QUARTERLY

REPORT

FORM 51-901F

ISSUER DETAILS
NAME OF ISSUER

FOR QUARTER ENDED

DATE OF REPORT Y M D

Allied Hotel Properties Inc.

March 31, 2001

01

05

28

ISSUER’S ADDRESS

Suite 300 – 515 West Pender Street
CITY PROVINCE POSTAL CODE ISSUER FAX NO. ISSUER TELEPHONE NO.

Vancouver
CONTACT PERSON

B.C.

V6B 6H5

604-682-8131
CONTACT’S POSITION

604-669-5335
CONTACT TELEPHONE NO.

John R. Ellen, C.A.

Chief Financial Officer

604-682-2533 x 160

CONTACT EMAIL ADDRESS

WEB SITE ADDRESS

john_ellen@alliedhotels.com

www.alliedhotels.com

CERTIFICATE The three schedules required to complete this Quarterly Report are attached and the disclosure contained therein has been approved by the Board of Directors. A copy of this Quarterly Report will be provided to any shareholder who requests it.
DIRECTOR’S SIGNATURE PRINT FULL NAME DATE OF REPORT Y M D

“Peter Y.L. Eng” (signed)
DIRECTOR’S SIGNATURE

Peter Y.L. Eng
PRINT FULL NAME

01

05

28

DATE OF REPORT Y M D

“Ronald G. Erdman” (signed)

Ronald G. Erdman

01

05 28

.

March 31.Consolidated Financial Statements of ALLIED HOTEL PROPERTIES INC. 2001 .

459 $ 3.719 7.432 1.L.433 $ 203. Erdman Director .387 174.129 29.605 4.441 216 17.937) 10.853 482 14 34.178 706 331 11.868 (18. Eng” (signed) Peter Y. Consolidated Balance Sheets March 31.868 (22.ALLIED HOTEL PROPERTIES INC.209 514 14 34.511 1.326 502 19.355 1.607 194.931 203.557 134 16. net of amortization Future income taxes $ $ 1.006 1. 2000 (in thousands of dollars) March 2001 Unaudited December 2000 Audited Assets Current assets: Cash and cash equivalents Accounts receivable Inventories Prepaid expenses Land held for resale Future income taxes Income-producing properties Investments Deferred costs.717 173.605 5.538) 7. Erdman” (signed) Ronald G.326 502 17.846 799 276 11.448 895 13.025 See accompanying notes to consolidated financial statements.428 1.799 133.454 6.279 3. “Peter Y.638 2.053 192.157 201.025 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable and accrued liabilities Current portion of deferred revenue Current portion of long-term debt Current portion of capital lease obligation Future income taxes Deferred revenue Long-term debt (note 3) Capital lease obligation Due to affiliated companies Future income taxes Non-controlling interest Shareholders’ equity: Share capital Deficit $ 17. Eng Director “Ronald G.459 $ $ 15.765 135.094 29.330 $ 201.L.458 894 13.381 3.674 3.319 1. 2001 and December 31.

367 $0.552 5.169 (568) $ 9.543 4.052 (685) Gross profit Operating expenses: Selling.533 4.873 4.760 5.601 $0.507 8.375 4.245 4.314 1. general and administrative Management fees Taxes and insurance Depreciation and amortization Operating loss Other expenses (income): Interest on long term debt Other interest Equity in (income) of investees Loss before income taxes and non-controlling interest Income taxes (recovery): Current Future (note 2) Loss before non-controlling interest Non-controlling interest Net loss Basic and fully diluted loss per share $ 3.709 4.03 $ 3.465 2.395 9.927 6. Unaudited Consolidated Statements of Operations Three months ended March 31. except per share amounts) 2001 Revenues: Rooms Food and beverage Other Cost of sales: Rooms Food and beverage Other 2000 $ 9.647 1.687 3.709 89 (746) (657) 4.105 371 8.330 1.958 453 (36) 3.596 1.840 53 (724) (671) 4.128 14. .344 408 1.337 1.03 See accompanying notes to consolidated financial statements.657 233 (17) 2.205 15.009 7.959 333 1.ALLIED HOTEL PROPERTIES INC. 2001 and 2000 (in thousands of dollars.836 2.017 1.004 380 7.561 3.

367 12. Unaudited Consolidated Statements of Deficit Three months ended March 31.536) 10. beginning of period As previously stated Adjustment to reflect changes in accounting for income taxes As restated Deficit. 2001 and 2000 (in thousands of dollars) 2001 Net loss Deficit. .937 − 18.874 (2.538 $ $ 2000 3.ALLIED HOTEL PROPERTIES INC.705 See accompanying notes to consolidated financial statements.601 18. end of period $ $ 3.937 22.338 13.

254 2000 Increase (decrease) in cash and cash equivalents Cash and cash equivalents.000 (9.395 (724) (568) (36) (116) (3.435) 1.090) 4.367) 1.584 (1.822 (1. .ALLIED HOTEL PROPERTIES INC. Unaudited Consolidated Statements of Cash Flows Three months ended March 31.638 $ 1.513 (11) − − 2. beginning of period Cash and cash equivalents. end of period Funds from operations per share (note 5) Supplemental information (note 6) See accompanying notes to consolidated financial statements.601) 1. 2001 and 2000 (in thousands of dollars) 2001 Cash provided by (used in): Operations: Net loss Items not involving cash: Depreciation and amortization Future income taxes Non-controlling interest Equity in income of investees Amortization of deferred revenue Funds from operations Changes in non-cash operating working capital (note 6) Financing: Proceeds from long-term debt Principal repayments on long-term debt Due to affiliated companies Repayment of obligations under capital leases Deferred revenue Payments received from non-controlling interest Investments: Additions to income-producing properties Increase in deferred costs $ (3.650) 1.851) − (2.654) 102 (121) 122 449 (320) (265) (585) (1.412 (214) (41) (255) 306 948 1.507 (746) (685) (17) (127) (3.964) 3.828) 10.674 $ $ (3.

