ROCHESTER, N.Y., Nov. 14 /PRNewswire/ -- Hudson Hotels Corporation
(Hudson or the Company), Rochester, New York, today announced its third
quarter 2000 financial results. For the third quarter, Hudson had net income
before extraordinary items of $662,840, compared to a loss of ($248,134) in
the third quarter of 1999. Earnings per share for the period increased to
$0.11 in 2000 versus a loss of ($0.13) in 1999 prior to consideration of any
extraordinary items. EBITDA, increased in the current quarter to $4.9 million
from $4.2 million in the comparable quarter of 1999 while sales for the
quarter at $13,973,044 were flat compared to the third quarter of 1999 at
$14,011,248.
Commenting on these results, E. Anthony Wilson, Chairman and Chief
Executive Officer of the Company, stated We are finally beginning to see the
effect of strategic moves we made earlier this year. Our corporate overhead
for this quarter is $130,219 less than the comparable 1999 quarter, and
interest expense shows a quarter over quarter savings in excess of $1,000,000.
We fully expect these savings to continue over the next several quarters.
HUDSON HOTELS CORPORATION
Results of Operations
(Unaudited)
Three Month Period Nine Month Period
Ended Ended
September 30 September 30
2000 1999 2000 1999
Total Operating
Revenues $13,973,044 $14,011,248 $39,623,820 $39,787,973
EBITDA (a) 4,923,290 4,239,356 13,113,820 13,195,477
Net Income (Loss)
Before Extraordinary
Items 662,840 (248,134) (512,468) (504,850)
Net Income (Loss) 662,840 3,841,331 (512,468) 3,584,615
Net Income (Loss)
Per Share (b)
Basic $0.23 $1.78(c) $(0.24) $1.69(c)
Diluted $0.11 $1.78(c) $(0.24) $1.69(c)
(a) Earnings before interest, taxes, depreciation and amortization.
(b) All earnings per share reflect a 1 for 3 reverse stock spilt which
became effective September 14, 2000.
(c) Includes net income per share attributable to a $4,089,465
extraordinary gain.
Hudson Hotels Corporation is a Rochester, New York, based leading limited-
service and middle market hotel development and management company. Hudson
manages primarily well-known national hotel brands pursuant to franchise
agreements from Marriott International, Inc., Hilton Hotels Corporation,
Choice Hotels International, Inc., Bass Hotels and Resorts, Red Roof Inns,
Inc., and U. S. Franchise Systems, Inc.
Except for the historical information presented in this press release, the
press release includes forward-looking statements that involve risks and
uncertainties including, but not limited to, quarterly fluctuations and
results, the management of growth, competition and other risks detailed in the
Company's Securities and Exchange Commission filing. Actual results may
differ materially from such information as set forth herein.
SOURCE Hudson Hotels Corporation
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