Exhibit 99.1
RESORTQUEST INTERNATIONAL ANNOUNCES FOURTH
QUARTER AND FULL YEAR 2002 FINANCIAL RESULTS
-COMPANY MEETS EARNINGS PER SHARE AND EBITDA GUIDANCE-
-HAWAII CONTINUES STRONG REBOUND-
Memphis, TN, February 11, 2003 - ResortQuest International, Inc. (NYSE: RZT),
the nation's leading property manager of vacation condos, homes and villas,
today announced financial results for the fourth quarter and full year ended
December 31, 2002.
FOURTH QUARTER HIGHLIGHTS
o Total gross lodging revenues increased 10.5% in Q4 2002 versus Q4 2001
o Revenues at $34.4 million, up $3.6 million or 11.6% from Q4 2001
o Mountain Resorts' gross lodging revenues increased 5.6% versus Q4 2001
o Hawaii gross lodging revenues up 23.9% versus Q4 2001
o Announced partnership with Arizona's Mirage Homes, located in Scottsdale's
exclusive Troon North golf community, to market luxury vacation rentals
o Launched "Ski Now - Tan Later - FREE!" promotion
o Signed new $60 million developer deal with Sunrise Beach Associates LLC in
Panama City, Florida
o Opened first phase of Bahama Bay Resort in Orlando, Florida
o Announced relocation of corporate headquarters to Destin, Florida
FOURTH QUARTER 2002 RESULTS
ResortQuest reported revenues of $34.4 million for the fourth quarter of 2002,
which represents an 11.6% improvement over revenues of $30.8 million for the
prior year fourth quarter. Included in both periods is other revenue from
managed properties that primarily relates to reimbursed payroll expense and
related benefits. The Company adopted this presentation format in 2002 in
response to a FASB staff announcement; however, this financial statement
presentation change has no effect on the Company's operating cash flows,
EBITDA1, or earnings per share. The Company reported a net loss for the fourth
quarter of 2002 of ($17.5) million, compared to a net loss of ($6.2) million in
2001. This translates to diluted loss per share of ($0.91) in the fourth quarter
of 2002, as compared to a diluted loss per share of ($0.32) in the fourth
quarter of 2001. Excluding unusual items and other charges, the Company reported
net loss for the fourth quarter of ($7.2) million, compared to a loss of ($5.8)
million in the prior year. The unusual items and other charges include $13.9
million for the fourth quarter of 2002 and $0.8 million for the fourth quarter
of 2001. This translated to diluted loss per share of ($0.37) in the fourth
quarter of 2002, as compared to loss per share of ($0.30) in the fourth quarter
of 2001. Excluding the effect of unusual items and other charges, diluted cash
loss per share, which excludes the effect of prior year goodwill amortization,
was ($0.37) in the fourth quarter of 2002 compared to a loss per share of
($0.23) in the same period last year.
The Company reported EBITDA, excluding unusual items and other charges, of a
loss of ($8.0) million in the fourth quarter compared to a loss of ($8.3)
million in fourth quarter of 2001, a 2.9% improvement. EBITDA per diluted share
excluding unusual items and other charges was ($0.42) in the fourth quarter of
2002, up slightly from ($0.43) in the comparable 2001 period. ResortQuest
diluted shares outstanding for the fourth quarter of 2001 and 2002 was 19.3
million. The unusual items and other charges recorded during the quarter
primarily relate to a non-cash write-down of $10.6 million of certain
capitalized software development costs and intangibles related to the Company's
vacation rental management software, First Resort Software, severance and
employee-related charges of approximately $2.6 million and approximately
$760,000 of other charges related to property and office closings and
consolidations. The $10.6 million write-down relates to the Company's change in
strategy that included a redefinition of its target market for First Resort
Software. This change necessitated a write-down of certain capitalized
development costs and intangibles related to the software as recorded on the
Company's balance sheet. First Resort is the leading property management
software for the industry with over 20% market share and the Company will
continue to market the software to small and medium-sized property management
companies, which make up the majority of the industry. The severance and
employee-related charges relate to the fourth quarter senior management changes
that were discussed in last quarter's earnings release and the majority of these
costs will be paid out over the next several years. The property and office
closings include the closing of Shoreline Properties in Ohio and the
consolidation and closings of offices in Dillon, Lafayette, and Basalt,
Colorado; Memphis, Tennessee; and Hilton Head, South Carolina. The Company will
realize significant payroll and lease expense savings through these
consolidations.
