Choice Hotels International, Inc.,
* Diluted earnings per share (EPS) increased 12.5% to $0.36, compared to
$0.32 for second quarter 2005.
* Net income grew 12% from $21.5 million in second quarter 2005 to $24.1
million in the same period of this year.
* Earnings before interest, taxes, depreciation and amortization
("EBITDA") increased 13% to $44.7 million from $39.7 million in second
quarter 2005.
* Operating income increased 13% to $42.1 million, compared to $37.4
million for the same period in 2005.
* Total revenues increased 15% to $140.5 million compared to the second
quarter of 2005.
* Domestic system-wide revenue per available room (RevPAR) increased
7.7%, Average Daily Rate (ADR) increased 5.7% and occupancy rose 110
basis points compared to the second quarter of 2005.
* Domestic unit growth increased 4.8% compared to the second quarter
2005 (excluding the 2005 acquisition of Suburban, domestic unit growth
increased 3.2%).
* Year-to-date contracts for new construction hotel franchises increased
14% to 106; overall year-to-date new domestic hotel franchise
contracts were comparable to the second quarter 2005, with 275
contracts executed in 2006 as compared to 276 in the prior year's
first two quarters.
* Executed five contracts for new upscale Cambria Suites brand during
the quarter, with 15 signed year-to-date and 28 since the brand was
introduced in 2005. First property in Boise, Idaho expected to open
in December 2006.
* The domestic hotel pipeline of hotels under construction, awaiting
conversion or approved for development increased more than 45% from
the prior year to 687 hotels, representing 53,765 rooms; an additional
65 hotels, representing 5,993 rooms, were in the worldwide pipeline at
June 30, 2006.
"We continue to focus on brand enhancements and are seeing strong growth in occupancy, average daily rate and RevPAR," said Charles A. Ledsinger, Jr., president and chief executive officer. "We are pleased with the substantial increase in year-to-date sales of our new construction brands, most notably with our Cambria Suites and Comfort Suites offerings."
"We believe that the inherent strength of our business model, the ongoing improvements to our core brands, and the expansion of our newest brands will enable us to drive top-line and bottom-line growth in a variety of economic cycles," Ledsinger added. "We are very pleased with the 13 percent increase in EBITDA over the prior year's second quarter and remain confident about the company's long-term prospects."
Outlook for 2006
The company's third quarter 2006 diluted EPS is expected to be $0.46. Full-year 2006 diluted EPS is expected to be $1.45. Earnings before interest, taxes, depreciation and amortization ("EBITDA") is expected to be $175 million. These estimates include the following assumptions.
* The company expects net domestic unit growth of approximately 4% in
2006;
* RevPAR is expected to increase 5% for third quarter 2006 and 6% for
full-year 2006;
* The effective royalty rate is expected to increase 3 basis points for
full-year 2006;
* All figures assume the existing share count, include stock-based
compensation expense and assume an effective tax rate of 36% for full
year 2006.
Use of Free Cash Flow
The company has consistently used its free cash flow (cash flow from operations less capital expenditures) generated from its operations to return value to shareholders. This is primarily achieved through share repurchases and dividends.
For the six months ended June 30, 2006, the company paid $16.9 million of cash dividends to shareholders. The annual dividend rate per common share is $0.52.
The company has remaining authorization to purchase up to 5.1 million shares under the share repurchase program. Repurchases will continue to be made in the open market and through privately negotiated transactions subject to market and other conditions. No minimum number of shares has been fixed. Since Choice announced its stock repurchase program on June 25, 1998, the company has repurchased 33.6 million shares of its common stock for a total cost of $711.9 million through July 25, 2006. Considering the effect of a two-for-one stock split in October 2005, the company has repurchased 66.6 million shares at an average price of $10.69 per share.
The company expects to continue to return value to its shareholders through a combination of share repurchases and dividends, subject to market and other conditions.
Conference Call
Choice will conduct a conference call on Wednesday, July 26, 2006, at 10 a.m. EDT to discuss the company's second quarter 2006 results. The call-in number to listen to the call is 1-877-209-0397. The conference call also will be Web cast simultaneously via the company's Web site, http://www.choicehotels.com/. Interested investors and other parties wishing to access the call on the Web should go to the Web site and click on the Investor Info link. The Investor Information page will feature a conference call microphone icon to access the call.
