Red Lion Hotels Corp., of Spokane, reported today third-quarter net income of $1.2 million, or 6 cents a diluted share, compared with a net loss of $906,000, or 5 cents a share, in the year-earlier period.
James P. Evans, Red Lion's interim president and CEO, said in a press release that the company's average daily room rate is about 4 percent above a year ago, and it has seen hotel operating margin improvement.
Also, he said, "We have added a record 11 franchises this year, achieving our goal of 30 franchise properties in the Red Lion network by the end of 2013."
Third-quarter income from continuing operations rose to $1.5 million from $600,000 in the year-earlier period. During that time period, franchise revenue increased to $2.4 million from $1.6 million.
Entertainment revenue ticked upward, to $1.6 million from $1.4 million in the year-earlier period.
Meantime, Red Lion said its search for the next president and CEO is well under way. A national executive search firm has said it's found numerous qualified candidates who have expressed interest in the position.