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RED LION INNS L.P. ANNOUNCES FIRST-QUARTER RESULTS

 VANCOUVER, Wash., April 30 /PRNewswire/ -- Red Lion Inns L.P. (AMEX: RED) today announced results for the quarter ended March 31, 1993.
 For the quarter, the partnership generated cash flow available for distribution and incentive management fees (cash flow) of $1.4 million, (33 cents per unit) compared to the prior-year quarter's $1.3 million (31 cents per unit). These figures include $0.3 million of principal payments in the current quarter which were not required in the prior- year quarter. Without these payments, current quarter per-unit cash flow increased 29 percent, or 9 cents per unit, from the prior-year quarter.
 The partnership has adopted Statement of Financial Accounting Standards No. 109, Accounting for Income Taxes (SFAS 109). This accounting change resulted in a current quarter non-cash charge of $1.3 million, or 32 cents per unit, reflecting the tax effect of certain cumulative differences between the book and tax depreciation bases of the partnership's assets. An ongoing income tax provision resulting from this accounting change will be charged to income quarterly. The provision is an accrual only and requires no cash payments on a current basis.
 The current quarter loss before the effect of the tax provision and accounting change was $0.2 million, an improvement of 50 percent over the prior-year quarter's $0.4 million loss. After the provision for income taxes, the loss was $0.3 million. After the accounting change, the current quarter net loss was $1.6 million, compared to the prior- year quarter's $0.4 million.
 Revenues were $22.1 million for the quarter, compared to $21.9 million for the prior-year quarter.
 As previously announced, the partnership will make a distribution of 55 cents per unit, payable May 15 to unitholders of record on April 30. This distribution represents the partnership's 24th consecutive quarterly distribution.
 Red Lion Inns L.P. is the owner of 10 Red Lion hotels acquired in 1987. The 10 hotels are managed by Red Lion as part of its chain of over 50 hotels in the western United States.
 RED LION INNS L.P.
 (In thousands, except per-unit amounts and operating statistics)
 Three Months Ended March 31: 1993 1992
 Revenues $22,149 $21,930
 Loss before tax provision and accounting change $ (198) $ (373)
 Loss before accounting change $ (252) $ (373)
 Accounting change(A) $(1,351) --
 Net loss $(1,603) $ (373)
 Per-Unit Amounts:
 Loss before accounting change $ (0.06) $ (0.09)
 Accounting change(A) $ (0.32) --
 Net loss $ (0.38) $ (0.09)
 Cash flow available for distribution and
 incentive management fees before
 principal payments $ 0.40 $ 0.31
 After principal payments $ 0.33 $ 0.31
 Occupancy (percents) 67.2 65.4
 Average daily rate $ 65.61 $ 63.64
 NOTE (A): Cumulative effect of change in accounting for income taxes required by SFAS 109.
 -0- 4/30/93
 /CONTACT: A. Narayan, investor relations, of Red Lion Inns, 206-696-0001/
 (RED)


CO: Red Lion Inns L.P. ST: Washington IN: LEI SU: ERN

SW-LM -- SE002 -- 3027 04/30/93 07:50 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
Words:498
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