Subject: ERN
Lakeview Hotel Investment Corp Announces Second Quarter 2020 Results
WINNIPEG, MB, Sept. 30, 2020 /CNW/ - Lakeview Hotel Investment Corp ("LHIC") is pleased to report its financial results for the Quarter ended June 30, 2020. The following comments in regard to the financial results should be read in conjunction with the June 30, 2020 financial statements and Management Discussion and Analysis which are available on the SEDAR website www.sedar.com.
The effects of COVID on hotel occupancies for the second quarter were severe. As this pandemic continues, it is not clear how long it will remain and the extent that it will continue to affect the tourism and hospitality sector. LHIC continues to safeguard employees and customer safety, reduce and/or defer expenses and minimize non-essential expenditures. At this time it is very difficult to determine how long it will take for business levels to normalize.
Following is a comparison of the operating results for the three and six months ended June 30, 2020 compared to the results of operations for the comparable period in 2019:
Three months ended June 30, | Six months ended June 30, | |||
2020 | 2019 | 2020 | 2019 | |
Hospitality Revenue | ||||
Room | 1,072,350 | 3,158,156 | 2,947,608 | 5,701,627 |
Food & Beverage | 103,519 | 577,473 | 541,411 | 1,094,275 |
Other | 465,674 | 216,904 | 591,072 | 402,586 |
Total Revenue | 1,641,543 | 3,952,533 | 4,080,091 | 7,198,488 |
Expenses | (3,265,942) | (7,006,061) | (8,268,087) | (12,372,110) |
Gain on sale of income properties | - | - | - | 1,366,737 |
Net income (Loss) | (1,624,399) | (3,053,528) | (4,187,996) | (3,806,885) |
Basic and diluted income (loss) before income tax per share | (0.083) | (0.156) | (0.214) | (0.195) |
Reconciliation to funds from Operations | ||||
Add (deduct) | ||||
Amortization of income properties | 83,409 | 355,964 | 170,913 | 736,937 |
Amortization of franchise fees | 4,116 | 374 | 8,233 | 748 |
Gain on sale of income properties | 7 | - | - | (1,366,737) |
Amortization of right-of?use assets | - | 3,322 | - | 7,149 |
Income from Lakeview Flag Licensing General Partnership | (18,226) | (92,016) | (85,357) | (182,954) |
Loss (income) from Lakeview Flag Management General | ||||
Partnership | - | (44,751) | (26,911) | (81,429) |
Unrealized loss (gain) on change in fair value of interest rate swap | - | (2,096) | - | 57,492 |
Provision for impairment of income properties | - | 1,160,248 | 328,513 | 1,160,248 |
Funds from Operations | (1,555,093) | (1,672,483) | (3,792,605) | (3,475,431) |
Basic and diluted funds from Operations per share | (0.080) | (0.086) | (0.194) | (0.178) |
Contributions to reserve account | (29,963) | (66,102) | (69,535) | (110,956) |
Adjusted funds from Operations | (1,585,056) | (1,738,585) | (3,862,140) | (3,586,387) |
Basic and diluted adjusted funds from Operations per share | (0.081) | (0.089) | (0.197) | (0.183) |
Lakeview Hotel Investment Corp is listed on the TSX Venture Exchange under the symbol "LHR". Lakeview Hotel Investment Corp received income from ownership, management and licensing of hotel properties.
The TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Lakeview Hotel Investment Corp
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