JQH ,,, John Q. Hammons 1Q Profit Rises 60 Percent
Wednesday May 11, 6:15 pm ET
John Q. Hammons Posts 60 Percent Jump in First-Quarter Profit on Sale of California Holiday Inn
SPRINGFIELD, Mo. (AP) -- John Q. Hammons Hotels Inc., an operator of upscale hotels, reported Wednesday that its first-quarter profit jumped 60 percent on the sale of a Holiday Inn property. Excluding this item, earnings would have declined slightly.
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The company earned $7 million, or $1.03 per share, in the three months ended April 1, up from $4.3 million, or 74 cents per share, a year earlier. However, Hammons earned $4.2 million, or 63 cents per share, from continuing operations during the latest quarter. The adjusted results exclude the gain from the sale of the Holiday Inn in Emeryville, Calif.
Revenue increased 2 percent to $111.4 million from $109.3 million. The company said its revenue per available room rose about 2 percent to $69.41, offsetting a decrease in occupancy to 65 percent from 67 percent a year ago.
Looking forward, the company predicted that 2005 revenue per room will increase from 2004 levels.
Hammons owns 44 hotels in 20 states. The company's shares closed down 27 cents at $21.28 on the American Stock Exchange.
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