Arlington Hospitality, Inc. Announces 2004 Third Quarter Results; Sells Two Hotels, Moves Forward with New AmeriHost in Larger Markets.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/NM: HOST), a hotel development and management company, today announced results for the third quarter ended September September: see month. 30, 2004. 10-Q Filing and Results Conference Call The company expects to file its form 10-Q Form 10-Q See 10-Q. with the Securities and Exchange Commission later today. The document is 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 11:30 a.m. ET tomorrow, November November: see month. 16, 2004, the company's senior management team will conduct a conference call to review third quarter 2004 financial results, followed by a question-and-answer period. Stockholders and other interested parties may participate in the conference call by calling (800) 240-2430, reference number 11015250. Third Quarter Results For the 2004 third quarter, revenues decreased approximately $8.5 million to $14.8 million, compared to the year-earlier period. The timing of hotel sales had a significant impact on revenues and 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 of 2004 compared to the same period in 2003. The company sold two hotels in the 2004 third quarter at a lower aggregate price than the aggregate price of three properties sold in the 2003 third quarter. In addition to the impact of the timing of hotel sales, the company reported lower 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. due to a reduction in the number of consolidated AmeriHost Inn hotels as a result of the sale of 11 such hotels over the last 12 months. These decreases were partially offset by an increase in incentive and royalty-sharing fees. Net income (loss), and its components, is summarized below for the three and nine months ended September 30, 2004 and 2003:
Three Months Ended Nine months ended
September 30, September 30,
2004 2003 2004 2003
Net income (loss) from
continuing operations,
before impairment $(106,578) $1,358,708 $ (327,675) $ 712,104
Impairment provision,
net of tax (297,876) (84,496) (559,390) (2,883,008)
Net income (loss)
from continuing
operations (404,454) 1,274,212 (887,065) (2,170,904)
Discontinued
operations (121,679) (191,974) (1,159,629) (1,587,164)
Net income (loss) $(526,133) $1,082,238 $(2,046,694) $(3,758,068)
Net loss per share
- Diluted:
From continuing
operations $ (0.08) $ 0.25 $ (0.18) $ (0.43)
From discontinued
operations (0.02) (0.03) (0.23) (0.31)
$(0.10) $ 0.22 $ (0.41) $ (0.74)
Net loss for the 2004 third quarter was approximately ($526,000), or ($0.10) per share, compared to net income of approximately $1.1 million, or $0.22 per share, in the 2003 third quarter. The decline was due primarily to an approximate $1.6 million decrease in operating income from the sale of consolidated AmeriHost Inn hotels, as a result of the specific hotels sold and the timing of the sale of these hotels, as discussed above. In addition, certain professional fees, reported as corporate general and administrative expenses, were incurred as a result of substantial 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 the company's strategic initiatives and business plan, including alternatives relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the 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. on October October: see month. 4, 2004. These results also 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 approximately $435,000 pre-tax ($298,000 after tax) and approximately $143,000 pre-tax ($84,000 after tax) in the third quarter of 2004 and 2003, respectively. Furthermore, 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 approximately ($122,000) and ($192,000), in the third quarter of 2004 and 2003, respectively. The 2003 third quarter includes impairment charges of approximately $31,000 pre-tax ($19,000 after tax), related to the non-AmeriHost hotels classified as discontinued operations. The non-cash hotel impairment charges have been recorded primarily in connection with the company's previously announced plan 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 25 to 35 hotels. The additional impairment charges recorded subsequent to the initial adoption of this plan in 2003 are the result of the continuous evaluation of current market conditions and other hotel-specific factors. Discontinued operations relates to the operations of the non-AmeriHost Inn hotels disposed dis·pose v. dis·posed, dis·pos·ing, dis·pos·es v.tr. 1. To place or set in a particular order; arrange. 