RLH Corporation Reports First Quarter 2020 Results and Provides COVID-19 Update
RED LION HOTELS (RLH)
Last red lion hotels earnings: 2/27 06:30 am
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US:NYSE Investor Relations:
ir.redlion.com/investor-relations
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Source: GlobeNewswire
DENVER, May 08, 2020 (GLOBE NEWSWIRE) -- Red Lion Hotels Corporation (the “Company”) (NYSE: RLH), a hospitality company doing business as RLH Corporation which franchises midscale and economy hotels, today reported first quarter 2020 results and provided an update regarding financial and operational activities in light of the ongoing COVID-19 pandemic. First Quarter Highlights Closed the quarter with $37.8 million in cash and cash equivalents, no corporate debt, and only $5.6 million in debt secured by our hotel RL Olympia in our joint venture. Net loss attributable to RLH Corporation for the first quarter of 2020 was $(8.1) million or $(0.32) per share compared to a net loss of $(4.3) million or $(0.17) per share in the prior year period. The year-over-year change was primarily driven by $9.7 million of bad debt expense largely resulting from the economic impact of COVID-19 on receivable balances such as those associated with Inner Circle and other former franchisees. Net loss th
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