Choice Hotels International, Inc. (NYSE:CHH) today reported that, since the first of the year, it has repurchased approximately 1.3 million shares of its common stock under the existing share repurchase authority granted by its Board of Directors. As a result of the repurchases made during the first quarter of 2003, the company now has approximately 35.9 million shares of common stock outstanding, compared to the 37.2 million shares reported on December 31, 2002.
The company also announced it is comfortable with the first quarter 2003 diluted earnings per share consensus estimate of 24 cents.
Choice Hotels International is one of the world`s largest lodging franchisors, marketing more than 5,000 hotels open or under development in 39 countries under the Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, MainStay Suites, Econo Lodge, and Rodeway Inn brand names. For more information on Choice, visit the company`s web site at www.choicehotels.com
Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities law. Such statements are based on management`s beliefs, assumptions and expectations, which in turn are based on information currently available to management. Actual performance and results could differ from those expressed in or contemplated by the forward-looking statements due to a number of risks, uncertainties and other factors, many of which are beyond Choice`s ability to predict or control. For further information on factors that could impact Choice and the statements contained therein, we refer you to the filings made by Choice with the Securities and Exchange Commission, including its registration statement on Form S-4 and report on Form 10-Q for the period ended September 30, 2001.