May 21, 2020 / 10:48 AM / 9 days ago

BRIEF-Capital Senior Living Says Q1 Same Store Sales Fell 2.6%

May 21 (Reuters) - Capital Senior Living Corp:

* Q1 SAME STORE SALES FELL 2.6 PERCENT

* EXPECT FURTHER DETERIORATION OF OCCUPANCY AND REVENUE RESULTING FROM FEWER MOVE-INS DUE TO IMPACTS OF COVID-19

* CAPITAL SENIOR LIVING - LOWER THAN NORMAL CONTROLLABLE MOVE-OUT ACTIVITY DURING COVID-19 PANDEMIC MAY PARTIALLY OFFSET FUTURE ADVERSE REVENUE IMPACTS

* COMPANY ENDED Q1 WITH $27.9 MILLION OF CASH AND CASH EQUIVALENTS, INCLUDING RESTRICTED CASH

* QTRLY LOSS PER SHARE $1.59

* NEW RESIDENT LEADS, VISITS, AND MOVE-IN ACTIVITY DECLINED SIGNIFICANTLY IN APRIL COMPARED TO TYPICAL LEVELS

* COMPANY HAS REDUCED SPENDING ON NON-ESSENTIAL SUPPLIES, TRAVEL COSTS AND CERTAIN OTHER DISCRETIONARY ITEMS

* CAPITAL SENIOR LIVING - EXPECTS WILL CONTINUE TO CAUSE, A DECLINE IN OCCUPANCY LEVELS AT COMPANY’S COMMUNITIES THAT WILL NEGATIVELY IMPACT REVENUES

* CAPITAL SENIOR LIVING - COVID-19 HAS REQUIRED CO TO INCUR, EXPECTS CONTINUE TO INCUR, SIGNIFICANT ADDITIONAL OPERATING COSTS, EXPENSES

* CAPITAL SENIOR LIVING - RESIDENTS AT CERTAIN SENIOR HOUSING COMMUNITIES HAVE TESTED POSITIVE FOR COVID-19

* CAPITAL SENIOR LIVING - RESIDENTS TESTING POSITIVE FOR COVID-19 INCREASED COSTS OF CARING FOR RESIDENTS, REDUCED OCCUPANCIES AT CONCERNED COMMUNITIES

* IS EVALUATING POSSIBLE DEBT AND CAPITAL OPTIONS

* HAS ENTERED INTO SHORT-TERM DEBT FORBEARANCE AGREEMENTS WITH CERTAIN LENDERS

* IS EVALUATING OPPORTUNITY TO SELL CERTAIN COMMUNITIES THAT WOULD PROVIDE POSITIVE NET CASH PROCEEDS

* CAPITAL SENIOR LIVING -TAKEN,INTENDS TO TAKE SOME ACTIONS TO IMPROVE LIQUIDITY POSITION,ADDRESS UNCERTAINTY ABOUT ABILITY TO CONTINUE AS GOING CONCERN

* WILL CONTINUE TO EXECUTE ON ITS 3-YEAR OPERATIONAL TURNAROUND PLAN INITIATED IN Q1 OF 2019

* CAPITAL SENIOR LIVING - HAS IMPLEMENTED ADDITIONAL PROACTIVE SPENDING REDUCTIONS, INCLUDING REDUCED DISCRETIONARY SPENDING AND LOWER CAPITAL SPENDING

* EARLIEST MATURITY DATE FOR COMPANY’S FIXED-RATE DEBT IS IN 2022

* CAPITAL SENIOR LIVING - CERTAIN CONDITIONS INCLUDING IMPACT OF COVID-19, RAISE SUBSTANTIAL DOUBT ABOUT CO’S ABILITY TO CONTINUE AS GOING CONCERN Source text for Eikon: Further company coverage: (Reuters.Briefs@thomsonreuters.com)

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