HMAR. In 3rd qtr of 98 interest was 300% of net income. Recent suspension of interest on 6 1/2% conv prefered, is a defered payment. Net reported or the last 3 months of 98 is 1.9 mil, making debt service (assuming 11.8 mil of interest) 600% of net income.
Net Interest Expense. Net interest expense increased 2992% to $11.8 million, or 12% of revenue, for the three months ended September 30, 1998 from $0.4 million, or 1% of revenue, for the three months ended September 30, 1997, primarily as a result of the February 1998 offering of Senior Notes and debt incurred in connection with acquisitions.
Net Income. The Company had net income of $3.9 million for the three months ended September 30, 1998 compared to net income of $7.5 million for the three months ended September 30, 1997, primarily as a result of the factors noted above.
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