Red Lion Hotels stock sheds half its value, making search for new CEO 'necessary' [MarketWatch]
RED LION HOTELS (RLH)
Last red lion hotels earnings: 2/27 06:30 am
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ir.redlion.com/investor-relations
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Source: MarketWatch
Red Lion Hotels stock sheds half its value, making search for new CEO 'necessary' Shares of Red Lion Hotels Corp. RLH, -54.64% lost more than half their value toward a 10-year low in midday trading Friday, after the hotel company swung to a third-quarter loss and said Chief Executive Greg Mount has resigned after nearly six years in the role. The company reported a net loss of $3.5 million, or 14 cents a share, after a profit of $8.9 million, or 35 cents a share, in the year-ago period. The company attributed the year-over-year change in results to the loss of revenue from the sale of company-operated hotels, and the gain of $26 million in the year ago period from the sale. The one analyst surveyed by FactSet that provided an earnings estimate was expecting a profit of 7 cents a share. Revenue fell 8.7% to $32.9 million. The company slashed its 2019 outlook for adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to $11.5 million to 413. 5 million from $
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