For the year ended December 31, 2002, total revenues declined slightly to $190.2
million from $193.0 million. The Company reported net loss for the year of
($13.5) million, compared to net income of $1.6 million in the prior year. This
translates to a diluted loss per share of ($0.70) for the year 2002, as compared
to diluted earnings per share of $0.08 for the year 2001. Excluding unusual
items and other charges and the cumulative effect of a change in accounting
principle recorded during the first quarter, net income for 2002 was $3.8
million and diluted earnings per share was $0.19. This compares to net income,
excluding unusual items, of $6.5 million and diluted earnings per share of $0.34
for the year 2001. Excluding unusual items and other charges, EBITDA declined
22.5% to $18.7 million in 2002, compared to $24.1 million in 2001. EBITDA per
diluted share, excluding unusual items, was $0.97 in 2002 versus $1.25 in 2001.
The change in accounting principle relates to the Company's adoption of SFAS No.
142 as discussed in the Company's 2002 Form 10-Q's.
"Despite the expected seasonal loss in the fourth quarter, the Company made
progress on a number of fronts," said Jim Olin, President and Chief Executive
Officer. "First, we managed to increase year-over-year fourth quarter revenues
and EBITDA in an environment that continues to be challenging for our industry.
Second, we began to implement our plans to consolidate our corporate structure
and operations. By relocating our corporate office to Destin, Florida, along
with the consolidation of our
2
accounting shared service center in Colorado into Destin, we expect to realize
over $1 million in annual savings. Third, through a series of recent planning
sessions with the new management team, we have completed the strategic framework
that will streamline and enhance our services, increase cross-selling amongst
our customers, and expand our distribution channels. These initiatives are
designed to solidify ResortQuest's position as the leading identifiable brand in
the vacation rental management industry."
The condensed table below describes the impact of the unusual items and other
charges and the cumulative effect of a change in accounting principle on our
actual results for the three months and full year ended December 31, 2001 and
December 31, 2002.
Three Months Ended December 31, 2002
Impact from Unusual Items and Change in Accounting
Principle
(in 000's, except EPS) Actual Unusual Change in Acctg Results Excluding
Results Items Principle Unusual Items
------- ------- --------- -------------
General and
administrative exp. $27,521 $(13,939) $ -- $13,582
EBITDA (21,956) 13,939 -- (8,017)
Net income/(loss) (17,464) 10,258 -- (7,206)
Diluted EPS ($0.91) $0.54 -- ($0.37)
Full Year Ended December 31, 2002
Impact from Unusual Items and Change in Accounting
Principle
(in 000's, except EPS) Actual Unusual Change in Acctg Results Excluding
Results Items Principle Unusual Items
------- ------- --------- -------------
General and
administrative exp $66,484 $(15,066) $ -- $51,418
EBITDA 3,646 15,066 -- 18,712
Net income/(loss) (13,484) 10,963 6,280 3,759
Diluted EPS ($0.70) $0.56 $0.33 $0.19
3
Three Months Ended December 31, 2001
Impact from Unusual Items
(in 000's, except EPS) Actual Unusual Results Excluding
Results Items Unusual Items
------- ----- -------------
General and administrative exp. $15,110 $(833) $14,277
EBITDA (9,093) 833 (8,260)
Net income/(loss) (6,215) 384 (5,831)
Diluted EPS ($0.32) $0.02 ($0.30)
Full Year Ended December 31, 2001
Impact from Unusual Items
(in 000's, except EPS) Actual Unusual Results Excluding
Results Items Unusual Items
------- ----- -------------
General and administrative exp. $57,663 $(4,682) $52,981
EBITDA 19,455 4,682 24,137
Net income/(loss) 1,601 4,891 6,492
Diluted EPS $0.08 $0.26 $0.34
At December 31, 2002, the Company had $16.3 million in total cash and total debt
of $75.1 million, which generates a debt to total capitalization of 37.3%. The
Company also recorded deferred revenues and customer deposits of $46.6 million,
an 11% decline over the comparable period in 2001.
