Looks like CSU had to write off costs for a joint
venture which didn't go through, which would pretty much
cancel out a years earnings.
But there is a lot
of equity capital in this organization. The nursing
home industry is pretty beaten down, so even though
CSU has shown great ability to make money and
generally it serves an upscale niche, it probably suffers
some in guilt by association with companies that have
to dicker with medicare and wait for cobwebs to grow
on invoices before insurance companies pay.