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Luxury hotelier posts healthy earnings increase

Thursday, May 10, 2001 | 10:33 a.m.

Four Seasons Hotels Inc. of Toronto reported net income of $17 million for the quarter ending March 31, an increase of 18 percent over the year-ago quarter.

Net income equaled 45 cents per diluted share, up from 38 cents in the year-ago period. Total revenues increased 9 percent to $78.8 million, while cash flow was $31 million, compared to just $5.5 million a year ago.

Four Seasons benefited from several new properties opened since the first quarter of 2000, but it also reported a 5 percent increase in revenues per average room (RevPAR). A slowing U.S. economy caused the company's U.S. properties to report RevPAR growth of only 0.4 percent, but surges in hotel room revenues from Canada, Mexico, Europe and Asia offset the flat performance of the U.S. properties.

Four Seasons operates the Four Seasons Las Vegas, a non-gaming luxury hotel at Mandalay Bay on the Las Vegas Strip. The company is the world's largest luxury hotel operator, with 51 hotels and resorts in 23 countries.

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