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Wed Nov 8, 2000
Allied Hotel Properties Announces Third Quarter 2000 Financial Results
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Allied Hotel Properties Inc. ("Allied", stock symbol AHP) has reported its financial results for the nine months ended September 30, 2000.
Revenues were $59.9 million and gross profit was $33.0 million for the nine months ending September 30, 2000, increasing by 22% from $49.1 million and 17% from $28.2 million, respectively, from the prior year period. Operating income of $5.8 million was reported for the period, a decrease of 7% from $6.3 million for the same period in 1999. The hospitality industry is historically cyclical, with average daily rates increasing for the third quarter from the first and second quarters. A strike at two of the Company's hotels during the peak summer months had a negative impact on operating income. As a result, the third quarter of the year generated operating income of $4.8 million compared to $5.3 million for the third quarter of 1999.
Net loss for the period was $2.3 million (2? per share), an increase of 13% compared to $2.1 million (3? per share) for the first nine months of 1999. Higher interest expense and the strike at two hotels were primarily responsible for the increased loss.
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 nine months.
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.
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
THE CANADIAN VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. |
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You can view the Next News Releases item: Thu Apr 5, 2001, Allied Hotel Properties Announces 2000 Financial Results
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