NEW YORK--(BUSINESS WIRE)--Ark Restaurants Corp. (NASDAQ:ARKR) today reported financial results for the third quarter and nine month periods ended June 27, 2009.
Total revenues from continuing operations for the three month period ended June 27, 2009 were $31.1 million versus $36 million in the same period last year. Total revenues from continuing operations for the nine month period ended June 27, 2009 were $81.7 million versus $90.8 million in the same period last year
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http://www.businesswire.com/portal/site/home/permalink/?ndmViewId=news_view&newsId=20090807005452&newsLang=en
Friday, August 7, 2009
Ark Restaurants Announces Financial Results for the Third Quarter and Nine Months Ended June 27, 2009
Why Pritzkers' Feud Is Good For Hyatt Offering
Finally, the Pritzker family of Chicago is pushing ahead with an initial public offering of Hyatt Hotels. Chairman Thomas Pritzker undoubtedly hopes investors will view the hotel company as he does: a crown jewel.
But will we? In a filing with the Securities and Exchange Commission Wednesday, Hyatt said it would issue shares worth up to $1.15 billion in an offering managed by Goldman Sachs ( GS - news - people ). Missing from the document: what percentage of the hotel company the Pritzkers and its co-owners (Goldman and Madrone Capital Partners, a fund affiliated with the chairman of Wal-Mart Stores ( WMT - news - people ), together own 13% of the company) were planning to sell. The company didn't say whether any of the money raised in an IPO would stay in its own coffers. It does state clearly that the Pritzkers have no intention of giving public shareholders voting control of the company.
Read more:
http://www.forbes.com/2009/08/06/hyatt-ipo-pritzker-business-retail-hyatt.html
But will we? In a filing with the Securities and Exchange Commission Wednesday, Hyatt said it would issue shares worth up to $1.15 billion in an offering managed by Goldman Sachs ( GS - news - people ). Missing from the document: what percentage of the hotel company the Pritzkers and its co-owners (Goldman and Madrone Capital Partners, a fund affiliated with the chairman of Wal-Mart Stores ( WMT - news - people ), together own 13% of the company) were planning to sell. The company didn't say whether any of the money raised in an IPO would stay in its own coffers. It does state clearly that the Pritzkers have no intention of giving public shareholders voting control of the company.
Read more:
http://www.forbes.com/2009/08/06/hyatt-ipo-pritzker-business-retail-hyatt.html
The Guide to Investigating Business Fraud
Developed by the seasoned fraud investigation team at Ernst & Young in cooperation with the AICPA, The Guide to Investigating Business Fraud provides a clearly defined framework for approaching a fraud investigation from start to finish. Each chapter in this practical, comprehensive resource is written by subject matter experts in the issue under discussion. The chapters are designed so that they may be read individually as self-contained reference guides for specific topics of interest, or together as a holistic overview of a fraud investigation.
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http://www.cpa2biz.com/AST/Main/CPA2BIZ_Primary/FraudDetectionandPrevention/PRDOVR~PC-056558/PC-056558.jsp?cm_mmc_o=2V1CjC5A_CjCnii9ioCjCDxDDo
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http://www.cpa2biz.com/AST/Main/CPA2BIZ_Primary/FraudDetectionandPrevention/PRDOVR~PC-056558/PC-056558.jsp?cm_mmc_o=2V1CjC5A_CjCnii9ioCjCDxDDo
MHI Hospitality Corporation Reports Financial Results for Second Quarter 2009
WILLIAMSBURG, Va., Aug. 7 /PRNewswire-FirstCall/ -- MHI Hospitality Corporation (Nasdaq: MDH) ("the Company"), a self-advised lodging real estate investment trust (REIT), today reported its consolidated results for the second quarter ended June 30, 2009.
