Printer Friendly

RED LION INNS L.P. ANNOUNCES THIRD QUARTER RESULTS

 VANCOUVER, Wash., Oct. 28 /PRNewswire/ -- Red Lion Inns Limited Partnership (AMEX: RED) today announced results for the quarter and nine months ended Sept. 30, 1993.
 For the quarter, the Partnership generated cash flow available for distribution and incentive management fees ("cash flow") of $4.3 million or $1.01 per limited partner unit, representing a 20-percent increase over the prior year quarter's $3.6 million, or 84 cents per unit. Increases in both occupancy (1.5 percentage points) and the average room rate ($2.03, or 3 percent) boosted room revenues for the quarter and effective operating efficiencies improved profitability.
 For the nine months ended Sept. 30, 1993, the partnership generated cash flow of $9.4 million or $2.23 per unit, representing an 11-percent increase over the comparable prior year amount of $8.5 million, or $2.00 per unit. This gain reflects increases in both occupancy (0.5 percentage point) and the average room rate ($2.27, or 3 percent). These amounts are shown after scheduled loan principal payments which were $0.5 million above the prior nine-month period. Cash flow before the principal payments increased 16 percent from the prior nine-month period.
 Current quarter net income was $0.8 million (19 cents per unit), compared to the prior year quarter's $0.9 million. The current quarter figure is net of a $0.1 million, non-cash, deferred income tax provision resulting from a change in accounting for income taxes implemented in first quarter 1993. There was no comparable charge last year. Current quarter incentive management fees were $0.7 million higher than in the comparable 1992 quarter due to the higher cash flow discussed above. Revenues for the quarter were $25.6 million compared to $25.1 million for the prior year quarter.
 For the nine months ended Sept. 30, 1993, net income before the $1.4 million cumulative effect of the change in accounting for income taxes was unchanged from the comparable 1992 period at $2.3 million and declined by one cent per unit. The current nine-month period also includes a $0.2 million (4 cents per unit) non-cash charge for deferred income taxes resulting from the accounting change. After the effects of the accounting change, net income for the nine-month period was $0.9 million (22 cents per unit) compared to $2.3 million (55 cents per unit) for the comparable period in 1992. Revenues for the nine-month period were $73.0 million compared to last year's $72.7 million.
 Red Lion Inns Limited Partnership is the owner of ten Red Lion hotels acquired in 1987. The properties are managed by Red Lion Hotels & Inns as part of its chain of 53 hotels in the western United States.
 RED LION INNS LIMITED PARTNERSHIP
 (In thousands except per unit amounts and operating statistics)
 Three months ended Nine months ended
 Sept. 30, 1993 1992 1993 1992
 Revenues $25,583 $25,076 $73,047 $72,706
 Income before tax provision
 and accounting change $ 871 $ 880 $ 2,455 $ 2,324
 Income before accounting
 change $ 817 $ 880 $ 2,284 $ 2,324
 Accounting change(A) $ -- $ -- $ 1,351 $ --
 Net income $ 817 $ 880 $ 933 $ 2,324
 Per unit:
 Income before accounting
 change $ 0.19 $ 0.21 $ 0.54 $ 0.55
 Accounting change(A) $ -- $ -- $ 0.32 $ --
 Net income $ 0.19 $ 0.21 $ 0.22 $ 0.55
 Cash flow available for
 distribution and incentive
 management fees $ 4,286 $ 3,578 $ 9,442 $ 8,485
 Per unit:
 Before principal payments $ 1.09 $ 0.91 $ 2.45 $ 2.12
 After principal payments $ 1.01 $ 0.84 $ 2.23 $ 2.00
 Occupancy (percents) 82.8 81.3 75.6 75.1
 Average daily rate $ 68.34 $ 66.31 $ 67.36 $ 65.09
 (A) Cumulative effect of change in accounting for income taxes required by SFAS 109.
 -0- 10/28/93
 /CONTACT: Anupam Narayan, Investor Relations, of Red Lion Inns Limited Partnership, 206-696-0001/
 (RED)


CO: Red Lion Inns Limited Partnership ST: Washington IN: LEI SU: ERN

JH -- SE004 -- 7683 10/28/93 07:53 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 28, 1993
Words:666
Previous Article:FIRST FIDELITY TO ACQUIRE SAVINGS BANK OF ROCKLAND FOR $5.85 MILLION
Next Article:HOME COMPUTER USERS CAN TAKE A STEP BACK IN TIME TO DISCOVER ANCIENT ARCHITECTURE
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters