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06 December, 2023 09:30 IST
Felcor Lodging Trust first-quarter loss widens on a YOY basis
Source: IRIS | 10 May, 2017, 12.00AM

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Felcor Lodging Trust (FCH) saw its loss widen to $35.91 million, or $0.31 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $4.92 million, or $0.08 a share.

Revenue during the quarter dropped 10.49 percent to $188.10 million from $210.14 million in the previous year period.

Cost of revenue dropped 8.39 percent or $13.07 million during the quarter to $142.74 million. Gross margin for the quarter contracted 174 basis points over the previous year period to 24.12 percent.

Total expenses were $203.62 million for the quarter, up 4.84 percent or $9.39 million from year-ago period. Operating margin for the quarter stood at negative 8.25 percent as compared to a positive 7.58 percent for the previous year period.

Operating loss for the quarter was $15.51 million, compared with an operating income of $15.92 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $40.06 million compared with $43.08 million in the prior year period. At the same time, adjusted EBITDA margin improved 80 basis points in the quarter to 21.30 percent from 20.50 percent in the last year period.

Occupancy revenue was $144.93 million for the quarter, down 8.89 percent or $14.14 million. Food and beverage revenue was $32.07 million during the quarter, down 18.87 percent or $7.46 million from year-ago period. Revenue from other hotel operating activities was $10.69 million for the quarter, down 1.47 percent or $0.16 million from year-ago period.

Other income during the quarter was $0.41 million, down 40.61 percent or $0.28 million from year-ago period.

"Since our last earnings release, we have continued on our path to recognize and realize the value of our portfolio for all our stockholders," said Steven R. Goldman, FelCor's chief executive officer. "Adjusted FFO per share and Adjusted EBITDA for the quarter were in line with our expectations and speak to the quality of our portfolio and its ability to withstand some challenging market conditions."


Receivables remain almost stable

Net receivables stood at $40.98 million as on Mar. 31, 2017.

Total assets stood at $1,680.16million as on Mar. 31, 2017. On the other hand, total liabilities were at $1,492.54 million as on Mar. 31, 2017.

Return on assets was at 0.96 percent in the quarter. Return on equity was negative at 23.05 percent in the quarter.

Total debt was at $1,354.19 million as on Mar. 31, 2017. Shareholders equity was at $183.04 million as on Mar. 31, 2017. Meanwhile, debt to equity ratio was at 7.40 percent in the quarter.


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