Tuesday, May 12, 2009
Century Casinos Reports Q1 2009 Results
Colorado Springs, Colorado, May 11, 2009 - Century Casinos, Inc. (NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) announced today the financial results for the three months ended March 31, 2009.
For the first quarter of 2009, net operating revenue from continuing operations was $11,999,000 (operating results from discontinued operations have been excluded from this discussion) and consolidated Adjusted EBITDA* was $2,099,000. This represents an 11% decrease in net operating revenue from continuing operations over the same quarter of last year ($13,530,000 in the first quarter of 2008) and an 8% increase in consolidated Adjusted EBITDA* ($1,947,000 in the first quarter of 2008). We experienced a decline in net operating revenue at our properties in Colorado, primarily due to a decrease in our market share of the Cripple Creek, Colorado gaming market (at Womacks) and a decline in the overall gaming market in Central City, Colorado (at the Century Casino and Hotel). Net operating revenue in Edmonton, as reported in U.S. dollars, was 14% lower than the same period in 2008 but increased by 7% in the local currency (Canadian dollar). The reported results were negatively affected by a 24% decrease in the average exchange rate between the U.S. dollar and Canadian dollar in the first quarter of 2009 compared to the first quarter of 2008. Operating earnings from continuing operations increased to $176,000 in the first quarter of 2009 compared to a loss of $66,000 in the first quarter of 2008.
The Company reported a loss from continuing operations of $1,473,000, or ($0.07) per basic and fully diluted share for the first quarter of 2009. The Company reported a loss from continuing operations of $568,000, or ($0.02) per basic and fully diluted share, for the first quarter of 2008. Foreign currency losses reduced basic and fully diluted earnings per share by $0.02 for the first quarter of 2009 and foreign currency gains increased basic and fully diluted earnings per share by $0.01 for the first quarter of 2008. During the third quarter of 2008, the Company established a valuation allowance on its U.S. deferred taxes. The tax effect on net operating income or losses incurred in the U.S. will reduce or increase this valuation allowance. As a result, during the first quarter of 2009, the Company did not recognize tax benefits of $500,000 on operating losses incurred in the U.S. The Company has accumulated deferred tax assets of $4.2 million which can be applied against the tax on potential future US income.Including discontinued operations, the Company reported net earnings of $345,000, or $0.01 per basic and fully diluted share, for the first quarter of 2009. During the first quarter of 2009, the Company reported a gain of $877,000, or $0.04 per basic and fully diluted share, on the previously reported disposition of the Century Casino Millennium. The Company reported net earnings of $541,000, or $0.02 per basic and fully diluted share, for the first quarter of 2008.
(Click on link to read more)
For the first quarter of 2009, net operating revenue from continuing operations was $11,999,000 (operating results from discontinued operations have been excluded from this discussion) and consolidated Adjusted EBITDA* was $2,099,000. This represents an 11% decrease in net operating revenue from continuing operations over the same quarter of last year ($13,530,000 in the first quarter of 2008) and an 8% increase in consolidated Adjusted EBITDA* ($1,947,000 in the first quarter of 2008). We experienced a decline in net operating revenue at our properties in Colorado, primarily due to a decrease in our market share of the Cripple Creek, Colorado gaming market (at Womacks) and a decline in the overall gaming market in Central City, Colorado (at the Century Casino and Hotel). Net operating revenue in Edmonton, as reported in U.S. dollars, was 14% lower than the same period in 2008 but increased by 7% in the local currency (Canadian dollar). The reported results were negatively affected by a 24% decrease in the average exchange rate between the U.S. dollar and Canadian dollar in the first quarter of 2009 compared to the first quarter of 2008. Operating earnings from continuing operations increased to $176,000 in the first quarter of 2009 compared to a loss of $66,000 in the first quarter of 2008.
