BETHESDA, MD Crestline Capital Corp. reported first quarter 2001 pro forma EBITDA of $20.9 million, a 12% increase over the same period in 2000. Pro forma EBITDA excludes full-service hotel lease EBITDA for 2001 and 2000 and approximately $2.5 million of interest income earned on the lease sale proceeds in 2001.
First quarter results were substantially impacted by the January 2001 sale of the Host Marriott full-service hotel leases, which generated approximately $120 million in after-tax proceeds. This will substantially reduce EBITDA for 2001 and negatively impact year-over-year comparisons. Actual first quarter 2001 EBITDA was $23.7 million, a 20% decrease from 2000 EBITDA of $29.8 million. The company reported diluted earnings per share of $7.67, including the one-time gain related to the full-service hotel leases of $7.33 per share.
(5/4/01)