This is an interesting article. Take a look at this previous post of mine
http://hospitalityfinance.blogspot.com/2009/03/good-menu-higher-profits.html
Thursday, May 7, 2009
Orient-Express Hotels Reports First Quarter 2009 Results
First Quarter 2009 Earnings Summary
- First quarter total revenues, excluding real estate, of $91.0 million, down $24.9 million over prior year
- Same store RevPAR down 18% in local currency, 26% in US dollars
- Adjusted EBITDA before Real Estate of $9.9 million, down $7.0 million over prior year
- First quarter net loss from continuing operations of $13.6 million
- EPS loss from continuing operations of $0.27 per common share
- First quarter total revenues, excluding real estate, of $91.0 million, down $24.9 million over prior year
- Same store RevPAR down 18% in local currency, 26% in US dollars
- Adjusted EBITDA before Real Estate of $9.9 million, down $7.0 million over prior year
- First quarter net loss from continuing operations of $13.6 million
- EPS loss from continuing operations of $0.27 per common share
Morton's Restaurant Group, Inc. Reports Results For First Quarter 2009
CHICAGO, May 6 /PRNewswire-FirstCall/ -- Morton's Restaurant Group, Inc. (NYSE: MRT) today reported unaudited financial results for its fiscal 2009 first quarter ended April 5, 2009.
The three month period ended April 5, 2009 as compared to the three month period ended March 30, 2008 (13 weeks to 13 weeks) -- Revenues decreased 19.7% to $75.9 million.
-- Comparable restaurant revenues for Morton's steakhouses decreased
24.1% for the first quarter of fiscal 2009 ended April 5, 2009.
-- The decrease in revenues is primarily attributable to the decrease in
comparable restaurant revenues. A portion of the decrease was offset
by an increase in revenues from four new Morton's steakhouses which
opened during fiscal 2008 and one new Morton's steakhouse which opened
during the first quarter of fiscal 2009.
-- The first quarter of fiscal 2009 included two unusual items:
-- The Company incurred a charge of $0.2 million pre-tax and $0.1
million after-tax, or $0.01 per diluted share, for the partial
write-off of deferred financing costs related to the amendment of
the Company's senior revolving credit facility that was executed
on March 4, 2009, pursuant to which the credit facility was
reduced from $115.0 million to $75.0 million, with a further
reduction to $70.0 million effective December 31, 2009.
-- The Company's effective tax rate for the first quarter of fiscal
2009 was negatively impacted by a non-cash charge of $0.7 million,
or $0.04 per diluted share, related to the tax treatment of the
vesting of certain restricted stock awards as a result of SFAS No.
123R, compared to a non-cash charge of $0.3 million, or $0.02 per
diluted share, incurred in the first quarter of fiscal 2008.
-- Including these unusual items, the Company's GAAP net loss was $(1.8)
million, or $(0.11) per diluted share, for the three month period
ended April 5, 2009 compared to net income of $2.4 million, or $0.14
per diluted share, for the three month period ended March 30, 2008.
-- Excluding these unusual items, the Company's adjusted net loss was
$(1.0) million, or $(0.06) per diluted share, for the three month
period ended April 5, 2009 compared to an adjusted net income of $2.6
million, or $0.16 per diluted share, for the three month period ended
March 30, 2008. (Please refer to the reconciliation of adjusted net
(loss) income to GAAP net (loss) income in the financial tables that
follow.)
The three month period ended April 5, 2009 as compared to the three month period ended March 30, 2008 (13 weeks to 13 weeks) -- Revenues decreased 19.7% to $75.9 million.
-- Comparable restaurant revenues for Morton's steakhouses decreased
24.1% for the first quarter of fiscal 2009 ended April 5, 2009.
-- The decrease in revenues is primarily attributable to the decrease in
comparable restaurant revenues. A portion of the decrease was offset
by an increase in revenues from four new Morton's steakhouses which
opened during fiscal 2008 and one new Morton's steakhouse which opened
during the first quarter of fiscal 2009.
