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Choice Hotels sees drop in 1Q profit

Choice Hotels International Inc., a Silver Spring-based hotel franchise chain, reported first-quarter net income of $15.5 million, or 26 cents per diluted share, versus net income of $20 million, or 34 cents per diluted share, for the year-ago period. Revenue totaled $136.9 million, up from $129.2 million in the 2012 quarter.

Analysts polled by Thomson Reuters had forecast, on average, earnings of 27 cents per share on revenue of $135.13 million.

In reporting quarterly results on Monday, April 29, 2013, the company said it incurred $7.7 million of additional interest expense related to financing transactions it entered into during the second and third quarters of 2012.