-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, JqJtEzXgymw7pzsVLQmDWNODuAfRvgf4+bLn/ktOmFJmPCHiOGaquZRGLbncok1V MhQIwaGeBR9pVNVv/87i/w== 0000914760-96-000143.txt : 19960724 0000914760-96-000143.hdr.sgml : 19960724 ACCESSION NUMBER: 0000914760-96-000143 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19960723 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960723 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: AMERIHOST PROPERTIES INC CENTRAL INDEX KEY: 0000778423 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 363312434 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-15291 FILM NUMBER: 96597819 BUSINESS ADDRESS: STREET 1: 2400 E DEVON AVE STE 280 CITY: DES PLAINES STATE: IL ZIP: 60018 BUSINESS PHONE: 7082984500 MAIL ADDRESS: STREET 1: 2400 E DEVON AVE STREET 2: SUITE 280 CITY: DES PLAINES STATE: IL ZIP: 60018 FORMER COMPANY: FORMER CONFORMED NAME: AMERICA POP INC DATE OF NAME CHANGE: 19871111 8-K 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 23, 1996 AMERIHOST PROPERTIES, INC. (Exact name of registrant as specified in charter) Delaware 2-90939C 36-3312434 (State of other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 2400 East Devon Avenue, Suite 280 Des Plaines, Illinois 60018 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (847) 298-4500 (Former name or former address, if changed since last report) Item 5. Other Events. The Registrant is filing, as Exhibit 99.1, a press release, dated July 23, 1996, in which the Registrant reporting revenues and earnings for the second quarter 1996. Item 7. Financial Statements and Exhibits. (c) Exhibits. Exhibit No. Description of Document 99.1 Press release, dated July 23, 1996 reporting revenues and earnings for the second quarter 1996. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. AMERIHOST PROPERTIES, INC. Date: July 23, 1996 By: /s/ Michael P. Holtz Michael P. Holtz Its: President and Chief Executive Officer INDEX TO EXHIBITS Page Number Number Description In This Report 99.1 Press release dated July 23, 1996 reporting revenues and earnings for the second quarter 1996. EX-99.1 2 EXHIBIT 99.1 NEWS RELEASE AMERIHOST PROPERTIES, INC. 2400 E. Devon Avenue/Suite 280/Des Plaines, IL 60018/847/298-4500/FAX:847/298- 4505 CONTACT: RICHARD D'ONOFRIO FOR IMMEDIATE RELEASE KARIN ROWE (847)298-4500 AMERIHOST REPORTS RECORD 2ND QUARTER REVENUES, EBITDA & PROFITS Company Continues Growth of Proprietary AmeriHost Inn Brand DES PLAINES, ILLINOIS, JULY 23--Amerihost Properties, Inc. (Nasdaq/NM: HOST) today announced record second quarter revenues, EBITDA, net income and earnings per share. The Company attributed the record results for the three months ended June 30, 1996 to increases in its hotel operations and hotel development segments. The Company recorded net income of $1.4 million or $0.20 per share on revenues of $19.8 million during the second quarter of 1996 compared to net income of $844,210 or $0.14 per share on revenues of $12.3 million for the comparable 1995 quarter. Included in net income and earnings per share for the second quarter of 1996 is a $180,076 gain, net of minority interests and taxes, from the sale of excess land at one of the Company's hotels. Excluding this gain, recurring net income and earnings per share for the second quarter of 1996 are $1.2 million and $0.18, respectively. Earnings before interest, leasehold rents, taxes, depreciation and amortization (EBITDA) for the second quarter increased by 46.7% to $4.0 million in 1996 from $2.7 million in 1995. Hotel operations contributed $916,484 of this $1.3 million increase in EBITDA. Comparing the six month periods ended June 30, revenues increased 27.6% from $25.4 million in 1995 to $32.5 million in 1996, while net income doubled to $1.2 million or $0.18 per share from $560,677 or $0.09 per share in 1995. Excluding the gain on the sale of excess land, recurring net income and earnings per share for the six months ended June 30, 1996 were $1.1 million and $0.16, respectively. EBITDA for the six months ended June 30, 1996 increased 64.2%, to $5.7 million from $3.5 million in the first six months of 1995. Hotel operations contributed $1.3 million of this $2.2 million increase in EBITDA. OPERATING INCOME - BUSINESS SEGMENT HIGHLIGHTS
THREE MONTHS ENDED 6/30/96 6/30/96 % INCREASE Hotel Operations $ 1,692,928 $ 1,220,848 38.70% Hotel Development $ 996,262 $ 597,799 66.70%
"The hotel operations segment continues to realize growth in revenues due primarily to the addition of AmeriHost Inn hotels in which the Company has a controlling interest, as well as improved average daily rates," commented Amerihost president and chief executive officer Michael P. Holtz. Second quarter same room sales for AmeriHost Inn hotels were up 8.1% compared to the second quarter in 1995. The average daily rate for AmeriHost Inn hotels was up $3.37 in the second quarter compared to the same 1995 quarter, reaching $54.52, while occupancy increased 1.4% to 74.2%. These results relate to the six AmeriHost Inn hotels that were operating for a full twelve months at June 30, 1996. Holtz continued, "Our hotel development segment posted increases due to the number of AmeriHost Inn brand hotels under construction." During the second quarter of 1996, the Company started construction on two minority owned AmeriHost Inn hotels and completed construction of four others. "Amerihost is continuing its expansion of the Amerihost Inn brand," Holtz noted. "By the end of July, we expect to have 31 AmeriHost Inns open, with another 11 under construction and 18 under development." The Company is currently developing the AmeriHost Inn brand for both for its own account as well as through joint ventures whereby it recognizes development and construction revenues and profits. SUMMARY OF FINANCIAL HIGHLIGHTS (UNAUDITED)
THREE MONTHS ENDED SIX MONTHS ENDED 6/30/96 6/30/95 6/30/96 6/30/95 Revenues $ 19,817,739 $ 12,286,630 $ 32,462,308 $ 25,443,991 EBITDA $ 4,027,022 $ 2,745,165 $ 5,691,479 $ 3,465,875 Net Income $ 1,379,582 $ 844,210 $ 1,231,921 $ 560,677 Net Income Per Share - Recurring $ 0.18 $ 0.14 $ 0.16 $ $0.09 Sale of Excess Land 0.02 0.02 Net Income Per Share $ 0.20 $ 0.14 $ 0.18 $ 0.09 Weighted Average Shares Outstanding 6,764,415 6,058,603 6,695,726 5,911,803
Amerihost Properties, Inc. is a hotel development, operations and management company that owns, builds and manages mid-price hotels. At June 30, 1996, Amerihost owns and/or manages 64 properties with 6,190 rooms in 14 states and maintains an ownership position in 53 of these hotels. ******** -----END PRIVACY-ENHANCED MESSAGE-----