Ashford Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Announces Impairment Charges for the First Quarter Ended March 31, 2018; Provides Tax Rate Guidance for the Full Year 2018
May 03, 2018 at 04:15 pm EDT
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Ashford Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2018. For the quarter, the company reported total revenue was $48,168,000 against $13,013,000 a year ago. Operating loss was $5,036,000 against $2,136,000 a year ago. Interest income was $112,000 against $33,000 a year ago. Loss before income taxes was $5,129,000 against $2,093,000 a year ago. Net loss was $5,835,000 against $2,723,000 a year ago. Net loss attributable to the company was $5,723,000 or $2.84 diluted per share against $2,385,000 or $1.34 diluted per share a year ago. Negative EBITDA was $3,463,000 against $1,294,000 a year ago. Adjusted EBITDA was $5,373,000 against $5,053,000 a year ago. Adjusted net income was $4,604,000 or $1.71 diluted per share against $4,423,000 or $1.92 diluted per share a year ago.
The company reported impairment charges of $1,919,000 for the first quarter ended March 31, 2018.
For the year 2018, the company expects lower tax rate that will have significant positive impact on the earnings.
Ashford Inc. is an alternative asset management company, which provides products and services primarily to clients in the real estate and hospitality industries. The Companyâs Advisory segment provides asset management and advisory services to other entities. Its Remington segment provides hotel management services. Its Premier segment provides design, development, architectural, and project management services. Its INSPIRE segment provides event technology and creative communications solutions services. Its OpenKey segment offers hospitality focused mobile key platform that provides a universal smartphone app for keyless entry into hotel guest rooms. Its RED segment is a provider of watersports activities and other travel and transportation services. It also provides wholesaler, dealer manager and other broker-dealer services. It conducts these activities and own substantially all of its assets through Ashford LLC, Ashford Services, Warwick and their respective subsidiaries.
Ashford Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2018; Announces Impairment Charges for the First Quarter Ended March 31, 2018; Provides Tax Rate Guidance for the Full Year 2018