WINNIPEG, May 30, 2019 /CNW/ – Lakeview Hotel Investment Corp (“LHIC”) is pleased to report its financial results for the Quarter ended March 31, 2019. The following comments in regard to the financial results should be read in conjunction with the March 31, 2019 financial statements and Management Discussion and Analysis which are available on the SEDAR website www.sedar.com.
The outlook for Lakeview Hotel Investment Corp (LHIC) is directly tied to the outlook for the energy sector in Alberta and northern British Columbia. The sector remains challenged and there is little visibility on when conditions will improve.
Near term LHIC remains challenged in dealing with cash flows and meeting its working capital requirements. Management of LHIC is working vigorously towards renewing and/or extending existing debt when it comes due later in 2019 and is confident that it will be able to address and overcome the challenges it faces.
Following is a comparison of the operating results for the three ended March 31, 2019 and the comparable period in 2018:
|
Three months ended March 31 |
||
|
2019 |
2018 |
|
|
$ |
$ |
|
|
Hospitality Revenue |
||
|
Room |
2,543,471 |
3,223,888 |
|
Food & Beverage |
516,802 |
550,901 |
|
Other |
185,682 |
221,116 |
|
Total Revenue |
3,245,955 |
3,995,905 |
|
Expenses |
(5,366,049) |
(5,862,318) |
|
Gain (loss) on sale of income properties |
1,366,737 |
â |
|
Net Loss |
(753,357) |
(1,866,413) |
|
Basic and diluted net loss per share |
(0.039) |
(0.095) |
|
Reconciliation to funds from operations |
||
|
Add (deduct) |
||
|
Amortization of income properties |
380,973 |
471,366 |
|
Amortization of franchise fees |
374 |
374 |
|
Amortization of right-of-use assets |
3,827 |
â |
|
Income from Lakeview Flag Licensing General Partnership |
(90,938) |
(93,882) |
|
Income from Lakeview Flag Management General Partnership |
(36,678) |
(45,784) |
|
Unrealized loss (gain) on change in fair value of interest rate swap |
59,588 |
(43,529) |
|
Gain on sale of income properties |
(1,366,737) |
â |
|
Funds from operations |
(1,802,948) |
(1,577,868) |
|
Basic and diluted funds from operations per share |
(0.092) |
(0.081) |
|
Contributions to reserve account |
(44,854) |
(68,442) |
|
Adjusted funds from operations |
(1,847,802) |
(1,646,310) |
|
Basic and diluted adjusted funds from operations per share |
(0.94) |
(0.084) |
Lakeview Hotel Investment Corp is listed on the TSX Venture Exchange under the symbol “LHR”. Lakeview Hotel Investment Corp receives 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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