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TrinityCare Senior Living, Inc. Announces Third Quarter Operating Results

Tuesday, November 17, 2009 General News
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FRIENDSWOOD, Texas, Nov. 16 TrinityCare Senior Living, Inc. (OTC Bulletin Board: TCSR), (the "Company"), which develops, manages and owns faith-based senior living facilities, today announced operating results for the third quarter and first nine months of 2009.
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For the three months ended September 30, 2009, revenues rose 15% to $1,659,501, compared with $1,445,446 in the third quarter of 2008. Gross profit increased 49% to $1,236,267 in the most recent quarter, versus $829,261 in the prior-year quarter, and gross profit margin expanded to 74.5% of revenues, compared with 57.4% in the three months ended September 30, 2008. The increase in gross profit was primarily due to the stabilization of occupancy rates at the Company's newly constructed properties. Operating income increased to $15,859, compared with an operating loss of ($157,451) in the third quarter of 2008. The Company reported a net loss of ($369,105) in the third quarter of 2009, versus a prior-year net loss, before deduction of minority interest in such net loss, of ($334,719). On a per-share basis, the Company lost ($0.08) per share in the most recent quarter, versus a net loss after deduction of minority interest of ($2.94) per share in the year-earlier period. The weighted average number of common shares outstanding totaled 4,686,250 in the three months ended September 30, 2009, compared with 56,200 in the prior-year quarter.
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The Company reported non-GAAP, minority adjusted EBITDA of $100,199, or $0.02 per share, for the three months ended September 30, 2009. (Non-GAAP adjusted EBITDA is described in greater detail in a table at the end of this news release).

"This represents our third consecutive quarter of revenue growth, and we are very pleased with the significant improvements in gross profit and operating income," stated Donald W. Sapaugh, Chairman and Chief Executive Officer of TrinityCare Senior Living, Inc. "Our consolidated occupancy rate was stable in the most recent quarter and our cost controls were effective. We anticipate continued financial success as we prepare to duplicate this model in our expansion strategy. The senior living industry is fortunate to reflect limited impact from the current economic recession, and our performance indicates a resilience to changing economic conditions."

For the nine months ended September 30, 2009, revenues increased 15% to $4,801,305, compared with $4,179,546 in the first nine months of 2008. Gross profit increased 29% to $3,083,822 for the nine months, versus $2,396,658 in the corresponding period of the previous year. Gross profit margin improved to 64.2% of revenues, compared with 57.3% in the nine months ended September 30, 2008. The Company reported an operating loss of ($168,741) in the first nine months of 2009, which reflected an improvement of 69% when compared with a prior-year operating loss of ($548,781). A net loss of ($1,090,272) was recorded in the nine months ended September 30, 2009, versus a prior-year net loss, before deduction of minority interest in such net loss, of ($1,443,567). On a per-share basis, the Company lost ($0.42) per share in the first nine months of 2009, versus a net loss after deduction of minority interest of ($11.43) per share in the year-earlier period. The weighted average number of common shares outstanding totaled 2,580,259 in the nine months ended September 30, 2009, compared with 56,200 in the prior-year period.

The Company reported non-GAAP, minority adjusted EBITDA of $226,971, or $0.09 per share, for the nine months ended September 30, 2009. (Non-GAAP adjusted EBITDA is described in greater detail in a table at the end of this news release).

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)

For Additional Information, Please Contact: Donald W. Sapaugh, CEO, at (281) 482-9700 or RJ Falkner & Company, Inc., Investor Relations Counsel at (830) 693-4400 or via email at [email protected]

SOURCE TrinityCare Senior Living, Inc.
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