Announcement of the buyback comes as shares in the company last traded up six cents on Oct. 4 at $1.22 each on volume of 1,200. The issue has traded as high as $3.63 and as low as $1.05 over the past 52 weeks. Janus owns and operates 14 hotels.
The company experienced a 181% increase in net losses and a 10.6% decrease in total revenue for the second quarter ended June 30. Revenue per available room decreased about 13.6% over the three-month period compared to the same period in 2000. Occupancy rates dipped to 61% from 66% for the same period a year ago.
Janus reported a net loss of $346,293, or five cents a share on total revenue of $11.98 million for the three months ended June 30 compared with a net gain of $428,077, or one cent per share on total revenue of $13.4 million for the same 2000 period.
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