 |
|
|
|
|
ARLINGTON HEIGHTS, ILLINOIS, JULY 31, 2000 � Amerihost Properties, Inc. (Nasdaq/NM: HOST) today announced its earnings results for the three months ended June 30, 2000. Total revenues for the second quarter totaled $21.8 million, up 14.2% from $19.1 million in the second quarter of 1999. The Company reported net income of $1.2 million, or $0.23 per diluted share, compared to net income of $797,709, or $0.13 per diluted share in the second quarter of 1999. For the first six months of 2000, the Company reported net income of $301,698, or $0.05 per diluted share, compared to a net loss of ($967,282), or ($0.16) per diluted share for the first six months of 1999. Amerihost President & Chief Executive Officer, Michael P. Holtz, commented, "We continued to see the positive trends in our net income and operating income as a result of the strong demand for the AmeriHost Inn® hotel rooms during the second quarter of 2000 and the success achieved with the sale of franchises in connection with the sale of existing AmeriHost Inn® hotels. Same Room Revenue for the AmeriHost Inn® hotel brand grew by 8.5%, as the Company focused on managing daily rates to enhance occupancy while preserving margins. These results relate to the 77 AmeriHost Innâ hotels open at least 13 full months as of June 30, 2000. Operating income improved 30.7% to $2.5 million during the second quarter of 2000, from $1.9 million during the second quarter of 1999. The Company had five AmeriHost Inn® hotels under construction during the second quarter, one of which was opened in July, with several additional projects in various stages of pre-construction development. Three of the hotels under construction were being built for joint ventures where the Company recognized approximately $2.9 million in revenues during the second quarter of 2000, versus no such hotels under construction in the second quarter of 1999. In conjunction with the Company�s objective of expanding the AmeriHost
Inn® brand, the Company executed three franchise agreements
in connection with the sale of three existing AmeriHost Inn®
hotels. The Company recognized gains on the sale of these hotels and excess
land of approximately $840,000 during the second quarter. Holtz continued,
"We continue to receive a significant amount of interest in our AmeriHost
Inn® hotels from hotel operators looking to acquire and
operate a brand which is consistent in design, quality, services and amenities."
There are now 82 AmeriHost Inn® hotels open or under construction
in 16 states, with the Company maintaining either an ownership or leasehold
position in 74 of these AmeriHost Inn® hotels. The remaining
eight AmeriHost Inn® hotels are owned and operated by third
party franchisees.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
CONSOLIDATED CONDENSED BALANCE SHEETS (UNAUDITED) |
||||||||
|
|
||||||||
|
2000 |
1999 |
|||||||
| Current assets: | ||||||||
| Cash and cash equivalents |
|
3,097,070
|
|
3,766,323
|
||||
| Accounts receivable |
4,297,472
|
2,951,615
|
||||||
| Notes receivable |
518,485
|
518,485
|
||||||
| Prepaid expenses and other current assets |
846,803
|
971,836
|
||||||
| Refundable income taxes |
377,700
|
56,876
|
||||||
| Costs and estimated earnings in excess | ||||||||
| of billings on uncompleted contracts |
1,048,456
|
834,820
|
||||||
| Total current assets |
10,185,986
|
9,099,955
|
||||||
| Investments in and advances to affiliates |
7,176,899
|
7,332,806
|
||||||
| Property and equipment, net |
76,301,322
|
78,770,356
|
||||||
| Long-term notes receivable |
720,530
|
692,662
|
||||||
| Other assets, net |
6,537,507
|
7,212,388
|
||||||
|
|
100,922,244
|
|
103,108,167
|
|||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable |
|
3,868,034
|
|
2,623,390
|
||||
| Bank line-of-credit |
7,626,096
|
7,560,214
|
||||||
| Accrued expenses and other current liabilities |
3,925,274
|
4,165,277
|
||||||
| Current portion of long-term debt |
1,518,033
|
1,567,643
|
||||||
| Total current liabilities |
16,937,437
|
15,916,524
|
||||||
| Long-term debt, net of current portion |
56,266,394
|
58,781,609
|
||||||
| Deferred income |
12,996,758
|
14,001,231
|
||||||
| Minority interests |
212,081
|
228,235
|
||||||
| Shareholders' equity |
14,509,574
|
14,180,568
|
||||||
|
|
100,922,244
|
|
103,108,167
|
|||||
| Amerihost Properties, Inc. is a hotel development, operations, management
and franchise company that owns, builds, manages and franchises mid-priced
hotels. Currently, Amerihost manages or franchises 91 properties (with
an ownership position in 80 of these hotels) in 18 states, including 78
properties within its proprietary brand � AmeriHost Inn®,
for a total of 6,809 rooms. An additional four AmeriHost Inn®
hotels are under construction in Ohio and Wisconsin. The AmeriHost Inn®
hotel brand offers an expanded amenity package not often found in other
mid-priced hotels, and is rated "three-diamond" by the American Automobile
Association.
Certain statements appearing in this press release can be construed as forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in the forward-looking statements. |
|
James B. Dale, Chief Financial Officer 847-228-5401 x 361 [email protected] |