2. of, or expected to be disposed of within the next 12 months, which have been reclassified from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the , and includes the non-cash impairment charges related to those hotels. Discontinued operations also includes 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 of approximately $216,000 and $647,000 in the 2004 third quarter and first nine months of 2004, respectively, which was recorded in connection with a lease modification on one non-AmeriHost Inn hotel executed in the first quarter of 2004 that accelerated the termination date termination date, n See expiration date. of the lease to November 2005, or earlier under certain conditions. Arlington paid off approximately $8.7 million and $19.1 million of mortgage debt in connection with the sale of hotels during the 2004 third quarter and nine month period, respectively. Total hotel mortgage debt was approximately $41.7 million as of September 30, 2004, compared to $60.1 million on December 31, 2003. Third quarter 2004 incentive and royalty-sharing revenues improved 42 percent to approximately $376,000, compared to the like period a year earlier. This improvement was a result of the amortization of a greater number of development incentive fees received from Cendant Corporation ("Cendant") (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. PMC Lease Restructured October 4, 2004 Arlington modified its leases on 20 hotels owned by PMC Commercial Trust ("PMC") (AMEX AMEX See: American Stock Exchange : PCC PCC prothrombin complex concentrate. ) shortly after the close of the 2004 third quarter. The new arrangement reduces the monthly cash lease payments 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. Key provisions of the modified lease, which became effective October 1, 2004 include: --An immediate 19 percent reduction in monthly cash lease payments for the 20 hotels, at an approximate $1.0 million annual savings to Arlington. --The early termination of the leases upon the sale of all 20 leased AmeriHost Inns to third parties over the next four years, compared to the original 2013 and 2014 lease termination dates. "This 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). is a major milestone for Arlington," said Herman. "It allows us to convert an unfavorable long-term Long-term 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. lease to more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. terms, while creating an orderly orderly /or·der·ly/ (or´der-le) an attendant in a hospital who works under the direction of a nurse. or·der·ly n. An attendant in a hospital. exit strategy. We believe these modifications will reduce our former aggregate lease payment obligation through 2014 from approximately $47.2 million to an estimated aggregate of $10.0 million to $12.0 million, plus a 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. obligation of approximately $8.0 million to $9.5 million, depending on the ultimate timing and pricing of the hotel sales. Our intention is to sell these hotels as AmeriHost Inn hotels, thereby mitigating mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. any shortfall obligation with the incentives received from the Cendant agreement. We expect to receive incentive fees from Cendant of approximately $3.0 to $4.0 million from the sale of the 20 leased hotels, and to utilize these fees to reduce the anticipated shortfall obligation to approximately $4.0 to $6.5 million. This modification was critical in positioning the company for future growth." Discontinued Operations Losses Reduced Significantly The company continues to aggressively work to reduce losses from discontinued operations. Exclusive of impairment charges, incremental 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 were reduced significantly from a pretax loss pretax loss A loss reported before tax benefits are considered. of approximately ($1.9) million in the first nine months of 2003, to a pretax loss of approximately ($243,000) in the first nine months of 2004. "We continue to make solid inroads inroads Noun, pl make inroads into to start affecting or reducing: my gambling has made great inroads into my savings inroads npl to make inroads into [+ in reducing losses from the non-strategic, non-AmeriHost Inn hotels, primarily through the sale of these assets," said James B. Dale, chief financial officer. "We sold two wholly owned, non-AmeriHost Inns during the 2004 third quarter and in November 2004, we sold our joint venture ownership interest in one additional non-AmeriHost Inn, reducing our non-AmeriHost Inn properties to three, all of which are 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 third quarter, for the company's 48 AmeriHost Inn hotels improved 0.5 percent to $38.13, compared to the same period in 2003. The comparable midscale 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 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. , 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, rose 6.6 percent for the 2004 third quarter. RevPAR for the company's AmeriHost Inn hotels began to regain momentum in September 2004, up 5.9 percent.
