Amica Mature Lifestyles Announces Fiscal Year End Results

amica Amica Mature Lifestyles Inc. (“Amica” or the “Company”) (TSX:ACC), a Canadian company in the business of management, marketing, design and development of luxury housing and services for mature lifestyles, announced the Company’s operating and financial results for the fiscal year and fourth quarter ended May 31, 2009.  The results fell short of expectations based upon the economy, housing market and other external factors had an impact on occupancy levels in many of Amica’s Communities, which in turn had a direct impact on its consolidated financial results.  Overall occupancy in Amica’s mature residences at the end of the fiscal year was 91% compared to 95.2% at May 31, 2008 and MARPAS1 for the year increased 1.7% on a same community2 basis compared to an increase of 4.0% for the year ended May 31, 2008. The demand for Amica’s high quality residences continues, although sustaining occupancy in the short-term will be difficult given the challenging economic conditions.  Amica has focused on cash management strategies deployed during the fiscal year that included: the refinancing of four properties at higher principal amounts as well as the completion of a new Canada Mortgage and Housing Corporation (“CMHC”) insured second mortgage for Amica at Mayfair for $3.5 million; a staff reduction at the head office in Q2 to reduce general and administrative costs; and in certain cotenancies, additional cash equity was raised that allowed the Company to repatriate certain loans receivable that were outstanding from those co-tenancies.

Mr. Samir Manji, Chairman, President and CEO of Amica commented: “Fiscal 2009 was one of the most challenging years in our short history. The year was shaped by a serious downturn in the domestic and global economy which had a profound impact on our Company. Many steps were taken and initiatives identified to improve our overall position and contribute to our ability to sustainably weather the financial conditions we faced. We
have made some positive strides to position Amica to manage through the current economic environment.”

For the full earnings release, click here.