Share are currently trading on the Nasdaq at $6.75. The 52-week high-low is $7.75 and $5.
Suburban has purchased 3.7 million of the 4.5 million shares of common stock authorized for repurchase and still has over 12 million shares outstanding as of March, according to the company's prepared statement. Company officials believe the buyback program will help the firm's strategy of converting its existing operation to a franchising business model.
Average weekly income rates at the hotels were $201.09 last month, compared with $198.18 in March, 2000. Suburban expects to record first-quarter pre-tax expenses of about $475, and will record an impairment reserve of about $6.7 million before reduction for income tax savings.
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