Temple Hotels Inc. Announces Earnings Results for the First Quarter Ended March 31, 2018
May 07, 2018 at 04:49 pm EDT
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Temple Hotels Inc. announced earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total revenue of CAD 37,211 against CAD 36,239 a year ago. Net loss and comprehensive loss was CAD 4,708 against CAD 5,568 a year ago. The decrease in net loss is mainly due a decrease in depreciation of CAD 0.9 million, an increase in hotel operating income of CAD 0.1 million, and a decrease in interest expense of CAD 0.1 million, partly offset by an increase in other expense of CAD 0.2 million and an increase in deferred income tax expense of CAD 0.2 million. Basic and diluted loss per share was CAD 0.19 against CAD 0.22 a year ago. FFO increased by CAD 0.2 million compared to the three months ended March 31, 2017. On a basic per common share basis, FFO increased by CAD 0.01 per common share, compared to the last year. Cash provided by operating activities increased by CAD 5.6 million compared to the first quarter of 2017. Excluding working capital adjustments, cash provided by operating activities decreased by CAD 0.1 million, compared to 2017. The investing activities of the company resulted in a net cash ouflow of CAD 3.3 million during the first quarter of 2018. Investing activities primarily reflect cash outflows related to capital expenditures on hotel properties.
Temple Hotels Inc. is a Canada-based company engaged in owning and operating hotel property investments in Canada. The Company's segments include Fort McMurray, Other Alberta and Other Canada. The Company invests, directly and indirectly, in hotel properties and assets. The primary business activity of the Company is the acquisition and development of hotel properties and the management of the acquired/developed properties. The hotel portfolio of the Company consists of over 30 hotel and investment properties, which are owned by the Company, comprising approximately 3,880 rooms. The hotel portfolio includes two extended-stay properties (Stanton Suites Hotel, Yellowknife and Clearwater Timberlea) and one investment property (Cortona Residence). It has equity interests in limited partnerships, which own hotels in London and Ottawa, Ontario. The Company offers food and beverages, spa, video lottery terminal and gift shop services.