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CORAL GABLES, FL-Hotelworks.com attributes continuing weakness in the hospitality industry for declining sales that resulted in nearly a 50% drop in first-quarter net income. The Coral Gables, FL-based provider of goods and services to the hospitality industry also disclosed after the markets closed Friday that a subsidiary, Bekins Distribution Services Inc., sold the company’s Orlando warehouse for $2.27 million.

Although it did not identify the buyer or the size of the warehouse, Bekins said in a prepared statement that it used the net proceeds of the sale to repay all but $107,000 of a term loan with Bank of America.

The sale came as Hotelworks.com reported a $1.87 million net income loss, or 13 cents a share, on revenue of $32.1 million for the three months ended March 31, compared with a net loss of $962,000, or seven cents a share, on revenue of $41.6 million for the same period in 2000.

Announcement of the quarterly financials comes as the American Stock Exchange halted all open orders on publicly traded common stock in Hotelworks.com. effective April 21 because the company failed to file its annual shareholder’s report on time.

“Until the trading halt on the company’s common stock is lifted, there is no public liquidity in the company’s common stock,” according to an annual report the company eventually filed after the trading halt. “As a result of falling below the listing requirements, the AMEX may move to delist the common stock and if the common stock is delisted, the company’s ability to raise capital and its liquidity would be adversely affected.”

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