Amerihost Properties, Inc. dba Arlington Hospitality, Inc. Announces Fourth Quarter and Year End 2000 Earnings Results; Reports Record Revenue and Net Income.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)--March 2, 2001 Amerihost Properties, Inc. dba Arlington Arlington, county, United States Arlington, county (1990 pop. 170,936), N Va., across the Potomac River from Washington, D.C. Arlington is a residential and commercial suburb of Washington. Hospitality, Inc. (Nasdaq/NM: HOST) today announced its earnings results for the fourth quarter and year ended December December: see month. 31, 2000. For the year, net income totaled $4.0 million, or $0.74 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 $200,591, or $0.02 per diluted share in 1999. Net income plus depreciation was $8.5 million in 2000, increasing 79.4% from $4.8 million in 1999. Revenues for the year increased slightly, to a record $76.2 million in 2000, from $76.1 million in 1999. Net loss for the fourth quarter of 2000 was ($933,715), or ($0.19) per diluted share, compared to a net loss of ($373,946) or ($0.07) per diluted share in the fourth quarter of 1999. The net loss for the fourth quarter of 2000 was the result of the seasonality of the Company's business, and included an adjustment for a hotel development project which became a Company owned hotel. As a result, revenues for the fourth quarter decreased 11.2%, to $14.6 million from $16.5 million in the fourth quarter of 1999. As previously announced, on September September: see month. 30, 2000 the Company sold the AmeriHost Inn and AmeriHost Inn & Suites brand names and franchising rights to Cendant Cendant Corporation was a New York-based provider of business and consumer services, primarily within the real estate and travel industries. Although the company was based out of New York City, the majority of Cendant's headquarters employees were located in Parsippany-Troy Hills, Corporation ("Cendant"), after developing and operating the AmeriHost Inn brand for approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 10 years. 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:
Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. relationship with Cendant where the Company is rewarded as the AmeriHost Inn brand is grown by the Company as well as by Cendant. We are confident that Cendant, the world's largest hotel franchiser with resources significantly greater than the Company's, will be successful in expanding the brand, as they have done with other brands such as Days Inn and Super 8." 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 this transaction, the Company has begun doing business as Arlington Hospitality, Inc. and intends to legally change the name of the Company to this name, subject to shareholder approval at its next regularly scheduled shareholder meeting. Holtz continued, "The Company is highly focused on developing new AmeriHost Inn hotels as well as selling AmeriHost Inn hotels to operators who also become Cendant franchisees, in order to maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. the value inherent in the Cendant relationship. As a result, the Company's financial statements may reflect significant fluctuations in revenues from quarter to quarter. Since our strategy will include the recognition of gains from the sale of hotels on a regular basis, we are focused on increasing net income, earnings per share, and cash flow defined as net income plus depreciation." Same Room Revenue Per Available Room ("RevPAR RevPAR A performance metric in the hotel industry which stands for "revenue per available room." RevPAR is typically calculated by multiplying a hotel's average daily room rate (ADR) by its occupancy rate. ") for the year ended December 31, 2000 for the AmeriHost Inn hotel brand was up 5.9%. This growth in Same Room RevPAR was the result of a 5.2% growth in 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 , and a $0.31 increase in Average Daily Rate ("ADR ADR - Astra Digital Radio "). These results relate to the 77 franchised and owned AmeriHost Inn hotels that were open at least twelve full months during 2000. Same Room RevPAR for the fourth quarter of 2000 for the AmeriHost Inn hotel brand was up 0.6%. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Smith Travel Research ("STR STR abbr. synchronous transmitter receiver "), a leading lodging Lodging or holiday accommodation is a type of accommodation. People who travel and stay away from home for more than a day need lodging mainly for sleeping. Other purposes are safety, shelter from cold and rain, having a place to store luggage and being able to take a industry research firm, the hotel industry improved in 2000 as a whole. Total pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income for the industry is expected to exceed $24 billion for 2000, increasing from $23 billion in 1999. In addition, for the first time since 1995, STR reported that demand growth was greater than supply growth in 2000. In 2000, industry-wide demand increased 3.4% in 2000, while industry-wide supply increased only 3.0% during the same period. Smith Travel Research expects this positive trend to continue through 2001. Holtz continued, "We are confident that with Cendant, the AmeriHost Inn brand is stronger than ever. Given the current hotel environment, we expect our AmeriHost Inn hotels to continue their positive trend in revenue growth in 2001." Amerihost Properties, Inc. dba Arlington Hospitality, Inc. is a hotel management and development company that builds and manages mid-priced hotels. Currently, Arlington Hospitality, Inc. owns or manages 79 properties in 17 states, including 68 AmeriHost Inn hotels, for a total of 5,767 rooms, with two additional AmeriHost Inn & Suites hotels under development in Lomira, Wisconsin Lomira is a village in Dodge County, Wisconsin, United States. The population was 2,233 at the 2000 census. The village is located within the Town of Lomira at the crossroads of State Highways 49, 67 and 175, and U.S. , and Pella, Iowa Pella is a city in Marion County, Iowa, United States. The population was 9,832 at the 2000 census. Pella is the home of Central College as well as several manufacturing companies, including Pella Corporation and Vermeer Manufacturing Company. . Each hotel offers an 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. In addition, every AmeriHost Inn hotel is "three-diamond" rated by AAA AAA: see American Automobile Association. (Triple A) A common single-cell battery used in a myriad of electronic devices of all variety. Like its double A (AA) cousin, it provides 1.5 volts of DC power. When used in series, the voltage is multiplied. . The 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 Act of 1933, 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. , and Section 21E of the Securities Exchange Act of 1934, as amended. 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, including without limitation, risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the development and operation of hotels, the availability of capital to finance growth, and the historical cyclicality of the lodging industry.
