Interstate Hotels & Resorts Inc., an Arlington-based manager of hotels, reported a narrower loss in the quarter ended Sept. 30.
Interstate lost $300,000 (1 cent per share) on revenue of $249.3 million, compared with a loss of $378,000 (2 cents) on revenue of $265.7 million in the comparable quarter last year. For the first nine months of the year, the company lost $6.7 million (22 cents), compared with a profit of $3.6 million (17 cents). Revenue fell to $738.6 million from $778.9 million.
The third-quarter loss includes several nonrecurring items, including a $1.6 million write-down of intangible assets from a terminated management contract resulting from a hotel sale.
Interstate's operating performance improved over 2003, reflecting a recovering hotel market. Revenue per available room for Interstate's hotels in operation more than a year, a key measure of hotel performance, rose 9 percent in the third quarter, excluding hotels affected by hurricanes in Florida.
* Federal Realty Investment Trust of Rockville said yesterday it earned $18.7 million (30 cents per share) in the third quarter, down 24 percent.
The company said revenue rose to $100.2 million from $85.9 million. Funds from operations were $41 million, up from $35.8 million.
For the nine months ended in September, the company earned $62.2 million ($1.04), compared with $59.1 million (92 cents) in the first nine months of 2003. Revenue jumped to $294.4 million from $254.5 million.
Funds from operations for the first nine months of this year were $119.3 million, from up from $104.7 million.
* First Potomac Realty Trust, a Bethesda-based real estate investment trust, said that for the quarter ended Sept. 30, it earned $657,000 (5 cents per share), compared with a loss of $1.6 million in the comparable period a year earlier, before the company went public in October 2003.
Revenue was $12.2 million, up from $3.9 million. Its funds from operations were $4.6 million.
For the first nine months of this year, the company said, its profit was $429,000, compared with a loss of $3.8 million in the first nine months of 2003. Revenue was $27.9 million, up from $12.8 million. Funds from operations were $9.6 million.
The company owns 74 buildings, totaling 4.9 million square feet in the Washington area, Virginia and Maryland.
* USEC Inc., the Bethesda-based supplier of enriched uranium fuel for commercial nuclear power plants, reported a loss of $3.4 million (4 cents per share) for the three months ended Sept. 30, compared with a profit of $3.4 million (4 cents) for the comparable period last year.
USEC operates the nation's only uranium enrichment facility, in Paducah, Ky. About half of USEC's low-enriched uranium comes from recycled Russian warheads. The company attributed the loss in the recent quarter to investments in its American Centrifuge uranium enrichment technology.
Revenue was $252.2 million, down from $341.1 million.