On gross revenue, the company posted $58.5 million for 4Q 2002, up 10.5% from $52.9 million booked in the same 2001 period. At Dec. 31, 2002, ResortQuest had $16.3 million in total cash and total debt of $75.1 million.
"Despite the expected seasonal loss in the fourth quarter, the company made progress on a number of fronts," company president/CEO Jim Olin says in a prepared statement. He says ResortQuest increased year-over-year 4Q revenue and EBITDA "in an environment that continues to be challenging for our industry."
The company also started consolidating its corporate structure and operations. "By relocating our corporate office to Destin, FL, along with the consolidation of our accounting shared service center in Colorado into Destin, we expect to realize over $1 million in annual savings."
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