Wyndham International Reports First Quarter 2005 Results; Company Surpasses Quarterly EBITDA and RevPAR Guidance.DALLAS -- Wyndham International, Inc. (AMEX AMEX See: American Stock Exchange :WBR WBR West Baton Rouge WBR With Best Regards WBR Warner Brothers Records (record label) WBR Whole Brain Radiation WBR Big Rapids, Michigan (Airport Code) WBR Wide Band Radio WBR Widening But Replicating ): Results Summary: (1) Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become for the first quarter was $75.3 million, exceeding the high-end of guidance. (2) Wyndham-branded comparable owned and leased assets posted RevPAR of $129.07 or an increase of 6.8 percent in the first quarter, which also exceeded the high-end of guidance. (3) This week Wyndham is expected to complete its planned $1.65 billion refinancing Refinancing An extension and/or increase in amount of existing debt. , extending its corporate debt maturities to 2011. This will represent approximately 90.0% of Wyndham's outstanding debt.(4) www.wyndham.com revenue increased 13.1 percent quarter over quarter. (5) The Wyndham-branded portfolio posted a RevPAR penetration index of 101.0 for the first quarter 2005. (6) As of March 31, 2005, Wyndham's total debt was $1.67 billion. (7) Wyndham entered into a definitive recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. agreement with certain investors in Wyndham's Series B Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. to greatly simplify Wyndham's capital structure and governance Governance makes decisions that define expectations, grant power, or verify performance. It consists either of a separate process or of a specific part of management or leadership processes. Sometimes people set up a government to administer these processes and systems. . Surpassing its first quarter 2005 EBITDA guidance by over $5.0 million, as well as RevPAR guidance by 2.3 percent, Wyndham International, Inc. (AMEX:WBR) today reported that for the first quarter ending March 31, 2005, EBITDA, as adjusted, was $75.3 million compared to $67.1 million from the same quarter last year. The Company's comparable owned and leased Wyndham-branded properties posted RevPAR of $129.07, an increase of 6.8 percent versus the same period in 2004. Eighty-seven percent of the RevPAR increase was driven by the increase in average daily rate (ADR ADR - Astra Digital Radio ). Larger RevPAR gains were realized by the Company's comparable owned and operated Wyndham Hotels & Resorts brand segment, which posted RevPAR of $116.98 or a 7.7 percent increase compared to the same period last year. Wyndham-branded owned, leased, managed and franchised properties ended the quarter with a RevPAR penetration index of 101.0. The Company experienced solid ADR gains at comparable properties in the first quarter, led by its Wyndham Hotels & Resorts brand segment which posted a 7.2 percent increase in ADR. Fred J. Kleisner, Wyndham's chairman, president and chief executive officer, stated: "Wyndham's strong first quarter earnings are a direct result of our revenue driving strategies initiated in early 2004. With strong demand for upscale and luxury hotel accommodations, maintaining control of our rooms inventory, continuing to create incentives for guests to book through our proprietary distribution channels, and investing capital into our properties will position us well for continued EBITDA and RevPAR gains in 2005." For the first quarter 2005, the Company reported a net loss of $3.3 million 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 compared to $22.0 million in the same quarter last year. After the effect of the preferred dividend preferred dividend n. a payment of a corporation's profits to holders of preferred shares of stock. (See: preferred stock) , the net loss per share was $0.14 on a fully 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. basis compared to $0.42 from the same period last year. Brand Development: During the first quarter, Wyndham signed one new management and 16 new franchise agreements. Fourteen of these contracts were retained from previously owned real estate. Additionally, Wyndham announced the long-term franchise agreement with GW Development LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control to flag a historic hotel in Winchester, Va. Scheduled to open by spring 2006, The George Washington -- A Wyndham Historic Hotel will join the company's portfolio of Wyndham Historic Hotels following the completion of a multi-million dollar restoration. Wyndham also plans to re-flag the LAX Plaza Hotel The Plaza Hotel in New York City is a landmark 19-story luxury hotel with a height of 250 feet (76 m) and length of 400 feet that (122 m) occupies the west side of Grand Army Plaza, from which it derives its name, and extends along Central Park South in Manhattan. in Culver City Culver City, city (1990 pop. 38,793), Los Angeles co., S Calif., a residential suburb of Los Angeles; inc. 1917. It is a center of the U.S. motion-picture industry, whose roots in