Cover Page
Financial Highlights
To Our Shareholders
Power
Global Highlights
International Offices
Financial Table of Contents
Management's Discussion and Analysis
Independent Public Accountants
Statements of Income
Balance Sheets
Statements of Cash Flows
Statements of Shareholders' Equity
Notes to Financial Statements
Board of Directors
Corporate Information
Back Cover
C O N S O L I D A T E D B A L A N C E S H E E T S
Choice Hotels International, Inc. and Subsidiaries
See
notes to consolidated financial statements
.
