-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, S8H+dxSQTfvO6vADaHShqrITtbJCGFf1aiF4al6BkqmwoyXnDUDKrGO4M6GeWJDA fBVpxbHjb6oEogzBrQzc0w== 0000950123-95-001125.txt : 19950426 0000950123-95-001125.hdr.sgml : 19950426 ACCESSION NUMBER: 0000950123-95-001125 CONFORMED SUBMISSION TYPE: 424B3 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 19950425 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRIME HOSPITALITY CORP CENTRAL INDEX KEY: 0000080293 STANDARD INDUSTRIAL CLASSIFICATION: HOTELS & MOTELS [7011] IRS NUMBER: 221890234 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 424B3 SEC ACT: 1933 Act SEC FILE NUMBER: 033-58047 FILM NUMBER: 95531068 BUSINESS ADDRESS: STREET 1: 700 RTE 46 EAST CITY: FAIRFIELD STATE: NJ ZIP: 07004 BUSINESS PHONE: 2018821010 MAIL ADDRESS: STREET 1: 700 RTE 46 EAST CITY: FAIRFIELD STATE: NJ ZIP: 07004 FORMER COMPANY: FORMER CONFORMED NAME: PRIME MOTOR INNS INC DATE OF NAME CHANGE: 19920609 FORMER COMPANY: FORMER CONFORMED NAME: PRIME EQUITIES INC DATE OF NAME CHANGE: 19731120 424B3 1 PROSPECTUS SUPPLEMENT DATED APRIL 25, 1995 1 Filed pursuant to Rules 424(b)(3); 424(c) Registration No. 33-58047 PRIME HOSPITALITY CORP. PROSPECTUS SUPPLEMENT DATED APRIL 25, 1995 TO PROSPECTUS DATED APRIL 19, 1995 On April 25, 1995, the Company filed with the Commission pursuant to the Securities Exchange Act of 1934 a Current Report on Form 8-K, the text of which is set forth below. The information in this Prospectus Supplement should be read in conjunction with the Prospectus dated April 19, 1995. Prime Hospitality Corp. (the "Company" or "Prime") announced its results for the first quarter ended March 31, 1995. For the quarter, Prime reported earnings of $4.2 million or $.13 per share before extraordinary items as compared to $2.8 million or $.09 per share in the first quarter of 1994. Income from recurring operations increased by 89% to $.13 per share in the first quarter of 1995 from $.07 per share in the first quarter of 1994. EARNINGS SUMMARY (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
THREE MONTHS ENDED MARCH 31, 1994(1) 1995 -------- -------- Total revenues................................................. $ 28,079 $ 48,238 Costs and expenses: Direct hotel operating expenses........................... 13,394 27,179 Occupancy and other....................................... 2,250 2,610 General and administrative................................ 3,644 3,873 Depreciation and amortization............................. 1,941 3,976 -------- -------- Total costs and expenses............................. 21,229 37,638 ======= ======= Operating income............................................... 6,850 10,600 -------- -------- Interest expense............................................... 3,632 4,100 -------- -------- Income before nonrecurring items, net of taxes................. 2,228 4,208 Nonrecurring items, net of taxes............................... 612 -- -------- -------- Income before extraordinary items.............................. 2,840 4,208 Extraordinary items -- gains on discharges of indebtedness, net of taxes..................................................... 111 7 -------- -------- Net income..................................................... $ 2,951 $ 4,215 ======= ======= Net income per common share: Income before nonrecurring items.......................... $.07 $.13 Nonrecurring items........................................ 02 -- ---- ---- Income before extraordinary items......................... .09 .13 Extraordinary items....................................... -- -- ---- ---- Net income per common share.................................... $.09 $.13 ---- ---- ---- ---- Other data: Earnings before interest, taxes, depreciation and amortization............................................ $ 8,791 $ 14,575
- --------------- (1) Earnings per share have been restated for 1994 to reflect a 9.4% retroactive reduction in the number of shares distributed under the plan of reorganization of the Company's predecessor. S-1 2 The Company attributed the earnings increase to continued growth in room rates at comparable hotels and the addition of 11 hotels through acquisition or construction during 1994. During the quarter, revenue per available room increased by 8.5% at the comparable owned hotels reflecting the Company's repositioning efforts, yield management programs and improvements in the industry. On April 19, 1995, Prime offered for sale $75 million of Convertible Subordinated Notes due April 15, 2002. The notes bear interest at 7% and are convertible into common stock at a price of $12 per share at the option of the holder. The offering is scheduled to be consummated on April 26, 1995. The issue also includes an additional $11,250,000 of notes that are subject to a 30-day option granted to the underwriters to cover over-allotments, if any. The Company plans to use the proceeds primarily to finance the development and acquisition of hotels or hotel portfolios. Prime Hospitality owns or manages 87 hotels throughout the United States under its proprietary tradenames AmeriSuites and Wellesley Inns, and under franchise agreements with national hotel chains, including Marriott, Radisson, Sheraton, Holiday Inn, Ramada and Howard Johnson. S-2 -----END PRIVACY-ENHANCED MESSAGE-----