HIGHLIGHTS:
Funds from Operations ("FFO") of approximately $0.23 per share for second quarter
Same-store operating margins improved 4 percentage points over second quarter 2008
Same-store hotel operating expenses decreased approximately $2.2 million or 16.6% over second quarter 2008 as a result of the Company's expense control and cost-cutting initiatives
Operating margins increased 12.8% over second quarter 2008
Total revenue increased 0.4 % over second quarter 2008
Total assets of approximately $220.5 million at June 30, 2009, versus approximately $194.1 million at end of second quarter 2008
Read more:
http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=104&STORY=/www/story/08-07-2009/0005073814&EDATE=
HIGHLIGHTS:
Funds from Operations ("FFO") of approximately $0.23 per share for second quarter
Same-store operating margins improved 4 percentage points over second quarter 2008
Same-store hotel operating expenses decreased approximately $2.2 million or 16.6% over second quarter 2008 as a result of the Company's expense control and cost-cutting initiatives
Operating margins increased 12.8% over second quarter 2008
Total revenue increased 0.4 % over second quarter 2008
Total assets of approximately $220.5 million at June 30, 2009, versus approximately $194.1 million at end of second quarter 2008
Read more:
http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=104&STORY=/www/story/08-07-2009/0005073814&EDATE=
Supertel Hospitality Reports 2009 Second Quarter Results
NORFOLK, NE -- (MARKET WIRE) -- 08/06/09 -- Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 120 hotels in 24 states, today announced results for the second quarter ended June 30, 2009.
Revenues from continuing operations for the 2009 second quarter declined 12.3 percent to $27.9 million, compared to the 2008 second quarter. Net income attributable to common shareholders in the 2009 second quarter was $0.9 million, or $.04 per fully diluted share, compared to $1.9 million, or $0.09 per diluted share, in the 2008 second quarter.
Funds from operations (FFO) in the 2009 second quarter was $3.5 million, or $0.16 per diluted share, compared to $5.6 million or $0.26 per diluted share in the 2008 second quarter. Adjusted earnings before interest, taxes, depreciation and amortization, non-controlling interest and preferred stock dividends (Adjusted EBITDA) decreased 16.6 percent to $8.2 million, compared to the 2008 second quarter.
Read more:
http://www.snl.com/irweblinkx/file.aspx?IID=103226&FID=8174155
Revenues from continuing operations for the 2009 second quarter declined 12.3 percent to $27.9 million, compared to the 2008 second quarter. Net income attributable to common shareholders in the 2009 second quarter was $0.9 million, or $.04 per fully diluted share, compared to $1.9 million, or $0.09 per diluted share, in the 2008 second quarter.
Funds from operations (FFO) in the 2009 second quarter was $3.5 million, or $0.16 per diluted share, compared to $5.6 million or $0.26 per diluted share in the 2008 second quarter. Adjusted earnings before interest, taxes, depreciation and amortization, non-controlling interest and preferred stock dividends (Adjusted EBITDA) decreased 16.6 percent to $8.2 million, compared to the 2008 second quarter.
Read more:
http://www.snl.com/irweblinkx/file.aspx?IID=103226&FID=8174155
Hospitality Properties Trust Announces 2009 Second Quarter Results
For the quarter ended une 30th 2009 FFO was $91,610,000 vs. $96,096,000 in 2008. On a year to date basis FFO has decreased from $203,643,000 in 2008 to $181,191,000 in 2009.
Supplemental Information: http://www.hptreit.com/controls/viewdocument.aspx?DocumentKey=183
Read more:
http://investor.shareholder.com/hptreit/releasedetail.cfm?releaseid=401720
Supplemental Information: http://www.hptreit.com/controls/viewdocument.aspx?DocumentKey=183
Read more:
http://investor.shareholder.com/hptreit/releasedetail.cfm?releaseid=401720
Former Marriott employee pleads guilty in fraud
Shannon Harp, 38, a former resident of Metairie, pleaded guilty to wire fraud today in federal court.
Harp, former director of finance for the Marriott, concocted a scheme that allowed her to steal more than $2 million over four years from New Orleans' Marriott hotels, according to the U.S. attorney's office.
She allegedly began stealing money that was supposed to be used to make change at bars, shops and restaurants in three hotels -- the Marriott on Canal Street, the J.W. Marriott, also on Canal, and the Marriott on Convention Center Boulevard, in 2003
Read more:
http://www.nola.com/crime/index.ssf/2009/08/former_marriott_exec_pleads_gu.html
Harp, former director of finance for the Marriott, concocted a scheme that allowed her to steal more than $2 million over four years from New Orleans' Marriott hotels, according to the U.S. attorney's office.
