NEW YORK— Four Seasons Hotels posted earnings per share (EPS) of US$0.17 and normalized EPS of US$0.20 in the fourth quarter of 2001, according to reports by Morgan Stanley Equity Research here. It was noted that normalized EPS exceeded the consensus estimate of US$0.12 and was in line with the analysts’ estimate. It was further noted that Four Seasons’ RevPAR during the quarter was down 24%, revenues were down 26%, EBITDA was down 57%, and normalized EPS was down 64% compared to fourth quarter 2000 figures. Going forward, Morgan Stanley reported Four Seasons is expecting to show EPS of US$1.07 – US$1.10 in 2002, based on assumption of RevPAR growth of 2% – 3%. Accordingly, based on what the firm sees as improving trends in the lodging industry, Morgan Stanley increased its 2002 EPS estimate for Four Seasons from US$1.04 to $US$1.09, while adjusting its 2003 EPS estimate for the lodging company downward from US$1.56 to US$1.51.