Amica Announces 2nd Quarter Results That Show Increase In Occupancy But a Decrease In Earnings

Amica Mature Lifestyles Inc. (“Amica” or the “Company”), a Canadian management, marketing, design and development of luxury housing and services for mature lifestyles, announced the it’s operating and financial results for the three and six month periods ended November 30, 2009.  Amica reported that consolidated revenues decreased $0.2 million to $10.3 million and net earnings decreased $0.9 million to a loss of ($0.4) million.  Of the $0.9 million decrease in net earnings, $0.7 million is attributable to the Company having acquired additional ownership interests in certain co-tenancies during fiscal 2009, which resulted in a switch from cost to equity accounting for such investments.  The company’s release discussed the progress in leasing activities at 5 of its communities located across Canada.

Mr. Samir Manji, Chairman, President and CEO of Amica commented: “We have seen good progress in occupancy throughout the second quarter and continue to see occupancy levels improve at most of our Communities. We ended the second quarter at 90.7% overall occupancy in our mature communities, essentially in-line with overall occupancy in mature communities at May 31, 2009, which was 90.8%, and up from 89.2% at the end of the first quarter.”


For Amica’s Full Q2 Earnings release, click here.