Navigation Links
TrinityCare Senior Living, Inc. Announces First Quarter Operating Results


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 future residents, for an occupancy rate of 86.3%, compared with an occupancy rate of less than 50% a year earlier. We look forward to achieving full occupancy in all of our current facilities in 2010."

"We have developed an aggressive growth strategy for TrinityCare, including expansion in several existing and new markets during the next twelve months. To date, we have entered into agreements to develop an 82-unit senior living facility in Katy, Texas; an 82-unit facility in Crossville, Tennessee; and an 87-unit project in Pearland, Texas. We are also in final negotiations involving our expansion into two new markets in Louisiana. Our unique approach to the provision of independent living, assisted living and memory care services for seniors in a faith-based environment has attracted widespread interest from developers, churches and other prospective partners throughout the United States. For the time being, we are focusing our expansion program upon locations in the southeastern U.S. where we can provide needed services to local communities while building value for our shareholders."

About TrinityCare Senior Living, Inc.

TrinityCare is a rapidly growing company that develops, owns and manages quality senior living facilities that focus on enriching the faith of residents while providing state-of-the-art independent living, assisted living, memory care and adult day care services in a single location. The Company partners with local churches and developers for each facility and offers a wide range of both community and personal services to residents.

Headquartered in Friendswood, Texas, the Company currently operates three successful facilities in Texas and Tennessee. Near-term expansion plans are focused upon markets in the Southeastern U.S. For additional information, please visit

Forward-Looking Statements

The information in this news release includes certain forward-looking statements that are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including statements related to the future financial performance of the Company. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Factors that could cause results to differ include, but are not limited to, successful execution of growth strategies, product development and acceptance, the impact of competitive services and pricing, general economic conditions, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.

                  TrinityCare Senior Living, Inc. and Subsidiaries
                               Statements of Operation

                                            Three Months Ended March 31,
                                                 2009          2008
                                              ----------    ----------
      Resident revenue                         1,524,124     1,269,172
      Publication revenue                         22,877        36,452
                                               ---------     ---------
        Total Revenues                         1,547,001     1,305,624
                                               ---------     ---------

    Direct Costs
      Direct labor                               564,163       599,227
      Direct costs of operations                 169,131       166,846
                                               ---------     ---------
        Total Direct Costs                       733,294       766,073
                                               ---------     ---------

    Gross Profit                                 813,707       539,551
                                               ---------     ---------

    Operating Costs
      Advertising                                 35,471        32,827
      Marketing and Selling                       11,625        13,132
      Publishing                                  35,015        31,037
      Payroll expenses                           132,956       101,432
      General and administrative                  69,308        46,233
      Professional                                72,759        44,702
      Insurance                                   45,087        59,194
      Rent and facility                          244,899       222,709
      Depreciation and amortization              155,062       145,218
                                               ---------     ---------
        Total Operating Expenses                 802,182       696,484
                                               ---------     ---------

    Operating Income (loss)                       11,525      (156,933)

       Interest Expense                          257,471       259,196

                                               ---------     ---------
    Loss Before Minority Interest               (245,946)     (416,129)
    Minority Interest in Loss                          -       238,940
                                               ---------     ---------
      Net Loss                                 ($245,946)    ($177,189)
                                               =========     =========

    Loss per share, basic and diluted             ($0.03)       ($3.15)
                                               =========     =========
    Basic and diluted weighted average
     number of common shares                   7,825,148        56,200
                                               =========     =========

                 TrinityCare Senior Living, Inc. and Subsidiaries
                                   Balance Sheets

                                               March 31,        December 31,
                                                 2009               2008
                                              -----------       -----------
    Cash                                         $415,751          $546,164
    Accounts receivable                           121,092            81,620
    Prepaid expenses                              302,640           258,917
                                              -----------       -----------
      Total Current Assets                        839,483           886,701
                                              -----------       -----------

    Property and equipment                     16,968,420        16,956,608
    Accumulated depreciation                   (2,158,100)       (2,015,398)
                                              -----------       -----------
                                               14,810,320        14,941,210
                                              -----------       -----------

    Loan costs, net of accumulated
     amortization                                 242,708           245,069
    Project development costs                      40,216             9,120
    Deposits and reserves                         154,575           271,076
                                              -----------       -----------
                                                  437,499           525,265
                                              -----------       -----------
      Total Assets                            $16,087,302       $16,353,176
                                              ===========       ===========

    Accounts payable                             $461,273          $482,487
    Accrued expenses                              272,381           404,122
    Deferred revenue                              233,059           139,037
    Line of credit                                 79,022            79,022
    Current portion of long-term debt           5,751,904         5,661,069
                                              -----------       -----------
      Total Current Liabilities                 6,797,639         6,765,737
                                              -----------       -----------

