ATLANTA-Striving to regain profitability after exiting Chapter 11 protection on Nov. 22, 2002, locally based Lodgian Inc. lost $16.5 million from continuing operations in the fourth quarter of 2003 and $26.8 million for the year ended Dec. 31.

The company’s consolidated financial statements, filed with the Securities and Exchange Commission, use the term “2002 combined period” to describe its operations before and after the 2002 Chapter 11 emergence. Fourth-quarter revenue from continuing operations totaled $73.7 million compared to $74.9 million in the comparable quarter of the 2002 combined period. Revenue per available room was down less than 1% during the quarter. The company’s gross profit margins on its portfolio of 77 owned hotels were flat.

The $16.5-million quarterly loss from continuing operations include an impairment charge of $10.2 million; dividends on preferred stock of $4.1 million; and post-emergence Chapter 11 expenses and other general and administrative expenses of $600,000.

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