She allegedly began stealing money that was supposed to be used to make change at bars, shops and restaurants in three hotels -- the Marriott on Canal Street, the J.W. Marriott, also on Canal, and the Marriott on Convention Center Boulevard, in 2003
Read more:
http://www.nola.com/crime/index.ssf/2009/08/former_marriott_exec_pleads_gu.html
Condo-Hotel Buyers Head to the Courts
Desperate to recoup money paid to acquire condominiums in hotels, buyers from California to Florida are trying to use the courts to get their money back, arguing that condo-hotel developers violated securities laws when selling the units.
A few years ago, condo-hotels seemed like a great idea. Hotel developers could offset construction costs by selling rooms to individual buyers, then share the rental income with the owners every time a room was booked. However, instead of the lucrative venture some buyers claim they were promised by developers, condo-hotels have turned out to be one of the worst investments in decades.
Read more:
Wall Street Journal, The
A few years ago, condo-hotels seemed like a great idea. Hotel developers could offset construction costs by selling rooms to individual buyers, then share the rental income with the owners every time a room was booked. However, instead of the lucrative venture some buyers claim they were promised by developers, condo-hotels have turned out to be one of the worst investments in decades.
Read more:
Wall Street Journal, The
No More Perks: Coffee Shops Pull the Plug on Laptop Users
(WS Journal) A sign at Naidre's, a small neighborhood coffee shop in Brooklyn, N.Y., begins warmly: "Dear customers, we are absolutely thrilled that you like us so much that you want to spend the day..."
But, it continues, "...people gotta eat, and to eat they gotta sit." At Naidre's in Park Slope and its second location in nearby Carroll Gardens, Wi-Fi is free. But since the spring of 2008, no laptops have been allowed between 11 a.m. and 2 p.m. weekdays and 10 a.m. and 3 p.m. weekends, unless the customer is eating and typing at the same time.
Read more:
http://online.wsj.com/article/SB124950421033208823.html?mod=dist_smartbrief
But, it continues, "...people gotta eat, and to eat they gotta sit." At Naidre's in Park Slope and its second location in nearby Carroll Gardens, Wi-Fi is free. But since the spring of 2008, no laptops have been allowed between 11 a.m. and 2 p.m. weekdays and 10 a.m. and 3 p.m. weekends, unless the customer is eating and typing at the same time.
Read more:
http://online.wsj.com/article/SB124950421033208823.html?mod=dist_smartbrief
Hilton hotel manager convicted for stealing £3,225
A Hilton hotel front-of-house manager has been given a suspended jail sentence after pocketing more than £3,000 in cash.
Laura Chilmaid, originally from Burgess Hill, West Sussex, was the front-of-house manager at Hilton’s Olympia hotel in London. She threatened to quit after bosses wanted to drill her sealed locker open in the hunt for a missing £3,225.
Read more:
http://www.caterersearch.com/Articles/2009/08/07/329145/hilton-hotel-manager-convicted-for-stealing-3225.html
Laura Chilmaid, originally from Burgess Hill, West Sussex, was the front-of-house manager at Hilton’s Olympia hotel in London. She threatened to quit after bosses wanted to drill her sealed locker open in the hunt for a missing £3,225.
Read more:
http://www.caterersearch.com/Articles/2009/08/07/329145/hilton-hotel-manager-convicted-for-stealing-3225.html
Mid-range UK hotels step up price war
A marketing battle between mid-range hotels in the UK has broken as operators fight to lure the leisure customer pound.
The Advertising Standards Authority Travelodge last month found that Travelodge had misled the public by comparing its £39-a-night rooms to the £65 offer of Express by Holiday Inn, saying it failed to mention that its rival’s price included breakfast.
InterContinental Hotels Group, which owns the Holiday Inn brands, has also entered the fray, sending coaches to Travelodge hotels in London and Birmingham offering customers and staff free breakfasts as a PR stunt.
Read more:
http://www.breakingtravelnews.com/news/article/mid-range-uk-hotels-step-up-price-war/
The Advertising Standards Authority Travelodge last month found that Travelodge had misled the public by comparing its £39-a-night rooms to the £65 offer of Express by Holiday Inn, saying it failed to mention that its rival’s price included breakfast.
InterContinental Hotels Group, which owns the Holiday Inn brands, has also entered the fray, sending coaches to Travelodge hotels in London and Birmingham offering customers and staff free breakfasts as a PR stunt.
