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
March
31
|
|
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