ATLANTA Lodgian re-released results for its second quarter ended June 30, 2000 and updated results for its first quarter ended March 31, 2000, primarily as a result of a change in accounting for certain hotels the company is holding for sale.
As previously announced, Lodgian incurred a total loss of $1.38 per share for the second quarter 2000. However, the company has revised its previously released results of operations for the first quarter ended March 31, 2000. The loss before income taxes has been reduced by $1.5 million to $16.8 million, principally as a result of a correction in accounting for asset dispositions. Lodgian also recently reduced, by $8.8 million, its estimate of the net sale proceeds that it expects to realize upon the disposition of certain hotels. The revised loss before income tax benefit for the three months ended March 31, 2000 is $25.6 million or $.60 per share after the tax benefit.
The Company anticipates releasing its third quarter 2000 unaudited financial statements on November 15, 2000, and having a timely filing with the SEC of its full year 2000 audited financial statements. (10/3/00)