Lakeview Hotel Investment Corp. Reports Earnings Results for the Fourth Quarter and Year Ended December 31, 2012; Provides Earnings Guidance for the Year 2013
For the year, the company reported total revenue of $40,806,575 against $40,903,351 a year ago. Net loss was $2,911,232 against $2,737,685 a year ago. Basic and diluted loss before income tax per share was $0.149 against $0.140 a year ago. Funds from operations were $2,461,439 against $2,608,833 a year ago. Basic and diluted funds from operations per share were $0.126 against $0.133 a year ago. Adjusted funds from operations were $1,661,446 against $1,560,488 a year ago. Basic and diluted adjusted funds from operations per share were $0.085 against $0.080 a year ago.
The company provided earnings guidance for the year 2013. For the year, the company announced that with a number of large infrastructure projects announced for the company's operating markets, the company optimistic that results will improve in 2013. The company's continuing positive cash flow resulted in the reduction of $2.7 million in mortgage debt with an expectation that figure will be increased as a result of a refinancing strategy which is currently being executed.