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."

The company also started consolidating its corporate structure and operations. "By relocating our corporate office to Destin, FL, along with the consolidation of our accounting shared service center in Colorado into Destin, we expect to realize over $1 million in annual savings."

ResortQuest is also increasing cross-selling among its customers and expanding distribution channels. "These initiatives are designed to solidify ResortQuest's position as the leading identifiable brand in the vacation rental management industry," Olin says.

He says, "Although we are prepared for continuing weakness in the travel and leisure markets, we believe that ResortQuest's fee-based business model is increasingly well-positioned to realize growth and profitability." Olin adds: "2003 is a year that we expect to leverage our leadership position to increase our market share, control costs and execute our strategic framework."

For the first quarter of 2003, the company estimates that diluted earnings per share will be in the five cents to eight cents range, and EBITDA will be in the range of $5 million to $6 million. Total revenue, excluding other revenue from managed properties, should be between $38 million to $40 million, Olin says.

For the full year 2003, the company estimated revenue, excluding other revenue from managed properties, will be $152 million to $157 million, and EBITDA will be in the range of $18 million to $19 million.