the city date to c.1915. Its chief manufactures are rubber products and computers. , Calif. to a Wyndham Hotel. Opening June 2005, the new Wyndham Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Airport is located just two and a half miles from the Los Angeles International Airport “LAX” redirects here. For other uses, see LAX (disambiguation). “KLAX” redirects here. For other uses, see KLAX (disambiguation). Los Angeles International Airport (IATA: LAX, ICAO: KLAX, FAA LID: LAX . The Wyndham Los Angeles Airport will join the Wyndham brand as part of a long-term franchise agreement with the property's owners, Uran Hotels, Inc. Subsequent to the quarter's end, the Company announced the launch of a new exclusive spa concept inspired by its original Golden Door in Escondido, Calif. Sasura -- A Spa Experience by Golden Door(R) will expand Golden Door's life-enhancing philosophy through boutique Boutique A small investment firm specializing in offering specific, but limited services to a select number of individuals. Notes: These investment firms are the alternatives to large financial supermarkets. They provide a highly personalized environment for investing. spa settings at a selection of Wyndham's upscale properties. The Wyndham Buttes Buttes is a municipality in the district of Val-de-Travers in the canton of Neuchâtel in Switzerland. Resort in Tempe, Ariz., will unveil the first Sasura spa in July 2005, with plans for new Sasura spas to be introduced in select properties over the next ten years. The Wyndham Cap Tremblant Mountain Resort, a premiere mountain retreat located in Quebec's renowned Mont Tremblant ski area outside of Montreal Of Montreal is an American indie pop band formed in Athens, Georgia, fronted by Kevin Barnes. It was among the second wave of groups to emerge from The Elephant 6 Recording Company. , opened on May 1. Offering breathtaking breath·tak·ing adj. 1. Inspiring or exciting: a breathtaking view; a breathtaking ride. 2. Astonishing; astounding: breathtaking insensitivity. views of the surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. Laurentian Mountains Laurentian Mountains (lôrĕn`shən) or Laurentides (lôr`əntīdz', lär`–, –tēdz'), S Que., Canada, N of the St. and nearby Lac Mercier, the newly constructed resort features 130 mountain condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. homes, as well as a wide range of sports and recreational activities ideal for outdoor enthusiasts in every season. Brand Distribution: Wyndham experienced quarter over quarter increases in all of its proprietary distribution channels. Net wyndham.com revenue increased 13.1 percent and posted revenue of $25.7 million. Wyndham.com continues to lead the online third-party channels, posting a consumer ADR of $138.05 or an increase of 12.6 percent versus total third-party Internet sites' net rate to Wyndham of $105.62. Wyndham.com generated 10.6 percent more in revenue than all third-party Internet sites combined. Additionally, Wyndham distribution booked through third-party Internet channels The Internet Channel is a version of the Opera 9 web browser for use on the Wii by Opera Software and Nintendo.[1] On December 22, 2006, a free beta version (promoted as a "trial version") of the browser was released. realized a 30.0 percent increase in ADR compared to the same period last year. Wyndham's call center experienced an increase of 4.9 percent in call volume versus the same quarter the prior year and achieved a call conversion rate of 44.1 percent. The call center's ADR was $133.55 or a 3.5 percent increase year-over-year. Wyndham ByRequest, the brand's guest recognition program, had 2.3 million members as of the end of the first quarter. Wyndham ByRequest members accounted for 19.5 percent of total room nights and 20.2 percent of total room revenues. Corporate Finance/Accounting: As of March 31, 2005, Wyndham's total debt was $1.67 billion, a decrease of $356.2 million at the end of the fourth quarter 2004. Company debt breaks down as follows: Revolver revolver: see small arms. revolver Pistol with a revolving cylinder that provides multishot action. Some early versions, known as pepperboxes, had several barrels, but as early as the 17th century pistols were being made with a revolving chamber to $23.1 million; Term Loan I $744.1 million; Term Loan II $243.2 million and Mortgage and Other Indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. $661.9 million. Wyndham's total debt excludes $167.8 million in debt related to the Wyndham Anatole, a third-party owned hotel. Wyndham has no obligation to repay the Anatole debt. Wyndham's liquidity, defined as revolver availability plus cash in its overnight account, was approximately $201.3 million compared to $190.0 million at the end of the fourth quarter 2004. Corporate Debt Refinancing: This week Wyndham is expected to complete its planned $1.65 billion refinancing, extending its corporate debt maturities to 2011. This will represent approximately 90.0% of Wyndham's outstanding