DALLAS, May 4, 2017 /PRNewswire/ -- Ashford (NYSE
MKT: AINC) (the "Company") today reported the following results and
performance measures for the first quarter ended March 31, 2017. For the first quarter, the
Company has consolidated the financial position and operating
results of the private investment funds managed by Ashford
Investment Management. The financial impact from this
consolidation is adjusted out of the Company's financials through
the noncontrolling interests in consolidated entities line items on
the Company's income statement and balance sheet. Unless
otherwise stated, all reported results compare the first quarter
ended March 31, 2017, with the first
quarter ended March 31, 2016 (see
discussion below). The reconciliation of non-GAAP financial
measures is included in the financial tables accompanying this
press release.
STRATEGIC OVERVIEW
- High-growth, fee-based, low-capex business model
- Diversified platform of multiple fee generators
- Seeks to grow in three primary areas:
-
- Expanding the existing platforms accretively and accelerating
performance to earn incentive fees
- Starting new platforms for additional base and incentive
fees
- Investing in or incubating businesses that can achieve
accelerated growth through doing business with our existing
platforms.
- Highly-aligned management team with superior long-term track
record
- Leader in asset and investment management for the real estate
& hospitality sectors
FINANCIAL AND OPERATING HIGHLIGHTS
- Net loss attributable to the Company for the first quarter of
2017 totaled $2.4 million, or
$1.18 per share, compared with a net
loss of $1.7 million, or $0.86 per share, in the prior year quarter.
Adjusted net income for the first quarter was $4.4 million, or $1.92 per diluted share, compared with
$2.4 million, or $1.05 per diluted share, in the prior year
quarter, reflecting a growth rate of 83% over the prior year.
- Total revenue for the first quarter of 2017 was $13.0 million
- Adjusted EBITDA for the first quarter was $5.1 million, reflecting a growth rate of 68%
over the prior year
- At the end of the first quarter of 2017, the Company had
approximately $6.3 billion of assets
under management
- As of March 31, 2017, the Company
had corporate cash of $35.4
million
UPDATE ON PROPOSED TRANSACTION WITH REMINGTON
On
March 28, 2017, the Company announced
that it has been unsuccessful in receiving an acceptable private
letter ruling from the Internal Revenue Service and has decided to
cease its efforts in completing the proposed transaction as
originally contemplated with Remington Holdings, LP ("Remington").
The Company has begun the process of evaluating the purchase of
just Remington's project management business, which would not
require a private letter ruling, and has formed a Special Committee
of its Board to evaluate a possible transaction. Neither the
Special Committee nor the Board has set a definitive timetable for
the completion of its evaluation of the proposed transaction.
Additionally, there is no assurance that a transaction involving
Remington's project management business will materialize.
INVESTMENT IN OPENKEY
As previously announced, the
Company has made an investment in OpenKey. OpenKey is the
universal, industry-standard smartphone App for keyless entry in
hotel guestrooms. By creating an open platform solution,
OpenKey seeks to make mobile key technology more accessible and
convenient, streamlining the process for hotel owners and
guests. OpenKey's powerful software has a secure interface
with lock companies that represent a majority of the digital
installed guest room locks globally. There is significant
growth potential for OpenKey given there are nearly 18 million
hotel rooms globally, many of them independent hotels that need a
mobile key solution. Not only are there millions of rooms globally
that need a mobile key solution, but OpenKey currently has little
competition in this space.
OpenKey has made significant traction in deploying its
technology and has grown its hotel subscriber base over 300% year
over year. During the first quarter of 2017, OpenKey contracted
1,287 rooms, entered into an exclusive agreement with Preferred
Hotels to become the preferred mobile key provider to over 650
hotels worldwide and launched its technology at hotels in
Australia and Canada.
Furthermore, OpenKey opened a sales office in Mexico this quarter and is working on opening
sales offices in the Middle East
and China.
INVESTMENT IN PURE ROOMS
Subsequent to quarter end,
on April 13, 2017, Ashford announced
it had acquired a controlling interest in a privately held company
that conducts the business of Pure Rooms ("Pure Rooms") for
approximately $97,000 in cash
consideration. Pure Rooms is a leading provider of
hypo-allergenic hotel rooms in the United
States.
