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Press Release: Wyndham International, Inc.
November 13, 2002
DALLAS, TX -- Wyndham International, Inc. (AMEX:WBR) yesterday reported results for the third quarter ended Sept.
30, 2002.
For clarification, on Oct. 17, 2002 the company provided guidance on the anticipated actual EBITDA for the quarter
of $60 million. The actual results exceeded the company's guidance. The actual EBITDA (as opposed to pro forma
EBITDA) for the third quarter 2002 was $61.1 million.
A revised financial statement is attached reflecting the actual EBITDA of $61.1 million.
Wyndham International, Inc. offers upscale and luxury hotel and resort accommodations through proprietary lodging
brands and a management services division. Based in Dallas, Wyndham owns, leases, manages and franchises hotels
and resorts in the United States, Canada, Mexico, the Caribbean and Europe. For more information, visit www.wyndham.com For reservations, call 800-WYNDHAM.
Cautionary Statement
This press release contains certain forward-looking statements within the meaning of Sections 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including projections about future operating
results. The Company's results could differ materially from those set forth in the forward-looking statements.
Certain factors that might cause a difference include, but are not limited to, risks associated with the availability
of equity or debt financing at terms and conditions favorable to Wyndham; risks associated with the course of litigation;
Wyndham's ability to effect sales of assets on favorable terms and conditions; Wyndham's ability to integrate acquisitions
into its operations and management; risks associated with the hotel industry and real estate markets in general;
competition within the lodging industry; the impact of general economic conditions; risks associated with debt
financing; and other risks and uncertainties set forth in the company's annual, quarterly and current reports and
proxy statements.
WYNDHAM INTERNATIONAL, INC.
CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
(in thousands)
(Unaudited)
Quarter Ended September 30,
---------------------------------------------------
2002 2001
Actual Actual
------------ ------------
Revenues:
Hotel revenues $ 382,644 $ 392,796
Management fees
and service fee
income 4,361 5,178
Interest and
other income 1,466 2,339
------------ ------------
Total revenues 388,471 400,313
------------ ------------
Expenses:
Hotel expenses 326,390 317,155
General and
administrative
costs 11,778 14,582
Interest expense 56,789 71,160
------------ ------------
Total operating
costs and
expenses 394,957 402,897
------------ ------------
Revenues net of
direct expenses (6,486) (2,584)
Non-recurring charges:
Reductions in
reservation and
marketing funds -- 5,239
Professional fees
and other 506 3,087
Abandoned transaction
costs 606 925
Pre-opening and
conversion costs 15 945
Loss on derivative
instruments 36,327 42,783
Loss on sale of
assets 12,373 1,715
Write-off of
management,
leasehold costs
and license
agreements 1,224 17,019
------------ ------------
Total non-
recurring
charges 51,051 71,713
------------ ------------
Depreciation and
amortization 65,680 56,911
Equity in earnings
from unconsolidated
subsidiaries (69) (1,534)
Minority interest
in consolidated
subsidiaries (102) 1,498
------------ ------------
65,509 56,875
------------ ------------
Loss from continued
operations before
taxes (123,046) (131,172)
Benefit for income
taxes 44,701 48,025
------------ ------------
Loss from
continued
operations (78,345) (83,147)
------------ ------------
Income from
discontinued
operations, net
of taxes and
minority interest 151 2,197
------------ ------------
Loss before
extraordinary
item, net of
applicable taxes (78,194) (80,950)
Extraordinary item,
net of applicable
taxes -- (1,119)
------------ ------------
Net loss $ (78,194) $ (82,069)
============ ============
EBITDA, as
adjusted $ 61,069 $ 75,162
============ ============
WYNDHAM INTERNATIONAL, INC.
EBITDA Reconciliation
(in thousands, except per share data)
(Unaudited)
Quarter Ended September 30,
---------------------------------------------------
2002 2001
Actual Actual
------------ ------------
EBITDA Reconciliation
Net loss $ (78,194) $ (82,069)
Interest expense 56,789 71,160
Depreciation and
amortization 65,680 56,911
Benefit for
income taxes (44,701) (48,025)
Extraordinary
item, net of
applicable taxes -- 1,119
------------ ------------
EBITDA (426) (904)
Interest,
depreciation and
amortization from
equity interest
in unconsolidated
subsidiaries 1,763 1,077
Interest,
depreciation and
amortization
attributable to
minority
interests (1,427) (660)
Reductions in
reservation and
marketing funds -- 5,239
Professional fees
and other 506 3,087
Abandoned
transaction
costs 606 925
Pre-opening and
conversion costs 15 945
Amortization of
unearned
compensation 848 674
Loss on
derivative
instruments 36,327 42,783
Non-recurring
fees included
in G&A -- 573
Loss on sale of
assets 12,373 1,715
Write-off of
management,
leasehold costs
and license
agreements 1,224 12,414
Income from
discontinued
operations 9,260 7,294
------------ ------------
EBITDA, as
adjusted $ 61,069 $ 75,162
============ ============
Per Share Calculations:
Loss from continued
operations $ (78,345) $ (83,147)
Income from
discontinued
operations, net
of taxes and
minority interest 151 2,197
Extraordinary item,
net of
applicable taxes -- (1,119)
------------ ------------
Net loss $ (78,194) $ (82,069)
Adjustment for
preferred stock (36,556) (27,998)
------------ ------------
Net loss attributable
to common
shareholders $ (114,750) $ (110,067)
============ ============
Basic and diluted loss
per common share:
Loss from continued
operations $ (0.68) $ (0.66)
Income from
discontinued
operations, net
of taxes and
minority interest -- 0.01
Extraordinary
item, net of
applicable taxes -- (0.01)
------------ ------------
Net loss per
common share $ (0.68) $ (0.66)
============ ============
Basic and diluted
weighted average
common shares
and share
equivalents 167,977 167,810
------------------------------------------------------
Contact:
Wyndham International, Inc., Dallas
Analyst Inquiries:
Elizabeth Williams, 214/863-1389
ewilliams@wyndham.com
or
Media Inquiries:
Andrew Jordan, 214/863-1360
ajordan@wyndham.com
Source: Wyndham International, Inc.