Four Seasons Hotels Inc. (TSE Symbol “FSH”; NYSE Symbol “FS”)
today reported its results for the third quarter ended September 30, 2000. Net earnings increased
13.5 % to $23.1 million ($0.67 basic earnings per share) for the three months ended September 30,
2000, as compared to net earnings of $20.3 million ($0.60 basic earnings per share) for the third
quarter of 1999. For the nine months ended September 30, 2000, net earnings increased 22.8% to
$64.6 million ($1.87 basic earnings per share), as compared to net earnings of $52.6 million ($1.54
basic earnings per share) for the comparable period in 1999.
As expected, the city-wide hotel strike in Vancouver in July 2000 caused a decline in ownership
earnings of $2.9 million and hotel management fees of $400,000. The combined pre-tax effect of
the strike was $3.3 million and the after-tax effect was $2.5 million (approximately $0.07 basic
earnings per share) for the third quarter. On a normalized basis, excluding the impact of the strike,
net earnings for the quarter ended September 30, 2000, increased 26% as compared to the quarter
ended September 30, 1999.
“Many years ago we laid down the fundamentals of the Four Seasons business model, with the
objective of focusing on our expertise in luxury hotel management and capitalizing on the value of
our brand name. The benefits of this business model continue to serve us well and are demonstrated
once again in our financial results for the quarter.” said Isadore Sharp, Chairman and Chief
Executive Officer. “We believe that additional earnings growth should come from our hotel
management business through continued strong operational performance at existing hotels and
growing contributions from recently opened hotels and from the growing number of Four Seasons
branded residential projects.”
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