MCLEAN, VA— Crestline Capital Corp. reported first quarter 2002 EBITDA of $4.0 million, reflecting an 83% decrease from first quarter 2001 EBITDA of $23.7 million. Diluted earnings per common share were $1.61 for the first quarter of 2002, compared to $7.67 per diluted share for the first quarter of 2001. It was noted diluted earnings per share for the first quarter of 2002 included the one-time gain from the sale of the senior living business and 2002 senior living earnings through the sale date totaling $1.55 per share. Diluted earnings per share for the first quarter of 2001 included the one-time gain from the sale of the full-service leases and first quarter 2001 senior living earnings totaling $7.53 per share. Pro forma first-quarter 2002 EBITDA was a loss of $0.5 million, compared to pro forma first-quarter 2001 EBITDA of $0.4 million. Pro forma EBITDA excludes: senior-living community EBITDA for 2002 and 2001 (the communities were sold Jan. 11, 2002); full-service hotel lease EBITDA for 2001; EBITDA for 2001 for the 10 Residence Inns sold in the fourth quarter of 2001; EBITDA for 2001 for the Baltimore Inner Harbor Courtyard sold in December 2001; and interest income earned in 2002 and 2001 on the asset sale proceeds.
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