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RED LION INNS L.P. ANNOUNCES SECOND-QUARTER 1992 RESULTS

 RED LION INNS L.P. ANNOUNCES SECOND-QUARTER 1992 RESULTS
 VANCOUVER, Wash., July 29 /PRNewswire/ -- Red Lion Inns L.P. (AMEX: RED) today announced results for the six months and the quarter ended June 30, 1992.
 For the six months ended June 30, 1992, the partnership generated cash flow available for distribution and incentive management fees of $4.9 million ($1.16 per unit), compared to $4.6 million ($1.08 per unit) for the same period last year, an increase of 7 percent in the per-unit cash flow. Included in the six-month period last year is a property tax refund of $0.5 million (13 cents per unit). On a comparable basis, excluding the impact of the property tax refund, six-month per-unit cash flow available for distribution and incentive fees increased 22 percent over the prior period. The increase is attributed to improved productivity and cost controls at the hotels.
 Current quarter cash flow available for distribution and incentive management fees was $3.6 million (85 cents per unit), compared to $4.0 million (94 cents per unit) for the same period last year. Included in the same quarter last year was the property tax refund mentioned earlier. Excluding the impact of the property tax refund, per-unit cash flow available for distribution and incentive management fees increased 5 percent.
 Current quarter revenues were $25.7 million, relatively unchanged from $25.9 million for the comparable 1991 quarter. The soft revenues reflect the general economic conditions.
 Net income for the current quarter was $1.8 million (43 cents per unit) compared to $2.5 million (58 cents per unit) for the same quarter last year. The decrease results from the impact of the property tax refunds and a $0.3 million incentive management fee which, due to higher current year-to-date cash flow, was charged in the current second quarter as compared to the third quarter in 1991.
 As previously announced, the partnership will make a distribution of 55 cents per unit on Aug. 14, 1992, to unitholders of record on July 31, 1992.
 Red Lion Inns L.P. is the owner of 10 Red Lion hotels acquired on April 14, 1987. The 10 hotels are managed by Red Lion as part of its chain of hotels in the western United States.
 RED LION INNS L.P.
 (In thousands, except per-unit amounts and operating statistics)
 Three Months Six Months
 Ended June 30: 1992 1991 1992 1991
 Revenues $25,700 $25,924 $47,630 $48,058
 Net income $ 1,817 $ 2,460 $ 1,444 $ 1,472
 Net income per unit $ 0.43 $ 0.58 $ 0.34 $ 0.35
 Average units outstanding 4,134 4,134 4,134 4,134
 Per-unit cash flow available
 for distribution and
 incentive management fees $ 0.85 $ 0.94 $ 1.16 $ 1.08
 Per-unit cash distributions $ 0.55 $ 0.55 $ 1.10 $1.0875
 Occupancy (percents) 78.5 78.9 72.0 72.2
 Average daily rate $ 65.04 $ 64.78 $ 64.40 $ 63.51
 -0- 7/29/92
 /CONTACT: A. Narayan of Red Lion Inns L.P., 206-696-0001/
 (RED) CO: Red Lion Inns L.P. ST: Washington IN: LEI SU: ERN


SC-LM -- SE001 -- 4405 07/29/92 07:55 EDT
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Publication:PR Newswire
Date:Jul 29, 1992
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