"During 2002, the Company generated $14.7 million in operating cash flow, which
allowed the Company to reduce its debt balance from $79.0 million to $75.1
million. Even considering the current economic climate, we were able to maintain
positive cash flow results and we anticipate even a further reduction of
long-term debt in 2003," said Mitch Collins, Chief Financial Officer. "During
2002, we spent approximately $10.3 million on capital expenditures and
acquisition costs, which was significantly down from a total of $41.8 million in
2001 and $19.3 million in 2000. In 2003, we expect to further reduce capital
expenditures to approximately $6.0 million.
FOURTH QUARTER OPERATING RESULTS & HIGHLIGHTS
Total gross lodging revenues were $58.5 million for the fourth quarter of 2002,
compared to $52.9 million in the fourth quarter of 2001, representing a 10.5%
increase. During the fourth quarter of 2002, the Beach resorts' same-store gross
lodging revenues declined 7.0% to $14.4 million as compared to $15.5 million in
the fourth quarter of 2001, primarily due to the performance of our Southwest
Florida properties which have been severely impacted by the weak economy. The
Hawaii resorts' same-store gross lodging revenues increased 23.9% from $26.7
million in the fourth quarter of 2001 to $33.1 million in the fourth quarter of
2002. The Hawaii resorts benefited from
4
higher occupancy rates and revenue per available unit. The Mountain resorts'
same-store gross lodging revenues increased 5.6% to $9.9 million primarily due
to an 8.9% increase in ADR.
"We are encouraged by the quarter's sharp increase in total gross lodging
revenues over the prior year," said Park Brady, Chief Operating Officer. "Most
notably, same-store sales in Hawaii, while still not up to historical levels,
are continuing their strong rebound. In addition, the Mountain region showed
solid improvement in ADR, with an increase of almost 9% versus the fourth
quarter of 2001."
OUTLOOK
The following information is based on current information as of February 10,
2003. The Company does not expect to update guidance until next quarter's
earnings release; however, the Company may update the full business outlook or
any portion thereof at any time for any reason.
For the first quarter of 2003, the Company estimates that diluted earnings per
share will be in the $0.05 to $0.08 range, and EBITDA will be in the range of
$5.0 to $6.0 million. Total revenues, excluding other revenue from managed
properties, should be between $38.0 to $40.0 million. For the full year 2003,
the Company estimates that revenues, excluding other revenue from managed
properties, will be $152.0 to $157.0 million and EBITDA will be in the range of
$18.0 to $19.0 million. Excluded from these amounts are any expenses related to
the move of the Company headquarters to Destin, Florida, which should
approximate $800,000.
Olin continued, "Although we are prepared for continuing weakness in the travel
and leisure market, we believe that ResortQuest fee-based business model is
increasingly well positioned to realize growth and profitability. 2003 is a year
that we expect to leverage our leadership position to increase our market share,
control costs and execute our strategic framework."
CONFERENCE CALL
ResortQuest International will hold a national conference call today, February
11, 2003 at 11:00 a.m. (EST). To participate on the call, please dial (973)
582-2703 and request the ResortQuest conference call. A recording of the call
will be available for 7 days by dialing (973) 341-3080 and entering access code
3734056. The call will be simultaneously broadcast over the Internet and will be
available thereafter at www.resortquest.com.
5
1EBITDA, defined as earnings before interest, taxes, depreciation and
amortization, is presented as supplemental information in the discussion of
operating results above and in the accompanied financial tables because the
Company believes that analysis of EBITDA, along with other Generally Accepted
Accounting Principles ("GAAP") measurements, provides a more comprehensive
representation of the Company's financial performance. EBITDA should not be
regarded as an alternative or replacement to any GAAP measurement of
performance. All companies do not calculate EBITDA in the same manner. As a
result, EBITDA as presented by our Company may not be comparable to similarly
titles measured presented by other companies.
ABOUT RESORTQUEST INTERNATIONAL
ResortQuest International, the first brand name and "real-time" online booking
service (www.resortquest.com) in vacation condominium and home rentals and
sales, provides a one-stop resource in over 50 premier resort destinations in
the U.S. and Canada. ResortQuest is the world's leading vacation rental property
management company, based on a portfolio of approximately 20,000 vacation rental
properties with a combined real estate value estimated in excess of $7.0
billion.
THIS NEWS RELEASE CONTAINS CERTAIN FORWARD-LOOKING STATEMENTS WITHIN THE MEANING
OF SECTION 27A OF THE SECURITIES ACT AND SECTION 21E OF THE SECURITIES EXCHANGE
ACT OF 1934, AS AMENDED, WHICH ARE INTENDED TO BE COVERED BY THE SAFE HARBORS
CREATED THEREBY. THESE FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND
UNCERTAINTIES, AS WELL AS ASSUMPTIONS THAT, IF THEY NEVER MATERIALIZE OR PROVE
INCORRECT, COULD CAUSE THE RESULTS OF RESORTQUEST AND ITS CONSOLIDATED
SUBSIDIARIES TO DIFFER MATERIALLY FROM THOSE EXPRESSED OR IMPLIED BY SUCH
FORWARD LOOKING STATEMENTS. IN ADDITION TO THE FACTORS DISCUSSED ABOVE, OTHER
FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY INCLUDE THE RISKS
ASSOCIATED WITH SUCCESSFUL INTEGRATION OF ADDITIONAL ACQUIRED COMPANIES, FACTORS
AFFECTING INTERNAL GROWTH AND MANAGEMENT OF GROWTH, RESORTQUEST'S ACQUISITION
STRATEGY AND THE AVAILABILITY OF FINANCING, THE TOUR AND TRAVEL INDUSTRY,
SEASONALITY, QUARTERLY FLUCTUATIONS AND GENERAL ECONOMIC CONDITIONS, DEPENDENCE
ON TECHNOLOGY AND TRAVEL PROVIDERS, AND OTHER FACTORS DISCUSSED FROM TIME TO
TIME IN RESORTQUEST'S SECURITIES AND EXCHANGE COMMISSION REPORTS, INCLUDING ITS
ANNUAL REPORT ON FORM 10-K FOR THE YEAR ENDED DECEMBER 31, 2001.
ALTHOUGH THE COMPANY BELIEVES THAT THE ASSUMPTIONS UNDERLYING THE
FORWARD-LOOKING STATEMENTS CONTAINED HEREIN ARE REASONABLE, ANY OF THE
ASSUMPTIONS COULD BE INACCURATE, AND, THEREFORE, THERE CAN BE NO ASSURANCE THAT
THE FORWARD-LOOKING STATEMENTS INCLUDED IN THIS FILING WILL PROVE TO BE
ACCURATE. IN LIGHT OF THE SIGNIFICANT UNCERTAINTIES INHERENT IN THE
FORWARD-LOOKING STATEMENTS INCLUDED HEREIN, THE INCLUSION OF SUCH INFORMATION
SHOULD NOT BE REGARDED AS A REPRESENTATION BY RESORTQUEST OR ANY OTHER PERSON
THAT THE OBJECTIVES AND PLANS OF THE COMPANY WILL BE ACHIEVED. THE COMPANY
UNDERTAKES NO OBLIGATION TO PUBLICLY UPDATE OR REVISE ANY FORWARD-LOOKING
STATEMENTS WHETHER AS A RESULT OF NEW INFORMATION, FUTURE EVENTS OR ANY OTHER
REASON.
###
INVESTOR RELATIONS CONTACTS: MEDIA CONTACTS:
RESORTQUEST INTERNATIONAL SLOANE & COMPANY
Mitch Collins / David Selberg Dan O'Connor
(901) 762-0600 (212) 446-1865
SLOANE & COMPANY
Jenny Lee
(212) 446-1892
6
ResortQuest International Inc
Consolidated Condensed Statements of Income
(unaudited)
Three Months Ended Twelve Months Ended
Dec 31, Dec 31, Dec 31, Dec 31,
(in thousands, except share data) 2001 2002 2001 2002
-------- -------- ------- --------
Revenues
Property management fees $ 9,780 $10,807 $ 88,732 $ 83,668
Service fees 7,987 8,620 47,889 44,685
Real estate and other 5,669 5,525 24,335 25,384
-------- -------- -------- --------
23,436 24,952 160,956 153,737
Other revenue from managed entities(1) 7,367 9,431 31,999 36,504
-------- -------- -------- --------
Total revenues 30,803 34,383 192,955 190,241
-------- -------- -------- --------
Cash Operating Expenses
Direct operating 17,419 19,387 83,838 83,607
General and administrative 15,110 27,521 57,663 66,484
-------- -------- -------- --------
32,529 46,908 141,501 150,091
Other expenses from managed entities(1) 7,367 9,431 31,999 36,504
-------- -------- -------- --------
Total operating expenses 39,896 56,339 173,500 186,595
-------- -------- -------- -------
EBITDA(2) (9,093) (21,956) 19,455 3,646
Depreciation 1,354 1,733 5,209 6,465
Goodwill amortization(3) 1,443 -- 5,670 --
-------- -------- -------- --------
Total depreciation and goodwill amortization 2,797 1,733 10,879 6,465
-------- -------- -------- --------
Operating income (11,890) (23,689) 8,576 (2,819)
Interest and other expense, net 1,580 1,779 4,647 6,233
-------- -------- -------- --------
Income before income taxes (13,470) (25,468) 3,929 (9,052)
(Provision)/benefit for income taxes 7,255 8,004 (2,328) 1,848
-------- -------- -------- --------
Income before the cumulative effect of a change
in accounting principle (6,215) (17,464) 1,601 (7,204)
Cumulative effect of a change in accounting principle(3) -- -- -- (6,280)
-------- -------- -------- --------
Net income $ (6,215) $(17,464) $ 1,601 $(13,484)
======== ======= ======== ========
Earnings per share
Basic and Diluted
Before cumulative effect of a change in accounting
principle $ (0.32) $ (0.91) $ 0.08 $ (0.37)
Cumulative effect of a change in accounting principle -- -- -- (0.33)
-------- -------- ------- -------
$ (0.32) $ (0.91) $ 0.08 $ (0.70)
======== ======== ======= =======
Diluted cash earnings per share(4)
Before cumulative effect of a change in accounting
principle $ (0.25) $ (0.91) $ 0.38 $ (0.37)
Cumulative effect of a change in accounting principle -- -- -- (0.33)
-------- -------- ------- -------
$ (0.25) $ (0.91) $ 0.38 $ (0.70)
======== ======== ======= =======
EBITDA per diluted share(2) $ (0.47) $ (1.14) $ 1.01 $ (0.19)
======== ======== ======= =======
(1) Revenue and expense from managed entities are included in our reported
results in response to a recent FASB announcement. These costs relate
primarily to reimbursed payroll costs and related benefits at managed
entities where we are the employer. These costs primarily relate to our
Hawaii resorts. The 2001 revenue and expenses have been reclassified to
conform with the 2002 presentation.