    Mortgage                                   12,164,427        12,321,991
    Notes payable other debt                      937,213           895,229
    Derivative liability                          265,000                 -
                                              -----------       -----------
      Total Long-Term Debt                     13,366,640        13,217,220
                                              -----------       -----------
      Total Liabilities                        20,164,279        19,982,957
                                              -----------       -----------

    Preferred stock, $.01 par, 20,000,000
      Series A, 920,540 and -0- shares issued
       and outstanding, respectively                9,205                 -
      Series B, 3,000 and -0- shares issued
       and outstanding, respectively                   30                 -
    Common stock, $.01 par value,
     100,000,000 authorized; 1,772,883
     and 56,200 issued and outstanding,
     respectively                                  17,729               562
    Additional paid in capital                  3,744,027         3,971,679
    Minority interest                                   -                 -
    Accumulated deficit                        (7,847,968)       (7,602,022)
                                              -----------       -----------
      Total Equity (Deficit)                   (4,076,977)       (3,629,781)
                                              -----------       -----------

    Total Liabilities and Stockholders'
     Equity (Deficit)                         $16,087,302       $16,353,176
                                              ===========       ===========

SOURCE TrinityCare Senior Living, Inc.
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. National Radio Program to Expand Awareness of TrinityCares Unique Approach to Senior Adult Care
2. TrinityCare Senior Living to Present at Southwest Investment Association Conference on April 25, 2009
3. TrinityCare Senior Living, Inc. Retains RJ Falkner & Company, Inc. as Investor Relations Counsel
4. TrinityCare Appoints Kirk B. Shulke, M.D. to Board of Directors
5. TrinityCare Appoints Decorated Christian Artist Al Denson to Board of Directors
6. TrinityCare Senior Living Trading Under New Symbol TCSR
7. TrinityCare Senior Living, Inc. Changes Fiscal Year End to December 31st
8. Water Street Healthcare Partners Expands Team With Senior Investment Professionals
9. Apieron Strengthens Senior Leadership With Commercial, Financial Appointments
10. Trend Survey Reveals Future of Senior Living Communities
11. Video: CVS/pharmacy and National Council on Aging Help Seniors Get the Cost-Saving Benefits they Need
Post Your Comments:
(Date:11/30/2015)... CHICAGO, IL November 30, 2015 (PRWEB) , ... ... ... SpeechCheck and Winscribe are pleased to announce their strategic partnership at ... speech recognition consultants, SpeechCheck, Inc., and Winscribe, global providers of cutting-edge dictation ...
(Date:11/30/2015)... , ... November 30, 2015 , ... ... 2016. In 2016, expected coding changes are likely to include new codes for ... It’s not easy to understand the effects of code changes in musculoskeletal, radiology ...
(Date:11/30/2015)... ... ... today announced the introduction of three Nightstick® brand LED traffic wands with an average retail ... NSP-1632 ), yellow ( NSP-1634 ) and blue ( NSP-1636 ), the SL-1600 series LED ... in blinking strobe mode using a fresh set of 3 AAA cells (included). , Built ...
(Date:11/29/2015)... FL (PRWEB) , ... November 30, 2015 , ... ... available today from the new company, Sublime Beauty NATURALS®. All products are available ... natural products, like essential oils, organic facial serums and USDA Certified Organic Sesame ...
(Date:11/29/2015)... ... November 29, 2015 , ... "I struggled for years with pain ... Mother and Wife would love to do, I missed. We moved back home from ... call Dr. Zaidan first. They have changed my life drastically. I love all of ...
Breaking Medicine News(10 mins):
(Date:11/30/2015)... , Nov. 30, 2015  Precision Image ... services, is pleased to announce a dramatic expansion ... imaging services. Building on its ISO-9001:2008 certification for ... implemented comprehensive Core Lab protocols and procedures. This ... of research activities.  Their Core Lab services include ...
(Date:11/30/2015)... Sectra (STO: SECT B) ... into a multi-year agreement to provide Breast Imaging PACS ... Breast Care to increase collaboration with sub-specialists around the ... --> Sectra (STO: SECT B) ... into a multi-year agreement to provide Breast Imaging PACS ...
(Date:11/29/2015)... Nov. 29, 2015 CIVCO Medical Solutions ... at the Radiological Society of North ... Chicago November 29 – December 4, ... to offer customers unrivaled versatility, enhanced user experience ... --> ...
Breaking Medicine Technology: