SOURCE: TrinityCare Senior Living, Inc.

TrinityCare Senior Living, Inc.

May 18, 2010 08:28 ET

TrinityCare Senior Living, Inc. Announces First Quarter Operating Results

Revenues Rise 11% and Gross Profit Increases 36% vs. Prior-Year Period

FRIENDSWOOD, TX--(Marketwire - May 18, 2010) - TrinityCare Senior Living, Inc. (OTCBB: TCSR) (the "Company"), which develops, manages and owns faith-based senior living facilities, today announced its operating results for the first quarter of 2010.

For the three months ended March 31, 2010, the Company reported gross revenues of $1,715,881, which represented an increase of 11% when compared with gross revenues of $1,547,001 in the first quarter of 2009. Gross profit totaled $1,109,290, compared with $813,707 in the three months ended March 31, 2010. The Company's gross profit margin improved to 64.6% of gross revenue in the most recent quarter, versus 52.6% in the prior-year quarter. The Company reported a net loss of ($211,444), or ($0.02) per share, in the most recent quarter, versus a net loss of ($245,946), or ($0.03) per share, in the prior-year period.

"This represents our fourth consecutive quarter of revenue growth, when compared with prior-year periods," stated Donald W. Sapaugh, Chairman and Chief Executive Officer of TrinityCare Senior Living, Inc. "Our occupancy rates remain stable, and with revenues increasing, we expect the Company's operating results to improve as we focus on controlling expenses. Existing operations are critical to our long-term success, and we have devoted significant resources to ensuring that our financial metrics improve in coming quarters. While recent changes in HUD's LEAN procedures have slowed our ability to access construction financing for certain new facilities, our commitment to the projects planned for 2010 has not been compromised."

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.

(Financial Highlights Follow)

             TrinityCare Senior Living, Inc. and Subsidiaries
                            Balance Sheets

                                                  March 31,   December 31,
                                                    2010          2009
                                                ------------  ------------
                                                (unaudited)
               ASSETS
Cash                                            $    153,614  $    310,119
Accounts receivable                                   56,090        96,269
Prepaid expenses                                     415,501       408,585
                                                ------------  ------------
  Total Current Assets                               625,205       814,973
                                                ------------  ------------

Property and equipment                            17,098,734    17,092,195
Accumulated depreciation                          (2,736,585)   (2,590,874)
                                                ------------  ------------
  Net property and equipment                      14,362,149    14,501,321
                                                ------------  ------------

Loan costs                                           238,760       233,716
Accumulated amortization                             (16,671)      (13,058)
                                                ------------  ------------
  Net loan costs                                     222,089       220,658
                                                ------------  ------------
Project development costs                            154,630       151,032
Deposits and reserves                                158,326       155,326
                                                ------------  ------------
  Total other assets                                 535,045       527,016

                                                ------------  ------------
  Total Assets                                  $ 15,522,399  $ 15,843,310
                                                ============  ============
             LIABILITIES
Accounts payable                                $    518,779  $    479,042
Accrued expenses                                     572,292       528,461
Deferred revenue                                     363,272       547,091
Line of credit                                        76,701        76,972
Current portion of long-term debt                  6,405,153     6,200,167
                                                ------------  ------------
  Total Current Liabilities                        7,936,197     7,831,733
                                                ------------  ------------

Mortgage                                          11,239,029    11,515,270
Notes payable and other debt                       1,535,340     1,432,402
Derivative liability                                 296,256       299,091
                                                ------------  ------------
  Total Long-Term Liabilities                     13,070,625    13,246,763
                                                ------------  ------------
  Total Liabilities                               21,006,822    21,078,496
                                                ------------  ------------
Commitments and contingencies                              -             -
                                                ------------  ------------

           EQUITY (DEFICIT)
Preferred stock, $.001 par, 20,000,000
 authorized:
  Preferred stock A:  2,500 and 2,500 issued
   and outstanding                                         3             3
  Preferred stock B:  3,000 and 3,000 issued
   and outstanding                                         3             3
 Common stock:  $.001 par, 480,000,000
  authorized; 11,873,884 and 11,578,284 issued
  and outstanding                                     11,874        11,578
Additional paid in capital                         4,567,176     4,467,471
Accumulated Deficit                               (9,062,865)   (8,851,421)
                                                ------------  ------------
Total TrinityCare Senior Living, Inc.'s
  Stockholders' Equity (Deficit)                  (4,483,809)   (4,372,366)
Noncontrolling interest                           (1,000,614)     (862,820)
                                                ------------  ------------
  Total Equity (Deficit)                         (5,484,423)   (5,235,186)

                                                ------------  ------------
  Total Liabilities and Equity                 $ 15,522,399  $ 15,843,310
                                                ============  ============



            TrinityCare Senior Living, Inc and Subsidiaries
                       Statements of Operation
                 For the Three Months Ended March 31,
                            (unaudited)

                                                        March 31,
                                                --------------------------
                                                ------------  ------------
                                                    2010          2009
                                                ------------  ------------

Revenues:
  Resident revenue                              $  1,683,246  $  1,524,124
  Publication revenue                                 32,635        22,877
                                                ------------  ------------
    Total Revenues                                 1,715,881     1,547,001
                                                ------------  ------------

Direct Costs
 Direct labor                                        459,600       564,163
 Direct costs of operations                          146,991       169,131
                                                ------------  ------------
    Total Direct Costs                               606,591       733,294
                                                ------------  ------------

Gross Profit                                       1,109,290       813,707
                                                ------------  ------------

Operating Costs:

Selling, marketing and advertising                    35,920        47,096
  Publishing                                          26,730        35,015
  Payroll expenses                                   442,503       132,956
  General and administrative                          94,420        69,308
  Professional                                        83,164        72,759
  Insurance                                           50,470        45,087
  Rent and facility                                  239,388       244,899
  Depreciation                                       145,710       155,062
                                                ------------  ------------
    Total operating expenses                       1,118,305       802,182
                                                ------------  ------------

Operating income (loss)                               (9,015)       11,525

    Interest expense                                 289,058       257,471
    Loan origination fees                                  -             -
    Gain on derivative                                (2,835)            -

                                                ------------  ------------
Net loss before noncontrolling interest             (295,238)     (245,946)

Noncontrolling interest in net loss                   83,794

                                                ------------  ------------
Net Loss                                        $   (211,444) $   (245,946)
                                                ============  ============


  Loss per share, basic and diluted             $      (0.02) $      (0.03)
                                                ============  ============
  Basic and diluted weighted average number of
   common shares                                  11,578,284     7,825,148
                                                ============  ============

Contact Information

  • For Additional Information, Please Contact:
    RJ Falkner & Company, Inc.
    Investor Relations Counsel
    (830) 693-4400
    info@rjfalkner.com