(2) EBITDA is defined as earnings before interest, taxes, depreciation and
amortization and excludes the cumulative effect of a change in
accounting principle.
(3) Beginning January 1, 2002, the Company adopted SFAS Nos. 141 and 142 as
it relates to the accounting for goodwill and related amortization. In
conjunction with the adoption of these pronouncements, the Company
recorded an after tax non-cash goodwill charge of $6.3 million related
to its Desert resorts. Additionally, the Company has ceased recording
amortization of all existing goodwill and any goodwill associated with
future mergers and acquisitions.
(4) Excludes the effect of $1.4 million and $5.7 million of goodwill
amortization in the three months and twelve months ended December 31,
2001, respectively.
7
ResortQuest International, Inc.
Performance Statistics
Total System (2)
Three Months Ended Twelve Months Ended
Dec 31, Dec 31, Dec 31, Dec 31,
2001 2002 VAR 2001 2002 VAR
-------- -------- ----- ------- ------- -----
Beach
Gross Lodging Revenues(1) $15,490 $14,399 (7.0)% $210,788 $195,095 (7.4)%
Occupancy 24.1% 23.8% (0.3)pts 46.2% 45.8% (0.4)pts
ADR $87.61 $89.39 2.0 % $155.77 $154.67 (0.7)%
RevPAU $21.10 $21.25 0.7 % $72.00 $70.81 (1.7)%
Total Units 9,460 9,435 (0.3)% 9,460 9,435 (0.3)%
Hawaii
Gross Lodging Revenues(1) $26,711 $33,090 23.9 % $143,384 $141,104 (1.6)%
Occupancy 61.9% 69.7% 7.8 pts 71.7% 71.8% 0.1 pts
ADR $104.73 $102.65 (2.0)% $115.20 $107.00 (7.1)%
RevPAU $64.85 $71.56 10.3 % $82.57 $76.79 (7.0)%
Total Units 5,553 5,468 (1.5)% 5,553 5,468 (1.5)%
Mountain
Gross Lodging Revenues(1) $9,383 $9,904 5.6 % $58,792 $57,151 (2.8)%
Occupancy 19.5% 18.7% (0.8)pts 33.2% 31.1% (2.1)pts
ADR $186.01 $202.49 8.9 % $175.61 $181.92 3.6 %
RevPAU $36.29 $37.77 4.1 % $58.29 $56.52 (3.0)%
Total Units 3,283 3,311 0.9 % 3,283 3,311 0.9 %
Desert
Gross Lodging Revenues(1) $1,340 $1,085 (19.0)% $8,092 $6,322 (21.9)%
Occupancy 38.4% 33.0% (5.4)pts 42.4% 39.8% (2.6)pts
ADR $84.49 $97.63 15.6 % $105.12 $108.89 3.6 %
RevPAU $32.45 $32.25 (0.6)% $44.54 $43.35 (2.7)%
Total Units 522 425 (18.6)% 522 425 (18.6)%
Total
Gross Lodging Revenues(1) $52,924 $58,478 10.5 % $421,057 $399,672 (5.1)%
Occupancy 34.5% 37.9% 3.4 pts 51.4% 51.3% (0.1)pts
ADR $106.24 $107.60 1.3 % $139.90 $135.37 (3.2)%
RevPAU $36.61 $40.73 11.3 % $71.92 $69.51 (3.4)%
Total Units 18,818 18,639 (1.0)% 18,818 18,639 (1.0)%
(1) Lodging revenues are in thousands and represent the total rental charged to
property rental customers.
(2) Total system statistics include all non-exclusive management contracts from
the period under management through December 31, 2001 and December 31, 2002.
