On a pro forma basis, which reflects adjustments for acquisitions and dispositions, earnings before interest, taxes, depreciation and amortization (EBITDA), as adjusted, was $76.8 million for the fourth quarter versus $141.1 million for the same period in 2000. For the year, pro forma EBITDA was $468.2 million versus $601.5 million for 2000. The decline in EBITDA for both the quarter and the year reflects the impact of both the sluggish economy and the events of September 11.
Total company comparable owned and leased RevPAR declined by 23.1% during the fourth quarter. This decline was comprised of a 9.8% decline in rate, and 10-percentage point decline in occupancy. The comparable owned, leased and managed Wyndham hotels and resorts faired slightly better, experiencing a decline of 22.5% in RevPAR. For the full year 2001, total company comparable owned and leased RevPAR declined by 10.6%, and comparable owned, leased and managed Wyndham hotels and resorts experienced a decline of 8.4%. Wyndham`s RevPAR penetration grew versus its competitive set based on Smith Travel statistics of the upper-upscale brands, which declined 12.3% for the year. Wyndham`s RevPAR penetration index continued to improve in its markets for the full year 2001. Wyndham reported a pro forma net loss of $56.0 million for the fourth quarter. After the effect of the preferred dividend, this resulted in a net loss of $0.57 per share on a fully diluted basis. For the full year 2001, the net loss and fully diluted loss per share was $266.9 million and $1.59 per share respectively.
As of Dec. 31, 2001, cash and equivalents stood at $251.6 million, inclusive of $85.9 million of restricted cash. During the quarter, debt increased by approximately $52.0 million due primarily to the finalization of the 2001 capital plan.
For the full year 2001 comparative owned and leased hotels` operating margins decreased 230 basis points, while comparable owned, leased and managed Wyndham hotels and resorts decreased 100 basis points. Despite the drop in demand the strong operating margins for the Wyndham brand are a direct result of cost containment programs initiated early in the year.
“Although this year presented challenges that none of us anticipated we are pleased that Wyndham continued to generate positive cash flow from operations. In addition, we were fortunate to have begun cost containment programs at the initial signs of a sluggish economy, which enabled us to maintain strong operating margins,” stated Fred J. Kleisner, chairman and chief executive officer of Wyndham International, Inc.