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AMERIHOST REPORTS RECORD FOURTH QUARTER, YEAR END NET INCOME

 AMERIHOST REPORTS RECORD FOURTH QUARTER, YEAR END NET INCOME
 DES PLAINES, Ill., April 1 /PRNewswire/ -- Record fourth quarter and year-end net income was reported today by Amerihost Properties, Inc. (NASDAQ: HOST). The company is engaged in the management, construction and renovation of limited service hotels.
 "Our niche marketing skills and opportunistic management style have helped us expand profitably during a time of difficulty for the lodging industry," Michael Holtz, president and chief executive officer, said.
 Net income for the fourth quarter ended Dec. 31, 1991, was $142,282 or 9 cents per share on total revenues of $1,843,548, compared with net income of $45,532 or 3 cents per share on revenues of $2,528,563 in the prior year's final quarter.
 Net income for the year was $280,438 or 17 cents per share on revenues of $6,596,849 compared with net income of $116,362 or 7 cents per share on revenues of $6,909,674 in fiscal 1990. The 141 percent increase in earnings can be attributed to increased revenues and margins from hotel management activities.
 The company now manages 43 properties and more than 4,400 rooms versus 23 properties and 2,200 rooms at the end of 1990. "We plan to have 60 properties under management by the end of 1992," Holtz noted. The company currently manages properties in Illinois, Indiana, Ohio, Tennessee, Georgia, Louisiana and Kentucky.
 Holtz pointed out that "while the company continued to focus on the management, development, and construction phases of the limited service motel industry, in the fourth quarter of 1991, we decided to extend these activities to include the leasing and operation of motels and motel employee leasing."
 As a result of newly acquired motel leases, the company will now be recognizing gross revenues and related operating expenses from six properties. Revenues from these properties for 1991 were more than $5.5 million. The company also now will recognize gross revenues and operating expenses relating to the newly formed employee leasing subsidiary. "Based on the number of properties currently under management, this subsidiary is expected to generate about $11 million in revenues 1992," Holtz explained.
 "These businesses will make interim comparisons difficult with similar periods of previous years. The revenues in both the motel leasing and employee leasing businesses are heavily dependent on motel traffic and occupancy, which will add significant seasonal variations to our income statement," he noted.
 "As a result, revenues in the first and fourth calendar quarters will be weaker than those of the second and third quarters. The company expects to recognize sharply higher revenues in the first quarter of 1992 as compared to the first quarter of 1991, but also expects to incur operating losses. However, we anticipate returning to substantial profitability in the second quarter and expect 1992 to be a record year in earnings and revenues," Holtz concluded.
 AMERIHOST PROPERTIES, INC.
 Financial Highlights
 Periods ended Three Months Year
 Dec. 31 1991 1990 1991 1990
 Total revenues $1,843,548 $2,528,563 $6,596,849 $6,909,674
 Income before
 extraordinary item 82,182 38,705 168,438 96,362
 Extraordinary tem -
 utilization of net
 operating loss
 carryforward 60,100 7,827 112,000 20,000
 Net income $ 142,282 $ 45,532 $ 280,438 $ 116,362
 Earnings per share $.09 $.03 $.17 $.07
 Average number of
 shares outstanding 1,722,632 1,639,274 1,684,875 1,614,716
 -0- 4/1/92
 /CONTACT: Richard A. D'Onofrio of Amerihost, 708-298-4500/
 (HOST) CO: Amerihost Properties, Inc. ST: Illinois IN: LEI SU: ERN


GK-OS -- NY060 -- 3920 04/01/92 13:53 EST
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Publication:PR Newswire
Date:Apr 1, 1992
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