Sotherly Hotels Inc (SOHO) has reported a 449.81 percent jump in profit for the quarter ended Mar. 31, 2017. The company has earned $2.66 million, or $0.13 a share in the quarter, compared with $0.48 million, or $0.03 a share for the same period last year. Revenue during the quarter went up marginally by 2.34 percent to $38.69 million from $37.81 million in the previous year period.
Cost of revenue went down marginally by 1.92 percent or $0.53 million during the quarter to $27.22 million. Gross margin for the quarter expanded 306 basis points over the previous year period to 29.67 percent.
Total expenses were almost stable at $32.99 million, when compared with the previous year period. Operating margin for the quarter expanded 209 basis points over the previous year period to 14.75 percent.
Operating income for the quarter was $5.71 million, compared with $4.78 million in the previous year period.
Sotherly Hotels projects revenue to be in the range of $156.02 million to $158.49 million for financial year 2017. For fiscal year 2017, Sotherly Hotels expects net income to be in the range of $5.34 million to $6.11 million. For financial year 2017, the company forecasts diluted earnings per share to be in the range of $0.13 to $0.18.
Occupancy revenue for the quarter was almost stable at $27.37 million, when compared with the previous year period. Food and beverage revenue was $8.32 million during the quarter, up 0.90 percent or $0.07 million from year-ago period. Revenue from other hotel operating activities was $3 million for the quarter, up 34.25 percent or $0.77 million from year-ago period.
Andrew M. Sims, chairman and chief executive officer of Sotherly Hotels Inc., commented, “After a difficult fourth quarter last year, plagued by Hurricane Matthew and the Zika scare, the Company regained its footing and posted strong first quarter operating results. Both top and bottom line results exceeded our expectations, putting us on the path to meeting our 2017 goals.”
Receivables remain almost stable
Net receivables stood at $6.08 million as on Mar. 31, 2017. Total assets stood at $400.96million as on Mar. 31, 2017. On the other hand, total liabilities were at $323.88 million as on Mar. 31, 2017.
Return on assets was at 1.67 percent in the quarter. At the same time, return on equity was at 2.40 percent in the quarter.
Total debt was at $303.66 million as on Mar. 31, 2017. Shareholders equity was at $77.08 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 3.94 percent in the quarter.
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