debt. "Since 1999 Wyndham has reduced its debt by over $2 billion," stated Kleisner. "This refinancing, with a 2011 maturity date, gives us the running room necessary to focus on our customers and maximize the revenue potential of the Wyndham brand." Capital Investments: Within the next 12 months, Wyndham expects to invest approximately $155.0 million of capital into its 33 owned and leased properties to enhance the entire guest experience. The $155.0 million investment consists of $100.0 million in pre-funded debt from the Company's refinancing and $55.0 million from 2005 cash flow projections A Cash Flow Projection is an attempt to forecast the cash flows that will be generated by an asset, often a company, over a specified time frame. Methodology Projections can be made with varying levels of detail, but any cash flow projection for a business entails . Renovations vary by property, but will encompass guest room, public space and back of the house updates, including $16.5 million into a series of gaming upgrades to its world-renowned Puerto Rican Puer·to Ri·co Abbr. PR or P.R. A self-governing island commonwealth of the United States in the Caribbean Sea east of Hispaniola. casino properties: the Wyndham El Conquistador conquistador (kŏnkwĭs`tədôr, Span. kōng-kē'stäthôr`), military leader in the Spanish conquest of the New World in the 16th cent. Resort & Golden Door Spa; the Wyndham Condado Plaza Hotel & Casino, which offers the largest number of slot machines on the island, and the Wyndham El San Juan San Juan, city, Argentina San Juan (săn wän, Span. sän hwän), city (1991 pop. 353,476), capital of San Juan prov., W Argentina. It is a commercial and industrial center in an agricultural region. Hotel & Casino, the largest casino on the island. Additionally, approximately $200.0 million is being invested into Wyndham-branded properties by third-party owners of Wyndham properties, creating a consistent brand experience for all Wyndham guests. Kleisner added, "Focusing on our brand, delivering on our promises and providing guests with personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. experiences differentiates us from our competitors and will cement our reputation as a world-class, branded hotel operating company operating company A business that engages in transactions with outsiders. . Wyndham International, along with our third-party owners, is committed to providing a consistent brand experience to our customers. Our combined commitment in 2005 capital improvements will provide a strong return through increased guest room rates and further increases value in one of the nation's premier hotel brands." Corporate Recapitalization: On April 15, 2005, Wyndham entered into a definitive recapitalization agreement with certain investors in Wyndham's Series B Preferred Stock to greatly simplify Wyndham's capital structure and governance. The existing classification of Wyndham's common stock will be eliminated and all outstanding shares of Series A and Series B Preferred Stock will be converted into common stock, with the existing common stockholders continuing to hold shares of common stock. At the close of the transaction, the holders of the Series A and Series B preferred stock will own approximately 85.0 percent of the outstanding common stock of Wyndham and the existing common stockholders will own approximately 15.0 percent of the outstanding common stock of Wyndham. Non-Strategic Asset Disposition: During the first quarter, Wyndham closed the sale of 25 non-strategic assets for gross proceeds of $380.0 million, including the Wyndham Riverfront riv·er·front n. The land or property along a river. in New Orleans New Orleans (ôr`lēənz –lənz, ôrlēnz`), city (2006 pop. 187,525), coextensive with Orleans parish, SE La., between the Mississippi River and Lake Pontchartrain, 107 mi (172 km) by water from the river mouth; founded , the Wyndham Glenview in Illinois, and 23 hotels to a private investment fund managed by Goldman Sachs The Goldman Sachs Group, Inc., or simply Goldman Sachs (NYSE: GS) is one of the world's largest global investment banks. Goldman Sachs was founded in 1869, and is headquartered in the Lower Manhattan area of New York City at 85 Broad Street. and affiliates of Highgate Holdings. All net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). were used to pay down debt. Additionally, Wyndham has two hotels under contract, the Wyndham Toledo (Ohio) and the Marriott Atlanta North Central, which are expected to close in the second quarter 2005. The two hotels are part of the same $366.0 million Goldman Sachs transaction announced on Dec. 31, 2004. The completion of these transactions concludes the Company's formal asset disposition program. Form 10-Q Form 10-Q See 10-Q. : Wyndham will file a Form 12b-25 extending the time to file its Form 10-Q by five days. During the quarter ended March 31, 2005, the Company booked a $1.7 million tax adjustment relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the prior year. Although this matter