Capital Senior Living Corp., which runs 64 senior communities in 23 states, said Monday it is adding new directors and exploring a sale of the company.
Two investment groups will gain board representation. Harvey Hanerfeld of West Creek Capital LLC _ which owns about 6.4 percent of Capital Senior Living _ and Peter Martin of Matthes Capital Management _ which owns about 1.7 percent _ will be directors.
Their addition to the board, which is supported by Boston Avenue Capital LLC with about 7.3 percent of the stock, increases the number of directors to nine from seven.
Both Hanerfeld and Martin will be part of a five-director committee exploring strategic alternatives, including whether to sell Capital Senior Living.
Last year the company swung to a profit of $4.4 million, or 16 cents per share, from a loss in 2006 of $2.6 million, or 10 cents per share, on revenue of $189.1 million compared to $159.1 million.
Shares closed Friday at $8.31 after ranging in the last 52 weeks from $6.32 to $12.22.
Terms & Conditions
RSS Headlines
Fool UK