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TrinityCare Senior Living, Inc. Announces Second Quarter Operating Results
Date:8/13/2009

FRIENDSWOOD, Texas, Aug. 13 /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 second quarter and first half of 2009.

For the three months ended June 30, 2009, total revenues increased 12% to $1,594,803, versus revenues of $1,428,476 in the second quarter of 2008. Gross profit increased 6% to $1,033,848 (64.8% of revenues) in the most recent quarter, compared with $1,027,846 (72.0% of revenues) in the three months ended June 30, 2008. The Company reduced its operating loss in the second quarter by 16% to ($196,125), compared with an operating loss of ($234,397) in the prior-year period. After interest expense, the Company reported a net loss of ($475,221), or ($0.26) per share, in the quarter ended June 30, 2009. In the year-earlier quarter, the Company reported a net loss before minority interest of ($692,719) and a net loss after minority interest of ($300,099), or ($5.34) per share. The number of weighted average shares outstanding in the second quarter of 2009 totaled 1,825,651, compared with 56,200 weighted average shares outstanding during the second quarter of 2008.

For the six months ended June 30, 2009, total revenues increased 15% to $3,141,804, versus revenues of $2,734,100 in the first half of 2008. Gross profit increased 18% to $1,847,555 (58.8% of revenues) in the first half of 2009, compared with $1,567,397 (57.3% of revenues) in the six months ended June 30, 2008. The Company's operating loss in the first half of 2009 totaled ($184,600), which represented a 53% improvement when compared with an operating loss of ($391,330) in the corresponding period of the previous year. After interest expense, the Company reported a net loss of ($721,167), or ($0.47) per share, in the six months ended June 30, 2009. In the year-earlier period, the Company reported a net loss before minority interest of ($1,108,848) and a net loss after minority interest of ($477,288), or ($8.49) per share. The number of weighted average shares outstanding in the first half of 2009 totaled 1,536,173, compared with 56,200 weighted average shares outstanding during the first half of 2008.

"We have continued to improve resident occupancy rates at our Knoxville, Tennessee and Port Lavaca, Texas senior living facilities, while our Pearland, Texas facility operated at near-100% occupancy levels during the second quarter and first half of 2009," stated Donald W. Sapaugh, Chairman and Chief Executive Officer of TrinityCare Senior Living, Inc. "Despite higher labor and payroll expenses, we were able to expand our gross profit margin to 58.8% in the first half of 2009, from 57.3% a year earlier. We also reduced our operating loss by 53%, when compared with the first half of 2008. We expect operating results to continue to improve as occupancy levels build in future quarters."

"Our expansion program gained considerable momentum in the most recent quarter, as we geared up to commence construction on new senior living facilities in a number of markets," continued Sapaugh. "Since the end of our first quarter, we have announced the execution of funding agreements for new senior living facilities, each with at least 82 residential units, in Pearland, Texas; Crossville, Tennessee; and Katy, Texas. These three facilities, when they open in 2010, will more than double the number of residential units under management by TrinityCare, and we expect to announce funding agreements for additional projects in the coming months. As awareness of our unique approach to faith-based senior care builds throughout the Southeastern U.S., we are being contacted by churches and developers who are interested in partnering with us to open facilities in new markets. We carefully analyze the economics of each proposal and expect expansion in new and existing markets to serve as the foundation for profitability and the enhancement of shareholder values in the future."

About TrinityCare Senior Living, Inc.

TrinityCare Senior Living ("TrinityCare") develops, owns, and manages quality senior living facilities that focus on enriching the faith of the residents and 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. TrinityCare is a rapidly growing company with three successful facilities currently operating in Texas and Tennessee, and the Company has announced funding commitments for three additional facilities to be completed in 2010. Near-term expansion plans target the Southeastern part of the United States. For more information please visit www.trinitycare.com.

TrinityCare is headquartered in Friendswood, Texas (Houston metropolitan area) and its common stock trades on the OTC Bulletin Board under the symbol "TCSR".

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.

                     For Additional Information, Please Contact:

                      Donald W. Sapaugh, CEO, at (281) 482-9700

                                          or

               RJ Falkner & Company, Inc., Investor Relations Counsel at
                   (830) 693-4400 or via email at info@rjfalkner.com

                   TrinityCare Senior Living, Inc. and Subsidiaries
                             Consolidated Balance Sheets

                                                    June 30,     December 31,
                                                      2009          2008
                                                  (Unaudited)     (Audited)
                                                  -----------   --------------
                         ASSETS
     Cash                                            $261,865      $546,164
     Accounts receivable                               48,861        81,620
     Prepaid expenses                                 198,859       258,917
                                                      -------       -------
         Total Current Assets                         509,585       886,701
                                                      -------       -------

     Property and equipment                        17,041,045    16,956,608
     Accumulated depreciation                      (2,301,852)   (2,015,398)
                                                   ----------    ----------
         Net, property and equipment               14,739,193    14,941,210
                                                   ----------    ----------

     Loan costs                                       261,136       251,136
     Accumulated amortization                         (30,985)       (6,067)
                                                      -------        ------
          Net, loan costs                             230,151       245,069

     Project development costs                         46,935         9,120
     Deposits and reserves                            157,574       271,076
                                                      -------       -------
         Total Other Assets                           434,660       525,265
                                                      -------       -------

         Total Assets                             $15,683,438   $16,353,176
                                                  ===========   ===========

                       LIABILITIES
     Accounts payable                                $384,505      $482,487
     Accrued expenses                                 518,872       404,122
     Deferred revenue                                 205,280       139,037
     Line of credit                                    81,037        79,022
     Current portion of long-term debt              5,734,793     5,661,069
                                                    ---------     ---------
         Total Current Liabilities                  6,924,487     6,765,737
                                                    ---------     ---------

     Mortgage                                      12,216,089    12,321,991
     Notes payable and other debt                     811,430       895,229
     Derivative liability                             256,350             -
                                                   ----------    ----------
         Total Long-Term Debt                      13,283,869    13,217,220
                                                   ----------    ----------
         Total Liabilities                         20,208,356    19,982,957
                                                   ----------    ----------

     Commitments and contingencies                          -             -
                                                   ----------    ----------

                    EQUITY (DEFICIT)
     Preferred stock, $.001 par, 20,000,000
      authorized:
         Preferred stock A: 891,080 and 0
          issued and outstanding                          891             -
         Preferred stock B: 3,000 and 0 issued
          and outstanding                                   1             -
     Common Stock: 2,082,484 and 56,200
      issued and outstanding                            2,082           562
     Additional paid in capital                     3,795,297     3,971,649
     Minority Interest                                      -             -
     Retained Earnings                             (8,323,189)   (7,602,022)
                                                   ----------    ----------
         Total Equity / (Deficit)                  (4,524,918)   (3,629,811)
                                                   ----------    ----------
                                                  -----------   -----------
         Total Liabilities and Equity             $15,683,438   $16,353,146
                                                  ===========   ===========

                TrinityCare Senior Living, Inc. and Subsidiaries
               Consolidated Statements of Operations (Unaudited)

                                  For the Three           For the Six
                                  Months Ended            Months Ended
                                     June 30,               June 30,
                                     --------               --------
                                 2009       2008        2009       2008
                                 ----       ----        ----       ----
    Revenues:
    Resident revenue         1,557,152   1,385,284   3,081,276   2,654,456
    Publication revenue         37,651      43,192      60,528      79,644
                                ------      ------      ------      ------
        Total Revenues      $1,594,803  $1,428,476  $3,141,804  $2,734,100
                            ----------  ----------  ----------  ----------

    Direct Costs
      Direct labor             376,382     225,692     940,545     824,919
      Direct costs of
       operations              184,573     174,938     353,704     341,784
                               -------     -------     -------     -------
        Total Direct Costs     560,955     400,630   1,294,249   1,166,703
                               -------     -------   ---------   ---------

    Gross Profit            $1,033,848  $1,027,846  $1,847,555  $1,567,397
                            ----------  ----------  ----------  ----------

    Operating Costs
      Advertising               41,198      30,120      76,669      62,947
      Marketing and Selling     12,096       7,450      23,721      20,582
      Publishing                36,136      36,613      71,151      67,650
      Payroll expenses         566,598     504,273     699,554     605,705
      General and
       administrative           38,757     141,140     108,065     187,373
      Professional              92,277      40,225     165,036      84,927
      Insurance                 58,841      59,224     103,928     118,418
      Management fees                -           -           -           -
      Rent and facility        227,760     249,555     472,659     472,264
      Depreciation and
       amortization            156,310     193,643     311,372     338,861
                               -------     -------     -------     -------
        Total operating
         expenses           $1,229,973  $1,262,243  $2,032,155  $1,958,727
                            ----------  ----------  ----------  ----------

    Operating income
     (loss)                   (196,125)   (234,397)   (184,600)   (391,330)

    Interest expense           287,746     458,322     545,217     717,518
      Gain on Derivative
       Valuation                (8,650)                 (8,650)
                            ----------  ----------  ----------  ----------
    Loss before minority
     interest                 (475,221)   (692,719)   (721,167) (1,108,848)

    Minority interest in net
     loss                            -     392,620           -     631,560
                            ----------  ----------  ----------  ----------
    Net Loss                 $(475,221)  $(300,099)  $(721,167)  $(477,288)
                            ==========  ==========  ==========  ==========


    Loss per share, Basic
     and diluted                 (0.26)      (5.34)      (0.47)      (8.49)
                                 =====       =====       =====       =====
    Basic and diluted
     weighted average
     number of common
     shares                  1,825,651      56,200   1,536,173      56,200
                             =========      ======   =========      ======


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

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