…
Choice Hotels International, Inc. has reported the following highlights for second quarter 2008:
Adjusted diluted earnings per share (“EPS”) for second quarter 2008 were $0.49, a 14% increase compared to $0.43 in the same period of the prior year. Diluted EPS were $0.43 for second quarter 2008 compared to $0.43 for second quarter 2007. Adjusted diluted EPS for second quarter 2008 excludes a $3.8 million after-tax charge (approximately $0.06 diluted EPS) resulting from the previously announced acceleration of the Company’s management succession plan.
Adjusted earnings before interest, taxes and depreciation (“Adjusted EBITDA”) increased 7% to $52.8 million for second quarter 2008, compared to $49.5 million for second quarter 2007. Operating income for second quarter 2008 was $44.6 million compared to $47.4 million for second quarter 2007. Adjusted EBITDA for second quarter 2008 excludes a $6.1 million charge resulting from the acceleration of the Company’s management succession plan discussed above.
Franchising revenues increased 8% and total revenues increased 7% for second quarter 2008 compared to the same period in 2007. Year to date franchising revenues and total revenues increased 10% and 9%, respectively compared to the same period of 2007.
“The continued appeal of Choice’s brands to the development community manifested itself in the second quarter as the company achieved strong domestic unit growth and franchise sales results,” said Stephen P. Joyce, president and chief executive officer. “While the near term domestic RevPAR environment is challenging, we believe that Choice’s franchise business model, strong brands and strong balance sheet position us well for continued success. I am excited about the opportunities to grow our brands both domestically and internationally and to deploy our capital in ways that create value for our shareholders.”
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
