Lodgian Reports 2008 First Quarter Results
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Lodgian Reports 2008 First Quarter Results
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2008-05-06
Lodgian, Inc. (Amex: LGN), one of the nation's largest independent owners and operators of full-service hotels, today reported results for the first quarter ended March 31, 2008. The company will host a 10 a.m. ET conference call today to discuss results.
The "35 Continuing Operations hotels" comprise all Lodgian properties except its held for sale portfolio (eleven hotels at March 31, 2008).
First Quarter 2008 Highlights for 35 Continuing Operations hotels
-- Achieved a 1.9 percent improvement in revenue per available room
(RevPAR) in the first quarter of 2008 compared to 2007 first quarter,
despite the displacement caused by ongoing renovations at five hotels
in the quarter.
-- Increased total revenue 2.2 percent, from $54.8 million in the 2007
first quarter to $56.0 million in the first quarter of 2008.
-- Increased Adjusted EBITDA (defined below) from $8.2 million to $8.8
million, a 6.8 percent improvement.
-- Improved Adjusted EBITDA margin from 15.0 percent in 2007 first quarter
to 15.6 percent in 2008 first quarter.
-- Continued the renovation of the Wyndham DFW and the Four Points by
Sheraton Philadelphia, and began the renovation of the Marriott Denver
Airport.
Statistics for 35 Continuing Operations hotels
1Q 1Q %
2008* 2007* Change
Rooms revenue $42,789 $41,540 3.0%
RevPAR $73.30 $71.96 1.9%
Total revenue $56,006 $54,790 2.2%
Loss from continuing
operations $(5,437) $(484) n/m
EBITDA $6,612 $9,912 (33.3)%
Adjusted EBITDA (defined below) $8,753 $8,198 6.8%
Consolidated Financial Results
Loss from continuing
operations $(5,437) $(484) n/m
Income/(loss) from
discontinued operations $(2,081) $327 n/m
Net income/(loss)
attributable to common stock $(7,518) $(157) (46.9)%
Net income/(loss) per share
attributable to common stock $(0.33) $(0.01) n/m
*Dollars in thousands except for RevPAR and per share data
In this press release, Lodgian uses the term "Adjusted EBITDA" to mean
earnings before interest, taxes, depreciation and amortization ("EBITDA"),
but excluding the effects of the following charges: impairment losses;
casualty (gains)/losses, net, for properties damaged by hurricane, fire or
flood; gain/loss on extinguishment of debt; and proceeds arising from
business interruption insurance claims.
Corporate Highlights:
-- Completed in April 2008 a $30 million stock re-purchase plan, which
reduced outstanding shares by 10 percent.
-- Authorized further stock re-purchases of up to $10 million before April
15, 2009.
-- Progressed listing and sales process related to the disposition of an
additional nine hotels.
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