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8-K - FORM 8-K - CAPITAL SENIOR LIVING CORP | c16566e8vk.htm |
EX-99.2 - EXHIBIT 99.2 - CAPITAL SENIOR LIVING CORP | c16566exv99w2.htm |
Exhibit 99.1
Capital Senior Living Corporation |
For Immediate Release
|
Contact: | Ralph A. Beattie 972/770-5600 |
CAPITAL SENIOR LIVING CORPORATION
REPORTS FIRST QUARTER 2011 RESULTS;
CFFO INCREASES 48% VERSUS PRIOR YEAR
REPORTS FIRST QUARTER 2011 RESULTS;
CFFO INCREASES 48% VERSUS PRIOR YEAR
DALLAS (BUSINESS WIRE) May 4, 2011 Capital Senior Living Corporation (the Company)
(NYSE:CSU), one of the countrys largest operators of senior living communities, today announced
operating results for the first quarter of 2011. Company highlights for the first quarter include:
Highlights
| Adjusted Cash From Facility Operations (CFFO) increased 48.0% to $5.8 million or $0.21 per share in the first quarter of 2011, an increase of $0.06 per share from the first quarter of 2010. |
| Revenue increased 24.9% to $59.8 million in the first quarter of 2011, an increase of $11.9 million from the first quarter of 2010. |
| Average monthly rent increased 8.8% to $2,776 per occupied unit in the first quarter of 2011, an increase of $224 per occupied unit from the first quarter of 2010. |
| Consolidated average occupancy increased 140 basis points to 84.8% in the first quarter of 2011 compared to the first quarter of 2010. |
| Adjusted EBITDAR increased 43.1% to $20.5 million in the first quarter of 2011, an increase of $6.2 million from the first quarter of 2010. EBITDAR margin improved to 34.3% from 29.9% in the first quarter of the prior year. |
We are pleased to report positive results for the first quarter, which is typically a challenging
period, said Lawrence A. Cohen, Chief Executive Officer of the Company. We increased average
rents by nearly nine percent and tightly controlled expenses. Our occupancy grew by 140 basis
points, our EBITDAR margin increased 440 basis points and CFFO grew by 48 percent. These results
reflect the fundamental strength of our business as we benefit from need-driven demand and
virtually no new supply in an improving economy. We are also excited about our acquisition
pipeline, which is expected to increase our ownership of high-quality senior living communities,
enhance our geographic concentration, generate meaningful increases in CFFO and be immediately
accretive to earnings.
CAPITAL/Page 2
Recent Investment Activity
| In April of 2011, joint ventures in which the Company held a five percent partnership interest sold the four Spring Meadows communities to Health Care REIT, Inc. (NYSE:HCN). Upon closing the sale, the Company began leasing the communities from HCN. Highlights of this transaction include: |
| Sales proceeds, including incentive distributions, of approximately $17.0 million, compared to the original investment of $1.3 million. | ||
| Additional CFFO of $0.7 million, or $0.03 per share. | ||
| Incremental earnings of $1.9 million, or $0.07 per share. | ||
| Increases annual revenue by $26.0 million. | ||
| Adds $12.2 million of EBITDAR. |
The Company will begin consolidating the revenues and expenses of the four communities on its
income statement, along with the lease expense, in the second quarter of 2011.
| The Company is conducting due diligence on a number of transactions consisting of high-quality senior living communities that are located in states in which the Company has extensive operations. Subject to completion of due diligence and customary closing conditions, the Company expects to acquire these communities during the third quarter of 2011. |
Financial Results
For the first quarter of 2011, the Company reported revenue of $59.8 million, compared to revenue
of $47.9 million in the first quarter of 2010. Resident and healthcare revenue increased from the
first quarter of the prior year by approximately $14.0 million or 32.7%, largely as a result of
converting eight communities previously owned in joint ventures to leased communities and the
addition of 12 new leased communities. The
number of consolidated communities increased from 50 in the first quarter of 2010 to 70 in the
first quarter of 2011.
Average monthly rent was $2,776 per occupied unit in the first quarter of 2011, an increase of
$224, or 8.8%, over the first quarter of 2010. Financial occupancy of the consolidated portfolio
averaged 84.8% in the first quarter of 2011, 140 basis points higher than the first quarter
of 2010.
