La Quinta Corporation (NYSE: LQI) today announced financial results for the first quarter ended March 31, 2003. La Quinta will hold a conference call today to discuss these results and its business.
The Company reported the following financial results, which included the impact from healthcare asset sales.
For the first quarter 2003, La Quinta reported:
* Revenues of $121 million, a 12% decline compared to 2002.
* Net loss of $50 million, or ($0.35) per share, versus net loss of $460 million, or ($3.22) per share, in 2002.
* EBITDA of $32 million, a 30% decline compared to 2002.
“Weakness in business travel and some softening in leisure travel negatively impacted our quarterly results,” said Francis W. (“Butch”) Cash, President and Chief Executive Officer. “The soft economy and concerns surrounding anticipation of a war in Iraq weighed heavily on the lodging industry. Once the war actually began, travel dropped off significantly. Despite the challenging environment, we were able to improve our guest satisfaction scores and strengthen our balance sheet and credit profile.”