MeriStar Hospitality Corporation Reports Strong 2005 Full Year, Fourth Quarter Results
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MeriStar Hospitality Corporation Reports Strong 2005 Full Year, Fourth Quarter Results
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Catégorie : Monde -
Ceci est un communiqué de presse sélectionné par notre comité éditorial et mis en ligne gratuitement le 08-02-2006
Fourth Quarter Adjusted FFO per Share Increase of Nearly 90 Percent
BETHESDA, Md., February 7, 2006—MeriStar Hospitality Corporation (NYSE: MHX),
one of the nation’s largest hotel real estate investment trusts (REIT), today announced financial
results for the full year and fourth quarter ended December 31, 2005. Highlights of the
company’s strong performance include1:
Q4 2005 Q4 2004 FY 2005 FY 2004
Net Loss (in millions) $(113.7) $(17.7) $(241.6) $(96.3)
Net Loss per Diluted Share $(1.30) $(0.20) $(2.76) $(1.18)
Adjusted FFO per Diluted Share $0.17 $0.09 $0.71 $0.40
Adjusted EBITDA (in millions) $44.8 $40.6 $189.6 $164.0
RevPAR Increase 14.8% 10.5%
ADR Increase 9.4% 10.3%
Occupancy Increase 4.9% 0.3%
• Full year 2005 comparable hotel gross operating profit margins rose 144 basis points, and
comparable hotel EBITDA margins increased 176 basis points;
• Business interruption (BI) insurance gain of $2.8 million and $7.1 million (based on
insurer recognition to date from losses resulting from the 2004 Florida hurricanes)
included in fourth quarter and full year 2005, respectively, in net income, adjusted FFO
and adjusted EBITDA. The BI insurance gain amount is $1.2 million below previous
guidance;
• Net loss includes non-cash impairment charges of $153.6 million or $(1.71) per diluted
share for the full year 2005 and $106.6 million or $(1.19) per diluted share for the fourth
quarter 2005 related to the company’s asset disposition program.
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