The audio of the call will be archived and available on http://www.choicehotels.com/ for those unable to listen to the call on July 26. The call will also be available for replay until August 26, 2006, by calling 1-800-475-6701 (access code 832732).
Items Impacting Comparability Acquisition of Suburban
During 2005, the company acquired Suburban Franchise Holding Company, Inc. ("Suburban"), which included 67 Suburban Extended Stay Hotel units open and operating in the United States. The results of operations for Suburban have been included in the company's results of operations since September 28, 2005.
Two-for-One Stock Split
In October 2005, the company effected a two-for-one stock split of its outstanding shares of common stock, par value $.01 per share. Unless otherwise noted, all share information in this release and in the accompanying exhibits, including per share amounts, have been proportionally adjusted as if the two-for-one stock split had been effective as of the date or period presented.
About Choice Hotels
Choice Hotels International franchises more than 5,200 hotels, representing more than 430,000 rooms, in the United States and more than 40 countries and territories. As of June 30, 2006, 687 hotels are under development in the United States, representing 53,765 rooms, and an additional 65 hotels, representing 5,993 rooms, are under development in more than 20 countries and territories. The company's Cambria Suites, Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, Econo Lodge, Rodeway Inn, MainStay Suites and Suburban Extended Stay Hotel brands serve guests worldwide.
Additional corporate information may be found on Choice Hotels' Internet site, which may be accessed at http://www.choicehotels.com/.
Forward-Looking Statements
Certain matters discussed in this press release may constitute forward- looking statements within the meaning of the federal securities law. Such statements are based on management's beliefs, assumptions and expectations, which in turn are based on information currently available to management. Actual performance and results could differ from those expressed in or contemplated by the forward-looking statements due to a number of risks, uncertainties and other factors, many of which are beyond Choice's ability to predict or control. The company's Form 10-K for the year ended December 31, 2005 details some of the important risk factors that you should review.
Statement Concerning Non-GAAP Financial Measurements
Franchising revenues, franchising margins, EBITDA, and free cash flows are non-GAAP financial measurements. These financial measurements are presented as supplemental disclosures because they are used by management in reviewing and analyzing the company's performance. This information should not be considered as an alternative to any measure of performance as promulgated under accounting principles generally accepted in the United States (GAAP), such as total revenues, operating income, operating margins, and cash flows from operations. The company's calculation of these measurements may be different from the calculation used by other companies and therefore comparability may be limited. The company has included exhibits accompanying this release that reconcile these measures to the comparable GAAP measurement.
Cambria Suites, Comfort Inn, Comfort Suites, Quality, Clarion, Sleep Inn, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge, and Rodeway Inn are proprietary trademarks and service marks of Choice Hotels International, Inc.
Exhibit 1
Choice Hotels International, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months Ended June 30,
Variance
2006 2005 $ %
(In thousands, except per share amounts)
REVENUES:
Royalty fees $53,146 $46,515 $6,631 14%
Initial franchise and relicensing
fees 6,723 6,591 132 2%
Partner services 4,900 4,596 304 7%
Marketing and reservation 72,742 62,610 10,132 16%
Hotel operations 1,180 1,141 39 3%
Other 1,849 842 1,007 120%
Total revenues 140,540 122,295 18,245 15%
OPERATING EXPENSES:
Selling, general and administrative 22,242 19,199 3,043 16%
Depreciation and amortization 2,642 2,256 386 17%
Marketing and reservation 72,742 62,610 10,132 16%
Hotel operations 800 813 (13) (2%)
Total operating expenses 98,426 84,878 13,548 16%
Operating income 42,114 37,417 4,697 13%
OTHER INCOME AND EXPENSES:
Interest expense 4,044 3,872 172 4%
Interest and other investment
(income) loss 174 (404) 578 (143%)
Equity in net income of affiliates (130) (155) 25 (16%)
Loss on extinguishment of debt 342 - 342 NM
Other - (53) 53 (100%)
Total other income and
expenses, net 4,430 3,260 1,170 36%
Income before income taxes 37,684 34,157 3,527 10%
Income taxes 13,548 12,609 939 7%
Net income $24,136 $21,548 $2,588 12%
Weighted average shares outstanding-
basic 65,356 64,452
