[0] AmeriHost Properties, Inc. Announces Second Quarter Results; AmeriHost Inn Same Room RevPAR Increases 8.5%.Business Editors ARLINGTON HEIGHTS Arlington Heights, village (1990 pop. 75,460), Cook county, NE Ill., a residential suburb of Chicago; founded 1836, inc. 1887. Its manufactures include machinery, drugs and medical equipment, and metal fabrication. Arlington Park racetrack is there. , Ill.--(BUSINESS WIRE)--July 31, 2000 Amerihost Properties, Inc. (Nasdaq/NM: HOST) today announced its earnings results for the three months ended June June: see month. 30, 2000. Total revenues for the second quarter totaled $21.8 million, up 14.2% from $19.1 million in the second quarter of 1999. The Company reported net income of $1.2 million, or $0.23 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to net income of $797,709, or $0.13 per diluted share in the second quarter of 1999. For the first six months of 2000, the Company reported net income of $301,698, or $0.05 per diluted share, compared to a net loss of ($967,282), or ($0.16) per diluted share for the first six months of 1999. Amerihost President & Chief Executive Officer, Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. P. Holtz Holtz is the surname of:
The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. as a result of the strong demand for the AmeriHost Inn(R) hotel rooms during the second quarter of 2000 and the success achieved with the sale of franchises in connection with the sale of existing AmeriHost Inn(R) hotels. Same Room Revenue for the AmeriHost Inn(R) hotel brand grew by 8.5%, as the Company focused on managing daily rates to enhance occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy while preserving margins. These results relate to the 77 AmeriHost Inn(R) hotels open at least 13 full months as of June 30, 2000. Operating income improved 30.7% to $2.5 million during the second quarter of 2000, from $1.9 million during the second quarter of 1999. The Company had five AmeriHost Inn(R) hotels under construction during the second quarter, one of which was opened in July July: see month. , with several additional projects in various stages of pre-construction development. Three of the hotels under construction were being built for joint ventures where the Company recognized approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $2.9 million in revenues during the second quarter of 2000, versus no such hotels under construction in the second quarter of 1999. In conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the Company's objective of expanding the AmeriHost Inn(R) brand, the Company executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. three franchise agreements in connection with the sale of three existing AmeriHost Inn(R) hotels. The Company recognized gains Recognized Gain The amount of gain reported for income tax purposes. Notes: You can defer recognizing some gains until the following year(s). See also: Capital Gain, Capital Loss, Deferred Income Tax, Drought Sale, Exempt Income, Exemption, Gain, Recognized Loss on the sale of these hotels and excess land of approximately $840,000 during the second quarter. Holtz continued, "We continue to receive a significant amount of interest in our AmeriHost Inn(R) hotels from hotel operators looking to acquire and operate a brand which is consistent in design, quality, services and amenities." There are now 82 AmeriHost Inn(R) hotels open or under construction in 16 states, with the Company maintaining either an ownership or leasehold An estate, interest, in real property held under a rental agreement by which the owner gives another the right to occupy or use land for a period of time. leasehold n. position in 74 of these AmeriHost Inn(R) hotels. The remaining eight AmeriHost Inn(R) hotels are owned and operated by third party franchisees.
Amerihost Properties, Inc.
Property Ownership and Room Management
As of June 30, 2000
Hotel Properties # of Rooms
AmeriHost Inn(R) Hotels
Consolidated hotels 59 3,750
Minority owned hotels 10 652
Franchised only hotels 8 485
Under Construction 5 316
SUBTOTAL 82 5,203
Other Hotels
Consolidated hotels 7 936
Minority owned hotels 3 349
Managed only hotels 3 573
SUBTOTAL 13 1,858
GRAND TOTAL 95 7,061
AmeriHost Inn(R) Hotel Brand
Same Room RevPAR Performance
Three Months Ended Six Months Ended
June 30, June 30,
2000 1999 2000 1999
AmeriHost Inn(R)
Average Daily Rate $57.09 $57.23 $56.44 $56.08
Occupancy (%) 65.0% 59.7% 58.7% 54.9%
RevPAR increase 8.5% 8.1%
AMERIHOST PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
ASSETS
June 30, December 31,
2000 1999
------------- -------------
Current assets:
Cash and cash equivalents $ 3,097,070 $ 3,766,323
Accounts receivable 4,297,472 2,951,615
Notes receivable 518,485 518,485
Prepaid expenses and other
current assets 846,803 971,836
Refundable income taxes 377,700 56,876
Costs and estimated earnings
in excess of billings on
uncompleted contracts 1,048,456 834,820
------------- -------------
Total current assets 10,185,986 9,099,955
Investments in and advances
to affiliates 7,176,899 7,332,806
Property and equipment, net 76,301,322 78,770,356
Long-term notes receivable 720,530 692,662
Other assets, net 6,537,507 7,212,388
