Amerihost Properties Inc. Announces Fourth Quarter and Year End 1999 Earnings Results.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 8, 2000 Reports Record Total Revenue and Record AmeriHost Inn(R) Hotel Segment Revenue Amerihost Properties, Inc. (Nasdaq/NM: HOST) today announced its results for the fourth quarter and year ended December December: see month. 31, 1999. For the year, net income totaled $200,591, or $0.02 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 ($2.8) million or ($0.45) per diluted share in 1998. The net loss in 1998 reflected an extraordinary item and the cumulative effect of a change in accounting policy in the total amount of ($1.6) million, after income tax benefit, or ($0.25) per diluted share. Earnings before interest, taxes, depreciation, amortization and rents ("EBITDAR Earnings Before Interest, Taxes, Depreciation, Amortization, and Restructuring Costs - EBITDAR An indicator of a company's financial performance calculated as: = Revenue - Expenses (excluding tax, interest, depreciation, amortization, and restructuring costs) ") for the year grew 27.3% to $16.3 million, from $12.8 million in 1998. Operating income Operating Income 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. for 1999 rose 55.0% to $4.8 million, from $3.1 million in 1998. Revenues for the year increased 10.8%, to a record $76.1 million, from $68.6 million in 1998. Net loss for the fourth quarter of 1999 totaled ($373,946), or ($0.07) per diluted share, compared to net loss of ($2.4) million or ($0.39) per diluted share in the fourth quarter of 1998. The net loss in 1998 included the cumulative effect of a change in accounting policy. EBITDAR for the fourth quarter grew 18.5% to $2.9 million, from $2.4 million in the fourth quarter of 1998. Operating income for the fourth quarter rose to $332,908, from ($663,264) in the fourth quarter of 1998. Revenues for the fourth quarter increased 1.2%, to $16.5 million from $16.3 million in the fourth quarter of 1998. 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, 1999 for the AmeriHost Inn(R) hotel brand was up 7.2%. This growth in Same Room RevPAR was the result of a 2.4% 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 to 59.1%, and a 4.7% growth in Average Daily Rate ("ADR ADR - Astra Digital Radio "), to $56.99. These results relate to the 74 franchised and owned AmeriHost Inn(R) hotels that were open at least 13 full months during 1999. Same Room RevPAR for the fourth quarter of 1999 for the AmeriHost Inn(R) hotel brand was up 9.7%. This growth in Same Room RevPAR was the result of a 5.1% growth in occupancy to 55.2%, and a 4.4% increase in Average Daily Rate to $56.69. These results relate to the 72 franchised and owned AmeriHost Inn(R) hotels that were open at least 13 full months during the fourth quarter of 1999. "We are very pleased with our improved financial results for 1999 compared to 1998," commented 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:
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, it was a good year for the hotel industry as a whole. Total revenue in the lodging industry in 1999 was estimated at over $100 billion, with pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income expected to exceed $23 billion, more than 11% above 1998. Those amounts were achieved in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite a drop in occupancy, and RevPAR growth that was below STR's expectations, at 3.2%. Room occupancy nationally was lower by 0.8% in 1999 compared to 1998, continuing a trend that began in 1996 when supply growth first began to exceed increases in demand. More specifically, for the Mid-scale without Food & Beverage segment, the market segment in which the AmeriHost Inn(R) brand competes, STR reported a 2.0% decrease in occupancy for 1999 versus 1998, and a 4.2% increase in ADR. In contrast, the AmeriHost Inn(R) hotel brand experienced a strong 2.4% growth in occupancy and a 4.7% increase in ADR. "The AmeriHost Inn(R) brand remains strong in the current hotel environment, and we expect this trend to continue in 2000," Holtz added. As of December 31, 1999, 77 AmeriHost Inn(R) hotels were open with an additional five of the Company's new prototype Prototype A first or original model of hardware or software. Prototyping involves the production of functionally useful and trustworthy systems through experimentation with evolving systems. 3-story AmeriHost Inn & SuitesSM under development in Freeport, Illinois Freeport is the county seat of Stephenson County, Illinois, United States. The population was 26,443 at the 2000 census.GR6 The mayor of Freeport is George W. Gaulrapp, elected in 2005. , Norwalk, Ohio Norwalk is a city in Huron County, Ohio, United States. The population was 16,238 at the 2000 census. The 2006 population estimate puts Norwalk at 16,576.[1] It is the county seat of Huron CountyGR6. , Calcutta, Ohio Calcutta is a census-designated place in Columbiana County, Ohio, United States. The population was 3,491 at the 2000 census. Geography Calcutta is located at (40.682271, -80.570204)GR1. , Oxford, Ohio Oxford is a college town located in the southwestern portion of the U.S. state of Ohio in northwestern Butler County in Oxford Township, originally called the College Township. The population was 21,943 at the 2000 census (approximately 16,000 students are included in this figure). , and Marshfield, Wisconsin For other places with the same name, see Marshfield (town), Wisconsin. Marshfield is a city in Wisconsin. It is the largest city in Wood County, but it straddles the border between Wood and Marathon counties. . Amerihost Properties, Inc. is a hotel management, development, and franchise company that builds, manages and franchises mid-priced hotels. Currently, Amerihost owns, manages or franchises 90 properties in 17 states, including 77 of its proprietary brand, AmeriHost Inn(R), for a total of 6,745 rooms. 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(R) 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.
