Capital Senior Living Corporation (CSU) saw its loss widen to $10.51 million, or $0.36 a share for the quarter ended Dec. 31, 2016. In the previous year period, the company reported a loss of $5.95 million, or $0.21 a share. On an adjusted basis, net loss for the quarter stood at $2.28 million, or $0.08 a share compared with a net profit of $0.78 million, or $0.03 a share in the last year period.
Revenue during the quarter grew 7.70 percent to $115.80 million from $107.53 million in the previous year period. Total expenses were 99.35 percent of quarterly revenues, up from 94.64 percent for the same period last year. That has resulted in a contraction of 470 basis points in operating margin to 0.65 percent.
Operating income for the quarter was $0.76 million, compared with $5.76 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $38.62 million compared with $38.20 million in the prior year period. At the same time, adjusted EBITDA margin contracted 217 basis points in the quarter to 33.35 percent from 35.53 percent in the last year period.
"The focused execution of our clear and differentiated real-estate strategy yielded solid results in the fourth quarter, including increases in revenue, occupancy, average monthly rent, EBITDAR and CFFO, as compared to the previous quarter," said Lawrence A. Cohen, chief executive officer of the Company.
Operating cash flow improves
Capital Senior Living Corporation has generated cash of $52.28 million from operating activities during the year, up 6.92 percent or $3.38 million, when compared with the last year.
The company has spent $201.05 million cash to meet investing activities during the year as against cash outgo of $161.43 million in the last year.
Cash flow from financing activities was $126.71 million for the year, down 2.09 percent or $2.70 million, when compared with the last year.
Cash and cash equivalents stood at $34.03 million as on Dec. 31, 2016, down 39.33 percent or $22.06 million from $56.09 million on Dec. 31, 2015.
Working capital drops significantly
Capital Senior Living Corporation has witnessed a decline in the working capital over the last year. It stood at $0.64 million as at Dec. 31, 2016, down 97.61 percent or $26.09 million from $26.73 million on Dec. 31, 2015. Current ratio was at 1.01 as on Dec. 31, 2016, down from 1.38 on Dec. 31, 2015.
Debt moves up
Capital Senior Living Corporation has witnessed an increase in total debt over the last one year. It stood at $939.17 million as on Dec. 31, 2016, up 16.14 percent or $130.50 million from $808.68 million on Dec. 31, 2015. Total debt was 81.97 percent of total assets as on Dec. 31, 2016, compared with 79.36 percent on Dec. 31, 2015. Debt to equity ratio was at 8.03 as on Dec. 31, 2016, up from 5.96 as on Dec. 31, 2015. Interest coverage ratio deteriorated to 0.07 for the quarter from 0.59 for the same period last year.
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