Pure Rooms utilizes state-of-the-art purification technology to
create allergy-friendly guestrooms and currently has contracts in
place with approximately 160 hotels (approximately 2,400 rooms)
throughout the United States. Pure Rooms' hypo-allergenic
rooms are designed to provide a better night's sleep for all
guests, especially allergy sufferers.
Pure Rooms' patented 7-step purification process treats a room's
surfaces, including the air, and removes up to 99% of
pollutants. Hotel rooms participating in this program
typically achieve between a $20 and
$30 premium per night. Based on historical
performance, initial hotels that have been included in the Pure
Rooms program have experienced an internal rate of return of
between 50% and 70% on the Pure Rooms investment.
In addition to owning a 70% interest in the common equity of
Pure Rooms, Ashford owns $300,000, or
50%, of the Series B-2 Preferred Equity of Pure Rooms. The total
capitalization of Pure Rooms also includes approximately
$475,000 of bank debt and
$200,000 of Series B-1 Preferred
Equity which will be senior to Ashford's investment. During the
twelve months ended January 31, 2017,
Pure Rooms had Net Income of approximately $11,000 and Adjusted EBITDA of approximately
$472,000. The implied total
purchase price represents, as of January 31,
2017, a trailing 12-month Adjusted EBITDA multiple of 2.9x,
according to the Company's preliminary estimates based on unaudited
operating financial data provided by Pure Rooms.
After inclusion of all planned Ashford Hospitality Trust, Inc
(NYSE: AHT) ("Ashford Trust" or "Trust") and Ashford Hospitality
Prime, Inc. (NYSE: AHP) ("Ashford
Prime" or "Prime") hotels in the Pure Rooms program over the
next 24 months and without any additional growth, Net Income and
Adjusted EBITDA are expected to increase by approximately
$434,000 and $257,000, respectively. Ashford expects Pure
Rooms to initially contribute approximately $0.07 to its Adjusted Net Income per
share. Pure Rooms should add approximately $0.15 to the Company's Adjusted Net Income per
share after all planned Ashford Trust and Ashford Prime hotels are included in the Pure
Rooms program.
FINANCIAL RESULTS
Net loss attributable to the Company
for the first quarter of 2017 totaled $2.4
million, or $1.18 per share,
compared with a net loss of $1.7
million, or $0.86 per share,
for the first quarter of 2016. Adjusted net income for the
first quarter of 2017 was $4.4
million, or $1.92 per diluted
share, compared with $2.4 million, or
$1.05 per diluted share, in the prior
year quarter, reflecting a growth rate of 83%.
For the first quarter ended March 31,
2017, base advisory fee revenue was $11.0 million, including $8.9 million from Ashford Trust and $2.1 million from Ashford
Prime.
Adjusted EBITDA for the first quarter of 2017 was $5.1 million, compared with $3.0 million for the first quarter of 2016,
reflecting a growth rate of 68%.
CAPITAL STRUCTURE
At the end of the first quarter of
2017, the Company had approximately $6.3
billion of assets under management from its managed
companies and corporate cash of $35.4
million. At the end of the first quarter of 2017, the
Company had no debt, no preferred equity, 2.2 million fully diluted
shares and a current fully diluted equity market
capitalization of approximately $118
million.
QUARTERLY HIGHLIGHTS FOR ADVISED PLATFORMS
ASHFORD TRUST HIGHLIGHTS
- On May 3, 2017, Trust announced
that it is no longer seeking to merge with FelCor Lodging Trust
Inc. (NYSE: FCH) ("FelCor"). In addition, Trust commented that it
has withdrawn its preliminary proxy statement and proposed slate of
seven independent directors for election to FelCor's Board of
Directors.
ASHFORD PRIME HIGHLIGHTS
- In the first quarter, Prime completed its underwritten public
offering of 5,750,000 shares of common stock at a price of
$12.15 per share for total net
proceeds of approximately $67
million.
- Prime also completed its underwritten public offering of
2,075,000 shares of 5.50% Series B Cumulative Convertible Preferred
Stock at a price to the public of $20.19 per share for total net proceeds of
approximately $41 million.
- In the first quarter, Prime refinanced three mortgage loans
with existing outstanding balances totaling approximately
$334 million with a new loan totaling
$365 million.
