CONTINUING OPERATIONS HOTEL PORTFOLIO (35 HOTELS)
EFFECTIVE 2008 FIRST QUARTER
PRO FORMA INCOME STATEMENT
EFFECTIVE 2008 FIRST QUARTER
PRO FORMA INCOME STATEMENT
2007 | 2006 | |||||||||||||||||||||||||||||||
Fourth | Third | Second | First | Fourth | Third | Second | First | |||||||||||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | Quarter | |||||||||||||||||||||||||
(Unaudited in thousands) | ||||||||||||||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||
Rooms | $ | 39,468 | $ | 45,549 | $ | 47,809 | $ | 41,540 | $ | 38,202 | $ | 42,219 | $ | 45,441 | $ | 39,060 | ||||||||||||||||
Food and beverage | 13,319 | 12,033 | 14,231 | 11,650 | 12,726 | 10,792 | 13,007 | 9,787 | ||||||||||||||||||||||||
Other | 1,694 | 1,994 | 2,038 | 1,600 | 1,700 | 1,736 | 1,807 | 1,518 | ||||||||||||||||||||||||
54,481 | 59,576 | 64,078 | 54,790 | 52,628 | 54,747 | 60,255 | 50,365 | |||||||||||||||||||||||||
Direct operating expenses: | ||||||||||||||||||||||||||||||||
Rooms | 10,129 | 11,605 | 11,363 | 10,263 | 10,117 | 10,907 | 11,025 | 9,843 | ||||||||||||||||||||||||
Food and beverage | 8,380 | 8,878 | 9,245 | 8,259 | 8,537 | 8,116 | 8,655 | 7,327 | ||||||||||||||||||||||||
Other | 1,210 | 1,436 | 1,406 | 1,212 | 1,234 | 1,320 | 1,451 | 1,236 | ||||||||||||||||||||||||
19,719 | 21,919 | 22,014 | 19,734 | 19,888 | 20,343 | 21,131 | 18,406 | |||||||||||||||||||||||||
34,762 | 37,657 | 42,064 | 35,056 | 32,740 | 34,404 | 39,124 | 31,959 | |||||||||||||||||||||||||
Other operating expenses: | ||||||||||||||||||||||||||||||||
Other hotel operating costs | 15,624 | 17,171 | 16,906 | 16,131 | 14,809 | 15,564 | 15,452 | 15,044 | ||||||||||||||||||||||||
Property and other taxes, insurance and leases | 4,210 | 3,967 | 4,291 | 4,698 | 4,950 | 4,902 | 3,961 | 3,666 | ||||||||||||||||||||||||
Corporate and other | 4,250 | 5,577 | 5,905 | 5,664 | 4,942 | 5,587 | 5,259 | 4,911 | ||||||||||||||||||||||||
Casualty (gain) losses, net | — | — | — | (1,867 | ) | — | (3,085 | ) | 34 | 166 | ||||||||||||||||||||||
Restructuring | (26 | ) | 1,258 | — | — | — | — | — | — | |||||||||||||||||||||||
Depreciation and amortization | 7,329 | 7,077 | 6,955 | 6,831 | 6,780 | 6,939 | 6,762 | 6,316 | ||||||||||||||||||||||||
Impairment of long-lived assets | 470 | 395 | 141 | 153 | 147 | 281 | 13 | 191 | ||||||||||||||||||||||||
Other operating expenses | 31,857 | 35,445 | 34,198 | 31,610 | 31,628 | 30,188 | 31,481 | 30,294 | ||||||||||||||||||||||||
2,905 | 2,212 | 7,866 | 3,446 | 1,112 | 4,216 | 7,643 | 1,665 | |||||||||||||||||||||||||
Other income (expenses): | ||||||||||||||||||||||||||||||||
Business interruption insurance proceeds | — | 299 | 272 | — | 530 | 2,706 | 695 | — | ||||||||||||||||||||||||
Interest income and other | 913 | 1,312 | 807 | 912 | 652 | 770 | 835 | 301 | ||||||||||||||||||||||||
Other interest expense | (5,567 | ) | (5,730 | ) | (5,816 | ) | (5,154 | ) | (5,225 | ) | (5,403 | ) | (5,153 | ) | (4,907 | ) | ||||||||||||||||
Loss on debt extinguishment | — | — | (3,329 | ) | — | — | — | — | — | |||||||||||||||||||||||
(Loss) income before income taxes and minority interests | (1,749 | ) | (1,907 | ) | (200 | ) | (796 | ) | (2,931 | ) | 2,289 | 4,020 | (2,941 | ) | ||||||||||||||||||
Minority interests (net of taxes, nil) | — | — | (56 | ) | (365 | ) | 335 | 100 | (136 | ) | (4 | ) | ||||||||||||||||||||
(Loss) income before income taxes — continuing operations | (1,749 | ) | (1,907 | ) | (256 | ) | (1,161 | ) | (2,596 | ) | 2,389 | 3,884 | (2,945 | ) | ||||||||||||||||||
(Provision) benefit for income taxes — continuing operations | (2,114 | ) | 907 | 392 | 677 | (2,121 | ) | (1,315 | ) | (2,004 | ) | 764 | ||||||||||||||||||||
(Loss) income from continuing operations | $ | (3,863 | ) | $ | (1,000 | ) | $ | 136 | $ | (484 | ) | $ | (4,717 | ) | $ | 1,074 | $ | 1,880 | $ | (2,181 | ) | |||||||||||