In a prepared statement, locally based Lodgian says its net loss was $1.85 millilon or seven cents a share, compared with a loss of $16.8 million or 60 cents a share a year ago. The loss for 2001 first quarter included a gain of $24.4 million from sales of hotel assets.
Revenues fell to $114.8 million from $138.4 million last year. Lodgian says it has reached a verbal agreement to amend its credit facility, increasing the interest rate spread. Prior to the agreement, the company says it would have been in violation of its coverage ratios.
Lodgian says it will continue to cut spending and actively market some of its properties.
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David Wilkening
David Wilkening began his long journalism career as a police reporter for Chicago-area newspapers. He became a writer-editor for major newspapers in Chicago, Washington, Detroit and Florida. He has been a business editor, political editor and travel editor for newspapers and magazines. He tried for a while to be a political operative but did better as an adjunct college professor teaching English and journalism. He is the author of several books, both ghost-written and under his own name. He is also a widely published freelance writer who currently lives in Orlando.
