TrinityCare Senior Living, Inc. (OTC Bulletin Board: TCSR) ("TrinityCare" or the "Company"), which develops, manages and owns faith-based senior living facilities, announced its operating results for the first quarter of 2009 last week that showed that 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. The improvement in the company’s results was primarily due to improved occupancy rates at the Company’s three senior living facilities, two of which opened during the year 2007.
"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."
