Newspaper article THE JOURNAL RECORD

Brock Hotel Profits Decrease; Buys Monterey House Chain

Newspaper article THE JOURNAL RECORD

Brock Hotel Profits Decrease; Buys Monterey House Chain

Article excerpt

IRVING, Texas - A 98.3 percent decrease in net income to $572,000, or 7 cents per share, was reported Monday for the second quarter of 1987 by Brock Hotel Corp. of Irving.

Brock Hotel, which manages the Park Suite Hotel in Oklahoma City, also announced the purchase of Monterey House restaurants for $10.5 million.

The net income for the quarter was down from $34.5 million, or $4.88 per share, in the second quarter of 1986, which included a gain of $3.9 million from property transactions.

Revenues for the quarter totaled $42.89 million, down 3.6 percent from $44.5 million.

For the first six months of 1987, Brock Hotel reported net income of $3.09 million, or 24 cents per share, down 91.5 percent from $36.8 million, or $5.17 per share, which included a gain of $11 million from property transactions.

"Last week was incredible for the company," said Thomas J. Corcoran Jr., president and chief executive officer of Brock Hotel Corporation. …

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