ResortQuest's Q2 Net Income Down

DESTIN, FL-ResortQuest International Inc., which bills itself as the largest property manager of vacation condominiums, homes and villas, reports second-quarter net income of $1.3 million, or seven cents per diluted share, versus $2.2 million, or 12 cents per share, in the comparable 2002 period.

The company, preparing to be acquired by Nashville-based Gaylord Entertainment Co., logged revenue of $48.4 million compared to $48.9 million in second quarter 2002.

Earnings before interest, taxes, depreciation and amortization totaled $5.9 million. Last year at this time, the figure was $6.5 million. The company, formerly based in Memphis, TN, showed some highlights, however. Revenue per available unit increased 3.8% compared to second quarter 2002. The first quarter experienced an 8.1% decline compared to last year’s same period. The overall average daily rate rose 6.8% to $146.96 versus $137.55 in the same 2002 period. The first quarter of this year showed a 2.1% increase in the average daily rate.