The Company reported a loss from continuing operations of $1,473,000, or ($0.07) per basic and fully diluted share for the first quarter of 2009. The Company reported a loss from continuing operations of $568,000, or ($0.02) per basic and fully diluted share, for the first quarter of 2008. Foreign currency losses reduced basic and fully diluted earnings per share by $0.02 for the first quarter of 2009 and foreign currency gains increased basic and fully diluted earnings per share by $0.01 for the first quarter of 2008. During the third quarter of 2008, the Company established a valuation allowance on its U.S. deferred taxes. The tax effect on net operating income or losses incurred in the U.S. will reduce or increase this valuation allowance. As a result, during the first quarter of 2009, the Company did not recognize tax benefits of $500,000 on operating losses incurred in the U.S. The Company has accumulated deferred tax assets of $4.2 million which can be applied against the tax on potential future US income.Including discontinued operations, the Company reported net earnings of $345,000, or $0.01 per basic and fully diluted share, for the first quarter of 2009. During the first quarter of 2009, the Company reported a gain of $877,000, or $0.04 per basic and fully diluted share, on the previously reported disposition of the Century Casino Millennium. The Company reported net earnings of $541,000, or $0.02 per basic and fully diluted share, for the first quarter of 2008.
(Click on link to read more)
Ark Restaurants Announces Financial Results for the Second Quarter and Six Months Ended March 28, 2009
NEW YORK, New York -- May 11, 2009 -- Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the second quarter and six month periods ended March 28, 2009.
Total revenues from continuing operations for the three month period ended March 28, 2009 were $23.8 million versus $24.4 million in the same period last year. Total revenues from continuing operations for the six month period ended March 28, 2009 were $50.5 million versus $54.7 million in the same period last year.
EBITDA from continuing operations for the three month period ended March 28, 2009 was a negative $367,000 versus a positive $920,000 during the same three month period last year. EBITDA from continuing operations for the six month period ended March 28, 2009 was $1,598,000 versus $3,905,000 during the same six-month period last year.
(click on link to read more)
Total revenues from continuing operations for the three month period ended March 28, 2009 were $23.8 million versus $24.4 million in the same period last year. Total revenues from continuing operations for the six month period ended March 28, 2009 were $50.5 million versus $54.7 million in the same period last year.
EBITDA from continuing operations for the three month period ended March 28, 2009 was a negative $367,000 versus a positive $920,000 during the same three month period last year. EBITDA from continuing operations for the six month period ended March 28, 2009 was $1,598,000 versus $3,905,000 during the same six-month period last year.
(click on link to read more)
Company owner says casino planned at Greenbrier
Voters said ok and the Govenor just signed the law allowing gambling at the Greenbrier. The new owner of the hotel Mr Justice had this to say . . . The resort would offer "tasteful gaming, but in an aggressive way,".
What does this mean?
What does this mean?
Granite City Food & Brewery Ltd. Improves Restaurant-Level EBITDA Margin to 15.4% for First Quarter 2009
First Quarter 2009 Financial Results
Total revenue for the first quarter 2009 decreased by 10.8% to $21.4 million compared to $24.0 million for the first quarter of 2008.
For all the restaurants, the restaurant-level EBITDA margin was 15.4% for the first quarter of 2009 compared to 8.5% in the first quarter of 2008. This represents an increase of 6.9 percentage points in restaurant-level EBITDA
(click on link for more)
Total revenue for the first quarter 2009 decreased by 10.8% to $21.4 million compared to $24.0 million for the first quarter of 2008.
For all the restaurants, the restaurant-level EBITDA margin was 15.4% for the first quarter of 2009 compared to 8.5% in the first quarter of 2008. This represents an increase of 6.9 percentage points in restaurant-level EBITDA
(click on link for more)
Noble Roman’s Announces First Quarter 2009 Net Income Up 30%
(Indianapolis, Indiana) – May 11, 2009 -- Noble Roman's, Inc. (OTC/BB: NROM), the Indianapolis based franchisor of Noble Roman’s Pizza and Tuscano’s Italian Style Subs, today announced results for the quarterly period ended March 31, 2009.