CAPITAL/Page 3
As a
percentage of resident and healthcare revenue, operating expenses were 59.9% in the
first quarter of 2011 compared to 61.4% in the first quarter of 2010, an improvement of 150
basis points. Operating expenses for the first quarter of 2011 were $34.1 million, an increase of
$7.7 million from the first quarter of 2010, primarily due to 20 additional communities now being
consolidated.
General and administrative expenses of $2.9 million were approximately $0.2 million lower than the
first quarter of 2010, primarily due to lower health insurance costs. General and administrative
expenses as a percentage of revenues under management were 4.4% for the quarter
Adjusted EBITDAR for the first quarter of 2011 was approximately $20.5 million, an increase of $6.2
million or 43.1% from the first quarter of 2010. Adjusted EBITDAR
margin was 34.3% for the
period, an improvement of 4.4 percentage points from the first quarter of 2010.
Adjusted net income for the first quarter of 2011 was $1.7 million or $0.06 per share excluding
costs related to and amortization of resident leases acquired in recently-completed lease
transactions. This compares to net income of $0.7 million or $0.03 per share in the first quarter
of 2010.
Adjusted CFFO was $5.8 million or $0.21 per share in the first quarter of 2011, an increase of $1.9
million or 48.0% from the first quarter of 2010.
Operating Activities
At communities under management, same-store revenue in the first quarter of 2011 increased 3.7%
versus the first quarter of 2010. Same-community expenses increased 2.9% and net income increased
5.1% from the first quarter of the prior year.
Same-store occupancies increased 70 basis points year-over-year and 20 basis points sequentially.
Average rents were 1.0% higher than the first quarter of 2010 and 1.1% higher than last quarter.
Capital expenditures for the first quarter of 2011 were approximately $1.4 million, representing
$0.5 million of investment spending and $0.9 million of recurring capital expenditures. If
annualized, spending for recurring capital expenditures equaled approximately $500 per unit.
CAPITAL/Page 4
Balance Sheet
The Company ended the quarter with $38.8 million of cash and cash equivalents, including restricted
cash. Restricted cash increased by $2.6 million during the quarter as the Company fully
collateralized standby letters of credit in anticipation of closing the Spring Meadows transaction.
In addition, approximately $1.0 million of mortgage debt was amortized in the first quarter of 2011
and the Company made a cash payment of approximately $2.7 million to reduce the amount outstanding
on one of its leases.
As of March 31, 2011, the Company financed its 25 owned communities with 24 mortgages totaling
$173.0 million at fixed interest rates averaging 6.0%. The Company has no mortgage maturities
prior to the third quarter of 2015. Net debt to first quarter
annualized EBITDA was 3.7x.
Q12011 CONFERENCE CALL INFORMATION
Capital Senior Living Corporation (NYSE:CSU) will host a conference call with senior management to
discuss the Companys first quarter 2011 financial results. The call will be held on Thursday, May
5, 2011 at 11:00 a.m. Eastern Time. The Companys earnings release announcing first quarter 2011
financial results is scheduled to be released to news services the evening of Wednesday, May 4,
2011.
The call-in number is 913-312-1483, confirmation code 3577408. A link to a simultaneous webcast of
the teleconference will be available at www.capitalsenior.com through Windows Media Player
or RealPlayer.
For the convenience of the Companys shareholders and the public, the conference call will be
recorded and available for replay starting May 5, 2011 at 2:00 p.m. Eastern Time, until May 14,
2011 at 8:00 p.m. Eastern Time. To access the conference call replay, call 719-457-0820,
confirmation code 3577408. The conference call will also be made available for playback via the
Companys corporate website, www.capitalsenior.com.
CAPITAL/Page 5
ABOUT THE COMPANY
Capital Senior Living Corporation is one of the nations largest operators of residential
communities for senior adults. The Companys operating philosophy emphasizes a continuum of care,
which integrates independent living, assisted living and home care services, to provide residents
the opportunity to age in place. The Company currently operates 77 senior living communities in 23
states with an aggregate capacity of approximately 11,000 residents.
