Arlington Hospitality, Inc. Announces 2004 Fourth Quarter and Year End Results; Sale of Non-AmeriHost Hotels Near Complete; Line of Credit Renewed.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. -- 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/SmallCap: HOST), a hotel development and management company, today announced results for the fourth quarter and year ended December December: see month. 31, 2004. 10-K Filing and Year-End year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. Update Conference Call The company expects to file its form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. with the Securities and Exchange Commission later today. The document will be accessible through the SEC's electronic filings database at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. , and will be available shortly on the company's Web site, www.arlingtonhospitality.com. At 11 a.m. ET on Wednesday Wednesday: see week. , April 13, 2005, the company's senior management will conduct a conference call to discuss its future strategies, followed by a question-and-answer period. Stockholders and other interested parties may participate in the conference call by calling (800) 218-0204, reference number 11027515. Fourth Quarter 2004 Results For the 2004 fourth quarter, revenues decreased approximately $1.9 million to $13.0 million, compared to the fourth quarter of 2003. The decrease was due primarily to fewer hotels in the company's portfolio and the timing of hotel sales. The decrease was partially offset by an increase in incentive and royalty-sharing fees, and an increase in comparable hotel operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. . Net loss for the 2004 fourth quarter was approximately $3.6 million, or ($0.72) per share, compared to net loss of approximately $1.9 million, or ($0.37) per share, in the 2003 fourth quarter. These results include non-cash hotel impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. charges of $411,000 pre-tax ($287,000 after tax) in the 2004 fourth quarter, compared to $262,000 pre-tax ($177,000 after tax) in the 2003 fourth quarter. The increase in operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. for the fourth quarter was due primarily to the decrease in hotel development activity, the decrease in the number of hotels in the company's portfolio, and the 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. generated by the sale of the specific hotels sold in each quarter. The company sold two hotels during the fourth quarter of 2003, generating operating income of $207,000, compared to the sale of two hotels during the fourth quarter of 2004, generating an operating loss of $(174,000). The results also include net losses from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. of ($1.0 million) in the 2004 fourth quarter, compared to ($321,000) in the fourth quarter of 2003. Discontinued operations relates to the net results of operations of all the company's non-AmeriHost Inn hotels, which the company has determined no longer fit its strategic plan and have been sold or are being marketed for sale. The discontinued operations include non-cash impairment and accelerated depreciation Accelerated Depreciation Any method of depreciation used for accounting or income tax purposes that allows greater deductions in the earlier years of the life of an asset. Notes: The straight-line depreciation method spreads the cost evenly over the life of an asset. charges related to these hotels of approximately $819,000 and $10,000, net of tax, during the fourth quarter of 2004 and 2003, respectively. The accelerated depreciation charge relates to the early termination of a hotel lease, pursuant to a 2004 lease modification that provided for the sale of the hotel by the landlord in February 2005. Full Year 2004 Results Revenues for the year 2004 declined 10.5 percent to $63.4 million, compared to $70.9 million in the prior year. The decrease was due primarily to lower revenues as a result of fewer hotels in the company's portfolio and lower revenues from the sale of Consolidated AmeriHost Inn hotels, partially offset by an increase in incentive and royalty-sharing fees, which rose 39.2 percent in 2004 to $1.4 million, compared to $1.0 million in 2003. The increase in incentive and royalty-sharing fees was a result of the amortization of a greater number of development incentive fees received from Cendant Corporation (NYSE NYSE See: New York Stock Exchange : CD) in connection with the sale of AmeriHost hotels and the growing stream of royalty-sharing fees received from Cendant as the number of non-Arlington-owned AmeriHost Inn franchisees expands. Substantial professional fees, approximately $889,000, reported as corporate general and administrative expenses, were incurred in 2004 as a result of extensive legal and financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal involving several strategic alternatives, particularly relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's