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AMERIHOST PROPERTIES REPORTS FIRST QUARTER RESULTS; EXPECTS RECORD REVENUES, EARNINGS FOR 1992

 AMERIHOST PROPERTIES REPORTS FIRST QUARTER RESULTS;
 EXPECTS RECORD REVENUES, EARNINGS FOR 1992
 DES PLAINES, Ill., May 22 /PRNewswire/ -- Amerihost Properties, Inc. (NASDAQ: HOST), which manages, develops and renovates limited service hotels, today reported results for the first quarter ended March 31, 1992.
 The company had a first quarter net loss of $166,329 or nine cents per share on record revenues of $4,511,212 compared to net income of $35,099 or two cents per share on revenues of $2,213,664 for the same period for the same period last year.
 Management fees rose 81 percent in the quarter as the number of hotels managed by Amerihost reached 43 and 19 during the first quarter of 1991. During the initial three months of this year, the company also completed the renovation of three hotels and initiated development/construction activities at three additional projects.
 "The record revenues for the quarter and the operating loss, both anticipated, were primarily the result of the previously announced January 1992 establishment of an employee leasing subsidiary and the leasing of five hotels, previously managed, in which Amerihost has an interest in the partnership which owns the properties," Michael Hotlz, president and chief executive officer, said.
 "The employee leasing subsidiary provides approximately 1,350 employees to hotels we manage. As a result, our cost of sales includes gross payroll and related tax and other benefits costs, while revenues include an amount equal to the cost of sales and a percentage of the costs for administration," he explained. "In leasing the five hotels, our revenues and expenses now represent all of the hotels' activities, not just a management fee," Holtz noted.
 "these two developments add seasonality to our results, with the first and fourth quarters' revenues weaker than those of the second and third quarters. We anticipate returning to substantial profitability in the second quarter and achieving record revenues and earnings for 1992," he concluded.
 AMERIHOST PROPERTIES, INC.
 Financial Highlights (Unaudited)
 Three months ended March 31 1992 1991
 Revenues $4,511,212 $2,213,664
 Net income (loss) (166,329) 35,099
 Net income (loss) per share $(.09) $.02
 Average shares outstanding 2,013,298 1,726,798
 -0- 5/22/92
 /CONTACT: Richard A. D'Onofrio of AmeriHost, 708-298-4500/
 (HOST) CO: AmeriHost Properties, Inc. ST: Illinois IN: SU: ERN


AH-KD -- NY058 -- 3469 05/22/92 16:59 EDT
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Publication:PR Newswire
Date:May 22, 1992
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