For the quarter, total sales rose 14% to $18.7 million from $16.5 million in fourth quarter 1999.. Revenue for the year grew 14% to a record $75.3 million from $65.9 in 1999, the company reported.
Net income, however, declined. The company reported fourth quarter net income of $788,000, or seven cents per share compared to $1.09 million, or eight cents per share for the same period in 1999. For all of 2000, net income was $5.3 million, or 41 cents per share versus $8 million, or 53 cents per share the previous year.
The company attributes the decrease to higher interest expense and lower interest income. In addition, says Suburban Lodges CEO David Krischer in a prepared statement, the hotels were affected by reduced travel during the first six weeks of 2000 as a result of Y2K concerns. He notes that the 10 cents of the decline in earnings occurred during the first quarter.
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