EBITDA Up 19.4% for the Year 2000
SPRINGFIELD, Mo - Feb. 14, 2001 -- John Q. Hammons
Hotels, Inc. (AMEX:JQH - news) today reported total earnings before interest
expense, taxes, depreciation, and amortization (EBITDA) of $30.5 million
for the fourth quarter ended December 29, 2000, up 7.0% compared to the
1999 fourth quarter EBITDA of $28.5 million.
Total revenue for the 2000 fourth quarter increased
to $109.4 million, up 11.4% from $98.2 million in the 1999 fourth quarter.
EBITDA for the twelve months ended December 29, 2000, was $124.8 million,
up 19.4%, compared to $104.5 million for the 1999 twelve-month period.
Total revenue for the 2000 twelve months increased to $436.6 million, up
17.5% from $371.7 million in the 1999 twelve-month period.
The Company�s average room rate for the 2000 fourth
quarter was $99.20, up 4.8% compared to the 1999 fourth quarter average
room rate of $94.70. In comparison, average room rate for the hotel industry
was $85.58 in the 2000 fourth quarter, up 4.7% from $81.71 in the 1999
fourth quarter. The Company�s occupancy for the 2000 fourth quarter was
59.8%, up 0.6 percentage points from the 1999 fourth quarter of 59.2%.
Occupancy for the hotel industry was 57.8% for the 2000 fourth quarter,
up 0.4 percentage points from 57.4% in the 1999 fourth quarter. The Company�s
Revenue Per Available Room (RevPAR) was $59.28 for the 2000 fourth quarter,
up 5.8% from $56.03 in the 1999 fourth quarter. RevPAR for the hotel industry
was $49.45 in the 2000 fourth quarter, up 5.4% from $46.91 in the 1999
fourth quarter. RevPAR for John Q. Hammons Hotels, Inc. was 19.9% above
the hotel industry average during the fourth quarter.
John Q. Hammons, Chairman and Chief Executive
Officer, stated, �The Company�s improved performance in 2000 reflects the
continuing maturity of our new properties and the strength of our brands
in premier locations.�
Basic and diluted loss per share in the 12 months
ended December 29, 2000, was ($0.16), compared to a ($0.16) loss in 1999.
Note that the reported loss in 1999 included an $0.11 gain on the sale
of property.
The Company�s average room rate for the twelve
months of 2000 was $98.56, up 3.9% compared to the 1999 twelve months average
room rate of $94.87. Average room rate for the hotel industry was $85.24
in the twelve months, up 4.9% from $81.27 in the 1999 twelve months. The
Company�s occupancy for the 2000 twelve months was 64.4%, up 1.5 percentage
points from 62.9% in the 1999 twelve months.
Occupancy for the hotel industry was 63.5%, up
0.2 percentage points from 63.3% in the 1999 twelve months. The Company�s
(RevPAR) was $63.50 for the 2000 twelve months, up 6.5% from $59.64 in
the 1999 twelve months. RevPAR for the hotel industry was $54.15, up 5.3%
from $51.44 in the 1999 twelve months.
The Board of Directors of the Company authorized
management to repurchase up to $3.0 million of outstanding company stock
in fiscal year 2000. Consistent with this authorization, the Company has
purchased 172,756 shares of Treasury Stock during the 2000 fourth quarter
at an approximate average price of $5.93. During the 2000 fiscal year,
the Company repurchased 547,956 shares at an approximate price of $5.10.
Since the inception of its stock repurchase program in 1999, the Company
has thus far acquired a total of 1,292,156 shares at an average price of
$4.49.
Although the Company is not developing new hotels,
Mr. Hammons is personally developing several new projects which will be
managed by the Company, including a Renaissance Hotel in Richardson, Texas
(opening May 2001); an Embassy Suites Hotel in Nashville, Tennessee (Franklin,
opening August 2001); a Residence Inn in Springfield, Missouri (opening
September 2001); an Embassy Suites Hotel in Lincoln, Nebraska (opened May
1 2000); and the Marriott Courtyard in Springfield, Missouri (opened April
10, 2000).
Hotels Operating
Data
Three Months Ended
Twelve Months Ended
Dec. 29, Dec. 31, Dec. 29, Dec.
31,
2000 1999
2000 1999
Mature Hotels:
Occupancy
59.8% 60.5%
65.1% 64.7%
Average Room Rate
$ 97.47 $ 92.95 $
96.90 $ 93.60
RevPar (Room Revenue per
available room)
$ 58.27 $ 56.19 $
63.09 $ 60.57
New Hotels(a)
Occupancy
59.6% 52.6%
59.9% 51.0%
Average Room Rate
$ 110.47 $ 105.01 $ 110.68 $
105.25
RevPar (Room Revenue per
available room)
$ 65.79 $ 55.21 $ 66.29
$ 53.70
Total Owned Hotels:
Occupancy
59.8% 59.2%
64.4% 62.9%
Average Room Rate
$ 99.20 $ 94.70 $
98.56 $ 94.87
RevPar (Room Revenue per
available room) $
59.28 $ 56.03 $ 63.50 $
59.64 |
a) New Hotels include: Mesquite
Hampton Inn & Suites, Coral Springs Radisson, DFW Airport Embassy Suites,
Charlotte Renaissance Suites, Oklahoma City Renaissance, North Charleston
Embassy Suites
The Company currently owns and manages 53 hotels,
including six managed hotels, with 12,989 rooms in 21 states. The new hotels
under development will add 722 suites and rooms representing an increase
of 5.6% to the Company�s portfolio.
Certain matters discussed within this press release
are forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. |