Lakeview Hotel Investment Corp Announces First Quarter 2021 Results
Canada NewsWire
WINNIPEG, AB, June 15, 2021
WINNIPEG, AB, June 15, 2021 /CNW/ - Lakeview Hotel Investment Corp ("LHIC") is pleased to report its financial results for the Quarter ended March 31, 2021. The following comments in regard to the financial results should be read in conjunction with the March 31, 2021 financial statements and Management Discussion and Analysis which are available on the SEDAR website www.sedar.com.
The COVID-19 pandemic continues to have an adverse effect on the Company's operating business due to a decline in both leisure and business travel and economic activity. The effect on specific regions has been dependant on government responses to the pandemic affecting the operation of the hotel industry including the requirement of travel restrictions and the closure and reduced occupancy allowed in hotel restaurants.
We expect that there will be an ultimate recovery of the travel industry and local economic activity in the regions that our hotels are located, but expect that the lower than normal results will continue for several more quarters until the population is vaccinated and provincial restrictions are lifted.
Following is a comparison of the operating results for the three months ended March 31, 2021 and the comparable period in 2020:
Three months ended | ||
2021 | 2020 | |
$ | $ | |
Hospitality Revenue | ||
Room | 1,332,497 | 1,875,258 |
Food & Beverage | 242,731 | 437,892 |
Other | 377,572 | 125,398 |
Total Revenue | 1,952,800 | 2,438,548 |
Expenses | (3,652,449) | (5,002,145) |
Net Loss | (1,699,649) | (2,563,597) |
Basic and diluted net loss per share | (0.087) | (0.131) |
Reconciliation to funds from operations | ||
Add (deduct) | ||
Amortization of income properties | 71,169 | 87,504 |
Amortization of franchise fees | - | 4,117 |
Provision for impairment of income properties | - | 328,513 |
Income from Lakeview Flag Licensing General Partnership | (14,762) | (67,131) |
Income from Lakeview Flag Management General Partnership | - | (26,918) |
Funds from operations | (1,643,242) | (2,237,512) |
Basic and diluted funds from operations per share | (0.084) | (0.114) |
Contributions to reserve account | (30,461) | (39,572) |
Adjusted funds from operations | (1,673,703) | (2,277,084) |
Basic and diluted adjusted funds from operations per share | (0.086) | (0.116) |
Lakeview Hotel Investment Corp is listed on the TSX Venture Exchange under the symbol "LHR". Lakeview Hotel Investment Corp received 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.
View original content: http://www.newswire.ca/en/releases/archive/May2019/30/c8567.html
%SEDAR: 00034072E
SOURCE Lakeview Hotel Investment Corp
View original content: http://www.newswire.ca/en/releases/archive/June2021/15/c8791.html