Ashford (AINC) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $0.28 million, or $ 0.49 a share in the quarter, against a net profit of $0.05 million, or $2.26 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $2.66 million, or $1.17 a share compared with $2.97 million or $1.34 a share, a year ago. Revenue during the quarter grew 14.09 percent to $16.54 million from $14.50 million in the previous year period. Operating margin for the quarter stood at negative 0.82 percent as compared to a positive 8.81 percent for the previous year period.
Operating loss for the quarter was $0.14 million, compared with an operating income of $1.28 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $3.23 million compared with $4.01 million in the prior year period. At the same time, adjusted EBITDA margin contracted 810 basis points in the quarter to 19.54 percent from 27.64 percent in the last year period.
Monty J. Bennett, Ashford’s chairman and chief executive officer commented, "We are committed to maximizing value for our shareholders by pursuing our strategy to opportunistically grow our business by accretively expanding our existing REIT platforms, adding additional investment platforms and investing in other hospitality-related businesses."
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