Amerihost Properties, Inc.
Property Ownership and Room Management
As of December 31, 2000
Hotel Properties No. of Rooms
AmeriHost Inn Hotels
Consolidated hotels 60 3,810
Minority owned hotels 12 780
SUBTOTAL 72 4,590
Other Hotels
Consolidated hotels 6 820
Minority owned hotels 3 349
Managed only hotels 2 249
SUBTOTAL 11 1,418
GRAND TOTAL 83 6,008
AmeriHost Inn Hotel Brand
Same Room RevPAR Performance
Three Months Twelve Months
December 31, December 31,
2000 1999 2000 1999
AmeriHost Inn
Average Daily Rate ($) 57.09 56.82 57.31 57.00
Occupancy (%) 54.4 54.4 60.7 57.7
RevPAR ($) 31.08 30.89 34.76 32.89
AMERIHOST PROPERTIES, INC. DBA ARLINGTON HOSPITALITY, INC. AND
SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
ASSETS
December 31, December 31,
2000 1999
------------ ------------
Current assets:
Cash and cash equivalents $ 1,728,869 $ 3,766,323
Accounts receivable 2,663,825 2,951,615
Notes receivable 618,485 518,485
Prepaid expenses and other
current assets 1,013,053 971,836
Refundable income taxes - 56,876
Costs and estimated earnings in excess
of billings on uncompleted contracts 375,780 834,820
------------ ------------
Total current assets 6,400,012 9,099,955
Investments in and advances to affiliates 7,031,982 7,332,806
Property and equipment, net 77,802,696 78,770,356
Long-term notes receivable 801,346 692,662
Other assets, net 6,106,679 7,212,388
------------ ------------
$ 98,142,715 $103,108,167
============== =============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,313,640 $ 2,623,390
Bank line-of-credit 3,408,133 7,560,214
Accrued expenses and other
current liabilities 3,019,276 4,165,277
Income taxes payable 132,420 -
Current portion of long-term debt 1,698,538 1,567,643
------------ ------------
Total current liabilities 10,572,007 15,916,524
Long-term debt, net of current portion 56,905,152 58,781,609
Deferred income 12,196,330 14,001,231
Minority interests 203,449 228,235
Shareholders' equity 18,265,777 14,180,568
------------ ------------
$ 98,142,715 $103,108,167
============== =============
AMERIHOST PROPERTIES, INC. DBA ARLINGTON HOSPITALITY, INC.
AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months
Ended December 31, Year Ended December 31,
------------------------ -----------------------
2000 1999 2000 1999
---------- ---------- ------------ ----------
Revenue:
Hotel operations:
AmeriHost Inn(R)
hotels $10,937,515 $11,629,140 $49,228,661 $49,508,745
Other hotels 2,599,170 2,576,031 12,123,035 12,587,253
Development and
construction (714,380) 584,527 6,982,678 6,431,995
Management services 316,873 373,010 1,251,107 1,315,212
Employee leasing 1,472,684 1,243,346 5,979,363 5,992,580
Other - 51,121 586,276 222,187
------------ ----------- ----------- ----------
14,611,862 16,457,175 76,151,120 76,057,972
------------ ----------- ----------- ----------
Operating costs and expenses:
Hotel operations:
AmeriHost Inn(R)
hotels 8,694,556 8,941,465 34,811,649 34,866,053
Other hotels 2,395,343 2,328,123 9,858,175 10,260,074
Development and
construction (464,091) 333,568 6,901,617 5,398,384
Management services 190,254 91,806 806,959 809,061
Employee leasing 1,417,128 1,112,213 5,868,189 5,747,351
Other 8,210 298,622 489,064 786,658
------------ ----------- ----------- ----------
12,241,400 13,105,797 58,735,653 57,867,581
------------ ----------- ----------- ----------
2,370,462 3,351,378 17,415,467 18,190,391
Depreciation and
amortization 1,238,485 908,590 4,542,461 4,567,030
Leasehold rents -
hotels 1,465,596 1,754,282 6,524,930 7,306,691
Corporate general
and administrative 407,014 355,598 1,694,611 1,537,052
---------- ---------- ---------- ----------
Operating income (loss) (740,633) 332,908 4,653,465 4,779,618
Other income (expense):
Interest expense (1,252,097) (1,229,870) (5,605,550) (6,031,759)
Interest income 199,400 93,490 786,806 877,194
Other income 109,737 13,736 381,867 555,749
Gain on sale of
property 144,405 270,111 6,663,124 553,298
Equity in net
income and losses of
unconsolidated
affiliates (59,073) (154,818) (101,872) (160,837)
---------- ---------- ---------- ----------
Income (loss) before
minority interests
and income taxes (1,598,261) (674,443) 6,777,840 573,263
Minority interests in income
of consolidated
subsidiaries
and partnerships 29,546 29,497 (60,939) (212,672)
---------- ---------- ---------- ----------
Income (loss) before
income taxes (1,568,715) (644,946) 6,716,901 360,591
Income tax (expense)
benefit 635,000 271,000 (2,707,000) (160,000)
---------- ---------- ---------- ----------
Net income (loss) $ (933,715) $ (373,946) $ 4,009,901 $ 200,591
=========== =========== =========== ==========
Income (loss) per common
share - diluted $ (0.19) $ (0.07) $ 0.74 $ 0.02
=========== =========== =========== ==========
Weighted average shares
outstanding -
diluted basis 5,228,594 5,321,448 5,271,852 5,856,680
=========== =========== =========== ==========
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