Advertisement
News
Advertisement

TrinityCare Senior Living, Inc. Announces Second Quarter Operating Results

Tue, 08/17/2010 - 2:45am
The Associated Press

http://www.trinitycare.com () —

TrinityCare Senior Living, Inc. (OTCBB: TCSR) (the "Company"), which develops, manages and owns faith-based senior living facilities, today announced its operating results for the second quarter of 2010.

For the six months ended June 30, 2010, the Company reported gross revenues of $3,461,586, which represented an increase of 10% when compared with gross revenues of $3,141,804 in the six months of 2009. Gross profit totaled $2,200,112, compared with $1,847,555 for the six months ended June 30, 2009. The Company's gross profit margin reflected 62% of gross revenue in the most recent six month period, versus 65% in same period of the prior-year. The Company reported a net loss of ($402,191), or ($0.03) per share for the six months ending June 30, 2010, versus a net loss of ($721,167), or ($0.47) per share, in the prior-year period.

"This represents our fifth consecutive quarter of revenue growth, when compared with prior-year periods," stated Donald W. Sapaugh, Chairman and Chief Executive Officer of TrinityCare Senior Living, Inc. "Our occupancy rates remain stable, and with revenues increasing, we expect the Company's operating results to improve as we focus on controlling expenses. Existing operations are critical to our long-term success, and we have devoted significant resources to ensuring that our financial metrics improve in coming quarters. During the most recent quarter we have expanded our services to include management of facilities which are not owned by TrinityCare and we expect continued growth in that segment of our business in the near future."

About TrinityCare Senior Living, Inc.

TrinityCare is a rapidly growing company that develops, owns and manages quality senior living facilities that focus on enriching the faith of residents while providing state-of-the-art independent living, assisted living, memory care and adult day care services in a single location. The Company partners with local churches and developers for each facility and offers a wide range of both community and personal services to residents.

Headquartered in Friendswood, Texas, the Company currently operates three successful facilities in Texas and Tennessee. Near-term expansion plans are focused upon markets in the Southeastern U.S. For additional information, please visit www.trinitycare.com (http://www.trinitycare.com) .

(Financial Highlights Follow)

TrinityCare Senior Living, Inc. and Subsidiaries Balance Sheets June 30 December 31, 2010 2009 ------------- ------------- (unaudited) ASSETS Cash and Restricted Cash $ 255,136 $ 310,119 Accounts receivable 42,925 155,892 Prepaid expenses 406,251 408,585 ------------- ------------- Total Current Assets 704,312 874,596 ------------- ------------- Property and equipment 17,104,620 17,092,195 Accumulated depreciation (2,882,581) (2,590,874) ------------- ------------- Net property and equipment 14,222,039 14,501,321 ------------- ------------- Loan costs 247,155 233,716 Accumulated amortization (24,822) (13,058) ------------- ------------- Net loan costs 222,333 220,658 ------------- ------------- Project development costs 164,790 151,032 Deposits and reserves 161,325 155,326 ------------- ------------- Total other assets 548,448 527,016 ------------- ------------- Total Assets $ 15,474,799 $ 15,902,933 LIABILITIES Accounts payable $ 694,655 $ 538,665 Accrued expenses 640,863 528,461 Deferred revenue 195,228 547,091 Line of credit 76,814 76,972 Current portion of long-term debt 6,338,813 6,200,167 ------------- ------------- Total Current Liabilities 7,946,373 7,891,356 ------------- ------------- Mortgage 11,210,536 11,515,270 Notes payable and other debt 1,578,530 1,432,402 Derivative liability 292,232 299,091 ------------- ------------- Total Long-Term Liabilities 13,081,298 13,246,763 ------------- ------------- Total Liabilities 21,027,671 21,138,119 ------------- ------------- Commitments and contingencies - - ------------- ------------- EQUITY (DEFICIT) Preferred stock, $.001 par, 20,000,000 authorized: Preferred stock A: none and 2,500 issued and outstanding 0 3 Preferred stock B: 3,000 and 3,000 issued and outstanding 3 3 Common stock: $.001 par, 480,000,000 authorized; 12,623,884 and 11,578,284 issued and outstanding 12,624 11,578 Additional paid in capital 4,841,428 4,467,471 Accumulated Deficit (9,253,612) (8,851,421) ------------- ------------- Total TrinityCare Senior Living, Inc.'s Stockholders' Equity (Deficit) (4,399,557) (4,372,366) Noncontrolling interest (1,153,315) (862,820) ------------- ------------- Total Equity (Deficit) (5,552,872) (5,235,186) ------------- ------------- Total Liabilities and Equity $ 15,474,799 $ 15,902,933

TrinityCare Senior Living, Inc. and Subsidiaries Statements of Operation For the Six Months Ended June 30, (unaudited) June 30 ----------------------------- ------------- ------------- 2010 2009 ------------- ------------- Revenues: Resident revenue $ 3,374,946 $ 3,081,276 Management Fees 15,000 Publication revenue 71,640 60,528 ------------- ------------- Total Revenues 3,461,586 3,141,804 ------------- ------------- Direct Costs Direct labor 942,200 940,545 Direct costs of operations 319,274 353,704 ------------- ------------- Total Direct Costs 1,261,474 1,294,249 ------------- ------------- Gross Profit 2,200,112 1,847,555 ------------- ------------- Operating Costs: Selling, marketing and advertising 80,619 100,390 Publishing 58,103 71,151 Payroll expenses 884,205 699,554 General and administrative 160,158 108,065 Professional 169,958 165,036 Insurance 101,624 103,928 Rent and facility 468,756 472,659 Depreciation 291,707 311,372 ------------- ------------- Total operating expenses 2,215,130 2,032,155 ------------- ------------- Operating income (loss) (15,018) (184,600) Interest expense 576.528 545.217 Loan origination fees - - Gain on derivative (6,859) (8,650) ------------- ------------- Net loss before noncontrolling interest (584,685) (721,167) Noncontrolling interest in net loss 182,494 ------------- ------------- Net Loss $ (402,191) $ (721,167) Loss per share, basic and diluted $ (0.03) $ (0.47) Basic and diluted weighted average number of common shares 11,915,575 1,536,173

Advertisement

Share this Story

X
You may login with either your assigned username or your e-mail address.
The password field is case sensitive.
Loading