Canada NewsWire
MISSISSAUGA, ON, Nov. 9, 2017
MISSISSAUGA, ON, Nov. 9, 2017 /CNW/ - Temple Hotels Inc. ("Temple" or the "Company") (TSX: TPH) today reported its financial results for the three months ended September 30, 2017 ("third quarter"). The following comments in regard to the financial position and operating results of Temple should be read in conjunction with Management's Discussion & Analysis and the financial statements for the three and nine months ended September 30, 2017, which may be obtained from the Temple website at www.templehotels.ca or the SEDAR website at www.sedar.com.
Monetary data in the tables of this press release, unless otherwise indicated, are in thousands of Canadian dollars, except for per common share, average daily rate ("ADR"), and revenue per available room ("RevPar") amounts.
Q3 2017 KEY POINTS/HIGHLIGHTS
OPERATING RESULTS
| Three Months Ended | | Nine Months Ended | |||||||
| 2017 ARIVA.DE Börsen-GeflüsterKurse | | 2016 | | 2017 | | 2016 | |||
| | | | | | | | |||
Total revenue | $46,106 | | $45,280 | | $125,734 | | $123,001 | |||
Hotel operating income | $15,190 | | $16,052 | | $35,306 | | $36,133 | |||
Provision for impairment | ($235) | | - | | ($235) | | ($43,574) | |||
Net income (loss) | $3,355 | | $1,390 | | $495 | | ($67,968) | |||
Net income (loss) per common share - basic and diluted | $0.13 | | $0.11 | | $0.02 | | ($5.23) | |||
| | | | | | | | |||
Cash flow provided by operating activities | $8,585 | | $6,572 | | $10,933 | | $11,142 | |||
Funds from operations | $8,170 | | $7,863 | | $14,628 | | $11,268 | |||
| | | | | | | | |||
Per common share | | | | | | | | |||
‑ Funds from operations | $0.32 | | $0.61 | | $0.57 | | $0.87 | |||
| | | | | | | | |||
Weighted average number of common shares | 25,351,516 | | 13,007,808 | | 25,344,724 | | 12,996,435 | |||
| | | | | | | | |||
Occupancy | 70% | | 69% | | 63% | | 61% | |||
ADR | $145.52 | | $143.94 | | $139.65 | | $140.98 | |||
RevPar | $101.65 | | $99.32 | | $88.33 | | $85.50 |
Operating Activities
Liquidity and Financing Activities
As of September 30, 2017, the unrestricted cash balance of Temple was $18.2 million and working capital was $12.1 million.
Investing Activities
As disclosed in the Statement of Cash Flows in the financial statements, the investing activities of Temple resulted in a net cash inflow of $9.3 million during the third quarter of 2017. Investing activities primarily reflect the proceeds from the sale of property and equipment and the cash distribution on equity investments, partially offset by cash outflows related to capital expenditures on hotel properties.
Debt Covenants
At September 30, 2017, the Company was not in compliance with debt service covenants affecting six mortgage loans (December 31, 2016 – nine) in the aggregate amount of $93.9 million (December 31, 2016 – $139.2 million). During the third quarter the Company refinanced a five-loan mortgage portfolio which included a $7.5 million pay down and a condition that the properties are not subject to any financial covenants during the first 12 months of the five year term. Management has been working with lenders throughout the year and the remaining loan covenant breaches are expected to be resolved by debt refinancings, loan modification agreements and/or a waiver of the covenant requirements.
ANALYSIS OF OPERATING RESULTS
Analysis of Net Income (Loss) and Comprehensive Net Income (Loss) | | | | | ||||||||
| Three Months Ended | | Nine Months Ended | |||||||||
| September 30 | | September 30 | |||||||||
| 2017 | | 2016 | | Increase/ | | 2017 | | 2016 | | Increase/ | |
Revenue | | | | | | | | | | | | |
| Room revenue | $36,119 | | $35,426 | | $693 | | $93,614 | | $91,005 Werbung Mehr Nachrichten zur Anleihe kostenlos abonnieren
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