Net income was $416,761 or $.02 per share basic and diluted, on weighted average number of common shares outstanding of 19.4 million and diluted weighted average shares of 19.9 million. This was a 29.7% increase in net income over the quarterly period ended March 31, 2008 of $304,795, or $.02 per share basic and diluted, on weighted average number of common shares outstanding of 19.2 million, and diluted weighted average shares of 20.3 million. Total revenues for the quarterly period ending March 31, 2009 were $1.9 million compared to total revenues of $2.4 million for the comparable period in 2008. The net income for the three-month period ended March 31, 2009 was slightly better than anticipated in the 2009 Business Plan announced in the Form 10-Q for the period ended September 30, 2008.
(click on link for more)
Net income was $416,761 or $.02 per share basic and diluted, on weighted average number of common shares outstanding of 19.4 million and diluted weighted average shares of 19.9 million. This was a 29.7% increase in net income over the quarterly period ended March 31, 2008 of $304,795, or $.02 per share basic and diluted, on weighted average number of common shares outstanding of 19.2 million, and diluted weighted average shares of 20.3 million. Total revenues for the quarterly period ending March 31, 2009 were $1.9 million compared to total revenues of $2.4 million for the comparable period in 2008. The net income for the three-month period ended March 31, 2009 was slightly better than anticipated in the 2009 Business Plan announced in the Form 10-Q for the period ended September 30, 2008.
(click on link for more)
International Expansion: Chili's Grill & Bar Opens in India
Here is another article on global expansion. From reading the article it appears that Chilis has changed their menu somewhat for India, however will a restuarant whose name is a dish made from beef go over well there?
I will be interest to follow the earning report comments to see how this goes.
I will be interest to follow the earning report comments to see how this goes.
Coffee has grounds for optimism
This is interesting as a recent article that I read stated that coffee shops, such as Starbucks, were under pressure due to the purchase of high end machines by individuals for use at home.I myselft have a DeLonghi
IHG First Quarter Results to 31 March 2009
Business headlines
Global constant currency RevPAR decline of 13.6%. IHG's brands outperformed the industry in each of its three regions.
1,845 net rooms (36 hotels) added in the quarter taking total system size to 621,696 rooms (4,222 hotels).
12,440 rooms (98 hotels) added to the system, 10,595 rooms (62 hotels) removed in line with our quality growth strategy.
10,551 rooms (76 hotels) signed, taking the pipeline to 236,343 rooms (1,697 hotels).
Net debt of $1.3bn held flat on the position as at 31 December 2008.
Exceptional operating items of $26m relate to a $21m previously committed final payment into the UK pension fund and $5m associated with the Holiday Inn relaunch.
(click on link for further details)
Global constant currency RevPAR decline of 13.6%. IHG's brands outperformed the industry in each of its three regions.
1,845 net rooms (36 hotels) added in the quarter taking total system size to 621,696 rooms (4,222 hotels).
12,440 rooms (98 hotels) added to the system, 10,595 rooms (62 hotels) removed in line with our quality growth strategy.
10,551 rooms (76 hotels) signed, taking the pipeline to 236,343 rooms (1,697 hotels).
Net debt of $1.3bn held flat on the position as at 31 December 2008.
Exceptional operating items of $26m relate to a $21m previously committed final payment into the UK pension fund and $5m associated with the Holiday Inn relaunch.
(click on link for further details)
O'Charley's Inc. Reports Results for the First Quarter of 2009
NASHVILLE, Tenn., May 12, 2009 (BUSINESS WIRE) -- O'Charley's Inc. (Nasdaq: CHUX), a leading casual-dining restaurant company, today reported revenues and earnings per share for the 16-week period ended April 19, 2009.
Financial and Operating Highlights
Revenue for the first quarter of fiscal 2009 decreased 2.0 percent to $291.7 million from $297.5 million in the first quarter of fiscal 2008. Same-store sales for the first quarter of 2009 declined 2.9 percent at O'Charley's company-operated restaurants, 4.5 percent at Ninety Nine Restaurants, and 17.2 percent at Stoney River Legendary Steaks.