--FINANCIAL TABLES TO FOLLOW--
Amerihost Properties, Inc.
Property Ownership and Room Management
As of December 31, 1999
Hotel Properties no. of Rooms
AmeriHost Inn(R) Hotels
Consolidated hotels 62 3,931
Minority owned hotels 12 774
Franchised only hotels 3 182
SUBTOTAL 77 4,887
Other Hotels
Consolidated hotels 7 936
Minority owned hotels 3 349
Managed only hotels 3 573
SUBTOTAL 13 1,858
GRAND TOTAL 90 6,745
AmeriHost Inn(R) Hotel Brand
Same Room RevPAR Performance
Three Months Twelve Months
December 31, December 31,
1999 1998 1999 1998
AmeriHost Inn(R)
Average Daily Rate ($) 56.69 54.32 56.99 54.43
Occupancy (%) 55.2 52.5 59.1 57.7
RevPAR ($) 31.29 28.52 33.68 31.41
AMERIHOST PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
ASSETS
December 31, December 31,
1999 1998
------------ ------------
Current assets:
Cash and cash equivalents $ 3,766,323 $ 4,493,834
Accounts receivable 2,901,615 2,931,216
Notes receivable 568,485 168,061
Prepaid expenses and other current assets 971,836 902,457
Refundable income taxes 56,876 1,261,194
Costs and estimated earnings in excess
of billings on uncompleted contracts 834,820 649,858
------------ ------------
Total current assets 9,099,955 10,406,620
Investments in and advances to affiliates 7,332,806 5,331,247
Property and equipment, net 78,770,356 91,337,980
Long-term notes receivable 692,662 1,181,962
Other assets, net 7,212,388 7,022,979
------------ ------------
$103,108,167 $115,280,788
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,623,390 $ 5,638,250
Bank line-of-credit 7,560,214 1,961,213
Accrued expenses and other current
liabilities 4,165,277 4,222,315
Current portion of long-term debt 1,567,643 5,508,498
------------ ------------
Total current liabilities 15,916,524 17,330,276
Long-term debt, net of current portion 58,781,609 66,332,566
Deferred income 14,001,231 13,164,007
Minority interests 228,235 138,131
Shareholders' equity 14,180,568 18,315,808
------------ ------------
$103,108,167 $115,280,788
============ ============
AMERIHOST PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED DECEMBER 31,
(UNAUDITED)
1999 1998
--------------- ----------------
Revenue :
Hotel operations:
AmeriHost(R) Inn hotels $ 11,629,140 $ 10,463,820
Other hotels 2,576,031 2,751,678
Development and construction 584,527 1,035,673
Management services 373,010 326,310
Employee leasing 1,243,346 1,680,508
Franchising 51,121 0
--------------- ----------------
16,457,175 16,257,989
--------------- ----------------
Operating costs and expenses:
Hotel operations:
AmeriHost(R) Inn hotels 8,941,465 7,894,663
Other hotels 2,328,123 2,606,943
Development and construction 333,568 953,283
Management services 91,806 251,593
Employee leasing 1,112,213 1,571,499
Franchising 298,622 0
--------------- ----------------
13,105,797 13,277,981
--------------- ----------------
3,351,378 2,980,008
Depreciation and amortization 908,590 1,493,082
Leasehold rents - hotels 1,754,282 1,715,254
Corporate general and administrative 355,598 434,936
--------------- ----------------
Operating income (loss) 332,908 (663,264)
Other income (expense):
Interest expense (1,229,870) (1,393,961)
Interest income 93,490 128,529
Other income 13,736 98,796
Gain on sale of assets 270,111 144,293
Equity in net income and losses of
affiliates (154,818) (247,515)
Loss before minority interests
and income taxes --------------- ----------------
(674,443) (1,933,122)
