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CHOICE HOTELS INTERNATIONAL, INC. AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
The following table presents the financial information for the Company’s franchising segment.
| |
Year Ended December 31, 2003 |
 |
|
| |
|
|
|
|
|
|
|
|
Elimination |
|
|
|
|
| |
Franchising |
Corporate & Other |
Adjustments |
Consolidated |
|
|
|
|
|
| |
(In thousands) |
| Revenues |
$ |
382,539 |
|
$ |
3,565 |
|
|
— |
|
$ |
386,104 |
|
| Operating income (loss) |
|
142,701 |
|
|
(28,718 |
) |
|
— |
|
|
113,983 |
|
| Depreciation and amortization |
|
13,350 |
|
|
9,952 |
|
|
(12,077 |
) |
|
11,225 |
|
| Capital expenditures |
|
6,539 |
|
|
1,941 |
|
|
— |
|
|
8,480 |
|
| Total assets |
|
193,494 |
|
|
73,778 |
|
|
— |
|
|
267,272 |
|
| |
Year Ended December 31, 2002 |
|
|
| |
|
|
|
|
|
|
Elimination |
|
|
|
| |
Franchising |
Corporate & Other |
Adjustments |
Consolidated |
|
|
|
|
|
| |
(In thousands) |
| Revenues |
$ |
362,231 |
|
$ |
3,331 |
|
|
— |
|
$ |
365,562 |
|
| Operating income (loss) |
|
136,182 |
|
|
(31,482 |
) |
|
— |
|
|
104,700 |
|
| Depreciation and amortization |
|
13,817 |
|
|
10,460 |
|
|
(13,026 |
) |
|
11,251 |
|
| Capital expenditures |
|
4,925 |
|
|
7,308 |
|
|
— |
|
|
12,233 |
|
| Total assets |
|
213,665 |
|
103,108 |
|
|
— |
|
|
316,773 |
|
| |
Year Ended December 31, 2001 |
|
|
| |
|
|
|
|
|
|
Elimination |
|
|
|
| |
Franchising |
Corporate & Other |
Adjustments |
Consolidated |
|
|
|
|
|
| |
(In thousands) |
| Revenues |
$ |
338,213 |
|
$ |
3,215 |
|
|
— |
|
$ |
341,428 |
|
| Operating income (loss) |
|
138,988 |
|
|
(65,411 |
) |
|
— |
|
|
73,577 |
|
| Equity loss on Friendly investment |
|
— |
|
|
(16,436 |
) |
|
— |
|
|
(16,436 |
) |
| Depreciation and amortization |
|
12,485 |
|
|
11,769 |
|
|
(11,802 |
) |
|
12,452 |
|
| Capital expenditures |
|
6,997 |
|
|
6,535 |
|
|
— |
|
|
13,532 |
|
| Total assets |
|
212,877 |
|
108,301 |
|
|
— |
|
|
321,178 |
|
Long-lived assets related to international operations were $9.9 million, $8.1 million and $7.1 million as of December 31, 2003, 2002 and 2001, respectively. All other long-lived assets of the Company are associated with domestic activities.
20. Commitments and Contingencies
The Company is a defendant in a number of lawsuits arising in the ordinary course of business. In the opinion of management and general counsel to the Company, the ultimate outcome of such litigation will not have a material adverse effect on the Company’s business, financial position, results of operations or cash flows.
The Company has a $3.0 million letter of credit issued as support for construction and permanent financing of a Sleep Inn and a MainStay Suites located in Atlanta, Georgia. The letter of credit expires in March 2005.
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