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Extended Stay Beats Market Forecast

FORT LAUDERDALE, FL-The locally based firm produces adjusted net earnings per share of 23 cents, a penny more than originally expected.

By David R. Corder | Updated on October 23, 2001

FORT LAUDERDALE, FL-Extended Stay America Inc. is expressing optimism about its third-quarter earnings performance in light of the tremendous hit the travel and tourism took following the Sept. 11 terrorist attack on America.

The locally based firm, which is relocating from headquarters in Fort Lauderdale to Spartanburg, SC, is reporting an adjusted net gain of 23 cents per share, a penny more than the market forecast, which matches the EPS the company reported for the same period in 2000.

Including income taxes, cost of an extraordinary item and cumulative effect of accounting charges, the company is reporting a net income gain of $12.98 million, or 14 cents per share, on revenue of $145.7 million for the three-month period, compared with net of $22.7 million, or 23 cents per share, on total revenue of $142.2 million for the same period in 2000.

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