- In the first quarter, Prime entered into a definitive agreement
to acquire the 80-room Hotel Yountville in Yountville, CA for $96.5 million ($1,200,000 per key).
- In the first quarter, Prime completed the acquisition of the
190-room Park Hyatt Beaver Creek Resort & Spa in Beaver Creek, Colorado for $145.5 million ($766,000 per key). Concurrent with the completion
of the acquisition, Prime financed the hotel with a $67.5 million non-recourse mortgage loan. This
loan is interest only and provides for a floating interest rate of
LIBOR + 2.75% with a two-year initial term and three, one-year
extension options subject to the satisfaction of certain
conditions.
"In the first quarter we continued to execute on our growth
strategy with Prime raising capital and announcing the acquisition
of two premier assets in attractive markets," commented
Monty J. Bennett, Ashford's Chairman
and Chief Executive Officer. "While we were not able to
complete the Remington transaction as contemplated, we are
committed to maximizing value for our shareholders by finding
opportunities to accretively grow our platforms. To that end,
we announced that we had made an investment in another
hospitality-related service business, Pure Rooms, which we believe
has significant growth prospects moving forward.
Additionally, we are exploring the purchase of Remington's project
management business, as it would not require a private letter
ruling, and would represent a significant addition to our
platform. With positive trends in the economy as well as the
lodging sector, we remain excited about our ability to drive growth
at Ashford and our advised platforms in 2017."
INVESTOR CONFERENCE CALL AND SIMULCAST
The Company
will conduct a conference call on Friday,
May 5, 2017, at 12:00 p.m.
ET. The number to call for this interactive
teleconference is (719) 325-2393. A replay of the conference
call will be available through Friday, May
12, 2017, by dialing (719) 457-0820 and entering the
confirmation number, 4604273.
The Company will also provide an online simulcast and
rebroadcast of its first quarter 2017 earnings release conference
call. The live broadcast of the Company's quarterly
conference call will be available online at the Company's web site,
www.ashfordinc.com on Friday, May 5,
2017, beginning at 12:00 p.m.
ET. The online replay will follow shortly after the
call and continue for approximately one year.
Included in this press release are certain supplemental measures
of performance which are not measures of operating performance
under GAAP, to assist investors in evaluating the Company's
historical or future financial performance. These supplemental
measures include adjusted earnings before interest, tax,
depreciation and amortization ("Adjusted EBITDA") and Adjusted Net
Income. We believe that Adjusted EBITDA and Adjusted Net Income
provide investors and management with a meaningful indicator of
operating performance. Management also uses Adjusted EBITDA and
Adjusted Net Income, among other measures, to evaluate
profitability and our board of directors includes these measures in
reviews to determine quarterly distributions to stockholders. We
calculate Adjusted EBITDA by subtracting or adding to net income
(loss): interest expense, income taxes, depreciation, amortization,
net income (loss) to noncontrolling interests, transaction costs,
and other expenses. We calculate Adjusted Net Income by subtracting
or adding to net income (loss): net income (loss) to noncontrolling
interests, transaction costs, and other expenses. Our methodology
for calculating Adjusted EBITDA and Adjusted Net Income may differ
from the methodologies used by other comparable companies, when
calculating the same or similar supplemental financial measures and
may not be comparable with these companies. Neither Adjusted EBITDA
nor Adjusted Net Income represents cash generated from operating
activities as determined by GAAP and should not be considered as an
alternative to a) GAAP net income (loss) as an indication of our
financial performance or b) GAAP cash flows from operating
activities as a measure of our liquidity nor are such measures
indicative of funds available to satisfy our cash needs. The
Company urges investors to carefully review the U.S. GAAP financial
information as shown in our periodic reports on Form 10-Q and Form
10-K, as amended.
* * * * *
Ashford provides global asset management, investment management
and related services to the real estate and hospitality
sectors.
Follow Chairman and CEO Monty
Bennett on Twitter at www.twitter.com/MBennettAshford or
@MBennettAshford.
Ashford has created an Ashford App for the hospitality REIT
investor community. The Ashford App is available for free
download at Apple's App Store and
the Google Play Store by searching "Ashford."