-- The first quarter of fiscal 2009 included two unusual items:
-- The Company incurred a charge of $0.2 million pre-tax and $0.1
million after-tax, or $0.01 per diluted share, for the partial
write-off of deferred financing costs related to the amendment of
the Company's senior revolving credit facility that was executed
on March 4, 2009, pursuant to which the credit facility was
reduced from $115.0 million to $75.0 million, with a further
reduction to $70.0 million effective December 31, 2009.
-- The Company's effective tax rate for the first quarter of fiscal
2009 was negatively impacted by a non-cash charge of $0.7 million,
or $0.04 per diluted share, related to the tax treatment of the
vesting of certain restricted stock awards as a result of SFAS No.
123R, compared to a non-cash charge of $0.3 million, or $0.02 per
diluted share, incurred in the first quarter of fiscal 2008.
-- Including these unusual items, the Company's GAAP net loss was $(1.8)
million, or $(0.11) per diluted share, for the three month period
ended April 5, 2009 compared to net income of $2.4 million, or $0.14
per diluted share, for the three month period ended March 30, 2008.
-- Excluding these unusual items, the Company's adjusted net loss was
$(1.0) million, or $(0.06) per diluted share, for the three month
period ended April 5, 2009 compared to an adjusted net income of $2.6
million, or $0.16 per diluted share, for the three month period ended
March 30, 2008. (Please refer to the reconciliation of adjusted net
(loss) income to GAAP net (loss) income in the financial tables that
follow.)
Tim Hortons Inc. Announces 2009 First Quarter Results
The King of coffee and donuts
Highlights ----------
- First quarter systemwide sales(3) increased 6.6% on a constant currency basis
- 28 new locations opened in first quarter, 20 in Canada and 8 in the U.S.
- Board declares quarterly dividend of $0.10 per share
- Board approves reorganization as a Canadian public company subject to shareholder approval and satisfaction of additional conditions; share repurchase program deferred in a related decision
5yr performance
http://www.timhortons.com/us/en/about/5-year.html
Highlights ----------
- First quarter systemwide sales(3) increased 6.6% on a constant currency basis
- 28 new locations opened in first quarter, 20 in Canada and 8 in the U.S.
- Board declares quarterly dividend of $0.10 per share
- Board approves reorganization as a Canadian public company subject to shareholder approval and satisfaction of additional conditions; share repurchase program deferred in a related decision
5yr performance
http://www.timhortons.com/us/en/about/5-year.html
Hersha Hospitality Announces First Quarter 2009 Earnings
Hersha Hospitality Trust (HT) is a self-advised real estate investment trust, which owns interests in 77 hotels totaling 9,752 rooms, primarily along the Northeast Corridor from Boston to Washington DC. The Company also owns hotels in Northern California and Scottsdale, Arizona. Hersha focuses on high quality upscale hotels in high barrier to entry markets
Ashford Hospitality Trust Reports First Quarter Results
DALLAS, May 5 /PRNewswire-FirstCall/ -- Ashford Hospitality Trust, Inc. (NYSE: AHT) today reported the following results and performance measures for the first quarter ended March 31, 2009. The proforma performance measurements for Occupancy, Average Daily Rate (ADR), revenue per available room (RevPAR), and Hotel Operating Profit (or Hotel EBITDA) include the Company's 103 hotels owned and included in continuing operations as of March 31, 2009. Unless otherwise stated, all reported results compare the first quarter ended March 31, 2009, with the first quarter ended March 31, 2008. The reconciliation of non-GAAP financial measures is included in the financial tables accompanying this press release.
