CORAL GABLES, FL— Hotelworks.com has reported its 1Q results for the three months ended March 31, 2001. Revenues were $32 million compared to $41.5 million in the same period last year. Sales declined in the current quarter across all business lines as a result of the slowing economy thus leading to pricing pressures, a decrease in the number of economic difficulties, drop in revenues, and cost reductions. In March 2001, Bekins Distribution Services, the company’s wholly-owned subsidiary, sold for $2.3 million its warehouse facility in Orlando— net proceeds of which were used to repay its mortgage and loans with Bank of America N.A.
Previous ArticleHRN Experiences Record 2Q
Next Article USFS Continues International Expansion