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CSU > SEC Filings for CSU > Form 8-K on 24-Oct-2012All Recent SEC Filings




Completion of Acquisition or Disposition of Assets, Regulation FD Disc

Item 2.01 Completion of Acquisition or Disposition of Assets.

On October 23, 2012, Capital Senior Living Corporation (the "Company") completed the acquisition of 6 communities (the "Communities") from Woodlands Independent & Assisted Living Community, LLC, The Woodlands of Hamilton, LLC, Country Charm Residential Senior Community, LLC, Country Charm Village, LLC, Woodlands of Shaker Heights, LLC and Woodlands of Chardon, LLC (collectively, the "Sellers") pursuant to an asset purchase agreement by and between wholly owned subsidiaries of the Company and Sellers for an aggregate purchase price of approximately $62,500,000. The 6 Communities are located in Indiana and Ohio and are comprised of assisted living and memory care units.

Item 7.01 Regulation FD Disclosure.

On October 24, 2012, the Company issued a press release announcing the completion of the acquisition of the 8 senior living communities (including the Communities). The 2 additional senior living communities acquired by the Company are unrelated to the acquisition of the Communities. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K.

The information being furnished under this Item 7.01 and Exhibit 99.1 shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing. The press release contains, and may implicate, forward-looking statements regarding the Company and includes cautionary statements identifying important factors that could cause actual results to differ materially from those anticipated.

In the press release, the Company's management utilized non-GAAP financial measures, including pro forma adjusted CFFO, adjusted CFFO per share and other items. These non-GAAP financial measures are used by management to evaluate financial performance and resource allocation for its facilities and for the Company as a whole. These measures are commonly used as an analytical indicator within the senior housing industry, and also serve as a measure of leverage capacity and debt service ability. The Company has provided this information in order to enhance investors overall understanding of the Company's financial performance and prospects. In addition, because the Company has historically provided this type of information to the investment community, the Company believes that including this information provides consistency in its financial reporting.

These non-GAAP financial measures should not be considered as measures of financial performance under generally accepted accounting principles, and items excluded from them are significant components in understanding and assessing financial performance. These measures should not be considered in isolation or as an alternative to net income, cash flows generated by operating, investing, or financing activities, earnings per share or other financial statement data presented in the consolidated financial statements as an indicator of financial performance or liquidity. Because these measures are not measurements determined in accordance with generally accepted accounting principles and are thus susceptible to varying calculations, these measures as presented may not be comparable to other similarly titled measures of other companies.

By filing this Current Report on Form 8-K, the Company does not acknowledge that disclosure of this information under this Item 7.01 and Exhibit 99.1 is required by Regulation FD or that the information was material or non-public before the disclosure. The Company assumes no obligation to update or supplement forward-looking statements in the press release that become untrue because of new information, subsequent events or otherwise.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No. Description

99.1 Press Release, dated October 24, 2012

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