The knives are out at Benihana and the ones doing the chopping aren't the chefs.
Shareholders and management of the Japanese-themed Miami restaurant company are squaring off over a proposed merger that would allow the issuance of an additional 12.5 million new shares.
In the last week, Benihana founder Rocki Aoki's children and another major shareholder have come out in opposition to management's plans. The showdown will come Monday afternoon at a shareholder meeting in Fort Lauderdale.
Benihana President and Chief Executive Richard Stockinger fought back Thursday in a press release that called not approving management's plans ``foolhardy.'' The proposal calls for merging Benihana with a wholly owned subsidiary, BHI Mergersub, in order to create 12.5 million new shares of Class A common stock.
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Friday, February 19, 2010
Full-year profits plunge by 32% at Millennium & Copthorne
London proved to be the most resilient market for International hotel firm Millennium & Copthorne hotels over 2009.
Revenue per available room (revpar) in the company's London hotels declined by just 2.5% for the year. Overall, the company, which operates 120 hotels in 19 countries, saw a 16.3% decrease in revpar throughout the year.
Full-year revenue at the company fell by16.8% (excluding currency variations) to £654m from £703m the year before. Pre-tax profit dropped by 31.9% (excluding currency variations) to £81.9m.
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Revenue per available room (revpar) in the company's London hotels declined by just 2.5% for the year. Overall, the company, which operates 120 hotels in 19 countries, saw a 16.3% decrease in revpar throughout the year.
Full-year revenue at the company fell by16.8% (excluding currency variations) to £654m from £703m the year before. Pre-tax profit dropped by 31.9% (excluding currency variations) to £81.9m.
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Strategic Hotels & Resorts Amends and Extends Loan Securing Intercontinental Prague Hotel
CHICAGO, Feb. 18 /PRNewswire-FirstCall/ -- Strategic Hotels & Resorts, Inc. (NYSE:BEE - News), today announced that the company has entered into an amendment with Aareal Bank AG on the euro 104 million non-recourse loan securing the InterContinental Prague Hotel. Under the terms of the amendment, the loan remains non-recourse and the maturity was extended by three years from its initial maturity of March 2012 to March 2015. During the remainder of the initial term, scheduled principal amortization is removed and the financial performance covenants are effectively waived.
MGM MIRAGE Reports Fourth Quarter and Full Year Financial Results
LAS VEGAS, Feb 18, 2010 /PRNewswire via COMTEX/ -- MGM MIRAGE (NYSE: MGM) today announced its financial results for the fourth quarter of 2009. The Company reported a fourth quarter diluted loss per share of $0.98, which includes the impact of a pre-tax non-cash impairment charge totaling $548 million, or $0.73 loss per diluted share net of tax, related to the Company's undeveloped land holdings in Atlantic City. For the same quarter in 2008, the Company reported a diluted loss per share of $4.15, which included a non-cash goodwill and indefinite-lived intangible asset impairment charge of $1.2 billion, or $4.25 per diluted share net of tax, and a gain on repurchased debt of $87 million or $0.21 per diluted share net
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Sea Island Co. has retained Goldman Sachs to review strategic alternatives
SEA ISLAND, GA-Private resort owner and real estate developer Sea Island Co. has retained Goldman Sachs to review strategic alternatives, including a possible sale. Additional details will not be disclosed until some sort of agreement is reached.
The decision is the first major step in a process started in late January, in which Sea Island's board of directors expects to identify a buyer or investor to help address near-term loan obligations, including a $35-million loan payment that was due last month. The board further states that New York City-based Goldman Sachs has the support of its lending group, led by Columbus Bank and Trust.
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The decision is the first major step in a process started in late January, in which Sea Island's board of directors expects to identify a buyer or investor to help address near-term loan obligations, including a $35-million loan payment that was due last month. The board further states that New York City-based Goldman Sachs has the support of its lending group, led by Columbus Bank and Trust.
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Accor Announces the Sale of 5 Hotels in 4 European Countries for EUR154 Million
PARIS, February 19, 2010 /PRNewswire-FirstCall/ -- As part of the ongoing deployment of its "asset right" strategy, Accor has announced an international real estate transaction involving the sale of five hotels (representing more than 1,100 rooms) in four European countries for EUR154 million.
