Allied Hotel Properties Announces First Quarter 2002 Financial Results
Revenues were $10.2 million and gross profit was $4.6 million for the three months ending March 31, 2002, decreasing from $15.6 million and $7.5 million, respectively, from the prior year period. Operating loss of $1.2 million was reported for the three month period, an improvement of 20% from $1.5 million for the same period in 2001. The Company transferred its interest in two hotel properties prior to the end of 2001, accounting for the majority of the decrease in revenues and gross profit. Lower levels of business travel as a result of the general economic decline in North America, in conjunction with the events of September 11th, also contributed to the decrease in revenues in the current year.
Net loss for the three month period was slightly under $2.0 million (2¢ per share), an improvement of 45% compared to $3.6 million (3¢ per share) for the first three months of 2001. Lower interest expense and Company wide cost-saving measures contributed to this improvement to the bottom line.
Allied is a 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, Vancouver Airport Conference Resort, 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: 604-669-5335
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.
ALLIED HOTEL PROPERTIES INC.
Consolidated Balance Sheets
March 31, 2002 and December 31, 2001
(in thousands of dollars)
------------------------------------------------------------------------
March 2002 December 2001
Unaudited Audited
Assets
Current assets:
Cash and cash equivalents $ ? $ 179
Accounts receivable 1,916 2,281
Due from affiliated company ? 72
Inventories 441 482
Prepaid expenses 568 506
Future income taxes 74 74
------------------------------------------------------------------------
2,999 3,594
Income-producing properties 117,365 118,059
Investments 2,550 916
Deferred costs, net of amortization 382 390
Future income taxes 4,947 4,566
------------------------------------------------------------------------
$ 128,243 $ 127,525
------------------------------------------------------------------------
Liabilities and Shareholders' Equity
Current liabilities:
Bank indebtedness $ 961 $ ?
Accounts payable and accrued liabilities 13,038 12,749
Deferred revenue 3,165 254
Capital lease obligation 413 444
Long-term debt 99,188 3,532
------------------------------------------------------------------------
116,765 16,979
Deferred revenue 2,167 2,212
Long-term debt ? 96,623
Capital lease obligation 491 557
Non-controlling interest 484 819
119,907 117,190
Shareholders' equity:
Share capital 29,868 29,868
Deficit (21,532) (19,533)
------------------------------------------------------------------------
8,336 10,335
------------------------------------------------------------------------
$ 128,243 $ 127,525
------------------------------------------------------------------------
ALLIED HOTEL PROPERTIES INC.
Unaudited Consolidated Statements of Operations
Three months ended March 31, 2002 and 2001
(in thousands of dollars, except per share amounts)
------------------------------------------------------------------------
2002 2001
Revenues:
Rooms $ 5,597 $ 9,709
Food and beverage 3,405 4,647
Other 1,232 1,205
------------------------------------------------------------------------
10,234 15,561
Cost of sales:
Rooms 2,092 3,533
Food and beverage 3,180 4,105
Other 344 371
------------------------------------------------------------------------
5,616 8,009
------------------------------------------------------------------------
Gross profit 4,618 7,552
Operating expenses:
Selling, general and administrative 3,855 5,959
Management fees 126 333
Taxes and insurance 960 1,330
Depreciation and amortization 847 1,395
------------------------------------------------------------------------
5,788 9,017
------------------------------------------------------------------------
Operating loss 1,170 1,465
Other expenses (income):
Interest on long term debt 1,351 2,958
Other interest 193 453
Equity in income of investees (32) (36)
------------------------------------------------------------------------
1,512 3,375
------------------------------------------------------------------------
Loss before income taxes
and non-controlling interest 2,682 4,840
Income taxes (recovery):
Current 33 53
Future (381) (724)
(348) (671)
------------------------------------------------------------------------
Loss before non-controlling interest 2,334 4,169
Non-controlling interest (335) (568)
------------------------------------------------------------------------
Net loss $ 1,999 $ 3,601
------------------------------------------------------------------------
Basic and diluted loss per share $0.02 $0.03
------------------------------------------------------------------------
ALLIED HOTEL PROPERTIES ANNOUNCES 2001 FINANCIAL RESULTS
Revenues were $71.1 million and gross profit was $37.4 million for the year, down from revenues of $77.1 million and gross profit of $40.6 million for the previous year. The reduction in both revenues and gross profit was due to the sales, noted below, along with the general decline in business experienced after the first quarter of 2001. Operating expenses totalled $34.6 million, resulting in operating income of $2.9 million, down from $5.0 million for the previous year. The Company took a write-down of $8.4 million in the carrying value of its hotel properties. Loss before income tax and non-controlling interest was $6.9 million, an improvement over a loss of $10.8 million in 2000. Loss for the year was $7.0 million, compared to $8.6 million for the previous year.