The forward-looking statements in this release are subject to certain risks and uncertainties that
could cause results to differ materially, including, but not without limitation to, the Companys
ability to find suitable acquisition properties at favorable terms, financing, licensing, business
conditions, risks of downturns in economic conditions generally, satisfaction of closing conditions
such as those pertaining to licensure, availability of insurance at commercially reasonable rates,
and changes in accounting principles and interpretations among others, and other risks and factors
identified from time to time in our reports filed with the Securities and Exchange Commission.
This release contains certain financial information not derived in accordance with generally
accepted accounting principles (GAAP), including adjusted EBITDAR, adjusted CFFO, adjusted CFFO per
share and other items. The Company believes this information is useful to investors and other
interested parties. Such information should not be considered as a substitute for any measures
derived in accordance with GAAP, and may not be comparable to other similarly titled measures of
other companies. Reconciliation of this information to the most comparable GAAP measures is
included as an attachment to this release.
Contact Ralph A. Beattie, Chief Financial Officer, at 972-770-5600 for more information.
CAPITAL/Page 6
CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED BALANCE SHEETS
(In thousands)
CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, | December 31, | |||||||
2011 | 2010 | |||||||
(unaudited) | ||||||||
ASSETS |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 29,941 | $ | 31,248 | ||||
Restricted cash |
8,907 | 6,334 | ||||||
Accounts receivable, net |
4,296 | 3,777 | ||||||
Accounts receivable from affiliates |
602 | 911 | ||||||
Federal and state income taxes receivable |
4,154 | 3,962 | ||||||
Deferred taxes |
1,318 | 1,290 | ||||||
Assets held for sale |
354 | 354 | ||||||
Property tax and insurance deposits |
9,524 | 11,059 | ||||||
Prepaid expenses and other |
3,764 | 4,896 | ||||||
Total current assets |
62,860 | 63,831 | ||||||
Property and equipment, net |
292,955 | 295,095 | ||||||
Deferred taxes |
2,782 | 3,478 | ||||||
Investments in unconsolidated joint ventures |
2,435 | 2,224 | ||||||
Other assets, net |
19,714 | 18,153 | ||||||
Total assets |
$ | 380,746 | $ | 382,781 | ||||
LIABILITIES AND SHAREHOLDERS EQUITY |
||||||||
Current liabilities: |
||||||||
Accounts payable |
$ | 1,271 | $ | 1,951 | ||||
Accrued expenses |
14,383 | 16,125 | ||||||
Current portion of notes payable |
4,655 | 5,645 | ||||||
Current portion of deferred income |
7,101 | 7,242 | ||||||
Current portion of capital lease obligations |
117 | 135 | ||||||
Customer deposits |
1,266 | 1,299 | ||||||
Total current liabilities |
28,793 | 32,397 | ||||||
Deferred income |
14,416 | 14,493 | ||||||
Capital lease obligations, net of current portion |
66 | 83 | ||||||
Other long-term liabilities |
1,926 | 1,959 | ||||||
Notes payable, net of current portion |
168,997 | 170,026 | ||||||
Commitments and contingencies |
||||||||
Shareholders equity: |
||||||||
Preferred stock, $.01 par value: |
||||||||
Authorized shares 15,000; no shares issued or outstanding |
| | ||||||
Common stock, $.01 par value: |
||||||||
Authorized shares 65,000; issued and outstanding
shares 27,547 and 27,083 in 2011 and 2010, respectively |
279 | 274 | ||||||
Additional paid-in capital |
134,436 | 133,014 | ||||||
Retained earnings |
32,767 | 31,469 | ||||||
Treasury stock, at cost 350 shares |
(934 | ) | (934 | ) | ||||
Total shareholders equity |
166,548 | 163,823 | ||||||
Total liabilities and shareholders equity |
$ | 380,746 | $ | 382,781 | ||||
CAPITAL/Page 7
CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in thousands, except per share data)
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited, in thousands, except per share data)
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Revenues: |
||||||||
Resident and health care revenue |
$ | 56,899 | $ | 42,869 | ||||
Unaffiliated management services revenue |
| 18 | ||||||
Affiliated management services revenue |
434 | 709 | ||||||
Community reimbursement revenue |
2,491 | 4,312 | ||||||
Total revenues |
59,824 | 47,908 | ||||||
Expenses: |
||||||||
Operating expenses (exclusive of facility lease expense
and depreciation and amortization expense shown below) |
34,055 | 26,316 | ||||||
General and administrative expenses |
2,850 | 3,031 | ||||||
Facility lease expense |
11,431 | 6,425 | ||||||
Stock-based compensation expense |
258 | 301 | ||||||
Depreciation and amortization |
3,558 | 3,457 | ||||||
Community reimbursement expense |
2,491 | 4,312 | ||||||
Total expenses |
54,643 | 43,842 | ||||||
Income from operations |
5,181 | 4,066 | ||||||
Other income (expense): |
||||||||
Interest income |
14 | 9 | ||||||
Interest expense |
(2,717 | ) | (2,862 | ) | ||||
Equity in (loss) earnings of unconsolidated joint ventures |
(188 | ) | 56 | |||||
Income before provision for income taxes |
2,290 | 1,269 | ||||||
Provision for income taxes |
(992 | ) | (544 | ) | ||||
Net income |
$ | 1,298 | $ | 725 | ||||
Per share data: |
||||||||
Basic net income per share |
$ | 0.05 | $ | 0.03 | ||||
Diluted net income per share |
$ | 0.05 | $ | 0.03 | ||||
Weighted average shares outstanding basic |
26,884 | 26,540 | ||||||
Weighted average shares outstanding diluted |
26,993 | 26,638 | ||||||
CAPITAL/Page 8
CAPITAL SENIOR LIVING CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited, in thousands)
Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Operating Activities |
||||||||
Net income |
$ | 1,298 | $ | 725 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: |
||||||||
Depreciation and amortization |
3,558 | 3,457 | ||||||
Amortization of deferred financing charges |
83 | 83 | ||||||
Amortization of deferred lease costs |
551 | 95 | ||||||
Deferred income |
(218 | ) | (686 | ) | ||||
Deferred income taxes |
668 | 411 | ||||||
Equity in loss (earnings) of unconsolidated joint ventures |
188 | (56 | ) | |||||
Provision for bad debts |
8 | 72 | ||||||
Stock based compensation expense |
258 | 301 | ||||||
Changes in operating assets and liabilities: |
||||||||
Accounts receivable |
(527 | ) | 123 | |||||
Accounts receivable from affiliates |
309 | 55 | ||||||
Property tax and insurance deposits |
1,535 | 1,709 | ||||||
Prepaid expenses and other |
1,132 | 2,000 | ||||||
Other assets |
(2,228 | ) | (159 | ) | ||||
Accounts payable |
(680 | ) | (503 | ) | ||||
Accrued expenses |
(1,742 | ) | (1,180 | ) | ||||
Federal and state income taxes receivable |
(192 | ) | 843 | |||||
Customer deposits |
(33 | ) | (13 | ) | ||||
Net cash provided by operating activities |
3,968 | 7,277 | ||||||
Investing Activities |
||||||||
Capital expenditures |
(1,418 | ) | (1,592 | ) | ||||
Net investment in limited partnerships |
(399 | ) | 261 | |||||
Net cash used in investing activities |
(1,817 | ) | (1,331 | ) | ||||
Financing Activities |
||||||||
Increase in restricted cash |
(2,573 | ) | (2 | ) | ||||
Repayments of notes payable |
(2,019 | ) | (1,647 | ) | ||||
Cash payments for capital lease obligations |
(35 | ) | | |||||