Three Months Nine Months Twelve Months
Ended Ended Ended
September 30 September 30 September 30
------------ ------------ ------------
Occupancy - 2004 63.7% 57.9% 56.2%
Occupancy - 2003 64.0% 57.2% 55.6%
Increase (decrease) (0.5%) 1.2% 1.1%
Average Daily Rate - 2004 $59.88 $57.73 $57.44
Average Daily Rate - 2003 $59.26 $57.18 $56.94
Increase (decrease) 1.0% 1.0% 0.9%
RevPAR - 2004 $38.13 $33.42 $32.31
RevPAR - 2003 $37.95 $32.72 $31.69
Increase (decrease) 0.5% 2.6% 2.3%
"Most of our hotels are located in the Midwest, which still lags behind the nation as a whole in economic recovery," Herman noted. "The success of our marketing programs is encouraging in this still-difficult operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. . We closed 2003 with a RevPAR market share index of 97.3, according to Smith Travel Research. For the third consecutive quarter, we have improved our market share--from an index of 99.2 at the end of the first quarter of 2004, to an index of 100.5 as of September 30, 2004. We continue to work hard to increase this index." Hotel operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: for the 2004 third quarter continued to be under pressure. "We, at last, are beginning to achieve some pricing power Pricing Power An economic term referring to the effect that a change in a firm's product price has on the quantity demanded of that product. Pricing power ties in with the "Price Elasticity of Demand. , as the economy begins to slowly rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective in our primary markets, and we were able to increase room rates in the later part of the 2004 third quarter. We are rolling out an energy conservation program that we tested at several properties earlier this year to 35 hotels by year end," Herman said. "At the hotels involved in the test program, we are seeing considerable energy cost savings and expect to receive a payback Payback The length of time it takes to recover the initial cost of a project, without regard to the time value of money. on our investment within the first 18 to 24 months. Cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. remains a constant focus, and we continue to expand our marketing efforts through our Operation Heads in Beds initiative. Finally, we expect to see margin improvement as we sell off our older AmeriHost Inn hotels located in tertiary tertiary (tûr`shēârē), in the Roman Catholic Church, member of a third order. The third orders are chiefly supplements of the friars—Franciscans (the most numerous), Dominicans, and Carmelites. markets, and the non-AmeriHost Inn properties." Operation Sell Update In the 2004 third quarter, Arlington sold two wholly owned AmeriHost Inn hotels and two non-AmeriHost Inn hotels for total gross proceeds to the company of approximately $7.3 million. In addition, the company facilitated the sale of one leased AmeriHost Inn hotel in the 2004 third quarter on behalf of PMC, the landlord, resulting in the termination of the lease with Arlington. For the nine months ended September 30, 2004, the company has sold a total of eight wholly-owned AmeriHost Inn hotels and two wholly-owned, non-AmeriHost Inn hotels. In addition, Arlington facilitated the sale of one non-AmeriHost Inn hotel owned by a joint venture in which it was a partner, and facilitated the sale of one leased AmeriHost Inn hotel on behalf of PMC, as discussed above. Following the close of the 2004 third quarter, the company sold one wholly-owned, AmeriHost Inn hotel and its ownership interest in a joint venture that owns and operates a non-AmeriHost Inn hotel. Both transactions will be reported in the company's fourth quarter results. Since the company announced its plans to dispose of 25 to 30 hotels in July 2003, the company has sold 18 hotels, exclusive of the sale of the PMC hotel and the sale of our ownership interest in a non-AmeriHost Inn joint venture. "We currently have eight additional hotels under sale contracts, including PMC hotels, and we expect the sales pipeline to remain active," Herman said. "We are on target with our original disposition schedule of our Operation Sell program. We believe the rebounding economy and improving 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 