previously announced PMC (1) See Portable Media Center. (2) (PCI Mezzanine Card) A PCI-based mezzanine card that is widely adapted to VMEbus, CompactPCI and PCI cards. lease modification consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. in October 2004. The vast majority of these fees are considered to be nonrecurring. Net loss for 2004 was ($5.6 million), compared to a net loss of ($5.6 million) for 2003. These results include non-cash hotel impairment provisions of approximately $1.3 million pre-tax ($880,000 after tax) and $5.1 million pre-tax ($3.2 million after tax) in 2004 and 2003, respectively. The results also include a loss from discontinued operations of approximately ($2.2 million) in 2004, compared to ($1.9 million) in 2003, net of tax, related to the non-AmeriHost hotels classified as discontinued operations. Discontinued operations includes approximately $3.0 million pre-tax ($1.8 million after tax), and $910,000, pre-tax ($546,000 after tax) in 2004 and 2003, respectively, of additional impairment charges and accelerated depreciation related to the terminated non-AmeriHost Inn hotel lease, as discussed above. Net loss, and its components, are summarized below for the 12 months ended December 31, 2004, 2003, and 2002:
(In thousands)
2004 2003 2002
-------- -------- --------
Net loss from continuing
operations, before impairment $ (2,574) $ (501) $ (7)
Impairment provision, net of tax (880) (3,209) (369)
-------- -------- --------
Net loss from continuing
operations (3,454) (3,710) (376)
Discontinued operations,
net of tax (2,183) (1,909) (1,334)
-------- -------- --------
Net loss $ (5,637) $ (5,619) $ (1,710)
======== ======== ========
Net loss per share - Diluted:
From continuing operations $ (0.69) $ (0.74) $ (0.08)
From discontinued operations (0.43) (0.38) $ (0.26)
-------- -------- --------
$ (1.12) $ (1.12) $ (0.34)
======== ======== ========
Sale of Non-AmeriHost Hotels Nearly Complete The company continued to make significant progress in reducing losses from discontinued operations throughout the year. Exclusive of impairment charges, incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. depreciation, and a franchise termination fee termination fee The one-time charge for terminating or transferring an individual retirement account. If a financial institution charges a termination fee, the fee must be spelled out in the original agreement that is signed when the account is opened. accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. , the company's losses from discontinued operations decreased significantly from a pretax loss pretax loss A loss reported before tax benefits are considered. of approximately ($2.3 million) in 2003, to a pretax loss of approximately ($546,000) in 2004. "We continued to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose our non-strategic, non-AmeriHost Inns, resulting in a significant reduction of the losses associated with those properties," said James B. Dale, chief financial officer. "We sold two wholly owned non-AmeriHost Inn hotels and our joint-venture ownership interest in one additional non-AmeriHost Inn hotel during 2004. In the first quarter of 2005, a joint venture in which we have a majority ownership interest sold its non-AmeriHost Inn hotel, and the lease for another non-AmeriHost Inn hotel was terminated. We have only one remaining non-AmeriHost Inn property and it is currently under contract for sale." AmeriHost Inn Operations 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. ) in the 2004 fourth quarter, for the company's 47 AmeriHost Inn hotels improved 0.2 percent to $29.71, compared to the same period in 2003. Same-room RevPAR for the full year 2004 for the company's AmeriHost Inn hotels improved 1.8 percent to $32.56, compared to 2003. 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, the comparable mid-scale hotel without food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. segment in the East North Central region of the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. (defined by Smith Travel Research as Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. , Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). , Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). , Ohio and Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee ) rose 3.9 percent in 2004. The company's AmeriHost Inn same room RevPAR increase was lower than the results reported by Smith Travel Research for the East North Central region of the U.S. due primarily to the company's hotel locations in smaller, rural markets, which are lagging Lagging Strategy used by a firm to stall payments, normally in response to exchange rate projections. behind the hotels located in and around urban and secondary markets. During 2004, the company continued to improve its RevPAR market share index. The company began the year with a 97.3 RevPAR index, which improved to an index of 101.0 as of December 31, 2004, according to Smith Travel Research.
Three Twelve
Months Months
Ended Ended
Dec. 31 Dec. 31
------------ -----------
Occupancy - 2004 51.5% 56.4%
Occupancy - 2003 52.1% 56.0%
Increase (decrease) (1.2)% 0.7%
Average Daily Rate - 2004 $57.70 $57.72
Average Daily Rate - 2003 $56.86 $57.11
Increase (decrease) 1.5% 1.1%
RevPAR - 2004 $29.71 $32.56
RevPAR - 2003 $29.65 $32.00
Increase (decrease) 0.2% 1.8%
"We made significant progress in 2004 towards achieving the company's transition plan," said Kenneth M. Fell, Arlington's chairman of the board. "A critical achievement was the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of our lease agreement with PMC, which resulted in a significant reduction in our rent payments and allows us to accelerate our exit strategy for those properties as AmeriHost Inns. The prolonged pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. negotiation with PMC contributed much higher than expected legal and financial advisory fees and delayed our new hotel development program, which remains a top priority for 2005." Fell continued, "We believe there is significant new hotel development opportunity as the industry is entering the earliest stage of recovery. In order to attain our goal of accelerating our hotel development program, we will need to obtain additional capital. We are in discussions and negotiations with potential partners and lenders to obtain such capital, however we have not received any firm commitments." 2004 and 2005 YTD See Year-to-date. YTD See year to date (YTD). Significant Events The company made significant progress on a number of fronts in the past 15 months, including: --Real Estate Sales - During the 2004 fourth quarter, the company sold one wholly owned AmeriHost Inn hotel. In addition, the company sold its ownership interest in one non-AmeriHost Inn hotel held in a joint venture, and facilitated the sale of an AmeriHost Inn leased from PMC Commercial Trust. In 2004, Arlington Hospitality divested 15 hotels plus one vacant land parcel. The hotel sales include 11 wholly owned hotels, two hotels in which Arlington was a joint-venture partner, and two hotels leased from PMC. During 2004, Arlington paid off approximately $18.5 million of mortgage debt in connection with the sale of hotels. Total hotel mortgage debt was approximately $42.2 million at year-end 2004, compared to $60.1 million on December 31, 2003. Year to date in 2005, the company has divested five hotels including one wholly owned hotel, three hotels held by joint ventures, and one hotel which was leased from PMC. In addition, a vacant land parcel, next to the company's headquarters, was sold. The company currently has nine hotels under contract for sale, including three leased hotels, which are expected to be consummated within the next six months. Since the company announced its plans to sell 25 to 30 hotels in July 2003, the company has sold 21 hotels, exclusive of the sale of the PMC hotels and sale of the company's ownership interest in a non-AmeriHost Inn joint venture. --Development--The company is on schedule to open within the next 60 days an 82-room AmeriHost Inn & Suites in Lansing, Mich. for a joint venture in which the company is an equity partner. In addition, the company expects to begin construction on a new 87-room AmeriHost Inn & Suites at the Columbus, Ohio Columbus is the capital and the largest city of the American state of Ohio. Named for explorer Christopher Columbus, the city was founded in 1812 at the confluence of the Scioto and Olentangy rivers, and assumed the functions of state capital in 1816. airport. This development, for the first time, will utilize the company's new and larger prototype design (80 - 100 rooms). The funding for this project has been fully committed (Law) committed to prison for trial, in distinction from being detained for examination. See also: Fully , and the company expects to break ground on the project in the near future, as weather permits. The company has five additional development sites in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). and North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. under purchase agreement, pending completion of due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and the arrangement of both debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. . These developments expect to utilize AmeriHost's new, larger prototype design. Arlington is in the process of identifying and negotiating with a number of joint venture partners and mortgage lenders to provide the funding for the company's development plan. For more information regarding Arlington's hotels for sale and development opportunities either on a joint venture or turnkey See turnkey system. basis, contact Stephen Miller
Stephen Miller (January 17, 1816 – August 18, 1881) was an American Republican politician. , Senior Vice President - Real Estate and Business Development via email at stevem@arlingtonhospitality.com, or by telephone at (847) 228-5401, ext. 312. --PMC Lease Modification--Arlington modified its leases on 20 hotels owned by PMC effective October 1, 2004. The new arrangement reduced the monthly cash lease payments by 19 percent, and provides for an accelerated exit strategy, consistent with the company's strategic business plan to divest To deprive or take away. Divest is usually used in reference to the relinquishment of authority, power, property, or title. If, for example, an individual is disinherited, he or she is divested of the right to inherit money. many of its existing hotels and increase focus on development of larger hotels in secondary markets, primarily in joint ventures. The leases will be terminated upon the sale of each of the remaining 18 leased AmeriHost Inns to third parties over the next four years, compared to the original 2013 and 2014 lease termination dates termination date, n See expiration date. . Since October 1, 2004, the company has facilitated the sale of two leased hotels, with three additional PMC leased hotels under sale contracts. If hotel sales are not made on a timely basis as required by the leases, 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. , the monthly cash lease payments increase to the original contractual amounts. The company estimates the restructuring will reduce its former aggregate lease payment obligation through 2014 from approximately $47.2 million to an estimated aggregate obligation of $10.0 million to $12.0 million, depending on the ultimate timing and pricing of the hotel sales, plus a promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. payable to PMC for the aggregate anticipated shortfall Shortfall The amount by which the capital required to fulfill a financial obligation exceeds available capital. Notes: Shortfall risk is often combated with an efficient hedging strategy created by a fund, group, institution, or individual. of the net sale proceeds to the original stated values Stated Value A value that, instead of being par value, is assigned to a corporation's stock for accounting purposes. Stated value has no relation to market price. Notes: in the lease. --Operating Line of Credit Renewed--The company has successfully renewed its operating line of credit with LaSalle Bank LaSalle Bank Corporation is the holding company for LaSalle Bank N.A. and LaSalle Bank Midwest N.A. With $116 billion in assets, it is headquartered at 135 South LaSalle Street in Chicago, Illinois. N.A. The renewed facility expires April 30, 2006, and continues to bear interest at the fixed rate of 10 percent per annum Per annum Yearly. . The initial maximum availability under the renewed facility is $4.0 million; however, this maximum will be reduced to $3.5 million by May 1, 2005, reducing further to $3.0 million on July 31 and to $2.5 million on October 31, 2005. There is no prepayment penalty Prepayment penalty A fee a borrower pays a lender when the borrower repays a loan before its scheduled time of maturity. on this renewed facility and the company is seeking increased, longer-term and less costly financing to replace this facility. --President and Chief Executive Officer--The company has been conducting a search for a president and chief executive officer to replace the former president/CEO who resigned effective December 31, 2004. The company expects to name a new president/CEO by the end of the second quarter of 2005. Stephen Miller, the company's senior development officer, currently serves as interim chief executive officer. About Arlington Hospitality Arlington Hospitality, Inc. is a hotel development and management company that builds, operates and sells mid-market hotels. Arlington is the nation's largest owner and franchisee of AmeriHost Inn hotels, a 108-property mid-market, limited-service hotel brand owned and presently franchised in 20 states and Canada by Cendant Corporation (NYSE: CD). Currently, Arlington Hospitality, Inc. owns or manages 45 properties in 12 states, including 44 AmeriHost Inn hotels, for a total of 3,076 rooms, with additional AmeriHost Inn & Suites hotels under construction. This press release may contain 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. . Forward-looking statements are statements that are not historical, including statements regarding management's intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by words such as "believe," "expect," "anticipate," "intend," "estimate," "may," "will," "should," and "could." There are numerous risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. For a discussion of these factors, see the company's report on Form 10-K for the year ended December 31, 2004, under the section headed "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations - Risk Factors."
ARLINGTON HOSPITALITY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended Year Ended
December 31, December 31,
------------------------------------------------
2004 2003 2004 2003
------------------------------------------------
Revenue:
Hotel operations $7,158,266 $8,569,402 $33,948,640 $39,861,661
Development and
construction 1,690,284 1,718,783 3,579,978 4,196,878
Hotel sales and
commissions 3,051,540 3,756,685 21,535,227 22,831,102
Management services 78,560 92,865 379,159 445,862
Employee leasing 437,603 193,428 1,943,369 1,858,103
Incentive and
royalty sharing
fees 377,051 277,625 1,353,576 972,219
Office building
rental and other 177,030 212,618 701,915 749,782
----------- ----------- ----------- -----------
12,970,334 14,821,406 63,441,864 70,915,607
----------- ----------- ----------- -----------
Operating costs and
expenses:
Hotel operations 6,297,487 7,116,757 27,047,828 30,711,104
Development and
construction 2,177,913 2,011,352 4,968,662 4,739,296
Hotel sales and
commissions 3,225,768 3,549,398 18,719,752 19,187,177
Management services 46,217 74,706 209,655 280,383
Employee leasing 412,799 186,418 1,840,417 1,798,714
Office building
rental and other 49,469 71,849 170,779 214,232
----------- ----------- ----------- -----------
12,209,653 13,010,480 52,957,093 56,930,906
----------- ----------- ----------- -----------
760,681 1,810,926 10,484,771 13,984,701
Depreciation and
amortization 749,097 741,276 2,334,033 3,281,626
Leasehold rents -
hotels 150,676 1,173,230 3,717,730 4,823,210
Leasehold
termination 370,266 370,266 -
Corporate general
and administrative 747,258 929,799 3,498,057 2,419,485
Impairment provision 410,738 261,772 1,291,667 5,069,780
----------- ----------- ----------- -----------
Operating income
(loss) (1,667,354) (1,295,151) (726,982) (1,609,400)
----------- ----------- ----------- -----------
Other income
(expense):
Interest expense (2,011,228) (820,611) (4,567,967) (4,087,120)
Interest income 44,160 117,092 360,166 467,538
Other income
(expense) (48,678) 65,220 (11,492) (7,930)
Extinguishment of
debt (23,838) - (146,428) (141,227)
Gain on sale of
fixed and other
assets 183,545 - 283,688 400,000
Equity in net income
and (losses) from
unconsolidated
subsidiaries
joint ventures ( 121,663) ( 312,293) (95,141) (724,575)
----------- ----------- ----------- -----------
Loss before minority
interests and income
taxes (3,645,056) (2,245,743) (4,904,156) (5,702,714)
Minority interests in
operations of
consolidated
subsidiaries and
partnerships (26,800) (33,371) (164,444) (162,304)
----------- ----------- ----------- -----------
Loss before income
taxes (3,671,856) (2,279,114) (5,068,600) (5,865,018)
Income tax benefit ,105,000 740,000 1,614,677 2,155,000
----------- ----------- ----------- -----------
Net loss from
continuing operations (2,566,856) (1,539,114) (3,453,923) (3,710,018)
Discontinued
operations, net of
tax (1,023,125) (321,398) (2,182,754) (1,908,562)
----------- ----------- ----------- -----------
Net loss $(3,589,981)$(1,860,512)$(5,636,677)$(5,618,580)
=========== =========== =========== ===========
Net loss from
continuing operations
per share:
Basic $ (0.51) $ (0.31) $ (0.69) $ (0.74)
Diluted $ (0.51) $ (0.31) $ (0.69) $ (0.74)
Net loss per share:
Basic $ (0.72) $ (0.37) $ (1.12) $ (1.12)
Diluted $ (0.72) $ (0.37) $ (1.12) $ (1.12)
ARLINGTON HOSPITALITY, INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE SHEETS
(UNAUDITED)
----------------------------------------------------------------------
December 31, December 31,
2004 2003
--------------------------
ASSETS
Current assets:
Cash and cash equivalents $2,558,384 $3,623,550
Accounts receivable 1,365,454 1,289,492
Notes receivable 76,042 146,000
Prepaid expenses and other current
assets 808,478 1,142,032
Refundable income taxes 67,538 975,316
Costs and estimated earnings in excess
of billings on uncompleted contracts 467,144 1,232,481
Assets held for sale - other brands
Assets held for sale - AmeriHost Inn
Hotels 6,525,844 10,603,160
Capital lease assets held for sale - 19,214,269 28,162,442
AmeriHost Inn Hotels 15,379,638 -------
------------ ------------
Total current assets 46,462,791 47,174,473
Investments in and advances to
unconsolidated hotel joint ventures 1,970,095 3,309,344
Property and equipment, net 42,967,205 39,553,879
Notes receivable, less current portion 450,000 867,500
Deferred income taxes 9,210,846 6,071,000
Other assets, net 2,300,704 2,737,217
------------ ------------
$103,361,641 $99,713,413
============ ============
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $2,321,786 $2,768,402
Bank line-of-credit 2,225,000 3,850,000
Accrued expenses and other current
liabilities 3,609,046 3,781,341
Current portion of long-term debt 1,130,701 1,195,050
Liabilities of assets held for sale -
other brands
Liabilities of assets held for sale -
AmeriHost Inns 6,939,989 9,585,492
Capital lease obligations of capital 18,491,277 28,540,561
lease assets held for sale -
AmeriHost Inn Hotels 18,077,035 ---
------------ ------------
Total current liabilities 52,794,834 49,720,846
Long-term debt, net of current portion, and
capital lease obligations 37,687,575 26,513,398
Deferred income 6,125,788 11,361,927
Minority interests 246,063 329,819
Shareholders' equity 6,507,381 11,787,423
------------ ------------
$103,361,641 $99,713,413
============ ============
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