is considered immaterial Not essential or necessary; not important or pertinent; not decisive; of no substantial consequence; without weight; of no material significance. immaterial adj. to the results for the year ended Dec. 31, 2004, Wyndham is considering appropriate accounting treatment for the quarter ended March 31, 2005. Future Guidance: The Company expects second quarter 2005 EBITDA to be in the range of $58.0 to $61.0 million. The range for RevPAR growth is estimated to be 7.0 to 9.0 percent. EBITDA guidance for the full year is increased and is expected to be in the range of $220.0 to $230.0 million. Further, full year RevPAR growth is increased to be in the range of 7.0 to 9.0 percent. Wyndham International, Inc.: Based in Dallas, Wyndham International, Inc. offers upscale and luxury hotel and resort accommodations. Wyndham owns, leases, manages and franchises hotels and resorts in the U.S., Canada, Mexico, the Caribbean and Europe, and guarantees that the best rates for its properties will be found on its proprietary Web site. For more information or to make a reservation, visit www.wyndham.com or call 800-WYNDHAM. Wyndham is a founding member of the Global Hotel Alliance (www.globalhotelalliance.com), a worldwide union of hospitality companies that provides guests with unique, personalized guest services. EBITDA: EBITDA represents earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses as defined by accounting principles generally accepted 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. (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ) and such metric should not be considered as an alternative to net income, cash flow from operations or any other performance measure prescribed pre·scribe v. pre·scribed, pre·scrib·ing, pre·scribes v.tr. 1. To set down as a rule or guide; enjoin. See Synonyms at dictate. 2. To order the use of (a medicine or other treatment). by GAAP. The Company's calculation of EBITDA may be different from the calculation used by other companies and, therefore, comparability may be limited. Cautionary Statement: This press release contains certain 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 Sections 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including projections about future operating results. The Company's results, expectations and objectives could differ materially from those set forth in the forward-looking statements. Certain factors that might cause a difference include, but are not limited to, risks associated with the availability of equity or debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay at terms and conditions favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. to Wyndham; risks associated with the course of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. ; Wyndham's ability to effect sales of assets on favorable terms and conditions; Wyndham's ability to integrate acquisitions into its operations and management; risks associated with the hotel industry and real estate markets in general; competition within the 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; the impact of general economic conditions; travelers' fears of exposure to contagious diseases contagious diseases: see communicable diseases. ; the impact of terrorist activity or war, threats of terrorist activity or war and responses thereto there·to adv. 1. To that, this, or it. 2. Archaic In addition to that; furthermore. thereto Adverb Formal 1. to that or it 2. on the economy in general and the travel and hotel industries in particular; risks associated with debt financing; and other risks and uncertainties set forth in the Company's annual, quarterly and current reports, and proxy statements Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. .
WYNDHAM INTERNATIONAL, INC.
2005 OPERATING STATISTICS BY QUARTER
First Quarter
---------------------------
2005 2004 % Change
-------- -------- ---------
COMPARABLE WYNDHAM BRANDED HOTELS (a)
Wyndham Hotels & Resorts
------------------------
Average daily rate $154.78 $144.39 7.2%
Occupancy 75.6% 75.3% 0.3 ppt
RevPAR $116.98 $108.67 7.7%
Wyndham Luxury Resorts (b)
--------------------------
Average daily rate $252.30 $257.08 -1.9%
Occupancy 49.9% 49.6% 0.3 ppt
RevPAR $125.97 $127.39 -1.1%
Wyndham Garden
--------------
Average daily rate $106.94 $101.57 5.3%
Occupancy 59.6% 61.0% -1.4 ppt
RevPAR $63.77 $61.99 2.9%
COMPARABLE OWNED & LEASED HOTELS
Proprietary Branded (c)
-----------------------
Average daily rate $165.16 $156.11 5.8%
Occupancy 78.1% 77.4% 0.7 ppt
RevPAR $129.07 $120.87 6.8%
Non-Proprietary Branded (d)
---------------------------
Average daily rate $97.36 $85.73 13.6%
Occupancy 83.6% 86.5% -2.9 ppt
RevPAR $81.37 $74.18 9.7%
Total Portfolio
---------------
Average daily rate $163.75 $154.58 5.9%
Occupancy 78.3% 77.6% 0.7 ppt
RevPAR $128.14 $119.96 6.8%
NOTE: All hotel statistics exclude assets sold or held for sale during
2005.
(a) Brand statistics are based on comparable owned, managed and
leased hotels for respective periods.
