Amica Announces Quarter Results Showing Lower Occupancy and Earnings From Last Year

Amica Mature Lifestyles Inc. (“Amica” or the “Company”), a Canadian based company that specializes in the management, marketing, design and development of luxury housing and services for mature lifestyles, announced its operation results for the current quarter which showed decreases and earnings and cash flow when compared to its results from last year.  The Company ended the first quarter at 89.2% overall occupancy in its mature communities, down slightly from 90.8% at May 31, 2009. The lease-up in Amica’s new communities (Amica at London, Amica at Dundas, Amica at Thornhill and Amica at Westboro Park) continues to make progress. Despite the challenging economic conditions that have impacted occupancy over the past nine months, the Company sees signs that occupancy maybe improving.  Additionally, the Company announced that Hitesh Kothary has resigned from the position of Chief Financial Officer and Corporate Secretary of the Company, effective December 31, 2009, for personal reasons. Mr. Kothary will work with the Board and senior management in support of a smooth
transition and the Company will commence a search for a new candidate for the position of Chief Financial Officer and Corporate Secretary.

Mr. Samir Manji, Chairman, President and CEO of Amica commented: “The first quarter of the 2010 fiscal year was a challenging one, particularly from an occupancy standpoint. While we continue to see progress being made with the leasing at our new communities opened over the past 19 months, occupancy levels at our mature communities continued to decline during the quarter, thereby impacting our overall financial results.”

For the full earnings release, click here.