BridgeStreet Announces First Quarter Earnings.CLEVELAND--(BUSINESS WIRE)--May 5, 1998--BridgeStreet Accommodations, Inc. (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 :BEDS) today announced net income of $70,000 or $0.01 per share for the first quarter ended March 31, 1998, in line with analyst expectations. First-quarter net income was up 250% over the comparable prior-year period's results of $20,000, before the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge for officers' stock compensation expense, while revenues increased 115% from $9.1 million to $19.5 million. William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack N. Hulett
The Hulett automatic ore unloader was invented by George Hulett of Ohio in the late 1800s; he received a patent for his invention in 1898. , III, president and chief executive officer, stated: "In the first quarter we aggressively expanded into new markets, including two international markets, London London, city, Canada London, city (1991 pop. 303,165), SE Ont., Canada, on the Thames River. The site was chosen in 1792 by Governor Simcoe to be the capital of Upper Canada, but York was made capital instead. London was settled in 1826. , England England, the largest and most populous portion of the United Kingdom of Great Britain and Northern Ireland (1991 pop. 46,382,050), 50,334 sq mi (130,365 sq km). It is bounded by Wales and the Irish Sea on the west and Scotland on the north. and Toronto Toronto (tərŏn`tō), city (1998 est pop. 2,400,000), provincial capital, S Ont., Canada, on Lake Ontario. Toronto is the largest city in Canada and since the 1970s has been one of the fastest-changing cities in North America, experiencing , Canada, through the acquisition of six companies. By doing so, we continue to build the BridgeStreet brand and provide our existing customers with new domestic and international locations to meet their 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 needs. Market cross-sell opportunities are being handled through our central reservation central reservation Noun Brit & NZ the strip that separates the two sides of a motorway or dual carriageway central reservation n (BRIT) (AUT) → mediana system, providing operating leverage Operating Leverage A measurement of the degree to which a firm or project relies on fixed rather than variable costs. Notes: The higher the degree of operating leverage, the greater the potential danger from forecasting risk. for revenue and profitability growth." Hulett added, "We continue to strive to increase our occupancy rates Noun 1. occupancy rate - the percentage of all rental units (as in hotels) are occupied or rented at a given time pct, per centum, percent, percentage - a proportion in relation to a whole (which is usually the amount per hundred) to drive revenue growth and expand our gross margins." BridgeStreet offers upscale, fully furnished fur·nish tr.v. fur·nished, fur·nish·ing, fur·nish·es 1. To equip with what is needed, especially to provide furniture for. 2. apartments, townhouses and condominiums primarily for business travelers and relocating corporate executives who need lodging for one night up to several months or more. A typical unit is considerably larger and its cost per night considerably lower than traditional and extended-stay hotels. The company's diverse customer base centers on Fortune 2000 corporations, professional firms, professional athletes and travel-wise individuals. BridgeStreet's toll-free number is 1-800-B-STREET for calls from the U.S. or Canada. The company intends to add toll-free reservation service in selected European European emanating from or pertaining to Europe. European bat lyssavirus see lyssavirus. European beech tree fagussylvaticus. European blastomycosis see cryptococcosis. countries in the near future. This release contains 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. which involve risks and uncertainties. The company's actual results may differ significantly from results discussed in the forward-looking statements due to a number of important factors, including, but not limited to, the company's planned rapid expansion, risks related to acquisition financing, dependence on third parties, market acceptance of the company's brand name, and factors affecting travel. These factors are more fully discussed in the company's Registration Statement on Form S-4 filed with the Securities and Exchange Commission (File No. 333-39187). -0-
BRIDGESTREET ACCOMMODATIONS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except share amounts)
Quarter Ended
March 31,
__________________________
BridgeStreet BridgeStreet
1997 1998
____________ ____________
Revenues $ 9,065 $ 19,484
Operating Expenses:
Cost of services 7,001 15,063
Selling, general and administrative expense 1,950 4,192
Goodwill amortization expense 107 207
Officers' stock compensation
expense (note 1) 1,210 -
____________ ____________
Total operating expenses 10,268 19,462
____________ ____________
Operating income (1,203) 22
Other income 31 105
____________ ____________
Income before provision for income taxes (1,172) 127
Provision for income taxes (note 2) 18 57
____________ ____________
Net income $ (1,190) $ 70
____________ ____________
____________ ____________
Net income per share before officers'
stock compensation expense $ 0.00 $ 0.01
____________ ____________
____________ ____________
Net income per share $ (0.24) $ 0.01
____________ ____________
____________ ____________
Weighted average shares outstanding 5,000,000 8,037,932
Note 1. Officers' stock compensation expense represents a
non-recurring, non-cash compensation expense which was charged to
operations, with an offsetting credit to paid in capital in the
first quarter of 1997. The charge represents the difference between
the value of the stock issued and the amount paid by the officers.
Note 2. The income tax provision for the quarter ended March 31,
1997 does not give tax benefit for officers' stock compensation
expense and the income tax provision for the quarters ended March 31,
1998 and 1997 do not give tax benefit for goodwill expense as these
are non-deductible expenses for income tax purposes.
CONTACT: BridgeStreet Accommodations Inc. Mark D. Gagne, 440/248-3005 www.bridgest.com |
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