TrinityCare Senior Living, Inc. today reported its financial results for the first quarter of 2009. Revenues for the quarter totaled $1,547,001, up 19% from the $1,305,624 generated in the first quarter of 2008. Gross profit rose approximately 51% to $813,707 (52.6% of revenues) in the most recent quarter, compared with $539,551 (41.3% of revenues) in the three months ended March 31, 2008. According to the company, gross profit improved primarily as a result of improved occupancy rates at the company’s three senior living facilities.
Net loss came in at ($245,946), or ($0.03) per share, for the first quarter of 2009. In the prior-year quarter, the company reported a net loss after minority interest of ($177,189), or ($3.15) per share. Notably, the number of weighted average shares outstanding in the first quarter of this year totaled 7,825,148, versus the 56,200 weighted average shares outstanding during the first quarter of last year.
“We are very pleased with our first quarter results, which are very satisfying and 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,” commented Donald W. Sapaugh, Chairman and Chief Executive Officer of TrinityCare Senior Living, Inc. “As of March 31, 2009, 195 of the 226 total available units in our three facilities were occupied or reserved for future residents, for an occupancy rate of 86.3%, compared with an occupancy rate of less than 50% a year earlier. We look forward to achieving full occupancy in all of our current facilities in 2010.”
“We have developed an aggressive growth strategy for TrinityCare, including expansion in several existing and new markets during the next twelve months,â€ he continued. â€œTo date, we have entered into agreements to develop an 82-unit senior living facility in Katy, Texas; an 82-unit facility in Crossville, Tennessee; and an 87-unit project in Pearland, Texas. We are also in final negotiations involving our expansion into two new markets in 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.”