Forward Looking Statements
Included in this press release are certain supplemental
measures of performance which are not measures of operating
performance under GAAP, to assist investors in evaluating the
Company's historical or future financial performance. These
supplemental measures include adjusted earnings before interest,
tax, depreciation and amortization ("Adjusted EBITDA") and Adjusted
Net Income. We believe that Adjusted EBITDA and Adjusted Net Income
provide investors and management with a meaningful indicator of
operating performance. Management also uses Adjusted EBITDA and
Adjusted Net Income, among other measures, to evaluate
profitability and our board of directors includes these measures in
reviews to determine quarterly distributions to stockholders. We
calculate Adjusted EBITDA by subtracting or adding to net income
(loss): interest expense, income taxes, depreciation, amortization,
net income (loss) to noncontrolling interests, transaction costs,
and other expenses. We calculate Adjusted Net Income by subtracting
or adding to net income (loss): net income (loss) to noncontrolling
interests, transaction costs, and other expenses. Our methodology
for calculating Adjusted EBITDA and Adjusted Net Income may differ
from the methodologies used by other comparable companies, when
calculating the same or similar supplemental financial measures and
may not be comparable with these companies. Neither Adjusted EBITDA
nor Adjusted Net Income represents cash generated from operating
activities as determined by GAAP and should not be considered as an
alternative to a) GAAP net income (loss) as an indication of our
financial performance or b) GAAP cash flows from operating
activities as a measure of our liquidity nor are such measures
indicative of funds available to satisfy our cash needs. The
Company urges investors to carefully review the U.S. GAAP financial
information included as part of our Registration Statement on Form
10, as amended.
Certain statements and assumptions in this press release
contain or are based upon "forward-looking" information and are
being made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are subject to risks and uncertainties. When we use the
words "will likely result," "may," "anticipate," "estimate,"
"should," "expect," "believe," "intend," or similar expressions, we
intend to identify forward-looking statements. Such statements are
subject to numerous assumptions and uncertainties, many of which
are outside Ashford's control.
These forward-looking statements are subject to known and
unknown risks and uncertainties, which could cause actual results
to differ materially from those anticipated, including, without
limitation: general volatility of the capital markets and the
market price of our common stock; changes in our business or
investment strategy; availability, terms and deployment of capital;
availability of qualified personnel; changes in our industry and
the market in which we operate, interest rates or the general
economy; the degree and nature of our competition; risks that
Ashford will ultimately not pursue a transaction with Remington or
Remington will reject engaging in any transaction with Ashford; if
a transaction is negotiated between Ashford and Remington, risks
related to Ashford's ability to complete the acquisition on the
proposed terms; the possibility that competing offers will be made;
risks associated with business combination transactions, such as
the risk that the businesses will not be integrated successfully,
that such integration may be more difficult, time-consuming or
costly than expected or that the expected benefits of the
acquisition will not be realized; risks related to future
opportunities and plans for the combined company, including
uncertainty of the expected financial performance and results of
the combined company following completion of the proposed
acquisition; disruption from the proposed acquisition, making it
more difficult to conduct business as usual or maintain
relationships with customers, employees, managers or franchisors;
and the possibility that if the combined company does not achieve
the perceived benefits of the proposed acquisition as rapidly or to
the extent anticipated by financial analysts or investors, the
market price of Ashford's shares could decline. These and other
risk factors are more fully discussed in Ashford's filings with the
Securities and Exchange Commission.
The forward-looking statements included in this press release
are only made as of the date of this press release. Investors
should not place undue reliance on these forward-looking
statements. We are not obligated to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or circumstances, changes in expectations or
otherwise.
