AMERIHOST REPORTS RECORD THIRD QUARTER/NINE MONTHS RESULTS
DES PLAINES, Ill., Nov. 13 /PRNewswire/ -- Amerihost Properties, Inc. (NASDAQ: HOST), a leader in construction, renovation and management of limited service hotels, today reported record results for the third quarter and nine months ended Sept. 30, 1991.
"The third quarter was the most profitable period in our history. The results reflect the success of our accelerated acquisition program and our skills in rapidly converting troubled hotels into profitable properties," Michael Holtz, president and chief executive officer, said.
Third quarter net income climbed to $85,370 or 5 cents per share on revenues of $1,102,757 vs. net income of $45,886 or 3 cents per share on revenues of $1,034,866 for the same period last year.
Net income for the nine months rose to $137,817 or 8 cents per share on revenues of $4,753,301 compared to net income of $70,830 or 4 cents per share on revenues of $4,381,111 for the like period of the prior year.
Last month, the company completed its largest transaction, acquiring management contracts for 11 hotels with 1,427 rooms in the southeast, generating management fees of about $610,000 annually for five years. The company will own a 10 percent equity position in seven of these hotels.
"We anticipate doubling our presence in the southeast during the next 12 to 18 months while continuing to aggressively expand our base of Midwestern hotels," Holtz commented.
Amerihost now operates 43 properties with more than 4,500 rooms in Illinois, Indiana, Ohio, Tennessee, Georgia, Louisiana and Kentucky.
AMERIHOST PROPERTIES, INC.
Periods ended Three months Nine months
Sept. 30 1991 1990 1991 1990
Revenues $1,102,757 $1,034,866 $4,753,301 $4,381,111
Net income 85,370 45,886 137,817 70,830
Earnings per share $.05 $.03 $.08 $.04
Avg. no. of shares
outstanding 1,705,928 1,633,926 1,672,151 1,606,440
/CONTACT: Richard A. D'Onofrio of Amerihost Properties, 708-298-4500/
(HOST) CO: Amerihost Properties Inc. ST: Illinois IN: SU: ERN FC-SH -- NY011 -- 3817 11/13/91 09:57 EST