GROSS MARGIN INCREASES 51% ON 19% REVENUE GAIN
FRIENDSWOOD, Texas, May 20 /PRNewswire-FirstCall/ -- TrinityCare Senior Living, Inc. (OTC Bulletin Board: TCSR) ("TrinityCare" or the "Company"), which develops, manages and owns faith-based senior living facilities, today announced its operating results for the first quarter of 2009.
For the three months ended March 31, 2009, total revenues rose approximately 19% to $1,547,001, compared with revenues of $1,305,624 in the first quarter of 2008. Gross profit increased approximately 51% to $813,707 (52.6% of revenues) in the most recent quarter, compared with $539,551 (41.3% of revenues) in the three months ended March 31, 2008. The improvement in gross profit was primarily due to improved occupancy rates at the Company's three senior living facilities, two of which opened during the year 2007. Operating income totaled $11,525 in the three months ended March 31, 2009, versus an operating loss of ($156,933) in the prior-year period. After interest expense, the Company reported a net loss of ($245,946), or ($0.03) per share, in the first quarter of 2009. In the year-earlier quarter, the Company reported a net loss before minority interest of ($416,129) and a net loss after minority interest of ($177,189), or ($3.15) per share. The number of weighted average shares outstanding in the first quarter of 2009 totaled 7,825,148, compared with 56,200 weighted average shares outstanding during the first quarter of 2008.
"We are very pleased with our first quarter results, which are very satisfying and reflect the rapid pace at which we have increased the resident census at our newest senior living facilities in Knoxville, Tennessee and Port Lavaca, Texas," stated Donald W. Sapaugh, Chairman and Chief Executive Officer of TrinityCare Senior Living, Inc. "As of March 31, 2009, 195 of the 226 total available units in our three facilities were occupied or reserved for
|SOURCE TrinityCare Senior Living, Inc.|
Copyright©2009 PR Newswire.
All rights reserved