Capital Senior Living Corporation (CSU) saw its loss widen to $21.84 million, or $0.75 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $5.98 million, or $0.21 a share. On the other hand, adjusted net loss for the quarter widened to $1.98 million, or $0.07 a share from a loss of $0.78 million or $0.03 a share, a year ago. Revenue during the quarter grew 6.24 percent to $115.99 million from $109.17 million in the previous year period. Operating margin for the quarter stood at negative 8.29 percent as compared to a positive 3.80 percent for the previous year period.
Operating loss for the quarter was $9.61 million, compared with an operating income of $4.15 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $37.75 million compared with $37.32 million in the prior year period. At the same time, adjusted EBITDA margin contracted 164 basis points in the quarter to 32.54 percent from 34.18 percent in the last year period.
“Despite headwinds from a heavy and prolonged flu season which impacted our first quarter occupancy, as we discussed on our fourth quarter and full-year earnings conference call, the focused execution of our clear and differentiated real-estate strategy in the first quarter yielded increases in key metrics such as revenue, average monthly rent and EBITDAR, as compared to the first quarter of the previous year,” said Lawrence A. Cohen, Chief Executive Officer of the Company. “We are keenly focused on rebuilding occupancy across our portfolio following the heavy flu attrition and are encouraged by the strong demand we have experienced since mid-February as evidenced by excellent above-average deposit-taking over the last 11 weeks and a Company record number of monthly deposits and move-ins in March.
Operating cash flow improves
Capital Senior Living Corporation has generated cash of $18.13 million from operating activities during the quarter, up 15.20 percent or $2.39 million, when compared with the last year period. The company has spent $97.70 million cash to meet investing activities during the quarter as against cash outgo of $78.52 million in the last year period.
Cash flow from financing activities was $58.15 million for the quarter, up 51.06 percent or $19.66 million, when compared with the last year period.
Cash and cash equivalents stood at $12.61 million as on Mar. 31, 2017, down 60.35 percent or $19.20 million from $31.81 million on Mar. 31, 2016.
Working capital turns negative
Working capital of Capital Senior Living Corporation has turned negative to $23.87 million on Mar. 31, 2017 from positive $1.53 million on Mar. 31, 2016. Current ratio was at 0.68 as on Mar. 31, 2017, down from 1.02 on Mar. 31, 2016.
Days sales outstanding went up to 11 days for the quarter compared with 8 days for the same period last year.
Debt moves up
Capital Senior Living Corporation has witnessed an increase in total debt over the last one year. It stood at $1,013.72 million as on Mar. 31, 2017, up 19.27 percent or $163.77 million from $849.95 million on Mar. 31, 2016. Total debt was 85.08 percent of total assets as on Mar. 31, 2017, compared with 80.71 percent on Mar. 31, 2016. Debt to equity ratio was at 10.45 as on Mar. 31, 2017, up from 6.55 as on Mar. 31, 2016. Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: [email protected]