Restaurant-level margins, which the Company defines as restaurant sales less cost of food and beverage, payroll and benefits costs, and restaurant operating costs increased to 17.3 percent of restaurant sales from 16.6 percent in the prior year quarter. Declines in food and beverage costs as a percent of restaurant sales, improved controls over labor scheduling, reductions in the cost of employee benefit plans and reductions in other restaurant operating costs contributed to this improved performance.
Income from operations in the quarter was $12.0 million, or 4.1 percent of revenues, and earnings before income taxes were $7.9 million. In comparison, income from operations in the prior year quarter was $8.6 million, or 2.9 percent of revenues, and earnings before income taxes were $4.7 million.
During the first quarter of 2009, the Company reduced debt by $26.7 million, including payments of $23.8 million on the revolving credit line. At the end of the quarter, the Company had no drawings under its revolving line of credit. Capital investment during the quarter was $2.0 million, compared to $14.0 million in the prior year quarter.
Given the valuation allowance on the Company's deferred tax assets recognized in 2008, as well as the Company's current financial outlook, the effective tax rate applied to earnings before income taxes for the 2009 fiscal year is projected to be approximately 6.4 percent. Applying this tax rate to first quarter earnings before income taxes, and adjusting for a number of discrete items recognized as a part of the first quarter tax provision, results in net earnings available to common shareholders of $6.9 million, or $0.34 per diluted share. In comparison, the effective tax rate applied to earnings before income taxes in the first quarter of 2008 was a negative 119 percent, resulting in net earnings available to common shareholders in the prior year first quarter of $10.0 million, or $0.46 per diluted share. [See "Adoption of FASB Staff Position EITF 03-6-1" discussion later in this release]
(click on link for more)
Financial and Operating Highlights
Revenue for the first quarter of fiscal 2009 decreased 2.0 percent to $291.7 million from $297.5 million in the first quarter of fiscal 2008. Same-store sales for the first quarter of 2009 declined 2.9 percent at O'Charley's company-operated restaurants, 4.5 percent at Ninety Nine Restaurants, and 17.2 percent at Stoney River Legendary Steaks.
Restaurant-level margins, which the Company defines as restaurant sales less cost of food and beverage, payroll and benefits costs, and restaurant operating costs increased to 17.3 percent of restaurant sales from 16.6 percent in the prior year quarter. Declines in food and beverage costs as a percent of restaurant sales, improved controls over labor scheduling, reductions in the cost of employee benefit plans and reductions in other restaurant operating costs contributed to this improved performance.
Income from operations in the quarter was $12.0 million, or 4.1 percent of revenues, and earnings before income taxes were $7.9 million. In comparison, income from operations in the prior year quarter was $8.6 million, or 2.9 percent of revenues, and earnings before income taxes were $4.7 million.
During the first quarter of 2009, the Company reduced debt by $26.7 million, including payments of $23.8 million on the revolving credit line. At the end of the quarter, the Company had no drawings under its revolving line of credit. Capital investment during the quarter was $2.0 million, compared to $14.0 million in the prior year quarter.
Given the valuation allowance on the Company's deferred tax assets recognized in 2008, as well as the Company's current financial outlook, the effective tax rate applied to earnings before income taxes for the 2009 fiscal year is projected to be approximately 6.4 percent. Applying this tax rate to first quarter earnings before income taxes, and adjusting for a number of discrete items recognized as a part of the first quarter tax provision, results in net earnings available to common shareholders of $6.9 million, or $0.34 per diluted share. In comparison, the effective tax rate applied to earnings before income taxes in the first quarter of 2008 was a negative 119 percent, resulting in net earnings available to common shareholders in the prior year first quarter of $10.0 million, or $0.46 per diluted share. [See "Adoption of FASB Staff Position EITF 03-6-1" discussion later in this release]
(click on link for more)