Weighted average shares outstanding-
diluted 67,105 66,677
Basic earnings per share $0.37 $0.33 $0.04 12%
Diluted earnings per share $0.36 $0.32 $0.04 12.5%
Six Months Ended June 30,
Variance
2006 2005 $ %
(In thousands, except per share amounts)
REVENUES:
Royalty fees $93,010 $80,157 $12,853 16%
Initial franchise and relicensing
fees 12,366 10,902 1,464 13%
Partner services 7,682 7,236 446 6%
Marketing and reservation 130,718 111,653 19,065 17%
Hotel operations 2,160 2,061 99 5%
Other 4,022 1,454 2,568 177%
Total revenues 249,958 213,463 36,495 17%
OPERATING EXPENSES:
Selling, general and administrative 40,517 35,952 4,565 13%
Depreciation and amortization 4,991 4,581 410 9%
Marketing and reservation 130,718 111,653 19,065 17%
Hotel operations 1,545 1,561 (16) (1%)
Total operating expenses 177,771 153,747 24,024 16%
Operating income 72,187 59,716 12,471 21%
OTHER INCOME AND EXPENSES:
Interest expense 8,084 7,479 605 8%
Interest and other investment
(income) loss (530) (273) (257) 94%
Equity in net income of affiliates (388) (354) (34) 10%
Loss on extinguishment of debt 342 - 342 NM
Other - (186) 186 (100%)
Total other income and
expenses, net 7,508 6,666 842 13%
Income before income taxes 64,679 53,050 11,629 22%
Income taxes 22,878 19,503 3,375 17%
Net income $41,801 $33,547 $8,254 25%
Weighted average shares outstanding-
basic 65,070 64,297
Weighted average shares outstanding-
diluted 66,925 66,498
Basic earnings per share $0.64 $0.52 $0.12 23%
Diluted earnings per share $0.62 $0.50 $0.12 24%
Choice Hotels International, Inc. Exhibit 2
Consolidated Balance Sheets
(In thousands) June 30, December 31,
2006 2005
(Unaudited)
ASSETS
Cash and cash equivalents $21,658 $16,921
Accounts receivable, net 40,724 37,155
Deferred income taxes 2,620 2,616
Other current assets 6,728 6,308
Total current assets 71,730 63,000
Fixed assets and intangibles, net 146,679 150,376
Receivable -- marketing and
reservation fees 16,565 13,225
Investments, employee benefit plans,
at fair value 28,043 23,337
Other assets 17,259 15,162
Total assets 280,276 265,100
LIABILITIES AND SHAREHOLDERS' DEFICIT
Current portion of long-term debt 146 146
Other current liabilities 129,361 119,999
Total current liabilities 129,507 120,145
Long-term debt 224,331 273,972
Deferred compensation & retirement
plan obligations 35,147 28,987
Other liabilities 9,314 9,172
Total liabilities 398,299 432,276
Total shareholders' deficit (118,023) (167,176)
Total liabilities and
shareholders' deficit $280,276 $265,100
Choice Hotels International, Inc. Exhibit 3
Consolidated Statements of Cash Flows
(Unaudited)
(In thousands) Six Months Ended June 30,
2006 2005
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $41,801 $33,547
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 4,991 4,581
Gain on sale of assets - (186)
Provision for bad debts (127) 68
Non-cash stock compensation 5,550 2,561
Non-cash interest and other investment
(income) loss (107) 87
Loss on extinguishment of debt 342 -
Equity in net income of affiliates (388) (354)
Changes in assets and liabilities:
Receivables (3,414) (2,778)
Receivable -- marketing and reservation
fees, net 670 (5,754)
Accounts payable 8,404 10,109
Accrued expenses and other (7,549) (2,240)
Income taxes payable 4,815 13,610
Deferred income taxes (1,912) 309
Deferred revenue 3,603 4,255
Other current assets (420) 449
Other liabilities 6,200 5,014
NET CASH PROVIDED BY OPERATING ACTIVITIES* 62,459 63,278
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment in property and equipment (4,045) (8,023)
Proceeds from disposition of assets - 1,812
Issuance of notes receivable (1,277) (449)
Proceeds from sales of investments 1,387 2,834
Purchases of investments (5,784) (6,508)
Other items, net 232 (441)
NET CASH USED IN INVESTING ACTIVITIES (9,487) (10,775)
CASH FLOWS FROM FINANCING ACTIVITIES:
Principal payments of long-term debt (73) (73)
Net repayments pursuant to revolving
credit facility (49,600) (23,704)
Debt issuance costs (472) (193)
Excess tax benefits from stock-based
compensation 11,983 -
Purchase of treasury stock (1,132) (18,843)
Dividends paid (16,925) (14,494)
Proceeds from exercise of stock options 7,984 9,255
NET CASH USED IN FINANCING ACTIVITIES (48,235) (48,052)
Net change in cash and cash equivalents 4,737 4,451
Cash and cash equivalents at beginning of
period 16,921 28,518
CASH AND CASH EQUIVALENTS AT END OF PERIOD $21,658 $32,969
* Net cash provided by operating activities for the six month ended June 30, 2005 includes approximately $6.0 million of excess tax benefits related to stock-based compensation. Effective January 1, 2006, the Company began reporting these excess tax benefits as cash flows from financing activities as a result of the adoption of Statement of Financial Accounting Standards no. 123R "Accounting for Stock-Based Compensation."
