Press Release: Hudson Hotels Corporation
August 15, 2000
ROCHESTER, NY -- Hudson Hotels Corporation (Nasdaq: HUDSC; ``Hudson'' or the ``Company''), Rochester, New York,
yesterday announced its second quarter 2000 financial results. For the second quarter, Hudson had net income of
$763,681, compared to net income of $577,177 in the second quarter of 1999, an increase of 32%. Earnings per share
for that same period decreased from 9 cents in 1999 to 7 cents per share in 2000, based on a larger number of shares
outstanding in the current quarter. Sales for the second quarter at $13,802,598 were flat compared to the second
quarter of 1999 at $13,860,930. EBITDA, as well, remained constant for the comparable periods at $5.2 million.
Commenting on these results, E. Anthony Wilson, Chairman and Chief Executive Officer of the Company, stated ``the
increase in net income is mainly due to significant reductions in corporate overhead and one month of reduced interest
expense. The full affect of reduced interest expense will be felt in the third quarter and thereafter. Additionally,
the continued increase in royalty revenue from the Microtel system enhances our bottom line.'' The Microtel system
continues to expand and now has 196 properties open at June 30, 2000, compared to 151 at June 30, 1999.
HUDSON HOTELS CORPORATION
Results of Operation
(Unaudited)
Three Month Six Month
Period Ended Period Ended
June 30 June 30
2000 1999 2000 1999
Total Operating
Revenues $13,802,598 $13,860,930 $25,650,776 $25,776,725
EBITDA (a) 5,181,239 5,157,972 8,190,740 8,956,121
Income (Loss)
Before Tax (b) 747,276 553,990 (1,119,500) (249,349)
Net Income (Loss) 763,681 577,177 (1,175,308) (256,716)
Net Income (Loss)
Per Share
Basic $0.09 $0.09 $(0.17) $(0.05)
Diluted $0.07 $0.09 $(0.17) $(0.05)
Weighted Average
Number of Shares
Outstanding 7,840,584 6,399,161 7,173,001 6,093,450
(a) Earnings before interest, taxes, depreciation and amortization.
(b) Income (Loss) from operations, before income taxes, minority interest
and equity in income of affiliates.
Hudson Hotels Corporation is a Rochester, New York-based leading limited-service and middle market hotel development
and management company. Hudson manages primarily well-known national hotel brands pursuant to franchise agreements
from Marriott International, Inc., Hilton Hotels Corporation, Choice Hotels International, Inc., Bass Hotels and
Resorts, Red Roof Inns, Inc., and U. S. Franchise Systems, Inc. The Company owns 25 hotels and manages a total
of 46 hotels, together totaling more than 5,100 rooms.
Except for the historical information presented in this press release, the press release includes forward-looking
statements that involve risks and uncertainties including, but not limited to, quarterly fluctuations and results,
the management of growth, competition and other risks detailed in the Company's Securities and Exchange Commission
filing. Actual results may differ materially from such information as set forth herein.
See the company's website: http://www.hudsonhotels.com.
SOURCE: Hudson Hotels Corporation