Cash proceeds from the issuance of common stock |
855 | 339 | ||||||
Excess tax benefits on stock option exercised |
314 | 46 | ||||||
Net cash used in financing activities |
(3,458 | ) | (1,264 | ) | ||||
(Decrease) increase in cash and cash equivalents |
(1,307 | ) | 4,682 | |||||
Cash and cash equivalents at beginning of period |
31,248 | 28,972 | ||||||
Cash and cash equivalents at end of period |
$ | 29,941 | $ | 33,654 | ||||
Supplemental Disclosures |
||||||||
Cash paid during the period for: |
||||||||
Interest |
$ | 2,642 | $ | 2,775 | ||||
Income taxes |
$ | 51 | $ | 60 | ||||
CAPITAL/Page 9
Capital Senior Living Corporation
Supplemental Information
Supplemental Information
Communities | Resident Capacity | Units | ||||||||||||||||||||||
Q1 11 | Q1 10 | Q1 11 | Q1 10 | Q1 11 | Q1 10 | |||||||||||||||||||
Portfolio Data |
||||||||||||||||||||||||
I. Community Ownership / Management |
||||||||||||||||||||||||
Consolidated communities |
||||||||||||||||||||||||
Owned |
25 | 25 | 4,052 | 4,058 | 3,501 | 3,503 | ||||||||||||||||||
Leased |
45 | 25 | 5,514 | 3,892 | 4,377 | 3,104 | ||||||||||||||||||
Joint Venture communities (equity method) |
7 | 15 | 1,434 | 2,086 | 1,061 | 1,654 | ||||||||||||||||||
Third party communities managed |
| 1 | | 148 | | 115 | ||||||||||||||||||
Total |
77 | 66 | 11,000 | 10,184 | 8,939 | 8,376 | ||||||||||||||||||
Independent living |
6,622 | 6,784 | 5,515 | 5,695 | ||||||||||||||||||||
Assisted living |
3,663 | 2,685 | 2,806 | 2,063 | ||||||||||||||||||||
Continuing Care Retirement Communities |
715 | 715 | 618 | 618 | ||||||||||||||||||||
Total |
11,000 | 10,184 | 8,939 | 8,376 | ||||||||||||||||||||
II. Percentage of Operating Portfolio |
||||||||||||||||||||||||
Consolidated communities |
||||||||||||||||||||||||
Owned |
32.5 | % | 37.9 | % | 36.8 | % | 39.8 | % | 39.2 | % | 41.8 | % | ||||||||||||
Leased |
58.4 | % | 37.9 | % | 50.1 | % | 38.2 | % | 49.0 | % | 37.1 | % | ||||||||||||
Joint venture communities (equity method) |
9.1 | % | 22.7 | % | 13.0 | % | 20.5 | % | 11.9 | % | 19.7 | % | ||||||||||||
Third party communities managed |
| 1.5 | % | | 1.5 | % | | 1.4 | % | |||||||||||||||
Total |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||||||||
Independent living |
60.2 | % | 66.6 | % | 61.7 | % | 68.0 | % | ||||||||||||||||
Assisted living |
33.3 | % | 26.4 | % | 31.4 | % | 24.6 | % | ||||||||||||||||
Continuing Care Retirement Communities |
6.5 | % | 7.0 | % | 6.9 | % | 7.4 | % | ||||||||||||||||
Total |
100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % |
CAPITAL/Page 10
Capital Senior Living Corporation
Supplemental Information
Supplemental Information
Q1 11 | Q1 10 | |||||||
Selected Operating Results |
||||||||
I. Owned communities |
||||||||
Number of communities |
25 | 25 | ||||||
Resident capacity |
4,052 | 4,058 | ||||||
Unit capacity |
3,501 | 3,503 | ||||||
Financial occupancy (1) |
85.3 | % | 84.2 | % | ||||
Revenue (in millions) |
21.0 | 20.4 | ||||||
Operating expenses (in millions) (2) |
11.7 | 11.4 | ||||||
Operating margin |
44 | % | 44 | % | ||||
Average monthly rent |
2,346 | 2,311 | ||||||
II. Leased communities |
||||||||
Number of communities |
45 | 25 | ||||||
Resident capacity |
5,514 | 3,892 | ||||||
Unit capacity |
4,377 | 3,104 | ||||||
Financial occupancy (1) |
84.5 | % | 82.6 | % | ||||
Revenue (in millions) |
35.8 | 22.4 | ||||||
Operating expenses (in millions) (2) |
19.2 | 12.3 | ||||||
Operating margin |
46 | % | 45 | % | ||||
Average monthly rent |
3,109 | 2,821 | ||||||
III. Consolidated communities |
||||||||
Number of communities |
70 | 50 | ||||||
Resident capacity |