fundamentals will benefit our sales efforts." The company's hotel assets designated for sale within the next 12 months have been classified as "held for sale" on the accompanying balance sheet as of September 30, 2004. The operations of the non-AmeriHost Inn hotels to be sold have been reclassified from the company's continuing operations and presented as "discontinued operations" in the consolidated statements of operations. It should be noted that when the company has hotels under contract for sale, even with nonrefundable Nonrefundable Not permitted, under the terms of an indenture, to be refundable. cash deposits in certain cases, certain conditions to closing remain, and there can be no assurance that these sales will be consummated as anticipated. Any forecasted amounts from closed or pending sales could differ from the final amounts included in the company's applicable quarterly and annual financial statements when issued. Furthermore, such forecasted amounts do not represent guidance on, or forecasts of, the results of the company's entire consolidated operations, which are reported on a quarterly basis. Information on Arlington's hotels being brokered for sale may be obtained from Steve Miller The name Steve Miller might refer to:
Development Program Update Arlington broke ground on an 82-room AmeriHost Inn & Suites in Lansing, Mich. during the third quarter of 2004 for a joint venture in which it is a partner. This project features one of Arlington's new 80- to 90-room hotel designs, developed specifically for larger markets. The hotel is expected to open in the 2005 second quarter. The company has secured debt and equity commitments for an 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, and expects to begin construction in the near future, pending finalizing all closing conditions. The company has four 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 one in Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). under 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 are also expected to utilize the new, larger prototype design. However, there can be no assurance that any of these transactions will be completed as contemplated. "We are ramping up our development program as fast as prudently possible," Herman said. "As the outlook for an improving hotel economy continues to gain momentum, we expect to increase our hotel development activities." 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 106-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 51 properties in 15 states, including 48 AmeriHost Inn hotels, for a total of 3,672 rooms, with additional AmeriHost Inn & Suites hotels under development. 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 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. for the year ended December 31, 2003 and reports on Form 10-Q for the periods ended March 31, 2004, June 30, 2004, and September 30, 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" as they may be updated in the company's subsequent SEC filings.
ARLINGTON HOSPITALITY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
2004 2003
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 3,303,941 $ 3,623,550
Accounts receivable, less an
allowance of $76,500
at September 30, 2004 and December
31, 2003 (including
approximately $283,000 and
$382,000 from related parties) 1,870,567 1,289,492
Notes receivable, current portion 116,042 146,000
Prepaid expenses and other current
assets 690,048 1,142,032
Refundable income taxes 201,227 975,316
Costs and estimated earnings in
excess of billings on
uncompleted contracts 658,163 1,232,481
Assets held for sale - other brands 7,989,911 10,603,160
Assets held for sale - AmeriHost Inn
hotels 15,835,968 28,162,442
Total current assets 30,665,867 47,174,473
Investments in and advances to
unconsolidated hotel joint ventures 3,224,533 3,309,344
Property and equipment:
Land 5,469,977 5,735,489
Buildings 28,504,291 31,174,776
Furniture, fixtures and equipment 9,357,438 13,176,842
Construction in progress 320,981 312,925
Leasehold improvements 96,736 2,396,689
43,749,423 52,796,721
Less accumulated depreciation and
amortization 11,397,270 13,242,842
32,352,153 39,553,879
