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LA QUINTA MOTOR INNS, INC. ANNOUNCES IMPROVED FIRST QUARTER RESULTS

 SAN ANTONIO, Texas, April 22 /PRNewswire/ -- La Quinta Motor Inns, Inc. (NYSE: LQM) reported net earnings for the quarter ended March 31, 1993, of $5,644,000 or $.41 per share compared with net earnings of $1,035,000 or $.08 per share in last year's first quarter, an increase of $4,609,000. The first quarter earnings for 1993 included the effect of a change in accounting for income taxes as required by Statement of Financial Accounting Standards No. 109 "Accounting for Income Taxes." The cumulative effect of this change increased net earnings by $1,500,000 or $.11 per share for the first quarter of 1993. Net earnings for the first quarter of 1992 included extraordinary losses of ($375,000) or ($.03) per share which resulted from the refinancing of certain variable rate debt.
 Revenues improved 4.7 percent or $2,747,000 to $60,970,000 for the quarter ended March 31, 1993, as compared to $58,223,000 for the first quarter of 1992. The improvement in revenues resulted from an increase in average room rate of $1.04 and an increase in occupancy percentage of 1.9 percentage points over the prior year's comparable period.
 For the quarter ended March 31, 1993, operating income increased $4,254,000 or 35.6 percent to $16,218,000 from $11,964,000 in the same quarter of 1992. During 1992, the company extended the estimated useful lives of its buildings from 30 years to 40 years. The effect of this change decreased depreciation expense in the first quarter of 1993 by approximately $2,200,000 ($1,100,000 net of income taxes and partners' equity in earnings, or $.08 per share) as compared to the first quarter of 1992.
 LA QUINTA MOTOR INNS, INC.
 Three Months Ended, March 31 1993 1992
 Revenues $60,970,000 $58,223,000
 Operating income 16,218,000 11,964,000
 Net earnings before extraordinary
 items and cumulative effect of
 change in accounting for
 income taxes 4,144,000 1,410,000
 Cumulative effect of change in
 accounting for income taxes 1,500,000 --
 Net earnings $ 5,644,000 $ 1,035,000
 Net earnings per share before
 extraordinary items and cumulative
 effect of change in accounting
 for income taxes $ .30 $ .11
 Net earnings per share $ .41 $ .08
 Average room rate $ 45.81 $ 44.77
 Percentage of occupancy 61.5 pct 59.6 pct
 At March 31, 1993, La Quinta Motor Inns owned and/or operated over 200 limited service inns in 29 states.
 -0- 4/22/93
 /CONTACT: Investor relations, La Quinta Motor Inns, Inc., 210-366-6030/
 (LQM)


CO: La Quinta Motor Inns, Inc. ST: Texas IN: LEI SU: ERN

LD -- NY142 -- 9810 04/22/93 18:17 EDT
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Publication:PR Newswire
Date:Apr 22, 1993
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