The Fort Lauderdale-based developer-operator of extended-stay lodging properties, currently in the process of relocating to Spartanburg, SC, posted net income of $20.45 million, or 21 cents a share, on revenue of $143 million for the three months ended June 30, compared with net of $21.3 million, or 22 cents per share, on revenue of $133 million for the same period in 2000.
Earnings per share of 21 cents missed the quarterly forecast of 24 cents, as tracked by Thompson/First Call. It was the first time in the past five quarters the company missed the market forecast.
Attributing the decline to overall weakness in the U.S. lodging industry, the company forewarned shareholders that continued market softness could result in an overall drop of 3% to 5% in revenue per available room for all of 2001.
If the market remains soft, the company advised shareholders earnings per share for the year could fall into a range of 76 cents to 80 cents per diluted share. That compares with the present market forecast of 83 cents per share.
The company also reported net income of $37 million, or 38 cents a share, on revenue of $276 million for the six months ended June 30, compared with net of $32.5 million, or 34 cents a share, on revenue of $247 million for the same period in 2000.
(Please see related industry story on the Orlando page, "Hotel Occupancy Heading South.)
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