Four Seasons Hotels Inc.—(TSE/ME Symbol “FSH”;
NYSE Symbol “FS”) today reported its fourth quarter 1999 and year-end results for the period
ended December 31, 1999.
Net earnings for the quarter ended December 31, 1999 increased 23.9% to $33.9 million ($0.98
earnings per share), as compared to $27.4 million ($0.81 earnings per share) for the quarter ended
December 31, 1998. For the year ended December 31, 1999, net earnings increased 24.1% to
$86.5 million ($2.52 earnings per share), as compared to $69.7 million ($2.06 earnings per share)
for the year ended December 31, 1998.
“Nineteen ninety-nine was a very exciting year for Four Seasons. We opened more hotels in a
single year than ever before in our nearly 40-year history. Each of these new Four Seasons
properties is an important addition to our portfolio. But in particular we believe that the Four
Seasons Hotel, George V Paris, which reopened in late December of 1999 after a complete
renovation, will be a pivotal addition to our European portfolio and should increase the global
awareness of the Four Seasons brand,” said Isadore Sharp, Chairman and Chief Executive
Officer. “Nineteen ninety-nine was also a year of solid performance at the other hotels under our
management and a year when we made further improvements to our balance sheet which should
ensure that we have the financial flexibility to continue to grow.”
Consolidated revenues increased 11.9% to $ 277.5 million for the year ended December 31,
1999, as compared to $247.9 million in 1998.