BridgeStreet Announces Fourth Quarter and Year End Earnings.CLEVELAND--(BUSINESS WIRE)--Feb. 25, 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 $231,000 or $0.03 per share for the fourth quarter ended December December: see month. 31, 1997. The fourth quarter net income was up 26% over the comparable prior year period's results of $184,000, revenues increased 314% from $3.3 million to $13.8 million. For the year ended December 31, 1997, the company's net income adjusted for a non-recurring officers' stock compensation charge was $1,664,000 or $0.28 per share, up 151% over the comparable prior year period's results of $664,000, revenues increased 309% from $12.4 million to $50.75 million. The 1996 periods only report the net income and revenues of Temporary Corporate Housing ("TCH TCH Trans-Canada Highway TCH Texas Children's Hospital (Houston, TX) TCH The Children's Hospital TCH Traffic Channel TCH Threshold Crossing Height TCH Toyota Camry Hybrid TCH Taurocholic Acid "), the acquirer of the other BridgeStreet operating subsidiaries An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. . Commenting on the quarter, 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 of the Company stated: "We completed our IPO (Initial Public Offering) The first time a company offers shares of stock to the public. While not a computer term per se, many founders, employees and insiders of computer companies have found this acronym more exciting than any tech term they ever heard. at the end of September and immediately began investing the proceeds to expand and grow the Company. We opened a new market in Houston, TX, acquired solid operations in Dallas, TX and Phoenix, AZ adding in excess of $10 million in annual sales. 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 came on line facilitating cross-market referrals and sales. Operating results reflected the typical seasonal aspect of our business; our customers demand for 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 subsides as we contract our apartment inventory, however, we still experience higher than optimal vacancy VACANCY. A place which is empty. The term is principally applied to cases where an office is not filled. 2. By the constitution of the United States, the president has the power to fill up vacancies that may happen during the recess of the senate. rates. We continue to implement operational standards and reporting processes in all markets to improve profitability." Hulett went on to comment on 1998 acquisitions, "We have acquired since year end five additional companies, four 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. comprising the following markets: Charlotte NC, Raleigh-Durham NC, Research Triangle Park Research Triangle Park, research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ. NC, Winston-Salem NC, Greensboro NC, Austin TX, Denver CO, Colorado Springs Colorado Springs, city (1990 pop. 281,140), seat of El Paso co., central Colo., on Monument and Fountain creeks, at the foot of Pikes Peak; inc. 1886. It is a year-round resort and a booming military, technological, and commercial city. CO, Boulder Boulder, city, United States Boulder, city (1990 pop. 83,312), seat of Boulder co., N central Colo.; inc. 1871. A Rocky Mountain resort and a suburb of Denver, it is the seat of the Univ. of Colorado (1876). CO and Fort Collins CO. We have expanded internationally to London, with the acquisition of London Life Apartments. This major move represents a tremendous opportunity for our current customers while introducing BridgeStreet to a significant source of overseas business for our rapidly growing roster of U.S. markets." 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-BSTREET for calls from anywhere in 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. -0-
BRIDGESTREET
ACCOMMODATIONS,INC.
CONSOLIDATED STATEMENTS OF
OPERATIONS
(In thousands, except share amounts)
Three Months Ended Year Ended
December 31, December 31,
___________________ __________________
TCH BridgeStreet TCH BridgeStreet
1996 1997 1996 1997
_________ ________ ________ _________
Revenues $3,346 $13,836 $12,400 $50,750
Operating Expenses:
Cost of services 2,408 10,999 9,052 37,737
Selling, general and
administrative expense 680 2,542 2,327 9,887
Officers' stock
compensation expense (note 1) - - - 1,210
Goodwill amortization
expense - 131 - 489
_________ ________ ________ _________
Total operating expenses 3,088 13,672 11,379 49,323
_________ ________ ________ _________
Operating income 258 164 1,021 1,427
Other income 68 266 155 398
_________ ________ ________ _________
Income before provision for
income taxes 326 430 1,176 1,825
Provision for income taxes
(note 2) 142 199 512 1,371
_________ ________ ________ _________
Net income $ 184 $ 231 $ 664 $ 454
_________ ________ ________ _________
_________ ________ ________ _________
Basic net income per share before
officers' stock compensation expense $ 0.03 $ 0.28
________ _________
________ _________
Dilutive net income per share before
officers' stock compensation expense $ 0.03 $ 0.28
________ _________
________ _________
Basic net income per share $ 0.03 $ 0.08
________ _________
________ _________
Dilutive net income per
share $ 0.03 $ 0.08
________ _________
________ _________
Weighted average shares
outstanding - basic 7,620,862 5,904,484
Weighted average shares
outstanding - dilutive 7,741,522 5,930,248
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 year ended
December 31, 1997 does not give tax benefit for officers' stock
compensation expense and 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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