EXHIBIT 4
CHOICE HOTELS INTERNATIONAL, INC.
SUPPLEMENTAL OPERATING INFORMATION
DOMESTIC HOTEL SYSTEM
(UNAUDITED)
For the Six Months Ended June 30, 2006
Average Daily
Rate Occupancy RevPAR
COMFORT INN $69.76 57.9% $40.40
COMFORT SUITES 81.30 64.3% 52.24
QUALITY 64.26 50.8% 32.63
CLARION 77.11 48.1% 37.11
SLEEP 64.64 58.6% 37.87
MAINSTAY 66.48 63.7% 42.33
ECONO LODGE 50.52 43.3% 21.89
RODEWAY 48.57 41.9% 20.33
TOTAL DOMESTIC SYSTEM* $67.21 53.7% $36.12
For the Six Months Ended June 30, 2005
Average Daily
Rate Occupancy RevPAR
COMFORT INN $65.58 55.7% $36.51
COMFORT SUITES 75.65 61.5% 46.52
QUALITY 62.17 49.5% 30.78
CLARION 71.87 47.8% 34.35
SLEEP 60.39 56.4% 34.06
MAINSTAY 62.37 60.6% 37.80
ECONO LODGE 48.13 43.6% 21.00
RODEWAY 46.22 43.4% 20.05
TOTAL DOMESTIC SYSTEM* $63.51 52.5% $33.32
Change
Average Daily
Rate Occupancy RevPAR
COMFORT INN 6.4% 220 bps 10.7%
COMFORT SUITES 7.5% 280 bps 12.3%
QUALITY 3.4% 130 bps 6.0%
CLARION 7.3% 30 bps 8.0%
SLEEP 7.0% 220 bps 11.2%
MAINSTAY 6.6% 310 bps 12.0%
ECONO LODGE 5.0% -30 bps 4.2%
RODEWAY 5.1% -150 bps 1.4%
TOTAL DOMESTIC SYSTEM* 5.8% 120 bps 8.4%
For the Three Months Ended June 30, 2006
Average Daily
Rate Occupancy RevPAR
COMFORT INN $71.84 64.0% $45.97
COMFORT SUITES 83.04 69.5% 57.72
QUALITY 66.18 56.5% 37.36
CLARION 77.77 53.5% 41.63
SLEEP 66.69 65.2% 43.47
MAINSTAY 67.43 70.3% 47.39
ECONO LODGE 52.09 47.5% 24.75
RODEWAY 49.98 44.5% 22.23
TOTAL DOMESTIC SYSTEM* $69.01 59.2% $40.87
For the Three Months Ended June 30, 2005
Average Daily
Rate Occupancy RevPAR
COMFORT INN $67.32 61.7% $41.51
COMFORT SUITES 77.37 67.3% 52.09
QUALITY 64.39 55.0% 35.44
CLARION 73.33 53.8% 39.46
SLEEP 62.49 62.5% 39.07
MAINSTAY 63.75 66.7% 42.55
ECONO LODGE 49.68 48.4% 24.05
RODEWAY 46.93 47.2% 22.15
TOTAL DOMESTIC SYSTEM* $65.30 58.1% $37.95
Change
Average Daily
Rate Occupancy RevPAR
COMFORT INN 6.7% 230 bps 10.7%
COMFORT SUITES 7.3% 220 bps 10.8%
QUALITY 2.8% 150 bps 5.4%
CLARION 6.1% -30 bps 5.5%
SLEEP 6.7% 270 bps 11.3%
MAINSTAY 5.8% 360 bps 11.4%
ECONO LODGE 4.9% -90 bps 2.9%
RODEWAY 6.5% -270 bps 0.4%
TOTAL DOMESTIC SYSTEM* 5.7% 110 bps 7.7%
* Amounts exclude Suburban activity from January 1, 2006 through June 30,
2006 because comparable pre-acquisition data for Q2 2005 is not
available.
