ATLANTA, Nov. 14 /PRNewswire/ —
Buckhead America Corporation (Nasdaq: BUCK), the hospitality services company, reported results for the third quarter and nine months ended September 30, 2001.
Douglas C. Collins, chairman, president and chief executive officer, said, Buckhead America completed the sale of eight hotel properties during the first nine months of this year in our continued repositioning toward higher- margin, fee-based hospitality services and away from investments in bricks and mortar. An additional 12 owned or leased hotels are classified as 'held for sale,' of which three properties are currently under contract for sale. This restructuring of our hotel-ownership portfolio aims to reduce losses and free capital for the continued growth of our franchising business which remained profitable during the third quarter and nine months.
Buckhead America's Country Hearth Inn franchising system totals 61 hotels with an additional 20 properties under development.
Buckhead America is a diversified hospitality services company whose holdings include the Country Hearth Inn franchise system of limited service hotels, The Lodge Keeper Group Inc., a hotel-management company, and 31 owned or leased hotels.
Buckhead America common shares trade on the Nasdaq SmallCap Market System under the stock symbol BUCK.
Certain statements contained in this release are forward-looking statements based on current expectations as defined under the Private Securities Litigation Reform Act of 1995. The accuracy of such statements is subject to a number of risks, uncertainties and assumptions including, but not limited to, the effect of general economic conditions on real estate investments and hotel development and franchising, and other factors listed in Buckhead America Corp.'s Securities and Exchange Commission filings, including its form 10-K for the year ended December 31, 2000, and in the RISK FACTOR section of its Registration Statement on Form S-3.
A tabulation of results follows:
Buckhead America Corporation
3rd Qtr Sept. 30:
Revenue $ 5,637,602 a-$ 7,812,983
Net Income (Loss) (450,508) 19,511
b-Net Loss Per Share (Basic & Diluted) (.26) (.03)
Average Shares (Basic & Diluted) 2,015,885 2,024,393
Nine Months Sept. 30:
Revenue $16,315,600 a-$21,349,695
Net Loss (2,267,781) (201,816)
b-Net Loss Per Share (Basics & Diluted) (1.23) (.21)
Average Shares (Basic & Diluted) 2,016,934 2,021,892
a- Includes gain of $592,000 from sale of a hotel.
b- After preferred share dividends.