Press Release: Hudson Hotels Corporation
November 15, 2000
ROCHESTER, NY -- Hudson Hotels Corporation (``Hudson'' or the ``Company''), Rochester, New York, yesterday announced
its third quarter 2000 financial results. For the third quarter, Hudson had net income before extraordinary items
of $662,840, compared to a loss of ($248,134) in the third quarter of 1999. Earnings per share for the period increased
to $0.11 in 2000 versus a loss of ($0.13) in 1999 prior to consideration of any extraordinary items. EBITDA, increased
in the current quarter to $4.9 million from $4.2 million in the comparable quarter of 1999 while sales for the
quarter at $13,973,044 were flat compared to the third quarter of 1999 at $14,011,248.
Commenting on these results, E. Anthony Wilson, Chairman and Chief Executive Officer of the Company, stated ``We
are finally beginning to see the effect of strategic moves we made earlier this year. Our corporate overhead for
this quarter is $130,219 less than the comparable 1999 quarter, and interest expense shows a quarter over quarter
savings in excess of $1,000,000. We fully expect these savings to continue over the next several quarters.
HUDSON HOTELS CORPORATION
Results of Operations
(Unaudited)
Three Month Period Nine Month Period
Ended Ended
September 30 September 30
2000 1999 2000 1999
Total Operating
Revenues $13,973,044 $14,011,248 $39,623,820 $39,787,973
EBITDA (a) 4,923,290 4,239,356 13,113,820 13,195,477
Net Income (Loss)
Before Extraordinary
Items 662,840 (248,134) (512,468) (504,850)
Net Income (Loss) 662,840 3,841,331 (512,468) 3,584,615
Net Income (Loss)
Per Share (b)
Basic $0.23 $1.78(c) $(0.24) $1.69(c)
Diluted $0.11 $1.78(c) $(0.24) $1.69(c)
(a) Earnings before interest, taxes, depreciation and amortization.
(b) All earnings per share reflect a 1 for 3 reverse stock spilt which
became effective September 14, 2000.
(c) Includes net income per share attributable to a $4,089,465
extraordinary gain.
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.
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.
SOURCE: Hudson Hotels Corporation