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Red Lion Hotels Corp (RLH) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

Red Lion Hotels Corp

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CIK: 1052595 Ticker: RLH

Exhibit 99.1

RLH CORPORATION REPORTS FOURTH QUARTER AND YEAR-END 2018 RESULTS

DENVER, March 8, 2019 – Red Lion Hotels Corporation (the “Company”) (NYSE: RLH), a growing hospitality company doing business as RLH Corporation that franchises upscale, midscale and economy hotels, today reported full year and fourth quarter 2018 results.

Full Year and Fourth Quarter Highlights

 

  •  

Despite the reduction of $14.5 million in EBITDA from the sale of nine company owned hotels in 2018, the Company’s Adjusted EBITDA for 2018 was down less than $10 million, from $25.7 million in 2017 to $15.8 million in 2018.

 

  •  

Net income for 2018 was $2.0 million or $0.08 per diluted share compared to net income of $0.6 million or $0.02 per diluted share in the prior year period. Net loss for the quarter was $7.3 million or ($0.30) per share compared to net income of $1.5 million or $0.06 per diluted share in the prior year period.

 

  •  

Royalty fees increased 27% in the year to $22.3 million and 36% in the quarter to $5.7 million reflecting the Company’s organic growth and the benefit of the Knights Inn acquisition.

 

  •  

Achieved 23% unit growth expanding franchised hotel network to 1,327 hotels with nearly 86,000 rooms.

 

  •  

Executed a total of 167 franchise agreements for the year and 58 franchise agreements in the fourth quarter.

 

  •  

Internalized and streamlined the management of the Company’s website, redlion.com, reducing our ongoing website management costs by $1.8 million annualized.

 

  •  

Enhanced Hello Rewards program to include other features such as Hello Bucks and Hello Rates.

 

  •  

Acquired Knights Inn for $27 million. The acquisition added more than 350 select service segment hotels across North America.

 

  •  

Sold nine hotels which generated gross proceeds of more than $116 million.

 

  •  

Subsequent to quarter end, launched its wholly-owned subsidiary RLabs, a lodging technology innovator that will leverage the Company’s ground breaking RevPak platform, creating additional asset light revenue streams.

Greg Mount, RLH Corporation President and Chief Executive Officer stated: “2018 was a strategic shift for us as we completed the execution of our strategy of becoming an asset light franchise and branding company. We achieved our objectives in 2018 by selling nine hotels while continuing to grow our franchise revenues by over 20%, and increasing our high margin franchise EBITDA. As high margin franchise business replaces the $14.5 mililion in EBITDA from our JV assets we are confident in our ability to continue grow our asset light revenue streams as demonstrated by our 27% growth in royalty fees and our 23% unit growth during 2018. In 2019, we are focused on the growth of our upscale and midscale franchise agreement portfolios through organic development and through complementary acquisitions to help accelerate growth and scale the RLH platform. Additionally, we will continue to look for opportunities such as Canvas to further grow our revenue vertically while holding our corporate overhead. Our teams are focused on execution and excited to have the bulk of the asset sales behind us.”

 