9,566 | 7,950 | ||||||
Unit capacity |
7,878 | 6,607 | ||||||
Financial occupancy (1) |
84.8 | % | 83.4 | % | ||||
Revenue (in millions) |
56.8 | 42.8 | ||||||
Operating expenses (in millions) (2) |
30.9 | 23.7 | ||||||
Operating margin |
46 | % | 45 | % | ||||
Average monthly rent |
2,776 | 2,552 | ||||||
IV. Communities under management |
||||||||
Number of communities |
77 | 66 | ||||||
Resident capacity |
11,000 | 10,184 | ||||||
Unit capacity |
8,939 | 8,376 | ||||||
Financial occupancy (1) |
83.4 | % | 81.0 | % | ||||
Revenue (in millions) |
65.3 | 56.4 | ||||||
Operating expenses (in millions) (2) |
35.5 | 31.0 | ||||||
Operating margin |
46 | % | 45 | % | ||||
Average monthly rent |
2,878 | 2,739 | ||||||
V. Same Store communities under management |
||||||||
Number of communities (3) |
62 | 62 | ||||||
Resident capacity |
9,444 | 9,447 | ||||||
Unit capacity |
7,829 | 7,828 | ||||||
Financial occupancy (1) |
84.4 | % | 83.7 | % | ||||
Revenue (in millions) |
55.6 | 54.7 | ||||||
Operating expenses (in millions) (2) |
30.2 | 29.5 | ||||||
Operating margin |
46 | % | 46 | % | ||||
Average monthly rent |
2,776 | 2,748 | ||||||
VI. General and Administrative expenses as a percent of |
||||||||
Total Revenues under Management |
||||||||
First Quarter (4) |
4.4 | % | 5.4 | % | ||||
VII. Consolidated Debt Information (in thousands, except
for interest rates) |
||||||||
Excludes insurance premium financing |
||||||||
Total fixed rate debt |
172,967 | 181,313 | ||||||
Weighted average interest rate |
6.0 | % | 6.1 | % |
(1) | Financial occupancy represents actual days occupied divided by total number of available days during the month of the quarter. | |
(2) | Excludes management fees, insurance and property taxes. | |
(3) | Excludes three communities under lease-up. | |
(4) | Excludes acquisition costs incurred by the Company during the first quarter of 2011 for the SHPII/CSL Spring Meadows transaction. |
CAPITAL/Page 11
CAPITAL SENIOR LIVING CORPORATION
NON-GAAP RECONCILIATIONS
(In thousands, except per share data)
NON-GAAP RECONCILIATIONS
(In thousands, except per share data)
Three Months Ended March 31, | ||||||||
2011 | 2010 | |||||||
Adjusted EBITDAR |
||||||||
Net income from operations |
$ | 5,181 | $ | 4,066 | ||||
Depreciation and amortization expense |
3,558 | 3,457 | ||||||
Stock-based compensation expense |
258 | 301 | ||||||
Facility lease expense |
11,431 | 6,425 | ||||||
Provision for bad debts |
8 | 72 | ||||||
Casualty losses |
21 | | ||||||
Transaction costs |
40 | | ||||||
Adjusted EBITDAR |
$ | 20,497 | $ | 14,321 | ||||
Adjusted EBITDAR Margin |
||||||||
Adjusted EBITDAR |
$ | 20,497 | $ | 14,321 | ||||
Total revenues |
59,824 | 47,908 | ||||||
Adjusted EBITDAR margin |
34.3 | % | 29.9 | % | ||||
Adjusted net income and net income per share |
||||||||
Net income |
$ | 1,298 | $ | 725 | ||||
Casualty losses, net of tax |
13 | | ||||||
Transaction costs, net of tax |
25 | | ||||||
Resident lease amortization, net of tax |
315 | | ||||||
Adjusted net income |
$ | 1,651 | $ | 725 | ||||
Adjusted net income per share |
$ | 0.06 | $ | 0.03 | ||||
Diluted shares outstanding |
26,993 | 26,638 | ||||||
Adjusted CFFO and Adjusted CFFO per share |
||||||||
Net cash provided by operating activities |
$ | 3,968 | $ | 7,277 | ||||
Changes in operating assets and liabilities |
2,426 | (2,875 | ) | |||||
Recurring capital expenditures |
(664 | ) | (505 | ) | ||||
Casualty losses, net of tax |
13 | | ||||||
Transaction costs, net of tax |
25 | | ||||||
Adjusted CFFO |
$ | 5,768 | $ | 3,897 | ||||
Adjusted CFFO per share |
$ | 0.21 | $ | 0.15 | ||||
####