TrinityCare Senior Living, Inc. (OTC Bulletin Board:TCSR.ob) which develops, manages and owns faith-based senior living facilities, announced its operating results for the year 2009 that show total revenues rose approximately 14% to $6,484,598 for 2009, compared with revenues of $5,688,068 in 2008. Trinity saw its gross profit increase in 2009 due to improved occupancy rates at the Company’s three senior living facilities, two of which opened during the year 2007. Operating loss was reduced by approximately 50% to ($489,524) in the most recent year, versus an operating loss of ($975,722) in 2008. After interest expense, non-operating expenses and noncontrolling interest in net loss, the Company reported a net loss of ($1,249,399), or ($0.26) per share, for 2009, compared with a net loss of ($1,416,531), or ($25.21) per share, in 2008.
"We are very pleased with our results for 2009, which 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. "Based upon total available units in our three facilities, our occupancy approximated 89.8% (203 out of 226 units occupied) at the end of 2009. We look forward to achieving stabilized occupancy in all of our current facilities in 2010."
"Our aggressive growth strategy for TrinityCare, including expansion in several existing and new markets during the next twelve months, has continued to move forward in spite of tight credit markets. To date, we have entered into agreements to develop 82-unit senior living facilities in Katy, Texas; Crossville, Tennessee; Pearland, Texas; Seymour, Tennessee; and Covington, Louisiana. In addition, the Company has a commitment to build a 78-unit community in Shreveport, 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. In addition to the above-noted agreements and commitment to expand in the South and Southeast, the Company is currently involved in negotiations regarding the development and management of a project in Alabama and the management of an existing senior living community in Georgia."
