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LA QUINTA MOTOR INNS LIMITED PARTNERSHIP ANNOUNCES FIRST QUARTER RESULTS

 SAN ANTONIO, Texas, April 26 /PRNewswire/ La Qunita Motor Inns Limited Partnership (NYSE: LQP), today reported a net loss of ($3,357,000) or ($.84) per unit for the first quarter ended March 31, 1993 compared to a net loss of ($472,000) or ($.12) per unit in 1992's first quarter. The first quarter results for 1993 included the effect of a change in accounting for income taxes as required by Statement of Financial Accounting Standard No. 109 "Accounting for Income Taxes" ("SFAS 109"). The cumulative effect of this change in accounting for income taxes increased the net loss by $2,800,000 or $.69 per unit. Additionally, the Partnership recognized $115,000 of deferred income tax expense for the first quarter of 1993. Although the Partnership is not a taxable entity in 1993, under current provisions of U.S. federal tax law, certain publicly-traded limited partnerships (such as the Partnership) will become taxable entities in 1998. Since the change from nontaxable to taxable status for the Partnership is based on the provisions of enacted tax law, SFAS 109 requires that deferred taxes be recognized beginning in 1993.
 Revenues for the first quarter ended March 31, 1993 improved $555,000 or 5.5 percent to $10,560,000 from $10,005,000 in last year's comparable quarter. The improvement in revenues resulted from an increase in occupancy percentage of 2.4 percentage points and an increase in room rate of $1.18.
 Operating income before litigation and solicitation costs for the first quarter of 1993 increased by $261,000 or 17.8 percent to $1,727,000 from $1,466,000 in the prior year's quarter. As previously disclosed, during the first quarter of 1993 a settlement of certain litigation and solicitation matters was reached with Ronin Partners, L.P., subject to court approval. Costs associated with such litigation and solicitation amounted to $374,000 and $85,000 in the quarters ended March 31, 1993 and 1992, respectively. Operating income decreased to $1,353,000 in the first quarter of 1993 from $1,381,000 in last year's comparable quarter, principally as a result of these costs.
 LA QUINTA MOTOR INNS LIMITED PARTNERSHIP
 Periods ended March 31 Three months
 1993 1992
 Revenues $ 10,560,000 $ 10,005,000
 Operating income 1,353,000 1,381,000
 Net loss before cumulative effect of
 change in accounting for income taxes (557,000) (472,000)
 Cumulative effect of change in
 accounting for income taxes (2,800,000) --
 Net Loss $ (3,357,000) $ (472,000)
 Net loss per unit $ (.84) $ (.12)
 Net loss per unit before cumulative effect
 of change in accounting for income taxes $ (.15) $ (.12)
 Average room rate $ 43.93 $ 42.75
 Percentage of occupancy 65.7 63.3
 La Quinta Motor Inns Limited Partnership owns 31 La Quinta inns and 20 restaurants in 15 states.
 -0- 4/26/93
 /CONTACT: Investor relations of La Quinta Motor Inns Limited Partnership, 210-366-6030/
 (LQP)


CO: La Quinta Motor Inns Limited Partnership ST: Texas IN: LEI SU: ERN

TM -- NY132 -- 1063 04/26/93 19:35 EDT
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Publication:PR Newswire
Date:Apr 26, 1993
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