The Tennessee-Florida move is costing the international vacation condo management company $800,000 in moving bills and related severance. ResortQuest charged off $306,000 of that cost in its Q1 results.
Jim Olin, the company's president and CEO, anticipates the corporate relocation and the continued accounting department consolidation from existing operations in Colorado and Hawaii will save ResortQuest over $1 million annually, beginning in the second half of 2003.
Despite a lukewarm Q1 performance, Olin says the company is "pleased" with the per-share quarterly earnings and EBITDA results because they were "in line with our previous guidance, in spite of the challenges facing our industry."
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