ResortQuest Loses $17.5M in 4Q, $13.5M in 2002

ORLANDO-ResortQuest International, a leading property manager of vacation condos, homes and villas, lost $17.5 million in 4Q 2002 compared to a net loss of $6.2 million in 2001. For the full 2002, the company lost $13.5 million versus net income of $1.6 million in the prior year.

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.”