SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 23, 1996
AMERIHOST PROPERTIES, INC.
(Exact name of registrant as specified in charter)
Delaware 2-90939C 36-3312434
(State of other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
2400 East Devon Avenue, Suite 280 Des Plaines, Illinois 60018
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (847) 298-4500
(Former name or former address, if changed since last report)
Item 5. Other Events.
The Registrant is filing, as Exhibit 99.1, a press release, dated July 23,
1996, in which the Registrant reporting revenues and earnings for the second
quarter 1996.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit No. Description of Document
99.1 Press release, dated July 23, 1996 reporting revenues and earnings for
the second quarter 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMERIHOST PROPERTIES, INC.
Date: July 23, 1996 By: /s/ Michael P. Holtz
Michael P. Holtz
Its: President and Chief Executive Officer
INDEX TO EXHIBITS
Page Number
Number Description In This
Report
99.1 Press release dated July 23, 1996
reporting revenues and earnings for the
second quarter 1996.
EXHIBIT 99.1
NEWS RELEASE
AMERIHOST
PROPERTIES, INC.
2400 E. Devon Avenue/Suite 280/Des Plaines, IL 60018/847/298-4500/FAX:847/298-
4505
CONTACT: RICHARD D'ONOFRIO FOR IMMEDIATE RELEASE
KARIN ROWE
(847)298-4500
AMERIHOST REPORTS RECORD 2ND QUARTER REVENUES,
EBITDA & PROFITS
Company Continues Growth of Proprietary AmeriHost Inn Brand
DES PLAINES, ILLINOIS, JULY 23--Amerihost Properties, Inc. (Nasdaq/NM: HOST)
today announced record second quarter revenues, EBITDA, net income and earnings
per share. The Company attributed the record results for the three months ended
June 30, 1996 to increases in its hotel operations and hotel development
segments.
The Company recorded net income of $1.4 million or $0.20 per share on revenues
of $19.8 million during the second quarter of 1996 compared to net income of
$844,210 or $0.14 per share on revenues of $12.3 million for the comparable 1995
quarter. Included in net income and earnings per share for the second quarter
of 1996 is a $180,076 gain, net of minority interests and taxes, from the sale
of excess land at one of the Company's hotels. Excluding this gain, recurring
net income and earnings per share for the second quarter of 1996 are $1.2
million and $0.18, respectively. Earnings before interest, leasehold rents,
taxes, depreciation and amortization (EBITDA) for the second quarter increased
by 46.7% to $4.0 million in 1996 from $2.7 million in 1995. Hotel operations
contributed $916,484 of this $1.3 million increase in EBITDA.
Comparing the six month periods ended June 30, revenues increased 27.6% from
$25.4 million in 1995 to $32.5 million in 1996, while net income doubled to $1.2
million or $0.18 per share from $560,677 or $0.09 per share in 1995. Excluding
the gain on the sale of excess land, recurring net income and earnings per share
for the six months ended June 30, 1996 were $1.1 million and $0.16,
respectively. EBITDA for the six months ended June 30, 1996 increased 64.2%, to
$5.7 million from $3.5 million in the first six months of 1995. Hotel
operations contributed $1.3 million of this $2.2 million increase in EBITDA.
<TABLE>
OPERATING INCOME - BUSINESS SEGMENT HIGHLIGHTS
<CAPTION>
THREE MONTHS ENDED
6/30/96 6/30/96 % INCREASE
<S> <C> <C> <C>
Hotel Operations $ 1,692,928 $ 1,220,848 38.70%
Hotel Development $ 996,262 $ 597,799 66.70%
</TABLE>
"The hotel operations segment continues to realize growth in revenues due
primarily to the addition of AmeriHost Inn hotels in which the Company has a
controlling interest, as well as improved average daily rates," commented
Amerihost president and chief executive officer Michael P. Holtz. Second
quarter same room sales for AmeriHost Inn hotels were up 8.1% compared to the
second quarter in 1995. The average daily rate for AmeriHost Inn hotels was
up $3.37 in the second quarter compared to the same 1995 quarter, reaching
$54.52, while occupancy increased 1.4% to 74.2%. These results relate to the
six AmeriHost Inn hotels that were operating for a full twelve months at June
30, 1996.
Holtz continued, "Our hotel development segment posted increases due to the
number of AmeriHost Inn brand hotels under construction." During the second
quarter of 1996, the Company started construction on two minority owned
AmeriHost Inn hotels and completed construction of four others.
"Amerihost is continuing its expansion of the Amerihost Inn brand," Holtz
noted. "By the end of July, we expect to have 31 AmeriHost Inns open, with
another 11 under construction and 18 under development." The Company is
currently developing the AmeriHost Inn brand for both for its own account as
well as through joint ventures whereby it recognizes development and
construction revenues and profits.
<TABLE>
SUMMARY OF FINANCIAL HIGHLIGHTS (UNAUDITED)
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
6/30/96 6/30/95 6/30/96 6/30/95
<S> <C> <C> <C> <C>
Revenues $ 19,817,739 $ 12,286,630 $ 32,462,308 $ 25,443,991
EBITDA $ 4,027,022 $ 2,745,165 $ 5,691,479 $ 3,465,875
Net Income $ 1,379,582 $ 844,210 $ 1,231,921 $ 560,677
Net Income Per Share -
Recurring $ 0.18 $ 0.14 $ 0.16 $ $0.09
Sale of Excess Land 0.02 0.02
Net Income Per Share $ 0.20 $ 0.14 $ 0.18 $ 0.09
Weighted Average Shares
Outstanding 6,764,415 6,058,603 6,695,726 5,911,803
</TABLE>
Amerihost Properties, Inc. is a hotel development, operations and management
company that owns, builds and manages mid-price hotels. At June 30, 1996,
Amerihost owns and/or manages 64 properties with 6,190 rooms in 14 states and
maintains an ownership position in 53 of these hotels.
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