During the year, Allied sold a two-thirds interest in the Holiday Inn Vancouver downtown Hotel along with its 65.2% interest in the Delta Vancouver Suites hotel. These transactions resulted in gains of $9.6 million and $2.2 million, respectively. Net proceeds from the sales were used to repay long-term debt and amounts due to affiliated companies.
Subsequent to the year-end Allied entered into a binding agreement to sell its remaining one-third interest in the Holiday Inn Vancouver Downtown Hotel. Payment of $2.0 million has been received from the purchaser, with the balance due no later than September 30, 2002.
Allied's Annual General Meeting of Shareholders will be held at 10:00 am on Tuesday, June 11, 2002 in the Queen Anne Room, Crowne Plaza Hotel Georgia, Vancouver, B.C.
Allied is a hotel ownership and management company with 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, Vancouver Airport Conference Resort, 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:
Ronald G. Erdman (signed)
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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ALLIED HOTEL PROPERTIES ANNOUNCES SALE OF DELTA VANCOUVER SUITES HOTEL
The Disposition is part of the Company's continuing efforts to improve its financial performance and to enhance shareholder value, and is subject to the approval of the Canadian Venture Exchange.
The Company will retain its interest in six hotel properties with a total of 2,071 rooms located in Greater Vancouver, British Columbia, Edmonton, Alberta and Toronto, Ontario.
Allied is a 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 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.
ALLIED HOTEL PROPERTIES ANNOUNCES PROFIT FOR THIRD QUARTER 2001
Total revenues were $57.6 million for the nine months ending September 30, 2001, down by 3.8% from $59.9 million for the prior year period. Room revenues in the third quarter were down 7.8% compared to the third quarter of 2000, primarily as a result of the tragic events of September 11 th . Earnings before interest, tax, depreciation and amortization ("EBITDA") of $8.5 million was reported for the nine month period, a decrease of 14% from $9.9 million for the comparable period in 2000. Lower levels of business travel as a result of a slower economy had already contributed to the decrease in EBITDA in the current year and this market softening was exacerbated by the events of September 11 th . Forecasts through to the end of 2001 suggest the recovery is likely to occur over a number of months.
Interest on long-term debt fell by 15.1% to $7.7 million for the nine months ended September 30, 2001, a period which has seen the Company's long-term debt paid down by $13.7 million (net). The Company is well positioned to take advantage of reductions in short-term interest rates.
The Company sold a two-thirds interest in one of its hotel properties during the period, resulting in a gain of $9.8 million. The remaining one-third interest is now accounted for by the equity method of accounting. The purchaser of the two-thirds interest holds an option to acquire the remaining one-third of the property at any time up to December 31, 2001.
Net income for the nine month period was $5.6 million (5¢ per share), compared to a loss of $4.2 million (4¢ per share) for the first nine months of 2000. For the third quarter the net income was $9.7 million, an increase from $0.6 million for the third quarter of 2000. Without the gain on sale, the net loss for the nine months to September 30, 2001 would have been approximately $0.8 million less than the loss for the nine months to September 30, 2000.
Allied is a 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.
Allied Hotel Properties Announces Second Quarter 2001 Financial Results
Revenues were $35.7 million and gross profit was $18.5 million for the six months ending June 30, 2001, decreasing by 2% from $36.5 million and 3% from $19.1 million, respectively, from the prior year period. Operating income of $0.7 million was reported for the six month period, a decrease of 35% from $1.0 million for the same period in 2000. The hospitality industry is historically cyclical, with average daily rates for the second quarter exceeding those in the first quarter. As a result, the second quarter of the year generated operating income of $2.2 million, compared to $2.9 million for the second quarter of 2000. Lower levels of business travel as a result of the decline in the high-tech sector contributed to the decrease in operating income in the current year. In addition the Greater Vancouver market, where five of the Company's properties are located, has experienced reduced vacation travel this summer compared to previous years.
Net loss for the six month period was $4.1 million (4¢ per share), a decrease of 15% compared to $4.8 million (4¢ per share) for the first six months of 2000. For the second quarter the net loss was $0.5 million, down from $1.4 million for the second quarter of 2000. Lower interest expense was primarily responsible for the decreased loss.
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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