Wyndham International, Inc. (NYSE:WYN) today reported results for the second quarter ending June 30, 2001, including the following:
— With 22 fewer hotels, EBITDA, as adjusted, was $151.9 million
compared to $182.3 million for the same quarter last year.
— Cost containment measures resulted in improved margins at
— RevPAR Penetration Index continues to improve in competitive
— Asset sales for the quarter of $164.5 million and $194.8
million year to date.
Wyndham reported earnings before interest, taxes, depreciation and amortization (EBITDA) of $151.9 million, with 22 fewer hotels, compared to $182.3 million for the same quarter last year. The Company reported a net loss of $12.3 million, compared to $46.5 million in the second quarter 2000. After the effect of the preferred dividend, this resulted in a loss of $0.24 per share (diluted), compared with a loss of $0.43 per share (diluted) in the second quarter 2000.
“Given the impact of the economic downturn on the entire lodging industry, we have taken decisive steps in cost containment and revenue generation while not compromising customer service,” said Fred J. Kleisner, chairman and CEO of Wyndham International. “The Company`s performance in the second quarter is commendable and reflects the quality of Wyndham`s management team.”
On a comparable pro forma basis, which reflects adjustments for asset acquisitions and dispositions, EBITDA, as adjusted, was $147.3 million in the second quarter of 2001, down from $162.5 million in the same period a year ago. The corresponding pro forma net loss was $15.5 million, or $0.26 per share (diluted), compared with a pro forma net loss of $54.6 million, or $0.48 per share (diluted), for the same quarter last year.