Host Marriott Corp. of Bethesda reported net income of $74 million (31 cents a share) in the second quarter, a 12 percent gain over $66 million (28 cents) for the same quarter last year. Host Marriott is a real estate investment trust that owns 124 upscale and luxury hotel properties.
As is common with REITs, Host Marriott reported funds from operations, a key measure of financial performance. Funds from operations edged up 2 percent, to 48 cents a share, in the second quarter, compared with 47 cents a share for the same period a year ago.
The company also reported $255 million in earnings before interest expense, income taxes, depreciation and amortization (EBITDA) for the second quarter, up 33 percent from $192 million for the same quarter in 1998.
For the first six months, Host Marriott reported $119 million in net income (51 cents), vs. net income of $96 million (41 cents) for the same period a year ago. The company reported FFO of 86 cents a share for the six-month period, compared with 85 cents a share for the same period a year ago.
* Crosswalk.com Inc. of Chantilly, a Christian "portal" on the World Wide Web, yesterday began trading on the Nasdaq National Market System under the ticker "AMEN," announced an acquisition and posted a loss for its second quarter.
The company's net loss for the second quarter was $1.25 million, compared with a net loss of $747,598 during the same period last year. Second-quarter revenue was $1.63 million, up from $166,309 during the same quarter in 1998.
Crosswalk's total net loss for the first six months of 1999 was $2.51 million, compared with a net loss of $1.49 million during the first half of 1998. Six-month revenue was $2.71 million, compared with $256,112 in the first half of the year before. Crosswalk also said yesterday that it has acquired Wike Associates Inc. of Roanoke, a Christian publishing and direct-mail company that owns Christian site Goshen.net, for an undisclosed amount.