Condor Hospitality Trust, Inc. (CDOR) has reported a 75.14 percent plunge in profit for the quarter ended Sep. 30, 2016. The company has earned $2.79 million, or $0.06 a share in the quarter, compared with $11.23 million, or $0.13 a share for the same period last year.
Revenue during the quarter dropped 14.95 percent to $13.52 million from $15.90 million in the previous year period.
Cost of revenue dropped 14.66 percent or $1.62 million during the quarter to $9.45 million. Gross margin for the quarter contracted 23 basis points over the previous year period to 30.08 percent.
Total expenses were $12.44 million for the quarter, down 11 percent or $1.54 million from year-ago period. Operating margin for the quarter contracted 408 basis points over the previous year period to 7.94 percent.
Operating income for the quarter was $1.07 million, compared with $1.91 million in the previous year period. However, the adjusted EBITDA for the quarter stood at $3.24 million compared with $3.55 million in the prior year period. At the same time, adjusted EBITDA margin improved 165 basis points in the quarter to 23.97 percent from 22.33 percent in the last year period.
Occupancy revenue was $13.52 million for the quarter, down 14.95 percent or $2.38 million.
"We achieved significant progress in the strategic repositioning of Condor once again in the third quarter of 2016 with the closing of the joint venture to acquire the Atlanta Aloft Downtown, the announcement of a purchase contract to acquire the Aloft Leawood/Overland Park, and the sale of seven legacy assets, including three subsequent to quarter-end," said Bill Blackham, Condor’s Chief Executive Officer. "Moreover, despite the reduction of our portfolio from 45 hotels as of September 30, 2015 to 28 hotels as of September 30, 2016 and a decline of $9.1 million in Net Income mainly due to nonrecurring items, Adjusted EBITDA was significantly less impacted than might otherwise be expected as a result of the larger contribution and increased profitability of our new investment platform hotels. In fact, our new investment platform hotels achieved 6.4% RevPAR growth for the nine months ended September 30, 2016, greatly exceeding industry-average RevPAR growth," Blackham continued
Cash and cash equivalents stood at stood at $11.36 million as at Sep. 30, 2016.
Net receivables stood at $1.30 million as on Sep. 30, 2016.
Total assets stood at $138.96million as on Sep. 30, 2016. On the other hand, total liabilities were at $71.80 million as on Sep. 30, 2016.
Return on assets was at 2.86 percent in the quarter. At the same time, return on equity was at 2.70 percent in the quarter.
Total debt was at $64.82 million as on Sep. 30, 2016. Shareholders equity was at $67.16 million as on Sep. 30, 2016. Meanwhile, debt to equity ratio was at 0.97 percent in the quarter.
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