SILVER SPRING, MD Choice Hotels International reported a drop in net income for fourth-quarter and year-end 2000, a year that saw the settlement of its Sunburst Hospitality receivable, an investment in Europe s Friendly Hotels Plc and a company-wide restructuring.
Net income for the quarter was $2.5 million or earnings per share (diluted) of $0.05, compared to $14 million or $0.26 in the year-ago period. Net income was $42.4 million or EPS (diluted) of $.80 against 1999 s $57.1 million or $1.03 EPS (diluted). Recurring EBITDA for the year jumped 7.7%, increasing to $109.7 million from $101.9 million in 1999.
Recurring EPS (diluted) remained basically flat at $0.28 against $0.27 in the year-ago period. Recurring net income in the quarter was flat against the prior year at $14.8 million.
For the year, recurring net income rose slightly (2%) to $58.4 million from $57.2 million in 1999; EPS (diluted) rose 6.8% to $1.10 for the year from $1.03 the previous year.
Choice opened 274 domestic hotels, with full-year RevPAR increasing 4.4% from $35.17 in 1999 to $36.72. Fourth-quarter 2000 RevPAR increased 4.7% from $34.94 to $36.59. (2/13/01) Stefani C. O Connor