Interstate Hotels & Resorts, which says it is the nation's largest independent hotel management company, said its second-quarter loss broadened to $2.7 million (9 cents a share) from a loss of $487,000 (2 cents) in the same quarter a year ago. Revenue fell to $253.3 million from $257.7 million.
For the first six months of the year, the company swung to a loss of $6.4 million (21 cents) from a profit of $3.9 million (19 cents) in the first half of 2003. Revenue fell to $489.4 million from $513.2 million.
* MCG Capital Corp.'s profit rose to $17.6 million (44 cents) in the second quarter from $9 million (30 cents) in the same quarter of 2003. Revenue for the Arlington provider of financing to companies rose to $22.8 million from $19.6 million.
Six-month profit rose to $19.7 million (51 cents) from $17.9 million (59 cents) in the first six months of 2003. Revenue rose to $45 million from $38.2 million.
* Highland Hospitality Corp., a McLean hotel real estate investment trust (REIT), said second-quarter profit was $2.2 million (5 cents a share) on revenue of $25.3 million. Six-month profit was $2.8 million (7 cents) on revenue of $44 million. Funds from operations were 11 cents a share in the second quarter and 16 cents a share for the six months ended June 30. The company is new and so did not report comparative earnings.
* Gladstone Commercial Corp., a McLean REIT that invests in commercial real estate, swung to a profit of $132,275 (2 cents a share) in the second quarter from a loss of $105 (0 cents) in the same quarter a year earlier. Revenue for the company, which went public a year ago, was $682,670. Gladstone reported no revenue for the second quarter of 2003.
For the six months ended June 30, the company's loss was $61,029 (1 cent) on $1.01 million in revenue. The company was formed Feb. 14, 2003, so year-ago numbers do not exist. Funds from operations were 3 cents a share for the second quarter and 2 cents for the first half of the year.
* QuadraMed Corp.'s second-quarter loss broadened to $9.7 million (28 cents a share) from a loss of $6.3 million (23 cents) in the year-earlier quarter. Revenue for the Reston health care information technology company rose to $31.9 million from $29.4 million.
For the first half of the year, the loss narrowed to $14.2 million (44 cents) from $17 million (63 cents) in the first six months of 2003. Revenue fell to $68.4 million from $58.7 million.