Read more:
http://www.breakingtravelnews.com/news/article/mid-range-uk-hotels-step-up-price-war/
LE Projects Hotel Openings For Canada
For the first time, Lodging Econometrics (LE) has compiled and announced its Forecast for New Hotel Openings for 2011 for Canada. New Hotel Openings are projected to be at a five-year low of 36 hotels/4,380 rooms. Because of continued economic uncertainty, LE has also adjusted its forecasts for 2009 and 2010 downward. The 2009 forecast has been reduced to 64 new hotels/7,463 rooms, down by 333 rooms, a decrease of 4%. The 2010 forecast has been adjusted to 43 projects/5,591 rooms, down 2,164 rooms or 28%
Read more:
http://www.hotelsmag.com/article/ca6675295.html
Read more:
http://www.hotelsmag.com/article/ca6675295.html
Bikini-themed coffee shop set for the UK
It’s usually women who are found ordering caramel frappuccinos in trendy coffee bars after a hard day of shopping.
But one chain is hoping to lure in more male custom by dressing its baristas in bikinis.
Bikini Espresso Café, which opened in Los Angeles last week, is planning rapid global expansion.
Read more:
http://www.costsectorcatering.co.uk/online_article/bikini-themed-coffee-shop-set-for-the-uk/8258
But one chain is hoping to lure in more male custom by dressing its baristas in bikinis.
Bikini Espresso Café, which opened in Los Angeles last week, is planning rapid global expansion.
Read more:
http://www.costsectorcatering.co.uk/online_article/bikini-themed-coffee-shop-set-for-the-uk/8258
Einstein Noah Restaurant Group Reports Second Quarter 2009 Financial Results
LAKEWOOD, Colo.--(BUSINESS WIRE)--Aug. 6, 2009-- Einstein Noah Restaurant Group (NASDAQ: BAGL), a leader in the quick-casual segment of the restaurant industry operating under the Einstein Bros.® Bagels, Noah's New York Bagels®, and Manhattan Bagel® brands, today reported financial results for the second quarter ended June 30, 2009.
Selected Highlights for the Second Quarter 2009:
- Substantial improvement in company-owned restaurant operating margins of 19.2% drove overall corporate margins back to 20.0% in the second quarter
- Total revenues declined a modest $1.0 million to $104.4 million vs. $105.4 million in the second quarter of 2008
- System-wide comparable store sales decreased 2.2%, a 150 basis point improvement over the first quarter trend
- Net income and diluted EPS of $6.5 million and $0.39, respectively, vs. net income and diluted EPS of $6.9 million and $0.42 in the second quarter of 2008
- Redeemed $20 million in Series Z Preferred Stock on June 30, 2009
Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=177910&p=irol-newsArticle&ID=1318255&highlight=
Selected Highlights for the Second Quarter 2009:
- Substantial improvement in company-owned restaurant operating margins of 19.2% drove overall corporate margins back to 20.0% in the second quarter
- Total revenues declined a modest $1.0 million to $104.4 million vs. $105.4 million in the second quarter of 2008
- System-wide comparable store sales decreased 2.2%, a 150 basis point improvement over the first quarter trend
- Net income and diluted EPS of $6.5 million and $0.39, respectively, vs. net income and diluted EPS of $6.9 million and $0.42 in the second quarter of 2008
- Redeemed $20 million in Series Z Preferred Stock on June 30, 2009
Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=177910&p=irol-newsArticle&ID=1318255&highlight=
California Pizza Kitchen Announces Financial Results for the Second Quarter 2009
Highlights for the second quarter of 2009 relative to the same quarter a year ago were as follows:
- Total revenues decreased 3.2% to $170.9 million
- Full service comparable restaurant sales decreased 6.5%
- Net income was $6.1 million, or $0.25 per diluted share
- Outstanding debt was reduced by $17.0 million to $50.0 million from the first quarter of 2009
Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=122300&p=irol-newsArticle&ID=1318290&highlight=
- Total revenues decreased 3.2% to $170.9 million
- Full service comparable restaurant sales decreased 6.5%
- Net income was $6.1 million, or $0.25 per diluted share
- Outstanding debt was reduced by $17.0 million to $50.0 million from the first quarter of 2009
Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=122300&p=irol-newsArticle&ID=1318290&highlight=
