01.05.2019 17:47:00

Lakeview Hotel Investment Corp Announces Year End Results

WINNIPEG, May 1, 2019 /CNW/ - Lakeview Hotel Investment Corp ("LHIC") is pleased to report its financial results for the Year ended December 31, 2018.  The following comments in regard to the financial results should be read in conjunction with the December 31, 2018 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 no visibility in terms of near term improvements.

Near term LHIC remains cash flow challenged, will be challenged to meet working capital requirements, and will be challenged to renew and/or extend existing debt when it comes due in 2019.  Although management of LHIC is working towards the resolution of these challenges, the continued financial support from its related parties is expected to be required.

Following is a comparison of the operating results for the three months and year ended December 31, 2018 and the comparable period in 2017:


Three months ended

December 31

Year ended

December 31


2018

2017

2018

2017


$

$

$

$

Hospitality Revenue





Room

3,015,589

3,644,853

14,300,465

17,343,498

Food & Beverage

618,180

619,874

2,339,408

2,443,899

Other

258,687

287,032

1,016,874

1,125,421

Total Revenue

3,892,456

4,551,759

17,656,747

20,912,818

Expenses

(13,765,772)

(5,234,766)

(31,995,262)

(24,206,562)

Gain (loss) on sale of income properties

-

-

6,728

(24,342)

Net Loss

(9,873,316)

(683,007)

(14,331,787)

(3,318,086)

Basic and diluted net loss per share

(0.505)

(0.035)

(0.733)

(0.170)

Reconciliation to Funds from Operations





Add (deduct)





Provision for (recovery of) impairment of income properties

7,498,408

(866,994)

7,498,408

(866,994)

Forgiveness of debt

-

75,000

-

75,000

Amortization of income properties

467,796

508,279

1,886,922

2,059,523

Amortization of franchise fees

374

375

1,497

1,497

Unrealized loss (gain) on change in fair value of interest rate swap

61,303

(105,145)

(81,852)

(902,533)

Distributions from Lakeview Flag Management General Partnership

-

-

-

18,000

Income from Lakeview Flag Licensing General Partnership

(93,435)

(99,247)

(417,143)

(478,252)

Income from Lakeview Flag Management General Partnership

(44,308)

(51,285)

(202,384)

(237,881)

Loss (gain) on sale of income properties

-

-

(6,728)

24,342

Funds from Operations

(1,983,178)

(1,222,024)

(5,653,067)

(3,625,384)

Basic and diluted funds from operations per share

(0.101)

(0.062)

(0.289)

(0.185)

Contributions to reserve account

(215,043)

(89,810)

(471,787)

(408,142)

Adjusted Funds from Operations

(2,198,221)

(1,311,834)

(6,124,854)

(4,033,526)

Basic and diluted adjusted funds from operations per share

(0.112)

(0.067)

(0.313)

(0.206)

 

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

Eintrag hinzufügen
Hinweis: Sie möchten dieses Wertpapier günstig handeln? Sparen Sie sich unnötige Gebühren! Bei finanzen.net Brokerage handeln Sie Ihre Wertpapiere für nur 5 Euro Orderprovision* pro Trade? Hier informieren!
Es ist ein Fehler aufgetreten!