b. . These interim financial statements follow the same accounting policies as the Annual Financial Statements. resulting in a credit to Future Income Tax expense in the Statement of Operations of $2. particularly for depreciation and interest expense. As a result.ALLIED HOTEL PROPERTIES INC. except per share amounts) 1. 2000 (the “Annual Financial Statements”). With a significant investment in income producing properties. The result of this restatement is to increase the loss previously reported for the comparative period by $1.353. in prior years. on the same basis as that used in the Company’s yearend audited financial statements. Notes to Consolidated Financial Statements Three months ended March 31. 2. the Company has high fixed costs. Upon subsequent review it was determined that a valuation allowance should be taken against the Future Tax Asset in certain subsidiary companies. Income Taxes (“Section 3465”). Significant accounting policies: a. These seasonal factors should be considered when reviewing the Company’s quarterly operating results. The Company’s standards of financial disclosure in these interim financial statements are in accordance with the recommendations in the Canadian Institute of Chartered Accountants’ (“CICA”) new standard on Interim Financial Statements. The comparative statements for the first quarter 2000 have therefore been restated by recalculating the Future Tax Asset in the Balance Sheet and the Future Tax credit in the Statement of Operations. Certain note disclosures do not fully conform to Canadian GAAP disclosure requirements for annual financial statements. the first and fourth quarters have historically recorded lower net operating income than the second and third quarters. Cyclical Business The nature of the hotel business is inherently cyclical such that. General The Company’s accounting policies and its standards of financial disclosure are in accordance with Canadian generally accepted accounting principles (“GAAP”) and are substantially in accordance with the recommendations of the Canadian Institute of Public and Private Real Estate Companies. A Future Tax Asset was recognized for each subsidiary company reporting a loss. and these financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31. Restatement of prior period statements: Future income taxes In the first quarter of 2000 the Company adopted the provisions of Section 3465 of the CICA Handbook. approximately 60% of the Company’s annual revenues are generated in the second and third quarters of the year.099. 2001 and 2000 (in thousands of dollars.

600.80 0.80 − − 0. Under the terms of the Plan. 4. No options were exercised during the period. January 1 Granted Exercised Cancelled Outstanding. The remaining 60% will vest in equal parts on January 1 of each of the next 3 years. Long-term debt: In the first quarter of 2001 the Company refinanced a portion of its long-term debt secured by one of its hotel properties. $8. exercisable at $0.000 − − (180.480.000 $ $ $ $ On March 31.80 0. 2000 and January 1. March 31 Exercisable.000.80 − − − 0. with interest fixed at 9% for a five-year term.520. As of the date of these financial statements no options had been exercised.000 options to purchase common shares. The Plan provides that options have a maximum term of ten years and be exercisable at a price not less than fair market value of the shares at the time of grant.700. The former employee has 180 days following cessation of employment in which to exercise any vested options.000 1.000 options to purchase common shares.000 common shares left the Company. Principal repayments of long-term debt over the next five years as disclosed in the year-end audited financial statements reflected this refinancing. The options expire on December 31. 20% of these options vested on each of January 1. 2001. The following table summarizes the status of the stock option plans: Weighted average exercise price $ 0.80 2001 stock options outstanding Outstanding.80 Weighted average exercise price $ 0. During 1999.000 − − − 8.740.ALLIED HOTEL PROPERTIES INC. unvested options are cancelled immediately upon cessation of employment. except per share amounts) 3.80 per share.000 3. . March 31 8.80 0.700.000 of floating rate debt was refinanced through a new facility of $10.000) 8. 2004. Stock Options: The Company has a stock option plan (“the Plan”) providing for the issuance of up to 10. Notes to Consolidated Financial Statements Three months ended March 31.700. 2001 an employee holding options to purchase 300. the Company granted 8.000 2000 stock options outstanding 8. 2001 and 2000 (in thousands of dollars.700.

220 $ $ 0.376 170 $ 3.03) 6.822 $ 2000 794 40 96 654 1.03) 2000 106.268 $ $ 0.000 as partial payment.413 35 7. The Company has received a deposit of $1. with the balance due September 30.03 (0.03 (0. Supplementary cash flow information: Changes in non-cash operating working capital consist of the following: 2001 Accounts receivable Inventories Prepaid expenses Accounts payable and accrued liabilities $ (332) 93 (55) 2. . Subsequent event: Subsequent to the period end. Per share information: 2001 Weighted average number of common shares outstanding Net loss per share.116 1. the Company entered into an unconditional agreement to sell a two-thirds interest in one of its hotel properties for cash of $8.000.147. Notes to Consolidated Financial Statements Three months ended March 31. 2001.327.ALLIED HOTEL PROPERTIES INC. or earlier at the purchaser’s option. basic and fully diluted Funds from operations per share. except per share amounts) 5. 2001 and 2000 (in thousands of dollars.584 $ $ Supplemental disclosures related to the statements of cash flows consist of the following: 2001 Supplemental information: Interest paid Taxes paid 2000 $ 12. basic and fully diluted 106.

Sign up to vote on this title
UsefulNot useful