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Home » Latest News » Red Lion reports deeper loss

Red Lion reports deeper loss

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April 30, 2014
Staff Report

Red Lion Hotels Corp., of Spokane, reported this afternoon a first-quarter net loss of $3.5 million, or 17 cents a diluted share, compared with a loss of $3.1 million, or 16 cents a share, in the year-earlier quarter.

The company attributed the deeper loss to income-tax expense.

However, comparable revenue from owned and leased hotels increased $1.2 million in the first quarter compared with the year-earlier period, primarily due to an increase in comparable room revenues, the company said.

Greg T. Mount, Red Lion’s president and CEO, who joined the company in January, said in a press release, “Our hotel margins and profitability showed improvement. To drive efficiencies and grow market share, we have begun to roll out innovative marketing, operational, and technology initiatives.”

The company announced earlier this month that it had sold the Red Lion Yakima hotel for $3.7 million and used $2.6 million to pay down debt. It currently has five other properties listed for sale, including properties in Wenatchee and Kelso, Wash.

The company also announced earlier the appointment of Brian Quinn as senior vice president and chief financial officer, as well as the hiring of Angela Landgraf as senior vice president of business development. 

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