Tuesday, May 5, 2009
McDonald's Becomes Southern California's New Coffeehouse With Introduction of Espresso-based McCafe Coffees
This should be interesting
Carrols Restaurant Group, Inc. and Carrols Corporation Report Financial Results for the First Quarter 2009
SYRACUSE, N.Y., May 04, 2009 (BUSINESS WIRE) -- Carrols Restaurant Group, Inc. (Nasdaq: TAST), the parent company of Carrols Corporation, today announced financial results for the first quarter ended March 29, 2009.
Highlights for the first quarter of 2009 versus the first quarter of 2008 include:
Income from operations was $13.2 million compared to $9.7 million;
Net income was $5.0 million, or $0.23 per diluted share, compared to net income of $1.4 million, or $0.07 per diluted share;
Total revenues increased 2.9% to $201.3 million from $195.8 million, including a 2.2% increase for the Company's Hispanic Brands;
Comparable restaurant sales decreased 3.0% at Pollo Tropical(R), decreased 1.6% at Taco Cabana(R), and increased 5.1% at Burger King(R).
Highlights for the first quarter of 2009 versus the first quarter of 2008 include:
Income from operations was $13.2 million compared to $9.7 million;
Net income was $5.0 million, or $0.23 per diluted share, compared to net income of $1.4 million, or $0.07 per diluted share;
Total revenues increased 2.9% to $201.3 million from $195.8 million, including a 2.2% increase for the Company's Hispanic Brands;
Comparable restaurant sales decreased 3.0% at Pollo Tropical(R), decreased 1.6% at Taco Cabana(R), and increased 5.1% at Burger King(R).
DiamondRock Hospitality Company Reports First Quarter 2009 Results
BETHESDA, Maryland, Tuesday May 5, 2009 – DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced results of operations for its first fiscal quarter ended March 27, 2009. The Company is a lodging focused real estate investment trust that owns twenty premium hotels in North America.
First Quarter 2009 Highlights
RevPAR: The Company’s same-store RevPAR decreased 16.5 percent compared to the same period in 2008.
Hotel Adjusted EBITDA Margins: The Company’s same-store Hotel Adjusted EBITDA margins decreased 438 basis points compared to the same period in 2008.
Adjusted EBITDA: The Company’s Adjusted EBITDA was $20.3 million.
Adjusted FFO: The Company’s Adjusted FFO was $14.8 million and Adjusted FFO per diluted share was $0.16.
Successful Equity Raise: The Company issued 17,825,000 shares of its common stock at $4.85 per share after the first quarter, which resulted in net proceeds of $82.1 million.
Credit Facility Repayment: The Company repaid the outstanding balance of $52 million on its senior unsecured credit facility after the first quarter and now has $200 million of borrowing capacity.
Morgans Hotel Group Reports First Quarter 2009 Results
NEW YORK--(BUSINESS WIRE)--May. 4, 2009-- Morgans Hotel Group Co. (NASDAQ: MHGC) (“MHG”) today reported financial results for the first quarter ended March 31, 2009.
Highlights
Revenue per available room (“RevPAR”) for System-Wide Comparable Hotels decreased 36.0% in constant dollars in the first quarter from the comparable period in 2008.
Adjusted EBITDA for the first quarter was $7.1 million, a decrease of 67% from the comparable period in 2008.
EBITDA at System-Wide Comparable Hotels during the first quarter decreased by 63% from the comparable period in 2008, a rate of 1.6 times the related RevPAR percentage change.
MHG achieved a 21% reduction in operating expenses at System-Wide Comparable Hotels and a 16% reduction in corporate expenses in the first quarter of 2009 from the comparable period in 2008.
Additional restructuring initiatives were implemented in January and March 2009. Through our multi-phase contingency plans implemented in the beginning of 2008, we estimate that we have reduced hotel operating expenses and corporate expenses by approximately $20 million and $10 million, respectively, on an annualized basis.
With the completion of the redesigned Mondrian Los Angeles and Morgans properties in September 2008, MHG has no significant deferred capital expenditure requirements at its owned hotels.
In April, Hard Rock opened a new and expanded Joint Concert Hall and added approximately 65,000 square feet of meeting space. The north tower consisting of 490 rooms is scheduled to open in the summer of 2009 and the casino expansion and south tower consisting of 374 rooms are projected to open in late 2009 or early 2010.
Boston Ames and Mondrian SoHo are currently targeted to open in the fourth quarter of 2009 or early 2010.
Highlights
Revenue per available room (“RevPAR”) for System-Wide Comparable Hotels decreased 36.0% in constant dollars in the first quarter from the comparable period in 2008.
Adjusted EBITDA for the first quarter was $7.1 million, a decrease of 67% from the comparable period in 2008.
EBITDA at System-Wide Comparable Hotels during the first quarter decreased by 63% from the comparable period in 2008, a rate of 1.6 times the related RevPAR percentage change.
MHG achieved a 21% reduction in operating expenses at System-Wide Comparable Hotels and a 16% reduction in corporate expenses in the first quarter of 2009 from the comparable period in 2008.
