LODGIAN, INC. AND SUBSIDIARIES | ||||||||
Reconciliation of EBITDA and Adjusted EBITDA (non-GAAP measures) | ||||||||
with Loss from Continuing Operations (a GAAP measure) | ||||||||
2004 | 2003 | |||||||
Fourth Quarter | Fourth Quarter | |||||||
($ in thousands) | ||||||||
Continuing operations: | ||||||||
(Loss) income from continuing operations | $ | (11,071 | ) | $ | (17,028 | ) | ||
Depreciation and amortization | 635 | 7,194 | ||||||
Fresh start adjustments | — | — | ||||||
Interest income | (345 | ) | (196 | ) | ||||
Interest expense | 7,561 | 7,718 | ||||||
Preferred stock dividends | — | 4,065 | ||||||
Loss on preferred stock redemption | — | — | ||||||
Provision (benefit for income taxes — continuing operations | (260 | ) | (48 | ) | ||||
EBITDA from continuing operations | $ | 2,520 | $ | 1,705 | ||||
Adjustments to EBITDA: | ||||||||
Post-emergence Chapter 11 expenses, included in corporate | $ | 60 | $ | 1,289 | ||||
and other on consolidated statement of operations | ||||||||
Reorganization expenses | — | (647 | ) | |||||
Impairment loss | 6,809 | 11,287 | ||||||
Gain on asset dispositions | — | (445 | ) | |||||
Casualty losses for damage caused to our properties by the | 294 | — | ||||||
hurricanes that hit the Southeastern United States in the third | ||||||||
quarter | ||||||||
Adjustments to bankruptcy claims reserves | (38 | ) | (218 | ) | ||||
Adjusted EBITDA from continuing operations | $ | 9,645 | $ | 12,971 | ||||
Continuing operations excluding Closed Hotels due to Hurricane Damage: | ||||||||
(Loss) income from continuing operations | $ | (9,852 | ) | $ | (17,168 | ) | ||
Depreciation and amortization | 6,403 | 6,926 | ||||||
Fresh start adjustments | — | — | ||||||
Interest income | (342 | ) | (194 | ) | ||||
Interest expense | 7,300 | 7,491 | ||||||
Preferred stock dividends | — | 4,065 | ||||||
Loss on preferred stock redemption | — | — | ||||||
Provision (benefit for income taxes — continuing operations | (260 | ) | (48 | ) | ||||
EBITDA from continuing operations | $ | ,250 | $ | 1,072 | ||||
Adjustments to EBITDA: | ||||||||
Post-emergence Chapter 11 expenses, included in corporate | 60 | 1,289 | ||||||
and other on consolidated statement of operations | ||||||||
Reorganization expenses | — | (647 | ) | |||||
Impairment loss | 6,763 | 11,249 | ||||||
Gain on asset dispositions | — | (445 | ) | |||||
Casualty losses for damage caused to our properties by the | 83 | — | ||||||
hurricanes that hit the Southeastern United States in the third | ||||||||
quarter | ||||||||
Adjustments to bankruptcy claims reserves | (37 | ) | (214 | ) | ||||
Adjusted EBITDA from continuing operations | $ | 0,119 | $ | 12,304 | ||||
LODGIAN, INC. AND SUBSIDIARIES | ||||
Reconciliation of EBITDA and Adjusted EBITDA (non-GAAP measures) | ||||
with Loss from Continuing Operations (a GAAP measure) | ||||
2004 | ||||
($in thousands) | ||||
Continuing operations: | ||||
(Loss) income from continuing operations | $ | (35,846 | ) | |
Depreciation and amortization | 27,376 | |||
Fresh start adjustments | — | |||
Interest income | (647 | ) | ||
Interest expense | 42,990 | |||
Preferred stock dividends | 9,383 | |||
Loss on preferred stock redemption | 6,063 | |||
Provision (benefit) for income taxes — continuing operations | 228 | |||
EBITDA from continuing operations | $ | 49,547 | ||
Adjustments to EBITDA: | ||||
Post-emergence Chapter 11 expenses, included in corporate and other on our consolidated statement of operations | $ | 457 | ||
Reorganization expenses | — | |||
Impairment loss | 7,416 | |||
Gain on asset dispositions | — | |||
Casualty losses for damage caused to our properties by the hurricanes that hit the southeastern United States in the third quarter | 2,313 | |||
Adjustments to bankruptcy claims reserves | (38 | ) | ||
Adjusted EBITDA from continuing operations | $ | 59,697 | ||