Extract
Winston Hotels Reports Second Quarter 2003 Results.
Business Editors/Travel Writers
RALEIGH, N.C.--(BUSINESS WIRE)--Aug. 7, 2003 Winston Hotels, Inc. (NYSE:WXH), a real estate investment trust (REIT) and owner of premium limited-service, upscale extended-stay and full-service hotels, today announced results for the second quarter and six months ended June 30, 2003. Net income applicable to common shareholders was $1.7 million for the three months ended June 30, 2003, or $0.08 per share, compared to a net loss applicable to common shareholders of ($12.8) million for the three months ended June 30, 2002, or ($0.64) per share. This difference is primarily due to the acquisition of the leasehold interests for 47 hotels in 2002 from Interstate Hotels & Resorts, Inc., formerly MeriStar Hotels & Resorts, Inc., the cost of which was expensed in the second quarter of 2002. Funds from operations (FFO) declined 14.1 percent to $6.9 million for the second quarter of 2003, compared to $8.0 million for the like period a year earlier. FFO per share decreased 13.5 percent to $0.32 for the 2003 second quarter on 21.4 million fully diluted weighted average shares outstanding, compared to FFO per share of $0.37 on 21.4 million fully diluted weighted average shares outstanding for the 2002 second quarter. Results were in line with the company's previously announced revised guidance. The effects of the war with...See the full content of this document
