Amerihost Properties Inc. Announces Third Quarter Financial Results.DES PLAINES Des Plaines, city, United States Des Plaines (dĕs plānz), city (1990 pop. 53,223), Cook co., NE Ill., a suburb of Chicago on the Des Plaines River; inc. 1925. Among its manufactures are chemicals and electronic equipment. , Ill.--(BUSINESS WIRE)--Nov. 3, 1999-- AmeriHost Inn(R) 9-Month 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. up 6.3% Amerihost Properties, Inc. (Nasdaq/NM: HOST) today announced its results for the three and nine months ended September September: see month. 30, 1999. Net income for the third quarter totaled $1.5 million, or $0.27 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 $844,236 or $0.13 per diluted share in the third quarter of 1998. 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 third quarter increased 28.9% to $6.7 million, from $5.2 million in the third quarter of 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 the third quarter increased 53% to $3.9 million, from $2.6 million in the third quarter of 1998. Revenues for the third quarter increased 32.8%, to $25.8 million from $19.4 million in the third quarter of 1998. For the nine-month period ended September 30, 1999, net income totaled $574,537, or $0.08 per diluted share, compared to a net loss of ($415,223) or ($0.08) per diluted share, after an extraordinary charge of $332,738, net of income tax, in the second quarter of 1998. EBITDAR for the nine-month period increased 29.3% to $13.4 million in 1999, from $10.4 million in 1998. Operating income for the nine-month period increased 18.7% to $4.4 million in 1999, from $3.7 million in the nine-month period of 1998. Revenues for the nine-month period increased 13.8%, to $59.6 million in 1999, from $52.4 million in 1998. Same Room RevPAR for the third quarter of 1999 for all AmeriHost Inn(R) hotels was up 5.6%. This growth in Same Room RevPAR was the result of a flat 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 of 67.5%, and a 5.5% increase in Average Daily Rate to $58.59. Same Room RevPAR for the first nine months of 1999 for all AmeriHost Inn(R) hotels was up 6.3%. This growth in Same Room RevPAR was the result of a 1.5% growth in occupancy to 60.6%, and a 4.8% growth in Average Daily Rate, to $57.10. These results are for all AmeriHost Inn(R) hotels open at least 13 full months as of September 30, 1999. "We are delighted with the RevPAR performance of the AmeriHost Inn(R) hotel brand," 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:
softening a change of consistency, with loss of firmness or hardness. RevPAR growth. Revenues from our consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: AmeriHost Inn(R) hotels increased 36.1% to $14.7 million in the third quarter, from $10.8 million in the third quarter of 1998. The operating income from these hotels increased 62.9%, to $3.2 million in the third quarter of 1999, from $1.9 million in the third quarter of 1998." As of September 30, 1999, 77 AmeriHost Inn(R) hotels were open with an additional five under development. "During the third quarter we assembled as·sem·ble v. as·sem·bled, as·sem·bling, as·sem·bles v.tr. 1. To bring or call together into a group or whole: assembled the jury. 2. a franchise sales team that is aggressively marketing the AmeriHost Inn(R) hotel brand," continued Holtz. During the third quarter of 1999, the Company took in nine franchise applications, and executed three franchise agreements with independent third parties. In addition, the Company has executed franchise agreements with certain existing AmeriHost Inn(R) hotel joint ventures. Investors will have the opportunity to listen to the conference call over the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the through Investor Broadcast Networks' Vcall website, located at http://www.vcall.com. To listen to the live call at 11:00 am Eastern Time on Thursday Thursday: see week. , November November: see month. 4, 1999, please go to the website at least fifteen minutes early to register, download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. , and install any necessary audio software. For those who cannot listen to the live broadcast, a transcript A generic term for any kind of copy, particularly an official or certified representation of the record of what took place in a court during a trial or other legal proceeding. A transcript of record of the call will be available on Amerihost's worldwide website at http://www.amerihostinn.com 24 to 48 hours later. 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 91 properties in 18 states, including 77 of its proprietary brand, AmeriHost Inn(R), for a total of 6,798 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.
--TABLES FOLLOW--
Amerihost Properties, Inc.
Property Ownership and Room Management
As of September 30, 1999
Hotel Properties no. of Rooms
AmeriHost Inn(R) Hotels
Consolidated hotels 62 3,926
Minority owned hotels 12 774
Franchised only hotels 3 180
Other Hotels
Consolidated hotels 8 996
Minority owned hotels 3 349
Managed only hotels 3 573
TOTAL 91 6,798
AmeriHost Inn(R) Hotel Brand
Same Room RevPAR Performance
Three Months Nine Months
September 30, September 30,
1999 1998 1999 1998
AmeriHost Inn(R)
Average Daily Rate($) 58.59 55.51 57.10 54.46
Occupancy (%) 67.5 67.5 60.6 59.7
RevPAR ($) 39.55 37.47 34.60 32.51
SUMMARY OF FINANCIAL HIGHLIGHTS (UNAUDITED)
Three Months Ended Nine Months Ended
---------------------- -----------------------
9/30/99 9/30/98 9/30/99 9/30/98
--------- --------- ----------- ----------
Revenues $25,793,599 $19,429,557 $59,600,797 $52,360,200
=========== =========== ============ ===========
EBITDAR $6,668,513 $5,172,496 $13,409,371 $10,367,526
=========== =========== ============ ===========
Net income (loss)
before extraordinary
Item $1,541,819 $844,236 $574,537 ($82,485)
Extraordinary item,
net of income tax -- -- -- ($332,738)
----------- ----------- ------------ -----------
Net income (loss) $1,541,819 $844,236 $574,537 ($415,223)
=========== =========== ============ ===========
Net income (loss)
per diluted share -
Before extraordinary
item $0.27 $0.13 $0.08 $(0.03)
Extraordinary item,
net of income tax -- -- -- ($0.05)
----------- ----------- ------------ -----------
Net income (loss)
per diluted share $0.27 $0.13 $0.08 $(0.08)
=========== =========== ============ ===========
Weighted average share
outstanding -
On a diluted basis 5,507,679 6,594,593 6,011,270 6,545,914
----------- ----------- ------------ -----------
AMERIHOST PROPERTIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
ASSETS
September 30, December 31,
1999 1998
--------------- ---------------
Current assets:
Cash and cash equivalents $ 6,456,726 $ 4,493,834
Accounts receivable
and other current assets 4,839,993 5,912,786
--------------- ---------------
Total current assets 11,296,719 10,406,620
Investments in and
advances to affiliates 5,963,328 5,331,247
Property and equipment, net 79,305,620 91,337,980
Long-term notes receivable 1,148,779 1,181,962
Other assets, net 7,294,885 7,022,979
--------------- ---------------
$ 105,009,331 $ 115,280,788
=============== ===============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current
Accounts payable $ 2,504,663 $ 5,638,250
Bank line-of-credit 4,687,437 1,961,213
Accrued expenses and
other current liabilities 4,436,636 4,222,315
Current portion of
long-term debt 3,792,438 5,508,498
--------------- ---------------
Total current liabilities 15,421,174 17,330,276
Long-term debt, net of
current portion 59,816,658 66,332,566
Deferred income 14,543,234 13,164,007
Minority 279,754 138,131
Shareholders' equity 14,948,511 18,315,808
--------------- ---------------
$ 105,009,331 $ 115,280,788
=============== ===============
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