------------- -------------
$ 100,922,244 $ 103,108,167
============= =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,868,034 $ 2,623,390
Bank line-of-credit 7,626,096 7,560,214
Accrued expenses and other
current liabilities 3,925,274 4,165,277
Current portion of
long-term debt 1,518,033 1,567,643
------------- -------------
Total current liabilities 16,937,437 15,916,524
Long-term debt, net of
current portion 56,266,394 58,781,609
Deferred income 12,996,758 14,001,231
Minority interests 212,081 228,235
Shareholders' equity 14,509,574 14,180,568
------------- -------------
$ 100,922,244 $ 103,108,167
============= =============
AMERIHOST PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended June 30,
------------------------------------
2000 1999
------------- -------------
Revenue:
Hotel operations:
AmeriHost Inn(R)hotels $ 13,346,621 $ 13,189,350
Other hotels 3,281,511 3,663,335
Development and construction 2,990,247 189,287
Management services 323,395 340,418
Employee leasing 1,643,580 1,626,861
Franchising 219,329 79,000
------------- -------------
21,804,683 19,088,251
------------- -------------
Operating costs and expenses:
Hotel operations:
AmeriHost Inn(R)hotels 8,842,746 8,625,997
Other hotels 2,468,283 2,700,418
Development and construction 2,859,650 168,004
Management services 188,455 226,354
Employee leasing 1,630,607 1,613,840
Franchising 160,441 105,235
------------- -------------
16,150,182 13,439,848
------------- -------------
5,654,501 5,648,403
Depreciation and amortization 1,022,847 1,388,882
Leasehold rents - hotels 1,716,679 1,943,844
Corporate general and
administrative 404,216 394,660
------------- -------------
Operating income 2,510,759 1,921,017
Other income (expense):
Interest expense (1,442,870) (1,617,993)
Interest income 201,983 382,190
Other income 11,096 490,172
Gain on sale of property 840,257 -
Equity in net income and losses
of affiliates (57,140) 204,931
------------- -------------
Income before minority
interests and income taxes 2,064,085 1,380,317
Minority interests in income of
consolidated subsidiaries and
partnerships (20,307) (51,608)
------------- -------------
Income before income taxes 2,043,778 1,328,709
Income tax expense (benefit) 838,000 531,000
------------- -------------
Net income $ 1,205,778 $ 797,709
============= =============
Six Months Ended June 30,
------------------------------------
2000 1999
------------- -------------
Revenue:
Hotel operations:
AmeriHost Inn(R)hotels $ 23,758,124 $ 23,197,646
Other hotels 5,754,300 6,098,430
Development and construction 4,086,765 560,032
Management services 613,238 655,074
Employee leasing 3,072,451 3,217,016
Franchising 386,854 79,000
------------- -------------
37,671,732 33,807,198
------------- -------------
Operating costs and expenses:
Hotel operations:
AmeriHost Inn(R)hotels 17,026,443 16,749,198
Other hotels 4,832,229 5,080,357
Development and construction 3,774,381 571,555
Management services 408,258 511,175
Employee leasing 3,027,587 3,133,933
Franchising 397,995 192,616
------------- -------------
29,466,893 26,238,834
------------- -------------
8,204,839 7,568,364
Depreciation and amortization 2,126,671 2,543,401
Leasehold rents - hotels 3,415,041 3,712,119
Corporate general and
administrative 803,169 777,195
------------- -------------
Operating income 1,859,958 535,649
Other income (expense):
Interest expense (2,942,586) (3,171,580)
Interest income 433,740 615,993
Other income 111,957 505,967
Gain on sale of property 1,011,836 -
Equity in net income and losses
of affiliates 11,611 39,716
------------- -------------
Income (loss) before minority
interests and income taxes 486,516 (1,474,255)
Minority interests in income of
consolidated subsidiaries and
partnerships (1,818) (90,027)
------------- -------------
Income (loss) before income taxes 484,698 (1,564,282)
Income tax expense (benefit) 183,000 (597,000)
------------- -------------
Net income (loss) $ 301,698 $ (967,282)
============= =============
Amerihost Properties, Inc. is a hotel development, operations, management and franchise company that owns, builds, manages and franchises mid-priced hotels. Currently, Amerihost manages or franchises 91 properties (with an ownership position in 80 of these hotels) in 18 states, including 78 properties within its proprietary brand - AmeriHost Inn(R), for a total of 6,809 rooms. An additional four AmeriHost Inn(R) hotels are under construction in Ohio and Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee . The AmeriHost Inn(R) hotel brand offers an expanded amenity a·men·i·ty n. pl. a·men·i·ties 1. The quality of being pleasant or attractive; agreeableness. 2. Something that contributes to physical or material comfort. 3. package not often found in other mid-priced hotels, and is rated "three-diamond" by the American Automobile Association American Automobile Association (AAA), federation of American automobile clubs, est. 1902. AAA provides a number of benefits to its members, including emergency road service; national and international travel assistance, e.g. . Certain statements appearing in this press release can be construed as forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. |
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