FINANCIAL HIGHLIGHTS AND LIQUIDITY -- Corporate unrestricted available cash at the end of the quarter was
$239.7 million
-- Total revenue decreased 16.2% to $239.7 million from $286.0 million
-- Net income available to common shareholders was $6.8 million, or $0.08
per diluted share, compared with a net loss of $833,000, or $0.01 loss
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) per diluted share increased 7% to
$0.31 per diluted share
-- Cash available for distribution (CAD) per diluted share increased 5% to
$0.23 per diluted share
-- Fixed charge ratios were 1.73x and 1.88x under the senior credit
facility covenants and the Series B convertible preferred covenants,
moving slightly higher from the previous quarter's results of 1.72x
and 1.77x, versus required minimums of 1.25x each
FINANCIAL HIGHLIGHTS AND LIQUIDITY -- Corporate unrestricted available cash at the end of the quarter was
$239.7 million
-- Total revenue decreased 16.2% to $239.7 million from $286.0 million
-- Net income available to common shareholders was $6.8 million, or $0.08
per diluted share, compared with a net loss of $833,000, or $0.01 loss
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) per diluted share increased 7% to
$0.31 per diluted share
-- Cash available for distribution (CAD) per diluted share increased 5% to
$0.23 per diluted share
-- Fixed charge ratios were 1.73x and 1.88x under the senior credit
facility covenants and the Series B convertible preferred covenants,
moving slightly higher from the previous quarter's results of 1.72x
and 1.77x, versus required minimums of 1.25x each
McCormick & Schmick's Seafood Restaurants, Inc. Reports First Quarter 2009 Financial Results
Supplemental Information
http://ccbn.10kwizard.com/xml/download.php?repo=tenk&ipage=6308054&format=XLS
PORTLAND, Ore., May 06, 2009 (BUSINESS WIRE) -- McCormick & Schmick's Seafood Restaurants, Inc. (Nasdaq: MSSR) today reported financial results for its first quarter ended March 28, 2009.
Financial results for the first quarter 2009 compared to the first quarter 2008:
Revenues decreased 0.5% to $91.9 million from $92.3 million
Comparable restaurant sales decreased 13.9%
Incurred a net loss of $1.1 million, or $(0.08) per diluted share, compared to net income of $0.1 million, or $0.01 per diluted share
Incurred a pro forma net loss of $0.7 million, or $(0.05) per diluted share, due to a restructuring charge and the normalization of the effective tax rate (see attached reconciliation to GAAP)
http://ccbn.10kwizard.com/xml/download.php?repo=tenk&ipage=6308054&format=XLS
PORTLAND, Ore., May 06, 2009 (BUSINESS WIRE) -- McCormick & Schmick's Seafood Restaurants, Inc. (Nasdaq: MSSR) today reported financial results for its first quarter ended March 28, 2009.
Financial results for the first quarter 2009 compared to the first quarter 2008:
Revenues decreased 0.5% to $91.9 million from $92.3 million
Comparable restaurant sales decreased 13.9%
Incurred a net loss of $1.1 million, or $(0.08) per diluted share, compared to net income of $0.1 million, or $0.01 per diluted share
Incurred a pro forma net loss of $0.7 million, or $(0.05) per diluted share, due to a restructuring charge and the normalization of the effective tax rate (see attached reconciliation to GAAP)
Atlantic Village Hotel & Marina Set to Begin Development of $150 Million Hotel, Office Complex in Broward County
Wendy's/Arby's Group, Inc. Reports 1st Quarter 2009 Results
Supplemental information
http://ccbn.10kwizard.com/xml/download.php?repo=tenk&ipage=6308803&format=XLS
ATLANTA, May 07, 2009 (BUSINESS WIRE) -- Wendy's/Arby's Group, Inc. (NYSE: WEN), the third largest quick-service restaurant company in the United States, today reported financial results for the first quarter ended March 29, 2009. These 2009 results include the effect of the September 2008 merger between Triarc Companies, Inc. and Wendy's International, Inc., however the results for the first quarter of 2008 only include results for Triarc Companies, Inc.
First-Quarter Highlights
Wendy's(R) North America systemwide same-store sales increased 1.0% with company-operated restaurant margin improvement of 100 basis points from the first quarter a year ago.
Arby's(R) North America systemwide same-store sales decreased 8.7%, including an improvement to -2.5% for the month of March following the launch of the new Roastburger(TM) line of sandwiches.
Consolidated revenues were $864.0 million.
