
Choice Hotels Reports First Quarter 2012 Diluted EPS of $0.34, Domestic RevPAR Growth of 8.6%
- Diluted earnings per share ("EPS") for first quarter 2012 were $0.34 compared to adjusted diluted EPS of $0.28 for the first quarter of 2011. Adjusted diluted EPS for the first quarter of 2011 excludes certain special items, as described below, totaling $0.02. Diluted EPS were $0.26 for the three months ended March 31, 2011.
- Earnings before interest, taxes, depreciation and amortization ("EBITDA") increased 19% to $33.1 million for the three months ended March 31, 2012, compared to $27.7 million for the three months ended March 31, 2011. Operating income increased 21% from $25.7 million for the three months ended March 31, 2011 to $31.1 million for the same period of 2012.
- Franchising revenues increased 11% to $57.3 million for the three months ended March 31, 2012 from $51.5 million for the same period of 2011. Total revenues increased 12% to $129.2 million for the three months ended March 31, 2012 compared to the same period of 2011.
- Worldwide unit growth increased 0.8 percent from March 31, 2011 comprised of domestic and international unit growth of 0.7 percent and 0.9 percent, respectively.
- Domestic system-wide revenue per available room ("RevPAR") increased 8.6% for the three months ended March 31, 2012 compared to the same period of 2011 as occupancy and average daily rates increased 250 basis points and 2.5 percent, respectively.
- The company executed 64 new domestic hotel franchise contracts for the quarter ended March 31, 2012 compared to 56 new domestic hotel franchise contracts in the same period of the prior year, a 14% increase.
- The number of worldwide hotels under construction, awaiting conversion or approved for development as of March 31, 2012 was 471 hotels representing 38,210 rooms;
"Domestic RevPAR growth exceeded our expectations due to a combination of strong occupancy gains and increases in average daily rates," said Stephen P. Joyce, president and chief executive officer. "While the development environment continues to be challenging, we are pleased with the continued strengthening of leisure travel and the success of our programs designed to drive business through our central reservation channels which deliver guests at the highest average daily rates." "Domestic RevPAR growth exceeded our expectations due to a combination of strong occupancy gains and increases in average daily rates," said Stephen P. Joyce, president and chief executive officer. "While the development environment continues to be challenging, we are pleased with the continued strengthening of leisure travel and the success of our programs designed to drive business through our central reservation channels which deliver guests at the highest average daily rates."