The Covid-19 pandemic continues to have an adverse effect on the Company's operating business due to a decline in both leisure and business travel and economic activity. The second quarter hotel revenues and operating results improved compared to the same period in 2020. However, we expect that the lower than normal results will continue for several more quarters until the population is vaccinated and leisure and business travel become more normalized.
As disclosed in a previous press release,
The closure of the deal is dependent on the shareholders and debenture holders approval and approval by the courts.
The following is a comparison of the operating results for the three and six months ended
Three months ended | Six months ended | |||
2021 | 2020 | 2021 | 2020 | |
Hospitality Revenue | ||||
Room | 1,338,131 | 1,072,350 | 2,670,628 | 2,947,608 |
Food & Beverage | 150,110 | 103,519 | 392,841 | 541,411 |
Other | 335,942 | 465,674 | 713,514 | 591,072 |
Total Revenue | 1,824,183 | 1,641,543 | 3,776,983 | 4,080,091 |
Expenses | (3,783,628) | (3,265,942) | (7,436,077) | (8,268,087) |
Net income (Loss) | (1,959,445) | (1,624,399) | (3,659,094) | (4,187,996) |
Basic and diluted income (loss) before income tax per share | (0.100) | (0.083) | (0.187) | (0.214) |
Reconciliation to funds from Operations | ||||
Add (deduct) | ||||
Amortization of income properties | 72,074 | 83,409 | 143,243 | 170,913 |
Amortization of franchise fees | - | 4,116 | - | 8,233 |
Income from | (18,680) | (18,226) | (33,442) | (85,357) |
Loss (income) from Lakeview Flag Management General |
- |
7 |
- |
(26,911) |
Partnership | ||||
Provision for impairment of income properties | - | - | - | 328,513 |
Funds from Operations | (1,906,051) | (1,555,093) | (3,549,293) | (3,792,605) |
Basic and diluted funds from Operations per share | (0.097) | (0.080) | (0.181) | (0.194) |
Contributions to reserve account | (34,956) | (29,963) | (65,417) | (69,535) |
Adjusted funds from Operations | (1,941,007) | (1,585,056) | (3,614,710) | (3,862,140) |
Basic and diluted adjusted funds from Operations per share | (0.099) | (0.081) | (0.185) | (0.197) |
The
SOURCE
© Canada Newswire, source