Ramada Inc. said first-quarter earnings plunged 97%...

Ramada Inc. said first-quarter earnings plunged 97% to $123,000 from $4.4 million due to lower performance in its hotels and restaurants. Phoenix-based Ramada said its hotel group showed a first-quarter loss from operations of $541,000 on revenue of $58.6 million, compared to income of $2.4 million on $58.9 million in revenue a year ago. The firm said income from company-operated U.S. hotels dropped because there were fewer properties in operation in this year’s first quarter than in last year.

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