (“CFFO”) increased 69 percent to $5.6 million, or $0.21 per share, in the third quarter of 2010 versus $3.3 million, or $0.13 per share, for the third quarter of 2009.
• Revenue increased from the third quarter of 2009 by 11 percent to $53.6 million.
• Consolidated average occupancy was 84.7 percent in the third quarter of 2010, a 90 basis point increase from the second quarter of 2010 and an 80 basis point increase from the third quarter of 2009.
• Adjusted EBITDAR improved over the third quarter of 2009 by $2.3 million, or 16 percent, to $16.7 million. EBITDAR margin improved to 31.1 percent from 29.8 percent.
• In September, the Company added 12 high-quality leased assisted living communities to its portfolio, expanding total resident capacity by 764 seniors and the Company's assisted living capacity from 26 percent to 32 percent of total capacity.

“We are pleased to report an increase in occupancy, an increase in our resident capacity, and an increase in our mix to higher levels of care during the third quarter,” said Lawrence A. Cohen, Chief Executive Officer of the Company.

“We received only a small benefit from completing the Signature transaction in the month of September, but when these results are fully reflected along with the two transactions completed in the second quarter, annual revenues will have grown by $52 million, EBITDAR by over $22 million, and CFFO by over $3 million, or $0.12 per share. We remain encouraged by the fact that new supply of senior housing communities is practically non-existent as needs-driven demand continues to grow.”