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The following information was filed by Red Lion Hotels Corp (RLH) on Friday, March 8, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Red Lion Hotels Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Acquisitions And Dispositions
Acquisitions And Dispositions (Tables)
Acquisitions And Dispositions Acquisitions Narrative (Details)
Acquisitions And Dispositions Dispositions Narrative (Details)
Acquisitions And Dispositions Entertainment Segment (Details)
Acquisitions And Dispositions Held For Sale (Details)
Acquisitions And Dispositions Intangible Assets Acquired (Details)
Acquisitions And Dispositions Payment Of Contingent Consideration (Details)
Acquisitions And Dispositions Pro Forma Results (Details)
Acquisitions And Dispositions Properties Sold (Details)
Acquisitions And Dispositions Purchase Price Allocation (Details)
Acquisitions And Dispositions Revenues And Earnings From Acquisition (Details)
Business Segments
Business Segments (Details)
Business Segments (Tables)
Commitments And Contingencies
Debt And Line Of Credit
Debt And Line Of Credit (Maturities Of Long-Term Debt Outstanding) (Details)
Debt And Line Of Credit (Rl Baltimore) (Details)
Debt And Line Of Credit (Rl Venture) (Details)
Debt And Line Of Credit (Rlh Atlanta) (Details)
Debt And Line Of Credit (Rlh Dc) (Details)
Debt And Line Of Credit (Schedule Of Current And Non-Current Portions) (Details)
Debt And Line Of Credit (Senior Secured Term Loan And Line Of Credit) (Details)
Debt And Line Of Credit (Tables)
Derivative Financial Instruments
Derivative Financial Instruments (Details)
Derivative Financial Instruments (Tables)
Earnings (Loss) Per Share
Earnings (Loss) Per Share (Antidilutive Securities) (Details)
Earnings (Loss) Per Share (Details)
Earnings (Loss) Per Share (Tables)
Fair Value
Fair Value (Details)
Fair Value (Tables)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Narrative) (Details)
Goodwill And Intangible Assets (Schedule Of Future Amortization) (Details)
Goodwill And Intangible Assets (Schedule Of Goodwill And Other Intangible Asset By Business Segment) (Details)
Goodwill And Intangible Assets (Summary Of Balances Of Goodwill And Other Intangible Assets) (Details)
Goodwill And Intangible Assets (Summary Of Finite-Lived Intangibles) (Details)
Goodwill And Intangible Assets (Tables)
Income Taxes
Income Taxes (Components Of Income Tax (Benefit) Expense) (Details)
Income Taxes (Deferred Tax Assets And Liabilities) (Details)
Income Taxes (Income Tax Rate Reconciliation) (Details)
Income Taxes (Narrative) (Details)
Income Taxes (Tables)
Income Taxes (Valuation Allowance) (Details)
Operating And Capital Lease Commitments
Operating And Capital Lease Commitments (Details)
Operating And Capital Lease Commitments (Future Minimum Payments Due) (Details)
Operating And Capital Lease Commitments (Tables)
Organization
Organization (Narrative) (Details)
Organization (Summary Of Properties) (Details)
Organization (Tables)
Parent Company Financial Statements
Parent Company Financial Statements (Commitments And Contingencies) (Details)
Parent Company Financial Statements (Condensed Balance Sheet) (Details)
Parent Company Financial Statements (Condensed Statement Of Cash Flows) (Details)
Parent Company Financial Statements (Condensed Statement Of Comprehensive Income (Loss)) (Details)
Parent Company Financial Statements (Restricted Cash) (Details)
Parent Company Financial Statements (Tables)
Property And Equipment
Property And Equipment (Details)
Property And Equipment (Tables)
Related Party Transactions
Related Party Transactions (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Changes In Contract Assets And Liabilities) (Details)
Revenue From Contracts With Customers (Performance Obligations) (Details)
Revenue From Contracts With Customers (Receivables, Contract Assets, And Contract Liabilities) (Details)
Revenue From Contracts With Customers (Tables)
Stock Based Compensation
Stock Based Compensation (Employee Stock Purchase Plan) (Details)
Stock Based Compensation (Exercise Price Range) (Details)
Stock Based Compensation (Performance Stock Units, Shares Issued As Compensation) (Details)
Stock Based Compensation (Restricted Stock Units) (Details)
Stock Based Compensation (Restricted Stock Units, Shares Issued As Compensation Narrative) (Details)
Stock Based Compensation (Schedule Of Option Fair Value Assumptions) (Details)
Stock Based Compensation (Stock Based Compensation Expense Schedule) (Details)
Stock Based Compensation (Stock Incentive Plans Narrative) (Details)
Stock Based Compensation (Stock Option Activity) (Details)
Stock Based Compensation (Tables)
Stock Based Compensation (Unrestricted Stock Awards) (Details)
Stock Based Compensation (Warrants) (Details)
Subsequent Events
Subsequent Events Subsequent Events (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Allowance For Doubtful Accounts) (Details)
Summary Of Significant Accounting Policies (Effect Of Adoption Of 606) (Details)
Summary Of Significant Accounting Policies (Narrative) (Details)
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Reclassifications) (Details)
Summary Of Significant Accounting Policies (Revisions) (Details)
Summary Of Significant Accounting Policies (Schedule Of Cash And Cash Equivalents) (Details)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies (Useful Lives Of Property And Equipment) (Details)
Variable Interest Entities
Variable Interest Entities (Details)
Ticker: RLH
CIK: 1052595
Form Type: 10-K Annual Report
Accession Number: 0001052595-19-000004
Submitted to the SEC: Fri Mar 08 2019 11:25:44 AM EST
Accepted by the SEC: Fri Mar 08 2019
Period: Monday, December 31, 2018
Industry: Hotels And Motels

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