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Thu Aug 3, 2000
Allied Hotel Properties Announces Second Quarter 2000 Financial Results
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Vancouver, B.C. - Allied Hotel Properties Inc. ("Allied", stock symbol AHP) has reported its financial results for the six months ended June 30, 2000.
Revenues were $36.5 million and gross profit was $19.0 million for the period, increasing by 31% from $27.8 million and 28% from $14.9 million, respectively, from the same period last year. Operating income of $1.0 million was reported for the period, an increase of 9% from $0.9 million for the same period in 1999. The hospitality industry is historically cyclical, with average daily rates increasing for the second quarter from the first quarter. The second three months of the year generated operating income of $2.8 million compared to $2.5 million for the second three months of 1999.
Net loss for the year was $2.9 million (3? per share), a decrease of 26% compared to $3.9 million (5? per share) for the first six months of 1999.
Effective January 1, 2000, Allied adopted the new Canadian Institute of Chartered Accountants ("CICA") new standard for accounting for income taxes. This standard was adopted retroactively without restating the financial statements of any prior periods. As a result, the company recorded an increase in retained earnings, with a corresponding increase in future income tax asset (net), of $5.7 million as at January 1, 2000. This new policy also resulted in a significant recovery of future income taxes in the first six months, which was primarily responsible for reducing the net loss for the current period compared to the prior year.
Allied is a growth oriented hotel ownership and management company with hotel properties in Greater Vancouver, Edmonton and Toronto. Its hotel portfolio currently consists of: Crowne Plaza Hotel Georgia, Crowne Plaza Chateau Lacombe, Crowne Plaza Toronto Don Valley Hotel, Delta Vancouver Suites, Delta Pacific Resort & Conference Centre, Delta Vancouver Airport and Holiday Inn Vancouver Downtown Hotel. Interested parties can find further information at www.alliedhotels.com.
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On behalf of the Board of Directors:
Mr. Ronald G. Erdman
President and Chief Executive Officer
For more information please contact:
Allied Hotel Properties Inc.
Tel: (604) 689-9318
Fax: (604) 689-9332
e-mail: info@alliedhotels.com |
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