TrinityCare Senior Living, Inc. Announces 2009 Operating Results
GROSS PROFIT INCREASES 27% ON 14% REVENUE GAIN
FRIENDSWOOD, Texas, March 24 /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 year 2009.
For the twelve months ended December 31, 2009, total revenues rose approximately 14% to $6,484,598, compared with revenues of $5,688,068 in 2008. Gross profit increased approximately 27% to $4,719,446 (72.8% of revenues) in 2009, compared with $3,729,935 (65.6% of revenues) in the previous year. The improvement in gross profit margin was primarily due to improved occupancy rates at the Company's three senior living facilities, two of which opened during the year 2007. Operating loss was reduced by approximately 50% to ($489,524) in the most recent year, versus an operating loss of ($975,722) in 2008. After interest expense, non-operating expenses and noncontrolling interest in net loss, the Company reported a net loss of ($1,249,399), or ($0.26) per share, for 2009, compared with a net loss of ($1,416,531), or ($25.21) per share, in 2008. The number of weighted average shares outstanding for 2009 totaled 4,764,635, compared with 56,200 weighted average shares outstanding in 2008. The number of fully diluted common shares outstanding at December 31, 2009 totaled 11,528,284.
"We are very pleased with our results for 2009, which 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. "Based upon total available units in our three facilities, our occupancy approximated 89.8% (203 out of 226 units occupied) at the end of 2009. We look forward to achieving stabilized occupancy in all of our current facilities in 2010."
"Our aggressive growth strategy for TrinityCare, including expansion in several existing and new markets during the next twelve months, has continued to move forward in spite of tight credit markets. To date, we have entered into agreements to develop 82-unit senior living facilities in Katy, Texas; Crossville, Tennessee; Pearland, Texas; Seymour, Tennessee; and Covington, Louisiana. In addition, the Company has a commitment to build a 78-unit community in Shreveport, 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. In addition to the above-noted agreements and commitment to expand in the South and Southeast, the Company is currently involved in negotiations regarding the development and management of a project in Alabama and the management of an existing senior living community in Georgia."
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 www.trinitycare.com.
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 [email protected]
TrinityCare Senior Living, Inc. and Subsidiaries
Consolidated Balance Sheets
As of December 31, 2009 and 2008
2009 2008
---- ----
ASSETS
Cash $310,119 $546,164
Accounts receivable 155,892 81,620
Prepaid expenses 408,585 258,917
------- -------
Total Current Assets 874,596 886,701
------- -------
Property and equipment 17,092,195 16,956,608
Accumulated depreciation (2,590,874) (2,015,398)
---------- ----------
14,501,321 14,941,210
---------- ----------
Loan costs 233,716 251,136
Accumulated amortization (13,058) (6,067)
------- ------
220,658 245,069
Project development costs 151,032 9,120
Deposits and reserves 155,326 271,076
527,016 525,265
------- -------
Total Assets $15,902,933 $16,353,176
=========== ===========
LIABILITIES
Accounts payable $538,665 $482,487
Accrued expenses 528,461 404,122
Deferred revenue 547,091 139,037
Line of credit 76,972 79,022
Current portion of long-term debt 6,200,167 5,661,069
--------- ---------
Total Current Liabilities 7,891,356 6,765,737
--------- ---------
Mortgage 11,515,270 12,321,991
Notes payable and other debt 1,432,402 895,229
Derivative liability 299,091 -
------- -
Total Long-Term 13,246,763 13,217,220
---------- ----------
Total Liabilities 21,138,119 19,982,957
---------- ----------
Commitments and contingencies - -
STOCKHOLDERS' EQUITY (DEFICIT)
Preferred stock, $.001 par, 20,000,000
authorized:
Preferred stock A: 2,500 and nil issued
and outstanding 3 -
Preferred stock B: 3,000 and nil issued
and outstanding 3 -
Common stock: $.001 par, 480,000,000
authorized; 11,578,284 and 56,200 issued
And outstanding 11,578 562
Additional paid in capital 4,467,471 3,971,679
Deficit (8,851,421) (7,602,022)
---------- ----------
Total TrinityCare Senior Living, Inc.'s
Stockholders' Equity (Deficit) (4,372,366) (3,629,781)
Noncontrolling interest (862,820) -
Total Stockholders' Equity (Deficit) (5,235,186) (3,629,781)
---------- ----------
Total Liabilities and Equity $15,902,933 $16,353,176
=========== ===========
TrinityCare Senior Living, Inc. and Subsidiaries
Consolidated Statements of Operations
For the Years Ended December 31, 2009 and 2008
---- ----
2009 2008
---- ----
Revenues:
Resident revenue 6,351,122 5,548,905
Publication revenue 133,476 139,163
------- -------
Total Revenues 6,484,598 5,688,068
--------- ---------
Direct Costs
Direct labor 1,113,391 1,271,378
Direct costs of operations 651,761 686,755
------- -------
Total Direct Costs 1,765,152 1,958,133
--------- ---------
Gross Profit 4,719,446 3,729,935
--------- ---------
Operating Costs
Selling, marketing and advertising 341,093 301,206
Publishing 129,950 90,330
Payroll expenses 2,430,061 2,140,271
General and administrative 247,498 163,720
Professional 250,838 114,009
Insurance 244,390 278,531
Rent and facility 986,136 1,058,380
Depreciation and amortization 579,004 559,210
total operating expenses ------- -------
5,208,970 4,705,657
--------- ---------
Operating income (loss) (489,524) (975,722)
Interest expense 1,312,015 1,260,110
Loss on derivative 34,091 -
------ ---
Net loss before noncontrolling
interest (1,835,630) (2,235,832)
Noncontrolling interest in net loss 586,231 819,301
------- -------
Net Loss $(1,249,399) $(1,416,531)
=========== ===========
Loss per share, basic and diluted $(0.26) $(25.21)
====== =======
Basic and diluted weighted average
number of common shares 4,764,635 56,200
========= ======
SOURCE TrinityCare Senior Living, Inc.
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