Additional restructuring initiatives were implemented in January and March 2009. Through our multi-phase contingency plans implemented in the beginning of 2008, we estimate that we have reduced hotel operating expenses and corporate expenses by approximately $20 million and $10 million, respectively, on an annualized basis.
With the completion of the redesigned Mondrian Los Angeles and Morgans properties in September 2008, MHG has no significant deferred capital expenditure requirements at its owned hotels.
In April, Hard Rock opened a new and expanded Joint Concert Hall and added approximately 65,000 square feet of meeting space. The north tower consisting of 490 rooms is scheduled to open in the summer of 2009 and the casino expansion and south tower consisting of 374 rooms are projected to open in late 2009 or early 2010.
Boston Ames and Mondrian SoHo are currently targeted to open in the fourth quarter of 2009 or early 2010.
Wynn Resorts, Limited Reports First Quarter Results
LAS VEGAS--(BUSINESS WIRE)--May. 5, 2009-- Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the first quarter ended March 31, 2009.
Net revenues for the first quarter of 2009 were $740.0 million, compared to $778.7 million in the first quarter of 2008. The revenue decline was driven primarily by 8.7% lower revenues at Wynn Macau.
Consolidated adjusted property EBITDA (1) decreased 19.9% to $158.5 million for the first quarter of 2009, compared to $197.8 million in the first quarter of 2008.
On a US GAAP (Generally Accepted Accounting Principles) basis, net loss for the quarter was $33.8 million, or ($0.30) per diluted share, compared to net income of $46.7 million, or $0.41 per diluted share in 2008. Adjusted net loss in the first quarter of 2009 was $30.1 million, or ($0.27) per diluted share (adjusted EPS)(2) compared to an adjusted net income of $78.2 million, or $0.69 per diluted share in the first quarter of 2008.
Net revenues for the first quarter of 2009 were $740.0 million, compared to $778.7 million in the first quarter of 2008. The revenue decline was driven primarily by 8.7% lower revenues at Wynn Macau.
Consolidated adjusted property EBITDA (1) decreased 19.9% to $158.5 million for the first quarter of 2009, compared to $197.8 million in the first quarter of 2008.
On a US GAAP (Generally Accepted Accounting Principles) basis, net loss for the quarter was $33.8 million, or ($0.30) per diluted share, compared to net income of $46.7 million, or $0.41 per diluted share in 2008. Adjusted net loss in the first quarter of 2009 was $30.1 million, or ($0.27) per diluted share (adjusted EPS)(2) compared to an adjusted net income of $78.2 million, or $0.69 per diluted share in the first quarter of 2008.
Texas Roadhouse, Inc. Announces First Quarter 2009 Results
Results for the quarter included:
Comparable restaurant sales decreased 1.3% at company-owned restaurants and decreased 1.7% at franchise restaurants;
Nine company restaurants opened;
Restaurant operating costs, as a percentage of restaurant sales, increased 126 basis points;
Diluted earnings per share increased 20% to $0.20 from $0.17 in the prior year period.
Comparable restaurant sales decreased 1.3% at company-owned restaurants and decreased 1.7% at franchise restaurants;
Nine company restaurants opened;
Restaurant operating costs, as a percentage of restaurant sales, increased 126 basis points;
Diluted earnings per share increased 20% to $0.20 from $0.17 in the prior year period.
Q1 US construction pipeline
In Q1 2009, the US Construction Pipeline decelerated rapidly and now stands at 4,918 projects/619,431 rooms. Compared to the Pipeline peak in Q2 2008, this is a drop of 16% by projects and 21% by rooms, a substantial fall-off for a three-quarter period. Current pipeline trends are beginning to reflect the deep recession in the economy, the banking crisis, the evaporation of mortgage lending, and serious shortfalls in lodging operating performance.
Ruth's Hospitality Group, Inc. Reports First Quarter 2009 Financial Results
HEATHROW, Fla., May 05, 2009 (BUSINESS WIRE) -- Ruth's Hospitality Group, Inc. (NASDAQ:RUTH) today reported unaudited results for its first quarter ended March 29, 2009. Highlights for the first quarter 2009 compared to the first quarter 2008 were as follows:
Total revenue decreased 1.1% to $97.5 million from $98.6 million, including $19.9 million from the Mitchell's acquisition completed on February 19, 2008. The Mitchell's acquisition generated $9.9 million in restaurant sales for the Company in the prior year first quarter.
Net income of $3.7 million, or $0.16 per diluted share, compared to net income of $4.5 million, or $0.19 per diluted share in the prior year first quarter.
Total revenue decreased 1.1% to $97.5 million from $98.6 million, including $19.9 million from the Mitchell's acquisition completed on February 19, 2008. The Mitchell's acquisition generated $9.9 million in restaurant sales for the Company in the prior year first quarter.
Net income of $3.7 million, or $0.16 per diluted share, compared to net income of $4.5 million, or $0.19 per diluted share in the prior year first quarter.