Net loss was ($10.9) million or ($0.02) per share, including net after-tax special expense items of approximately $15 million.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), excluding pre-tax integration-related costs of $7.8 million, was $80.3 million.
The Company completed an amendment of Arby's senior secured credit facility which added Wendy's as a co-borrower.
http://ccbn.10kwizard.com/xml/download.php?repo=tenk&ipage=6308803&format=XLS
ATLANTA, May 07, 2009 (BUSINESS WIRE) -- Wendy's/Arby's Group, Inc. (NYSE: WEN), the third largest quick-service restaurant company in the United States, today reported financial results for the first quarter ended March 29, 2009. These 2009 results include the effect of the September 2008 merger between Triarc Companies, Inc. and Wendy's International, Inc., however the results for the first quarter of 2008 only include results for Triarc Companies, Inc.
First-Quarter Highlights
Wendy's(R) North America systemwide same-store sales increased 1.0% with company-operated restaurant margin improvement of 100 basis points from the first quarter a year ago.
Arby's(R) North America systemwide same-store sales decreased 8.7%, including an improvement to -2.5% for the month of March following the launch of the new Roastburger(TM) line of sandwiches.
Consolidated revenues were $864.0 million.
Net loss was ($10.9) million or ($0.02) per share, including net after-tax special expense items of approximately $15 million.
Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), excluding pre-tax integration-related costs of $7.8 million, was $80.3 million.
The Company completed an amendment of Arby's senior secured credit facility which added Wendy's as a co-borrower.
STRATEGIC HOTELS & RESORTS REPORTS FIRST QUARTER 2009 RESULTS
Supplemental information
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDc0OHxDaGlsZElEPS0xfFR5cGU9Mw==&t=1
CHICAGO – May 6, 2009 – Strategic Hotels & Resorts (NYSE: BEE) today reported results for the first
quarter ended March 31, 2009.
First Quarter Recap
􀂃 Comparable funds from operations (Comparable FFO) was a loss of $0.15 per diluted share compared
with income of $0.30 per diluted share in the prior year.
􀂃 Quarterly Comparable EBITDA was $22.8 million compared with $55.7 million in the prior year.
􀂃 North American total revenue per available room (Total RevPAR) decreased 22.8 percent and
revenue per available room (RevPAR) decreased 24.1 percent driven by a 10.1 percentage point
decrease in occupancy and an 11.1 percent decrease in average daily rate (ADR). Non-rooms revenue
declined by 22.0 percent.
􀂃 European Total RevPAR decreased 26.1 percent (12.3 percent in constant dollars) and RevPAR
decreased 29.3 percent (14.4 percent in constant dollars).
􀂃 North American gross operating profit (GOP) and EBITDA margins contracted 560 basis points and
630 basis points, respectively. North American EBITDA per room declined 43.7 percent.
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDc0OHxDaGlsZElEPS0xfFR5cGU9Mw==&t=1
CHICAGO – May 6, 2009 – Strategic Hotels & Resorts (NYSE: BEE) today reported results for the first
quarter ended March 31, 2009.
First Quarter Recap
􀂃 Comparable funds from operations (Comparable FFO) was a loss of $0.15 per diluted share compared
with income of $0.30 per diluted share in the prior year.
􀂃 Quarterly Comparable EBITDA was $22.8 million compared with $55.7 million in the prior year.
􀂃 North American total revenue per available room (Total RevPAR) decreased 22.8 percent and
revenue per available room (RevPAR) decreased 24.1 percent driven by a 10.1 percentage point
decrease in occupancy and an 11.1 percent decrease in average daily rate (ADR). Non-rooms revenue
declined by 22.0 percent.
􀂃 European Total RevPAR decreased 26.1 percent (12.3 percent in constant dollars) and RevPAR
decreased 29.3 percent (14.4 percent in constant dollars).
􀂃 North American gross operating profit (GOP) and EBITDA margins contracted 560 basis points and
630 basis points, respectively. North American EBITDA per room declined 43.7 percent.
