TrinityCare Senior Living, Inc. Announces Second Quarter Operating Results

SOURCE: TrinityCare Senior Living, Inc.

Revenues Rise 10% and Gross Profit Increases 12% vs. Prior-Year Period

FRIENDSWOOD, TX–(Marketwire – August 17, 2010) – 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.

(Financial Highlights Follow)

		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

			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

For Additional Information, Please Contact:

RJ Falkner & Company, Inc.
Investor Relations Counsel at (830) 693-4400
or via email at info@rjfalkner.com

Recent News