12

Detailed Income statement 2008 2007

For the years ended december 31, 2008 and 2007
(in thousands, exceprt for share data)

Revenues
Rooms $ 41,052 $ 39,121
F&B $ 17,519 $ 17,113
Management, license and service fees $ 7,956 $ 6,635
Parking, telephone and other $ 5,025 $ 5,069
Other revenues from managed and affiliated properties $ 8,965 $ 18,747
Total Revenues $ 80,517 $ 86,685

Costs and expenses

Costs and operating expenses $ 30,819 29878
Advertsing and promotion $ 5,608 5427
Administrative and general $ 14,405 13823
Human resources $ 1,191 1122
Maintenance $ 3,549 3573
Rentals $ 5,392 4168
Property taxes $ 1,358 1672
Depreciation and amortization $ 5,838 6047
$ 68,160 $ 65,710
Other expenses from managed and affiliated properties $ 8,965 $ 18,747
Total costs and expenses $ 77,125 $ 84,457

Income from management agreement settlement, net $ 3,279 $ -

Operating income $ 6,671 $ 2,228

Other income (deductions)

Interest expense $ -2,970 $ -3,012
Interest income $ 1,182 $ 1,720
Foreign exchange profit (loss) $ -2 $ 36
Gain on sales of assets $ 576 $ 214

Income before income taxes $ 5,457 $ 1,186

Income tax expense (benefit) $ 1,377 $ -151
Net income $ 4,080 $ 1,337

Income per share $ 1.10 $ 0.36

Dividends per share $ 1.35 $ 0.20

Weighted average number of shares outstanding 3,698 3,698

HORIZONTAL ANALYSIS VERTICAL ANALYSIS INTEGRATION
NOMINAL RELATIVE NOMINAL RELATIVE NOMINAL RELATIVE
2008 2008 2007 2008 2008 2008

$ 1,931 4.94% 45.13% 50.99% 5.86% 12.97%

$ 406 2.37% 19.74% 21.76% 2.02% 10.21%
$ 1,321 19.91% 7.65% 9.88% 2.23% 29.10%
$ -44 -0.87% 5.85% 6.24% 0.39% 6.73%
$ -9,782 -52.18% 21.63% 11.13% -10.49% -48.52%
$ -6,168 -7.12% 100.00% 100.00% 0.00% 0.00%

$ 941 3.15% 35.38% 39.96% 4.58% 12.96%

$ 181 3.34% 6.43% 7.27% 0.85% 13.16%
$ 582 4.21% 16.37% 18.68% 2.31% 14.12%
$ 69 6.15% 1.33% 1.54% 0.22% 16.24%
$ -24 -0.67% 4.23% 4.60% 0.37% 8.77%
$ 1,224 29.37% 4.94% 6.99% 2.06% 41.67%
$ -314 -18.78% 1.98% 1.76% -0.22% -11.06%
$ -209 -3.46% 7.16% 7.57% 0.41% 5.72%
$ 2,450 3.73% 77.80% 88.38% 10.57% 13.59%
$ -9,782 -52.18% 22.20% 11.62% -10.57% -47.63%
$ -7,332 -8.68% 100.00% 100.00% 0.00% 0.00%

$ 3,279 0.00%

$ 4,443 199.42% 166.64% 163.50% -3.14% -1.88%

$ 42 -1.39% -225.28% -72.79% 152.49% -67.69%

$ -538 -31.28% 128.65% 28.97% -99.68% -77.48%
$ -38 -105.56% 2.69% -0.05% -2.74% -101.82%
$ 362 169.16% 16.01% 14.12% -1.89% -11.80%

$ 4,271 360.12% 88.71% 133.75% 45.04% 50.78%

$ 1,528 -1011.92% -11.29% 33.75% 45.04% -398.83%
$ 2,743 205.16% 100.00% 100.00% 0.00% 0.00%

$ 1 205.16%

$ 1 575.00%

$ - 0.00%