For the Quarter Ended For the Six Months Ended
6/30/2006 6/30/2005 6/30/2006 6/30/2005
System-wide effective
royalty rate 4.12% 4.09% 4.10% 4.08%
EXHIBIT 5
CHOICE HOTELS INTERNATIONAL, INC.
SUPPLEMENTAL HOTEL AND ROOM SUPPLY DATA
(UNAUDITED)
June 30, 2006 June 30, 2005
Hotels Rooms Hotels Rooms
COMFORT INN 1,411 110,440 1,448 114,023
COMFORT SUITES 417 32,786 402 31,648
QUALITY 692 68,407 612 61,783
CLARION 157 23,262 155 23,543
SLEEP 320 24,133 317 24,169
MAINSTAY 27 2,047 28 2,189
SUBURBAN 64 8,439 - -
ECONO LODGE 825 50,673 795 49,741
RODEWAY 203 12,469 169 10,381
DOMESTIC FRANCHISES 4,116 332,656 3,926 317,477
INTERNATIONAL FRANCHISES 1,168 98,818 1,161 97,211
TOTAL FRANCHISES 5,284 431,474 5,087 414,688
Variance
Hotels Rooms % %
COMFORT INN (37) (3,583) (2.6%) (3.1%)
COMFORT SUITES 15 1,138 3.7% 3.6%
QUALITY 80 6,624 13.1% 10.7%
CLARION 2 (281) 1.3% (1.2%)
SLEEP 3 (36) 0.9% (0.1%)
MAINSTAY (1) (142) (3.6%) (6.5%)
SUBURBAN 64 8,439 NM NM
ECONO LODGE 30 932 3.8% 1.9%
RODEWAY 34 2,088 20.1% 20.1%
DOMESTIC FRANCHISES 190 15,179 4.8% 4.8%
INTERNATIONAL FRANCHISES 7 1,607 0.6% 1.7%
TOTAL FRANCHISES 197 16,786 3.9% 4.0%
EXHIBIT 6
CHOICE HOTELS INTERNATIONAL, INC.
SUPPLEMENTAL INFORMATION BY BRAND
DEVELOPMENT RESULTS -- NEW HOTEL CONTRACTS
(UNAUDITED)
For the Six Months Ended June 30, 2006
New
Construction Conversion Total
COMFORT INN 24 18 42
COMFORT SUITES 41 2 43
QUALITY 5 57 62
CLARION 1 18 19
SLEEP 10 - 10
MAINSTAY 3 1 4
SUBURBAN 6 2 8
CAMBRIA SUITES 15 - 15
ECONO LODGE - 23 23
RODEWAY 1 48 49
TOTAL DOMESTIC SYSTEM 106 169 275
For the Six Months Ended June 30, 2005
New
Construction Conversion Total
COMFORT INN 20 25 45
COMFORT SUITES 29 3 32
QUALITY 2 72 74
CLARION 1 8 9
SLEEP 22 1 23
MAINSTAY 9 - 9
SUBURBAN - - -
CAMBRIA SUITES 6 - 6
ECONO LODGE 4 49 53
RODEWAY - 25 25
TOTAL DOMESTIC SYSTEM 93 183 276
% Change
New
Construction Conversion Total
COMFORT INN 20% (28%) (7%)
COMFORT SUITES 41% (33%) 34%
QUALITY 150% (21%) (16%)
CLARION 0% 125% 111%
SLEEP (55%) (100%) (57%)
MAINSTAY (67%) NM (56%)
SUBURBAN NM NM NM
CAMBRIA SUITES 150% NM 150%
ECONO LODGE (100%) (53%) (57%)
RODEWAY NM 92% 96%
TOTAL DOMESTIC SYSTEM 14% (8%) (0%)
For the Three Months Ended June 30, 2006
New
Construction Conversion Total
COMFORT INN 9 5 14
COMFORT SUITES 29 2 31
QUALITY 3 32 35
CLARION - 9 9
SLEEP 7 - 7
MAINSTAY 1 - 1
SUBURBAN 3 2 5
CAMBRIA 5 - 5
ECONO LODGE - 14 14
RODEWAY 1 33 34
TOTAL DOMESTIC SYSTEM 58 97 155
For the Three Months Ended June 30, 2005
New
Construction Conversion Total
COMFORT INN 12 15 27
COMFORT SUITES 16 3 19
QUALITY 1 42 43
CLARION - 5 5
