X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SPOKANE, WA-WestCoast Hospitality Corp. is reporting this morning a 9.6% drop in third quarter earnings. Higher interest costs, depreciation and amortization, income taxes and a one time non-cash charge for conversion costs reduced net income $240 thousand, or 6.1%, from $3.9 million in the third quarter of 1999, to $3.6 million for the same period this year. Earnings per share for the period declined from 31 cents to 28 cents.

Meanwhile, Earnings Before Interest, Taxes, Depreciation and Amortization increased 20% during the quarter to $12.2 million, and total revenues for the quarter increased 9.3% to $36.9 million. In addition, operating margins in the hotel division increased 7/10ths of a percent to 33.9%, showing increased synergies since its purchase of WestCoast Hotels. Revenue Per Available Room increased 5.5% during the quarter, on increases to both occupancy and Average Daily Rate.

The Company’s Real Estate division revenues declined slightly, from $2.4 million in the third quarter of 1999, to $2.3 million in the same quarter this year. Operating margins in the division increased, from 52.1% to 53.0% this year, maintaining the contribution to overall profits within $23 thousand.

In the TicketsWest.com division, revenues declined year on year due primarily to exceptionally strong prior year results. In addition, less than expected revenue and lower margins from the company’s Fastixx ticketing operation contributed to the overall division’s negative performance.

In light afternoon trading, shares of WestCoast Hospitality were up 12.5 cents from Wednesday to $5.125. Shares hit a 52-week low yesterday. It’s 52-week high came Dec. 27, 1999, when shares traded for as high as $8.62.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.