Amerihost Properties, Inc. dba Arlington Hospitality, Inc. Announces First Quarter 2001 Earnings Results; Reduces Seasonal Net Loss by 46%.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)--May 7, 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 first quarter ended March 31, 2001. Net loss for the quarter was ($620,118), or ($0.13) 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 a net loss of ($904,080), or ($0.18) per diluted share in 2000. Net income plus depreciation was $501,228 during the first quarter of 2001, increasing 151% from $199,744 for the first quarter of 2000. Revenues for the first quarter increased 22.7%, to $19.5 million in the first quarter of 2001 (including $5.8 million from the sale of hotels), from $15.9 million in 2000. The net loss for the first quarter of 2001 was the result of the seasonality of the Company's business, partially offset by fees and profits recognized in connection with the sale of hotels. 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, the world's largest hotel franchiser, with the goal of expanding the AmeriHost Inn brand together. The Company is highly focused on developing new AmeriHost Inn hotels as well as selling AmeriHost Inn hotels, 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." 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 Cendant transaction, the Company has begun doing business as Arlington Hospitality, Inc. and intends to legally change to this name, subject to shareholder approval at its next shareholder meeting scheduled for May 24, 2001. The Company's NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on symbol will remain unchanged: HOST. Currently, the Company has five AmeriHost Inn & Suites hotels under construction. These hotels are located 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. ; 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. ; Dowagiac, Michigan Dowagiac, founded in 1848 is a city in Cass County in the U.S. state of Michigan. The population was 6,147 at the 2000 census. Dowagiac is situated at the corner of four townships: Wayne Township to the northeast, La Grange Township to the southeast, Pokagon Township to the ; Fontana, California Fontana is a city in San Bernardino County, California, United States. Originally a sleepy, dusty town of citrus orchards and cattle ranches astride Route 66 (now known as Foothill Boulevard) and numerous rail lines, Fontana was radically transformed during World War II by ; and Howell, Michigan Howell is a city in the U.S. state of Michigan. As of the 2000 census, the city had a total population of 9,232. It is the county seat of Livingston County6 and is located mostly within Howell Township, but is politically independent. . The Company has several additional hotel projects in various stages of development and intends to begin construction on an additional 5 - 8 hotels during 2001. Currently, the Company owns and operates 68 AmeriHost Inn hotels, in addition to the hotels under construction and development. 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 first quarter ended March 31, 2001 for the AmeriHost Inn hotel brand was relatively flat. Holtz continued, "We have been focused on increasing our average daily rate in many of our markets, with the objective of maintaining 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 . Increases in average daily rate will generally have a direct positive impact on our operating results. We have also been focused on controlling our costs. However, our hotel operational results were negatively impacted by significant increases in utility costs at many of our hotels during the first quarter of 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 five additional AmeriHost Inn & Suites hotels under construction. 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 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.
Amerihost Properties, Inc.
Property Ownership and Room Management
As of March 31, 2001
Hotel Properties No. of Rooms
AmeriHost Inn Hotels
Consolidated hotels 57 3,629
Minority owned hotels 11 720
SUBTOTAL 68 4,349
Other Hotels
Consolidated hotels 6 820
Minority owned hotels 3 349
Managed only hotels 2 249
SUBTOTAL 11 1,418
GRAND TOTAL 79 5,767
AMERIHOST PROPERTIES, INC. DBA ARLINGTON HOSPITALITY, INC.
AND SUBSIDIARIES CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
----------------------------------------------------------------------
ASSETS
March 31, December 31,
2001 2000
---------------- ----------------
Current assets:
Cash and cash equivalents $ 2,583,862 $ 1,728,869
Accounts receivable 3,090,235 2,663,825
Notes receivable 618,485 618,485
Prepaid expenses and other
current assets 983,648 1,013,053
Refundable income taxes 428,756 -
Costs and estimated earnings in excess
of billings on uncompleted contracts 136,084 375,780
---------------- ----------------
Total current assets 7,841,070 6,400,012
Investments in and advances
to affiliates 6,891,007 7,031,982
Property and equipment, net 77,874,367 77,802,696
Long-term notes receivable 788,289 801,346
Other assets, net 6,152,009 6,106,679
---------------- ----------------
$ 99,546,742 $ 98,142,715
================ ================
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,216,883 $ 2,313,640
Bank line-of-credit 7,802,702 3,408,133
Accrued expenses and other
current liabilities 3,180,881 3,019,275
Income taxes payable - 132,420
Current portion of long-term debt 1,681,253 1,698,538
---------------- ----------------
Total current liabilities 14,881,719 10,572,006
Long-term debt, net of current portion 54,309,415 56,905,152
Deferred income 12,393,015 12,196,330
Minority interests 199,933 203,449
Shareholders' equity 17,762,660 18,265,778
---------------- ----------------
$ 99,546,742 $ 98,142,715
================ ================
AMERIHOST PROPERTIES, INC. DBA ARLINGTON HOSPITALITY, INC.
AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31,
(UNAUDITED)
======================================================================
2001 2000
---------------- ----------------
Revenue:
Hotel operations:
AmeriHost Inn(R)hotels $ 9,866,663 $ 10,411,503
Other hotels 2,174,338 2,472,789
Development and construction 65,157 1,096,518
Hotel sales and commissions 5,764,695 -
Management services 229,808 289,843
Employee leasing 1,359,882 1,428,871
Other - 167,525
---------------- ----------------
19,460,543 15,867,049
---------------- ----------------
Operating costs and expenses:
Hotel operations:
AmeriHost Inn(R)hotels 8,185,024 8,183,697
Other hotels 2,175,315 2,363,946
Development and construction 376,168 914,731
Hotel sales and commissions 3,717,468 -
Management services 192,457 219,803
Employee leasing 1,354,914 1,396,980
Other - 237,554
---------------- ----------------
16,001,346 13,316,711
---------------- ----------------
3,459,197 2,550,338
Depreciation and amortization 1,121,346 1,103,824
Leasehold rents - hotels 1,755,859 1,698,362
Corporate general and administrative 613,628 398,953
---------------- ----------------
Operating loss (31,636) (650,801)
Other income (expense):
Interest expense (1,407,573) (1,499,716)
Interest income 147,866 231,757
Other income 43,245 100,861
Gain on sale of property 315,238 171,579
Equity in net income and losses
of unconsolidated affiliates (112,773) 68,751
---------------- ----------------
Loss before minority interests
and income taxes (1,045,633) (1,577,569)
Minority interests in income of consolidated
subsidiaries and partnerships 3,515 18,489
---------------- ----------------
Loss before income taxes (1,042,118) (1,599,080)
Income tax benefit 422,000 655,000
---------------- ----------------
Net loss $ (620,118) $ (904,080)
================ ================
Loss per common share - diluted $ ($0.13) $ ($0.18)
================ ================
Weighted average shares outstanding -
diluted basis 5,147,344 5,221,654
================ ================
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