ASHFORD INC. AND
SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(unaudited, in thousands, except share amounts)
|
|
|
|
|
|
March
31,
|
|
December 31,
|
|
2017
|
|
2016
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
40,094
|
|
$
84,091
|
Restricted
cash
|
13,178
|
|
9,752
|
Investments in
securities
|
16
|
|
91
|
Prepaid expenses and
other
|
1,236
|
|
1,305
|
Receivables
|
110
|
|
16
|
Due from Ashford
Trust OP
|
12,587
|
|
12,179
|
Due from Ashford
Prime OP
|
2,570
|
|
3,817
|
Total current
assets
|
69,791
|
|
111,251
|
Investments in
unconsolidated entities
|
500
|
|
500
|
Furniture, fixtures
and equipment, net
|
12,194
|
|
12,044
|
Deferred tax
assets
|
8,669
|
|
6,002
|
Total
assets
|
$
91,154
|
|
$
129,797
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts payable and
accrued expenses
|
$
16,213
|
|
$
11,314
|
Due to
affiliates
|
1,707
|
|
933
|
Due to Ashford Trust
OP from AQUA U.S. Fund
|
2,579
|
|
—
|
Due to Ashford Prime
OP from AQUA U.S. Fund
|
—
|
|
2,289
|
Deferred compensation
plan
|
88
|
|
144
|
Other
liabilities
|
13,178
|
|
9,752
|
Total current
liabilities
|
33,765
|
|
24,432
|
Accrued
expenses
|
46
|
|
287
|
Deferred
income
|
5,249
|
|
4,515
|
Deferred compensation
plan
|
12,218
|
|
8,934
|
Total
liabilities
|
51,278
|
|
38,168
|
|
|
|
|
Redeemable
noncontrolling interests in Ashford LLC
|
244
|
|
179
|
Redeemable
noncontrolling interests in subsidiary common stock
|
1,427
|
|
1,301
|
|
|
|
|
Equity:
|
|
|
|
Preferred stock,
$0.01 par value, 50,000,000 shares authorized:
|
|
|
|
Series A cumulative
preferred stock, no shares issued and outstanding at
March 31, 2017 and December 31, 2016
|
—
|
|
—
|
Common stock, $0.01 par
value, 100,000,000 shares authorized, 2,017,024 and
2,015,589 shares issued and outstanding at March 31, 2017 and
December 31,
2016, respectively
|
20
|
|
20
|
Additional paid-in
capital
|
239,761
|
|
237,796
|
Accumulated
deficit
|
(201,904)
|
|
(200,439)
|
Total stockholders'
equity of the Company
|
37,877
|
|
37,377
|
Noncontrolling
interests in consolidated entities
|
328
|
|
52,772
|
Total
equity
|
38,205
|
|
90,149
|
Total liabilities and
equity
|
$
91,154
|
|
$
129,797
|
ASHFORD INC. AND
SUBSIDIARIES
STATEMENTS OF OPERATIONS
(unaudited, in thousands, except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2017
|
|
2016
|
REVENUE
|
|
|
|
Advisory
services:
|
|
|
|
Base advisory
fee
|
$
10,827
|
|
$
10,565
|
Incentive advisory
fee
|
771
|
|
319
|
Reimbursable
expenses
|
2,116
|
|
2,154
|
Non-cash
stock/unit-based compensation
|
(1,283)
|
|
287
|
Other
|
582
|
|
84
|
Total
revenue
|
13,013
|
|
13,409
|
EXPENSES
|
|
|
|
Salaries and
benefits
|
10,043
|
|
5,974
|
Non-cash
stock/unit-based compensation
|
989
|
|
3,234
|
Depreciation
|
468
|
|
272
|
General and
administrative
|
3,649
|
|
4,441
|
Total operating
expenses
|
15,149
|
|
13,921
|
OPERATING INCOME
(LOSS)
|
(2,136)
|
|
(512)
|
Realized gain (loss)
on investment in unconsolidated entity
|
—
|
|
(3,601)
|
Unrealized gain
(loss) on investment in unconsolidated entity
|
—
|
|
2,141
|
Interest income
(expense)
|
33
|
|
13
|
Dividend
income
|
93
|
|
13
|
Unrealized gain
(loss) on investments
|
125
|
|
1,129
|
Realized gain (loss)
on investments
|
(200)
|
|
(6,813)
|
Other income
(expenses)
|
(8)
|
|
(128)
|
INCOME (LOSS)
BEFORE INCOME TAXES
|
(2,093)
|
|
(7,758)
|
Income tax (expense)
benefit
|
(630)
|
|
(640)
|
NET INCOME
(LOSS)
|
(2,723)
|
|
(8,398)
|
(Income) loss from
consolidated entities attributable to
noncontrolling interests
|
(25)
|
|
6,548
|
Net (income) loss
