Friday, May 15, 2009
Sonesta reports first quarter earnings
In the first quarter of 2009 the Company recorded net loss of $2,212,000, or $(0.60) per share, compared to net income of $90,000, or $0.02 per share, during the first quarter of 2008.
The ongoing economic recession seriously affected the Company’s business in the 2009 first quarter. Operating income at the Company’s Royal Sonesta Hotel Boston decreased by $787,000 in the first quarter of 2009 compared to last year. Income from management activities decreased by $1,321,000 in the 2009 quarter compared to last year, due to lower fee income from Sonesta Bayfront Hotel Coconut Grove, lower fee income from the Company’s operations in Egypt and due to the fact that the management agreement for Trump International Sonesta Beach Resort Sunny Isles was terminated effective April 1, 2008. In addition, interest income decreased by $248,000, primarily due to lower income earned on the Company’s cash balances resulting from lower rates of return. A detailed analysis of the revenues and income by location follows.
(click on link to read more)
The ongoing economic recession seriously affected the Company’s business in the 2009 first quarter. Operating income at the Company’s Royal Sonesta Hotel Boston decreased by $787,000 in the first quarter of 2009 compared to last year. Income from management activities decreased by $1,321,000 in the 2009 quarter compared to last year, due to lower fee income from Sonesta Bayfront Hotel Coconut Grove, lower fee income from the Company’s operations in Egypt and due to the fact that the management agreement for Trump International Sonesta Beach Resort Sunny Isles was terminated effective April 1, 2008. In addition, interest income decreased by $248,000, primarily due to lower income earned on the Company’s cash balances resulting from lower rates of return. A detailed analysis of the revenues and income by location follows.
(click on link to read more)
Pub trade's week of reckoning
The report finds “alarming evidence” that there may be serious problems caused by the dominance of the large pub companies.
Bec’s unanimous conclusions were coloured by its survey of 1,000 licensees, which committee chairman Peter Luff said backed up the personal views submitted by many licensees. Among the key findings were:
• 44% of licensees had not been given a breakdown of how their rent was calculated
• 67% earned less than £15,000pa and 50% of the licensees who had a turn-over of £500,000pa earned less than £15,000 — a 3% rate of return
• 64% of licensees did not feel their pubco added any value.
Bec’s unanimous conclusions were coloured by its survey of 1,000 licensees, which committee chairman Peter Luff said backed up the personal views submitted by many licensees. Among the key findings were:
• 44% of licensees had not been given a breakdown of how their rent was calculated
• 67% earned less than £15,000pa and 50% of the licensees who had a turn-over of £500,000pa earned less than £15,000 — a 3% rate of return
• 64% of licensees did not feel their pubco added any value.
Educational Institute Publishes New Edition of “Planning and Control for Food and Beverage Operations”
NPC International, Inc. Reports First Fiscal Quarter
NPC International, the largest Pizza Hut franchisee in the world.
Founded in 1962, NPC International went public in 1984. Shares of NPC International, Inc., were traded on the NASDAQ Stock Market under the symbol NPCI until August 31, 2001 when the stockholders approved a merger through which the company went private. On May 3, 2006, the Company was sold to Merrill-Lynch Global Private Equity Group. NPC currently operates 1155 stores in 28 states
Founded in 1962, NPC International went public in 1984. Shares of NPC International, Inc., were traded on the NASDAQ Stock Market under the symbol NPCI until August 31, 2001 when the stockholders approved a merger through which the company went private. On May 3, 2006, the Company was sold to Merrill-Lynch Global Private Equity Group. NPC currently operates 1155 stores in 28 states
