Home Inns Announces Financial Results for the Third Quarter of 2007

SHANGHAI, China, Nov. 20 /Xinhua-PRNewswire/ -- Home Inns & Hotels Management Inc. (Nasdaq: HMIN - News), a leading economy hotel chain in China, today announced its unaudited financial results for the quarter ended September 30, 2007. Third Quarter 2007 Highlights -- Total revenues for the quarter increased by 66.1 % year-over-year to RMB266.4 million (US$35.5 million). -- Income from operations was RMB39.5 million (US$5.3 million), an increase of 172.1% year-over-year. Excluding share-based compensation expenses of RMB4.3 million (US$0.6 million), income from operations (non-GAAP) was RMB43.8 million (US$5.8 million), up 55.1% year-over- year. -- Excluding foreign exchange losses of RMB10.2 million (US$1.4 million) and share-based compensation expenses, adjusted net income (non-GAAP)was RMB39.8 million (US$5.3 million), up 76.8% year-over-year. Net income (GAAP) for the quarter was RMB25.3 million (US$3.4 million), up 220% year-over-year. -- Excluding foreign exchange losses and share-based compensation expenses, adjusted diluted earnings per share (non-GAAP) were RMB0.55 (US$0.07), -- During the third quarter of 2007, Home Inns opened 30 new hotels. As of September 30, 2007, the Home Inns hotel chain consisted of 201 hotels in operation with an additional 96 hotels under development, covering 77 cities in China. -- The occupancy rate for the Home Inns hotel chain was 95% in the third quarter of 2007, compared with 94% during the same period in 2006 and 95% in the previous quarter. -- RevPAR, defined as revenue per available room, was RMB174 in the third quarter of 2007, compared with RMB172 in the same period in 2006 and RMB174 in the previous quarter.We had another strong quarter, said Mr. David Sun, Home Inns Chief Executive Officer. We continue to successfully grow the Home Inns hotel chain by adding more hotels and entering more cities while maintaining steady hotel performance, and we are able to do so in both first and second tier cities. As of September 30, 2007, the Home Inns hotel chain consisted of 143 leased-and-operated hotels and 58 franchised-and-managed hotels in operation, with an additional 69 leased-and-operated hotels and 27 franchised-and-managed hotels under development, covering 77 cities in China. The average number of rooms per hotel in operation was 119. Third Quarter 2007 Financial Results For the third quarter of 2007, Home Inns had total revenues of RMB266.4 million (US$35.5 million), compared with total revenues of RMB160.4 million for the third quarter of 2006, representing a 66.1% increase year-over-year. Total revenues from leased-and-operated hotels for the third quarter of 2007 were RMB254.2 million (US$33.9 million), compared with RMB153.0 million for the third quarter of 2006, representing a 66.2% increase year-over-year. Home Inns opened 26 new lease-and-operated hotels during the third quarter of 2007. Total revenues from franchised-and-managed hotels for the third quarter of 2007 were RMB12.2 million (US$1.6 million), compared with RMB7.4 million for the third quarter of 2006, representing a 64.7% increase year-over-year. Home Inns opened four new franchised-and-managed hotels during the third quarter of 2007. Occupancy rate for the entire Home Inns hotel chain was 95% in the third quarter of 2007, compared with 94% in the same period in 2006 and 95% in the previous quarter. Revenue per available room, or RevPAR in the third quarter of 2007 was RMB174, compared with RevPAR of RMB172 in the same period in 2006 and RMB174 in the previous quarter. Income from operations for the quarter was RMB39.5 million (US$5.3 million). Excluding foreign exchange losses and share-based compensation expenses, adjusted basic and diluted earnings per share (non-GAAP) were RMB 0.57(US$0.08) and RMB0.55 (US$0.07), respectively. As of September 30, 2007, Home Inns had cash and cash equivalents of RMB452.7 million (US$60.4 million). Recent Developments Home Inns has agreed in October 2007 to acquire the Top Star hotel chain, which consists of 26 economy hotels with approximately 4,200 rooms across 18 cities in China. Home Inns has taken control of the operation of the Top Star hotels on November 1, 2007, and the closing of the acquisition is expected to occur around the end of 2007. Outlook for Fourth Quarter 2007 Home Inns expects its total revenues in the fourth quarter of 2007 to be in the range of RMB 320 million (US$42.7 million) to RMB 335 million (US$44.7 million), including revenue from the Top Star hotels beginning November 1, 2007.

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