SLEEP 15 - 15
MAINSTAY 9 - 9
SUBURBAN - - -
CAMBRIA 5 - 5
ECONO LODGE 1 33 34
RODEWAY - 16 16
TOTAL DOMESTIC SYSTEM 59 114 173
% Change
New
Construction Conversion Total
COMFORT INN (25%) (67%) (48%)
COMFORT SUITES 81% (33%) 63%
QUALITY 200% (24%) (19%)
CLARION NM 80% 80%
SLEEP (53%) NM (53%)
MAINSTAY (89%) NM (89%)
SUBURBAN NM NM NM
CAMBRIA 0% NM 0%
ECONO LODGE (100%) (58%) (59%)
RODEWAY NM 106% 113%
TOTAL DOMESTIC SYSTEM (2%) (15%) (10%)
EXHIBIT 7
CHOICE HOTELS INTERNATIONAL, INC.
SUPPLEMENTAL NON-GAAP FINANCIAL INFORMATION
(UNAUDITED)
CALCULATION OF FRANCHISING REVENUES AND FRANCHISING MARGINS
Three Months Ended Six Months Ended
(dollar amounts in thousands) June 30, June 30,
2006 2005 2006 2005
Franchising Revenues:
Total Revenues $140,540 $122,295 $249,958 $213,463
Adjustments:
Marketing and reservation
revenues (72,742) (62,610) (130,718) (111,653)
Hotel Operations (1,180) (1,141) (2,160) (2,061)
Franchising Revenues $66,618 $58,544 $117,080 $99,749
Franchising Margins:
Operating Margin:
Total Revenues $140,540 $122,295 $249,958 $213,463
Operating Income $42,114 $37,417 $72,187 $59,716
Operating Margin 30.0% 30.6% 28.9% 28.0%
Franchising Margin:
Franchising Revenues $66,618 $58,544 $117,080 $99,749
Operating Income $42,114 $37,417 $72,187 $59,716
Less: Hotel Operations 380 328 615 500
$41,734 $37,089 $71,572 $59,216
Franchising Margins 62.6% 63.4% 61.1% 59.4%
CALCULATION OF ADJUSTED NET INCOME AND ADJUSTED DILUTED EARNINGS PER SHARE
(EPS)
(In thousands, except per share Three Months Ended Six Months Ended
amounts) June 30, June 30,
2006 2005 2006 2005
Net Income $24,136 $21,548 $41,801 $33,547
Adjustments:
Loss on Debt Extinguishment Costs 217 - 217 -
Adjusted Net Income $24,353 $21,548 $42,018 $33,547
Weighted average shares outstanding-
diluted 67,105 66,677 66,925 66,498
Diluted Earnings Per Share $0.36 $0.32 $0.62 $0.50
Adjustments:
Loss on Debt Extinguishment Costs - - 0.01 -
Adjusted Diluted Earnings Per Share
(EPS) $0.36 $0.32 $0.63 $0.50
EBITDA Reconciliation
(in millions)
Full-Year
Q2 2006 Q2 2005 2006
Actuals Actuals Outlook
Operating Income (per GAAP) $42.1 $37.4 $164.9
Depreciation and amortization 2.6 2.3 10.1
Earnings before interest, taxes,
depreciation & amortization (non-GAAP) $44.7 $39.7 $175.0
SOURCE: Choice Hotels International
CONTACT: Joseph M. Squeri, Executive Vice President and Chief Financial
Officer, +1-301-592-5006, or Anne Madison, Vice President, Corporate
Communications, +1-301-592-6723, both of Choice Hotels International
Web site: http://www.choicehotels.com/
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