-MHI Hospitality Announces Annual Financial Results for 2010.
Travel Business Review - 23 February 2011
MHI Hospitality Corporation (NASDAQ:MDH), a US-based investment company that invests in hospitality industry, has announced its consolidated results for the fourth quarter and full year ended December 31, 2010.
For the quarter ended December 31, 2010, the company has reported consolidated total revenue of USD18.8m, an increase of 7.5% over the quarter ended December 31, 2009. For the fourth quarter 2010, consolidated net loss is USD0.9m, or USD0.09 per share, as compared to a consolidated net loss of USD0.8m, or USD0.10 per share, for the quarter ended December 31, 2009. For the year ended December 31, 2010, consolidated total revenue is USD77.4m, an increase of 8.2% over that in the year ended December 31, 2009. For 2010, consolidated net loss is USD2.4m, or USD0.25 per share, compared to a consolidated net loss of USD2.0m, or USD0.28 per share reported for 2009.
Andrew M Sims, the company president and chief executive officer, said 'We continue to make substantial progress as our repositioned hotels take market share and the industry is in recovery. We have delivered improved year-over-year operating performance. Funds from Operations, when adjusted for non-cash accruals, trended positively in the quarter and for the year. Additionally, we are pleased with other meaningful gains in performance, which include increases of more than 66% and 423% in net operating income for the full year and quarter, respectively.'
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((Distributed via M2 Communications - http://www.m2.com)).END.PUB430>PDFebruary 23, 2011>JNTRAVEL BUSINESS REVIEW.PRICEDATENOT APPLICABLE.DAY
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|Publication:||Travel Business Review (TBR)|
|Date:||Feb 23, 2011|
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