Starwood Announces Record Second Quarter Results 1999

Second Quarter Financial Highlights:
* Pro forma comparable diluted EPS from continuing operations increased 48% to $0.43

* Pro forma comparable total company EBITDA increased 7%

* EBITDA increased 6% for 152 comparable owned hotels worldwide; 13% in Europe and 5% in North America

* REVPAR for 152 comparable owned hotels increased 2.7% worldwide, including a 6.1% increase in Europe (9.9% excluding foreign exchange) and a 2.8% increase in North America

* 31 managed or franchised hotels with 5,400 rooms opened during the quarter

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Pro Forma Comparable Results:


Second Quarter Ended June 30, 1999: For the second quarter of 1999, pro forma comparable income from continuing operations was $85 million or $0.43 per diluted share on revenues of $968 million compared to $64 million or $0.29 per diluted share on revenues of $945 million in the corresponding period in 1998. (See the attached unaudited consolidated statements of operations for the three months ended June 30, 1999 and 1998 and the notes thereto for the basis of the pro forma comparable results.)


Six Months Ended June 30, 1999:
For the six months ended June 30, 1999, pro forma comparable income from continuing operations was approximately $125 million or $0.64 per diluted share on revenues of approximately $1.82 billion compared to pro forma comparable income from continuing operations of $88 million or $0.38 per diluted share on pro forma comparable revenues of approximately $1.77 billion for the corresponding period in 1998. (See the attached unaudited consolidated statements of operations for the six months ended June 30, 1999 and 1998 and the notes thereto for the basis of the pro forma comparable results.)

 

 

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