(b) Reflects results of the Boulders, Carmel Valley Ranch, Isla
Navidad, Kelly House, and Harbor View.
(c) Reflects Wyndham Hotels & Resorts, Wyndham Luxury Resorts and
Wyndham Garden Hotels that were branded as of Jan. 1, 2005.
(d) This represents our Park Shore hotel located in Hawaii.
WYNDHAM INTERNATIONAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands)
(Unaudited)
Three Months Ended
March 31,
-------------------
2005 2004
--------- ---------
Revenues:
Room revenues $134,831 $126,412
Food and beverage revenues 67,416 67,468
Other revenues 43,481 43,219
Anatole hotel revenues 30,739 32,323
--------- ---------
Total hotel revenues 276,467 269,422
Management fees and service fee income 5,369 4,717
Interest and other income 785 516
--------- ---------
Total revenues 282,621 274,655
--------- ---------
Expenses:
Room expenses 29,327 27,907
Food and beverage expenses 44,356 44,602
Other expenses 93,232 91,333
Anatole hotel expenses 19,228 20,138
--------- ---------
Total hotel expenses 186,143 183,980
General and administrative costs 12,606 14,042
Interest expense 43,094 46,919
Interest expense - Anatole 3,150 3,195
--------- ---------
Total operating costs and expenses 244,993 248,136
--------- ---------
Revenues net of direct expenses 37,628 26,519
Adjustments:
Severance Expenses 2,322 51
(Gain) loss on derivative instruments (191) 4,336
Write-off of management contract costs 439 --
Professional fees and other 1,687 150
--------- ---------
Total adjustments 4,257 4,537
--------- ---------
Depreciation and amortization 24,499 29,438
Depreciation and amortization - Anatole 3,031 2,223
Equity in earnings from unconsolidated
subsidiaries (373) (791)
Minority interest in consolidated subsidiaries 109 1
Minority interest in consolidated subsidiaries -
Anatole 6,008 7,496
--------- ---------
33,274 38,367
--------- ---------
Income (loss) from continued operations before
taxes 97 (16,385)
Income tax provision (3,416) (5,617)
--------- ---------
Loss from continued operations (3,319) (22,002)
--------- ---------
Income (loss) from operations of discontinued
hotels 2,091 (4,418)
Gain (loss) on sale of assets 21,979 (1,018)
Other (41) (34)
Impairment of assets held for sale -- (1,963)
--------- ---------
Income (loss) from discontinued operations 24,029 (7,433)
Income tax provision -- --
--------- ---------
Income (loss) from discontinued operations 24,029 (7,433)
Net Income (loss) $20,710 $(29,435)
========= =========
EBITDA, as adjusted $75,333 $67,080
========= =========
WYNDHAM INTERNATIONAL, INC.
EBITDA Reconciliation
(in thousands, except per share data)
(Unaudited)
Three Months Ended
March 31,
-------------------
2005 2004
--------- ---------
EBITDA Reconciliation
Net loss $(3,319) $(22,002)
Interest expense 43,094 46,919
Depreciation and amortization 24,499 29,438
Income tax provision 3,416 5,617
--------- ---------
EBITDA 67,690 59,972
Interest, depreciation and amortization from
equity interest in unconsolidated subsidiaries 1,335 1,277
Interest, depreciation and amortization
attributable to minority interests (25) (140)
Write-off of management contract and leasehold
costs 439 --
Amortization of unearned compensation 436 774
Transaction related severance costs 2,322 --
Loss on derivative instruments (191) 4,336
Taxes -- Franchise 531 (309)
Professional fees and other 1,687 61
Consolidation of Anatole 1,109 1,109
--------- ---------
EBITDA, as adjusted $75,333 $67,080
========= =========
Per Share Calculations:
Loss from continued operations $(3,319) $(22,002)
Income (loss) from discontinued operations 24,029 (7,433)
--------- ---------
Net Income (loss) $20,710 $(29,435)
Adjustment for preferred stock (44,190) (40,814)
--------- ---------
Net loss attributable to common shareholders $(23,480) $(70,249)
========= =========
Basic and diluted loss per common share:
Loss from continued operations $(0.28) $(0.37)
Loss from discontinued operations 0.14 (0.05)
--------- ---------
Loss per common share $(0.14) $(0.42)
========= =========
Basic and diluted weighted average common shares
and share equivalents 172,003 168,255
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion