Lakeview Hotel Investment Corp Announces 1st Quarter Results

/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES/

WINNIPEG, May 29, 2014 /CNW/ - Lakeview Hotel Investment Corp ("LHIC") is pleased to report its financial results for the Quarter ended March 31, 2014.  The following comments in regard to the financial results should be read in conjunction with the March 31, 2014 financial statements and Management Discussion and Analysis which are available on the SEDAR website www.sedar.com.

Lakeview Hotel Investment Corp. produced solid operating results in the first quarter of 2014.  Comparing operating results from the first quarter of 2013, Funds from Operations increased from $696,701 to $1,327,682 and Adjusted Funds from Operations more than doubled, from $508,233 to $1,164,669.  Distributable income for the quarter was also up sharply, to $1,225,095.

Second quarter operating results are typically more difficult to predict based on uncertainty related to the timing and duration of road closures in Alberta and British Columbia and the impact of these closures on hotel operations.  While subject to this uncertainty, at the time of writing expectations are that on a comparable hotel basis second quarter revenues will be well ahead of the revenues achieved in the second quarter of 2013.  The outlook beyond the second quarter continues to remain very positive.

Following is a comparison of the operating results for the three months ended March 31, 2014 and the comparable period in 2013:


Three months ended

March 31


2014 (1)

2013(1)


$

$

Hospitality Revenue



     Room

8,046,418

8,385,662

     Food & Beverage

1,162,083

1,121,391

     Other

480,162

439,652

Total Revenue

9,688,663

9,946,705

Expenses

9,159,367

10,262,020

Gain on sale of income properties

671,291

-

Net Income (Loss)

1,200,587

(315,315)

Basic and diluted income (loss) before income tax per share/unit

0.061

(0.016)

Reconciliation to funds from Operations



Add (deduct)



Amortization of income properties

756,442

1,029,357

Amortization of franchise fees and licenses

1,192

1,192

Distributions from Lakeview Flag Licensing General Partnership

142,100

128,380

Distributions from Lakeview Flag Management General  Partnership

177,500

107,000

Income from Lakeview Flag Licensing General Partnership

(170,515)

(143,435)

Income from Lakeview Flag Management General Partnership

(109,652)

(113,730)

Gain on sale of income properties

(671,291)

-

Loss on derecognition of income properties

1,319

3,252

Funds from Operations

1,327,682

696,701

Basic and diluted funds from Operations per share/unit

0.068

0.036

Contributions to reserve account

(163,013)

(188,468)

Adjusted funds from Operations

1,164,669

508,233

Basic and diluted adjusted funds from Operations per share/unit

0.060

0.026

Reconciliation to distributable income



Accretion of debentures

36,443

75,990

Accretion of mortgages payable

23,983

23,214

Distributable income

1,225,095

607,437

Basic and diluted distributable income per share/unit

0.063

0.031

Distributions

0

0










Lakeview Hotel Investment Corp is listed on the TSX Venture Exchange under the symbol "LHR".  Lakeview Hotel Investment Corp receives 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.

SOURCE: Lakeview Hotel Investment Corp

For further information: Keith Levit, President, or Avrum Senensky, Executive Vice President, Tel: (204) 947-1161, Fax: (204) 957-1697, Email asenensky@lakeviewhotels.com

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http://www.lakeviewhotels.com

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