Notes receivable, less current portion 800,000 867,500
Deferred income taxes 7,353,763 6,071,000
Other assets, net of accumulated
amortization of approximately
$580,000 and $633,000 2,039,396 2,737,217
10,193,159 9,675,717
$76,435,712 $99,713,413
ARLINGTON HOSPITALITY, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
September 30, December 31,
2004 2003
(Unaudited)
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,733,906 $ 2,768,402
Bank line-of-credit 1,750,000 3,850,000
Accrued payroll and related expenses 277,310 393,815
Accrued real estate and other taxes 2,239,980 1,980,015
Other accrued expenses and current
liabilities 1,303,243 1,407,511
Current portion of long-term debt 1,254,240 1,195,050
Liabilities of assets held for sale -
other brands 7,077,290 9,585,492
Liabilities of assets held for sale -
AmeriHost Inns 15,923,880 28,540,561
Total current liabilities 31,559,849 49,720,846
Long-term debt, net of current portion 23,255,114 26,513,398
Deferred income 11,431,901 11,361,927
Commitments and contingencies
Minority interests 219,262 329,819
Shareholders' equity:
Preferred stock, no par value;
authorized 100,000 shares; none issued - -
Common stock, $.005 par value;
authorized at 25,000,000 shares;
issued and outstanding 5,040,598
shares at September 30, 2004,
and 4,994,956 shares at December 31,
2003 25,203 24,975
Additional paid-in capital 13,399,556 13,220,302
Retained earnings (deficit) (3,067,673) (1,020,979)
10,357,086 12,224,298
Less:
Stock subscriptions receivable (387,500) (436,875)
Total shareholders' equity 9,969,586 11,787,423
$76,435,712 $99,713,413
ARLINGTON HOSPITALITY, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2004 2003 2004 2003
Revenue:
AmeriHost Inn
hotel operations
$ 9,378,850 $11,725,203 $26,790,374 $31,292,257
Development and
construction 299,008 380,834 1,889,694 2,478,095
Hotel sales 4,109,179 10,040,670 18,386,384 19,074,417
Management
services 97,773 124,542 300,599 352,997
Employee leasing 382,607 605,993 1,505,766 1,664,675
Incentive and
royalty sharing 376,111 264,945 976,525 694,594
Office building
rental 175,591 180,941 524,885 537,163
14,819,119 23,323,128 50,374,227 56,094,198
Operating costs and
expenses:
AmeriHost Inn
hotel operations 6,620,210 8,108,425 20,750,339 23,594,346
Development and
construction 668,764 591,467 2,790,749 2,727,944
Hotel sales 4,094,016 8,382,581 15,580,227 15,637,779
Management
services 47,727 65,918 163,438 205,677
Employee leasing 357,703 585,582 1,427,618 1,612,296
Office building
rental 45,350 45,967 121,310 142,383
11,833,770 17,779,940 40,833,681 43,920,425
2,985,349 5,543,188 9,540,546 12,173,773
Depreciation and
amortization 518,280 625,640 1,584,936 2,540,350
Leasehold rents -
hotels 1,173,963 1,211,727 3,567,054 3,649,980
Corporate general
and
administrative 1,170,989 526,848 2,750,799 1,489,686
Impairment
provision 435,491 143,496 880,929 4,808,008
Operating income (loss) (313,374) 3,035,477 756,828 (314,251)
Other income (expense):
Interest expense (740,484) (1,026,407) (2,556,739) (3,266,510)
Interest income 86,040 109,565 316,006 350,446
Other income
(expense) 14,218 (115,167) 37,185 (73,147)
Gain on sale of
assets) 283,690 400,000 283,690 400,000
Extinguishment of
debt 112,429 (61,994) (122,590) (141,227)
Equity in net
income and (losses)
of unconsolidated
joint ventures 15,661 (138,020) 26,523 (412,282)
Income (loss) before
minority interests and
income taxes (541,820) 2,203,454 (1,259,097) (3,456,971)
Minority interests in
operations of
consolidated joint
ventures (49,634) (47,242) (137,645) (128,933)
Income (loss) before
income taxes (591,454) 2,156,212 (1,396,742) (3,585,904)
Income tax (expense)
benefit 187,000 (882,000) 509,677 1,415,000
Net income (loss) from
continuing operations (404,454) 1,274,212 (887,065) (2,170,904)
Discontinued
operations, net of tax (121,679) (191,974) (1,159,629) (1,587,164)
Net income (loss) $(526,133) $1,082,238 $(2,046,694) $(3,758,068)
Net income (loss) from
continuing operations
per share:
Basic $ (0.08) $ 0.26 $ (0.18) $ (0.43)
Diluted $ (0.08) $ 0.25 $ (0.18) $ (0.43)
Net income (loss) per
share:
Basic $ (0.10) $ 0.22 $ (0.41) $ (0.74)
Diluted $ (0.10) $ 0.22 $ (0.41) $ (0.74)
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