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Hotel Industry News |
Sunday July 6th, 2008 |
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WestCoast Hospitality Corporation Updates Fourth Quarter And Year Earnings Guidance |
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SPOKANE, Wash., Dec. 30 /PRNewswire-FirstCall/ -- WestCoast Hospitality Corporation (NYSE:WEH) today announced that it is updating guidance for the fourth quarter and year ending December 31, 2002. Based on financial information and trends through the quarter, the Company now expects fourth quarter Earnings Per Share to be in the range of -$0.17 to -$0.14, compared to -$0.04 in the fourth quarter of 2001. The year 2002 Earnings Per Share is estimated to be between $0.40 and $0.44, compared to $0.59 in the prior year. The Company is expected to release fourth quarter and year-end financial results during the last week of January. |
Revenue is expected to range from $43.7 million to $44.7 million for the fourth quarter and $193.5 million to $194.5 million for the year 2002, compared to $26.2 million and $120.6 respectively in the prior year periods. EBITDA is expected to range from $3.0 million to $3.5 million and $30.3 million to $31.0 million for the year 2002, compared to $4.9 million in the fourth quarter and $30.2 million for the year 2001, and cash flow is expected to range from $0.9 million to $1.4 million for the fourth quarter and $17.1 million to $17.6 million for the year, compared to $2.4 million and $16.5 million for the fourth quarter and year 2002 respectively. Cash Flow is defined as net cash provided by operating activities excluding changes in current assets and liabilities.
The fourth quarter is typically the lowest revenue quarter during the year, and results this year have been impacted by a continued soft economy, resulting in fewer business travelers. WestCoast Hospitality Corporation will issue first quarter 2003 guidance in its fourth quarter 2002 financial earnings release.
WestCoast Hospitality Corporation owns, manages and franchises full and limited service hotels in the western United States.
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