Minority interests in operations of consolidated
subsidiaries and partnerships 29,497 125,162
--------------- ----------------
Loss before income tax benefit (644,946) (1,807,960)
Income tax benefit 271,000 723,000
Net loss before cumulative effect --------------- ----------------
of change in accounting principle (373,946) (1,084,960)
Cumulative effect of change in accounting principle,
net of income tax benefit - (1,295,891)
--------------- ----------------
Net loss $ (373,946) $ (2,380,851)
=============== ================
Loss per common share - diluted:
Loss before accounting change $ (0.07) $ (0.18)
Cumulative effect of a change in
accounting principle - (0.21)
--------------- ----------------
Net loss $ (0.07) $ (0.39)
=============== ================
Weighted average shares outstanding
- diluted basis 5,321,448 6,421,016
=============== ================
AMERIHOST PROPERTIES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE TWELVE MONTHS ENDED DECEMBER 31,
(UNAUDITED)
1999 1998
--------------- ----------------
Revenue :
Hotel operations
AmeriHost(R)Inn hotels $ 49,508,745 $ 33,095,525
Other hotels 12,587,253 14,232,886
Development and construction 6,431,995 8,968,111
Management services 1,315,212 2,251,962
Employee leasing 5,992,580 10,069,705
Franchising 222,187 0
--------------- ----------------
76,057,972 68,618,189
--------------- ----------------
Operating costs and expenses:
Hotel operations
AmeriHost(R) Inn hotels 34,866,053 23,419,321
Other hotels 10,260,074 11,348,680
Development and construction 5,398,384 8,463,341
Management services 809,061 1,306,864
Employee leasing 5,747,351 9,748,110
Franchising 786,658 0
--------------- ----------------
57,867,581 54,286,316
--------------- ----------------
18,190,391 14,331,873
Depreciation and amortization 4,567,030 5,486,529
Leasehold rents - hotels 7,306,691 4,192,348
Corporate general and administrative 1,537,052 1,568,561
--------------- ----------------
Operating income 4,779,618 3,084,435
Other income (expense):
Interest expense (6,031,759) (6,113,369)
Interest income 877,194 521,250
Other income 555,749 227,822
Gain on sale of assets 553,298 305,484
Equity in net income and losses of
affiliates (160,837) (240,868)
Income (loss) before minority interests ----------- ----------------
and income taxes 573,263 (2,215,246)
Minority interests in operations of consolidated
subsidiaries and partnerships (212,672) 267,801
--------------- ----------------
Income (loss) before income tax benefit 360,591 (1,947,445)
Income tax (expense) benefit (160,000) 780,000
Net income (loss) before extraordinary
item and cumulative effect of change------------- ----------------
in accounting principle 200,591 (1,167,445)
Extraordinary item, net of income tax benefit - (332,738)
Cumulative effect of change in accounting principle,
net of income tax benefit - (1,295,891)
--------------- ----------------
Net income (loss) $ 200,591 $ (2,796,074)
=============== ================
Net income (loss) per common share - diluted:
Income (loss) before extraordinary item and
accounting change $ 0.02 $ (0.20)
Extraordinary item - (0.05)
Cumulative effect of a change in
accounting principle - (0.20)
--------------- ----------------
Net income (loss) $ 0.02 $ (0.45)
=============== ================
Weighted average shares outstanding
- diluted basis 5,856,680 6,512,858
=============== ================
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