Excluded from these statistics are non-exclusive management contracts which
approximated 1,400 units as of December 31, 2001 and 1,500 as of December
31, 2002. Also excluded from these statistics are owner use nights and
renovation nights which were approximately 17.6% of gross available nights
in the three months ended December 31, 2001, and 15.6% of gross available
nights in the three months ended December 31, 2002, 14.3% of gross available
nights in the twelve months ended December 31, 2001, and 14.0% of gross
available nights in the twelve months ended December 31, 2002.
8
ResortQuest International, Inc.
Performance Statistics
Same-Store (2)
Three Months Ended Twelve Months Ended
Dec 31, Dec 31, Dec 31, Dec 31,
2001 2002 VAR 2001 2002 VAR
------- ------- ----- ------- ------- -----
Beach
Gross Lodging Revenues(1) $15,490 $14,399 (7.0)% $160,388 $153,288 (4.4)%
Occupancy 24.1% 23.8% (0.3)pts 46.9% 46.5% (0.4)pts
ADR $87.61 $89.39 2.0 % $134.93 $134.65 (0.2)%
RevPAU $21.10 $21.25 0.7 % $63.31 $62.64 (1.1)%
Total Units 9,460 9,435 (0.3)% 8,087 8,279 2.4 %
Hawaii
Gross Lodging Revenues(1) $26,711 $33,090 23.9 % $143,384 $141,104 (1.6)%
Occupancy 61.9% 69.7% 7.8 pts 71.7% 71.8% 0.1 pts
ADR $104.73 $102.65 (2.0)% $115.20 $107.00 (7.1)%
RevPAU $64.85 $71.56 10.3 % $82.57 $76.79 (7.0)%
Total Units 5,553 5,468 (1.5)% 5,553 5,468 (1.5)%
Mountain
Gross Lodging Revenues(1) $9,383 $9,904 5.6 % $54,642 $52,979 (3.0)%
Occupancy 19.5% 18.7% (0.8)pts 31.9% 30.2% (1.7)pts
ADR $186.01 $202.49 8.9 % $178.53 $185.25 3.8 %
RevPAU $36.29 $37.77 4.1 % $56.96 $55.87 (1.9)%
Total Units 3,283 3,311 0.9 % 3,102 3,131 0.9 %
Desert
Gross Lodging Revenues(1) $1,340 $1,085 (19.0)% $8,092 $6,322 (21.9)%
Occupancy 38.4% 33.0% (5.4)pts 42.4% 39.8% (2.6)pts
ADR $84.49 $97.63 15.6 % $105.12 $108.89 3.6 %
RevPAU $32.45 $32.25 (0.6)% $44.54 $43.35 (2.7)%
Total Units 522 425 (18.6)% 522 425 (18.6)%
Total
Gross Lodging Revenues(1) $52,924 $58,478 10.5 % $366,506 $353,693 (3.5)%
Occupancy 34.5% 37.9% 3.4 pts 52.1% 52.1% 0.0 pts
ADR $106.24 $107.60 1.3 % $130.13 $126.26 (3.0)%
RevPAU $36.61 $40.73 11.3 % $67.74 $65.76 (2.9)%
Total Units 18,818 18,639 (1.0)% 17,264 17,303 0.2 %
(1) Lodging revenues are in thousands and represent the total rental charged to
property rental customers.
(2) For better comparability, the three months ended December 31 statistics
exclude all non-exclusive management contracts, which approximated 1,500
units as of December 31, 2002. The twelve months ended December 31 excluded
all non-exclusive management contracts as well as properties that were not
acquired by ResortQuest prior to the fourth quarter of 2001, which
approximated 1,400 units as of December 31, 2001 and 1,500 units as of
December 31, 2002. Also excluded from these statistics are owner use nights
and renovation nights which were approximately 17.6% of gross available
nights in the three months ended December 31, 2001, and 15.6% of gross
available nights in the three months ended December 31, 2002, 13.6% of gross
available nights in the twelve months ended December 31, 2001, and 13.3% of
gross available nights in the twelve months ended December 31, 2002.
9