ATLANTA, Dec. 15 /PRNewswire/ -- Lodgian, Inc. (NYSE: LOD), today reported
that it has filed its Form 10-Q's for the quarters ended March 31, 2000, and
June 30, 2000, with the SEC. The Company's independent auditor, Arthur
Andersen, has completed their limited reviews of the interim unaudited
financial statements included in the Form 10-Q's in accordance with SAS71 as
required by SEC regulations. The financial statements included in the Form
10-Q's contain no changes from the financial statements included in the
Company's November 30, 2000 news release. The Form 10-Q's will be on the
Company's website at www.lodgian.com by Monday, December 18, 2000. As
previously announced, management anticipates filing its third quarter Form
10-Q by January 16, 2001, and having a timely filing with the SEC of its full
year 2000 audited financial statements.
In addition, the Company also reported that it sold it's land parcel in
Hillsboro, Ore., on December 12 for net proceeds of $3.6 million, which were
used to pay down debt. The Company now has fully paid the $25 million
required amortization payment due December 31, 2000, and has paid
approximately $2.5 million of the $35 million required amortization payment
due June 30, 2001.
About Lodgian
Lodgian, Inc. owns or manages a portfolio of 114 hotels with approximately
21,400 rooms in 32 states and Canada. The hotels are primarily full service,
providing food and beverage service, as well as meeting facilities.
Substantially all of Lodgian's hotels are affiliated with nationally
recognized hospitality brands such as Holiday Inn, Crowne Plaza, Marriott,
Sheraton, and Hilton.
Lodgian's common shares are listed on the New York Stock Exchange under
the symbol LOD. Lodgian is a component of both the Russell 2000(R) Index,
representing small cap stocks, and the Russell 3000(R) Index, representing the
broader market.
Forward-Looking Statements
Note: Statements in this press release that are not strictly historical
are forward-looking statements that are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks, which may cause
the Company's actual results in the future to differ materially from expected
results. These risks include, among others, the termination of letters of
intent from prospective buyers, competition within the lodging and contract
service industries; the relationship between supply and demand for hotel
rooms; the effects of economic conditions; issues associated with the ongoing
integration of the former Servico, Inc. and Impac Hotel Group, LLC; the
acquisition and renovation of existing hotels and the development of new
hotels; operating risks; the cyclical nature of the lodging industry; risks
associated with the dependence on franchisers of the Company's lodging
properties; and the availability of capital to finance planned growth, as
described in the Company's filings with the Securities and Exchange
Commission.
For more information on Lodgian toll-free via fax, dial 1-800-PRO-INFO
(1-800-776-4636), follow the voice menu prompts and enter the company ticker
LOD (or 563) or visit the Lodgian page on the FRB web site at www.frbinc.com
Visit Lodgian at www.lodgian.com
SOURCE Lodgian, Inc.
Logos, product and company names mentioned are the property of their respective owners.