attributable to redeemable noncontrolling interests
in Ashford LLC
|
4
|
|
3
|
Net (income) loss
attributable to redeemable noncontrolling interests
in subsidiary common stock
|
359
|
|
115
|
NET INCOME (LOSS)
ATTRIBUTABLE TO THE COMPANY
|
$
(2,385)
|
|
$
(1,732)
|
|
|
|
|
INCOME (LOSS) PER
SHARE - BASIC AND DILUTED
|
|
|
|
Basic:
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
(1.18)
|
|
$
(0.86)
|
Weighted average common
shares outstanding - basic
|
2,015
|
|
2,008
|
Diluted:
|
|
|
|
Net income (loss)
attributable to common stockholders
|
$
(1.34)
|
|
$
(1.51)
|
Weighted average common
shares outstanding - diluted
|
2,046
|
|
2,218
|
ASHFORD INC. AND
SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA AND ADJUSTED
EBITDA
(unaudited, in thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2017
|
|
2016
|
Net income
(loss)
|
$
(2,723)
|
|
$
(8,398)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
(25)
|
|
6,548
|
Net (income) loss
attributable to redeemable noncontrolling interests in Ashford
LLC
|
4
|
|
3
|
Net (income) loss
attributable to redeemable noncontrolling interests in subsidiary
common stock
|
359
|
|
115
|
Net income (loss)
attributable to the company
|
(2,385)
|
|
(1,732)
|
Depreciation
|
465
|
|
267
|
Income tax expense
(benefit)
|
630
|
|
640
|
Realized and
unrealized (gain) loss on investment in unconsolidated entity (net
of noncontrolling
interest)
|
—
|
|
1,328
|
Net income (loss)
attributable to redeemable noncontrolling interests in Ashford
LLC
|
(4)
|
|
(3)
|
EBITDA
|
(1,294)
|
|
500
|
Equity-based
compensation
|
2,268
|
|
2,947
|
Market change in
deferred compensation plan
|
3,340
|
|
(1,612)
|
Transaction
costs
|
661
|
|
383
|
Software
implementation costs
|
59
|
|
794
|
Reimbursed software
costs
|
(55)
|
|
—
|
Dead deal
costs
|
—
|
|
11
|
Realized and
unrealized (gain) loss on derivatives
|
25
|
|
(9)
|
Severance
costs
|
49
|
|
—
|
Adjusted
EBITDA
|
$
5,053
|
|
$
3,014
|
ASHFORD INC. AND
SUBSIDIARIES
RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED NET INCOME
(LOSS)
(unaudited, in thousands, except per share
amounts)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
31,
|
|
2017
|
|
2016
|
Net income
(loss)
|
$
(2,723)
|
|
$
(8,398)
|
(Income) loss from
consolidated entities attributable to noncontrolling
interests
|
(25)
|
|
6,548
|
Net (income) loss
attributable to redeemable noncontrolling interests in Ashford
LLC
|
4
|
|
3
|
Net (income) loss
attributable to redeemable noncontrolling interests in subsidiary
common stock
|
359
|
|
115
|
Net income (loss)
attributable to the company
|
(2,385)
|
|
(1,732)
|
Depreciation
|
465
|
|
267
|
Net income (loss)
attributable to redeemable noncontrolling interests in Ashford
LLC
|
(4)
|
|
(3)
|
Equity-based
compensation
|
2,268
|
|
2,947
|
Realized and
unrealized (gain) loss on investment in unconsolidated entity (net
of noncontrolling
interest)
|
—
|
|
1,328
|
Market change in
deferred compensation plan
|
3,340
|
|
(1,612)
|
Transaction
costs
|
661
|
|
383
|
Software
implementation costs
|
59
|
|
794
|
Reimbursed software
costs
|
(55)
|
|
—
|
Dead deal
costs
|
—
|
|
11
|
Realized and
unrealized (gain) loss on derivatives
|
25
|
|
(9)
|
Severance
costs
|
49
|
|
—
|
Adjusted net
income (loss)
|
$
4,423
|
|
$
2,374
|
Adjusted net income
(loss) per diluted share available to common
stockholders
|
$
1.92
|
|
$
1.05
|
Weighted average
diluted shares
|
2,309
|
|
2,266
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/ashford-reports-first-quarter-2017-results-300451927.html
SOURCE Ashford