The transaction has been carried out with Invesco Real Estate, a major real estate manager in the United States, Europe and Asia, with assets under management of more than EUR18 billion, of which EUR650 million in European and US hotel properties.
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The transaction has been carried out with Invesco Real Estate, a major real estate manager in the United States, Europe and Asia, with assets under management of more than EUR18 billion, of which EUR650 million in European and US hotel properties.
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Playboy Eyes Clubs in Latin America
Feb. 19 (Bloomberg) -- Playboy Enterprises Inc., publisher of the namesake magazine, is looking toward overseas growth in Latin America, China and India, including new clubs in Brazil, its chief executive said.
“The local Brazilian culture is more open toward sexuality,” Chief Executive Officer Scott Flanders said yesterday in a telephone interview. “In those environments, the Playboy brand has its strongest resonance.” Opening clubs there is “a real priority,” he said.
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“The local Brazilian culture is more open toward sexuality,” Chief Executive Officer Scott Flanders said yesterday in a telephone interview. “In those environments, the Playboy brand has its strongest resonance.” Opening clubs there is “a real priority,” he said.
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Fortress Said to Need $150 Million to Keep Resorts
Feb. 19 (Bloomberg) -- Fortress Investment Group LLC may have to contribute at least $150 million to Intrawest ULC, the owner of the Olympics’ Alpine skiing venue it bought in 2006, to avert bankruptcy or foreclosure, according to a person with knowledge of the negotiations.
Intrawest’s creditors yesterday postponed an auction of the company’s assets by one week to Feb. 26. The deal, which avoids a sale of the owner of the Whistler Blackcomb skiing center during the Winter Games, doesn’t address creditors’ demands that Fortress add equity to Intrawest, said the person, who declined to be identified because talks were private.
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Intrawest’s creditors yesterday postponed an auction of the company’s assets by one week to Feb. 26. The deal, which avoids a sale of the owner of the Whistler Blackcomb skiing center during the Winter Games, doesn’t address creditors’ demands that Fortress add equity to Intrawest, said the person, who declined to be identified because talks were private.
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Feds file to halt Starwood-Hilton lawsuit
NEW YORK -- Federal prosecutors have asked a court to halt a corporate espionage lawsuit between Starwood Hotels and Hilton, saying the litigation could compromise a criminal investigation.
The filing Friday by the U.S. Attorney's Office says it is pursuing possible charges of conspiracy, computer fraud, theft of trade secrets and interstate transportation of stolen goods against Hilton and two executives it hired away from Starwood ( HOT - news - people ).
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The filing Friday by the U.S. Attorney's Office says it is pursuing possible charges of conspiracy, computer fraud, theft of trade secrets and interstate transportation of stolen goods against Hilton and two executives it hired away from Starwood ( HOT - news - people ).
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Red Robin Gourmet Burgers Reports Earnings for the Fiscal Fourth Quarter and Year Ended December 27, 2009
GREENWOOD VILLAGE, Colo., Feb 18, 2010 (BUSINESS WIRE) -- Red Robin Gourmet Burgers, Inc., (NASDAQ: RRGB), a casual dining restaurant chain focused on serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the 12 and 52 weeks ended December 27, 2009 and announced several key governance changes impacting the Company.
Financial and Operational Results
Results for the 12 weeks ended December 27, 2009, compared to the 12 weeks ended December 28, 2008, are as follows:
Restaurant revenue decreased 8.2% to $179.6 million.
Company-owned comparable restaurant sales decreased 10.5%.
Restaurant-level operating profit decreased 19.8% to $31.2 million.
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Financial and Operational Results
Results for the 12 weeks ended December 27, 2009, compared to the 12 weeks ended December 28, 2008, are as follows:
Restaurant revenue decreased 8.2% to $179.6 million.
Company-owned comparable restaurant sales decreased 10.5%.
Restaurant-level operating profit decreased 19.8% to $31.2 million.
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California Pizza Kitchen Announces Financial Results for the Fourth Quarter and Fiscal Year 2009
Highlights for the 14-week fourth quarter of 2009 relative to the 13-week fourth quarter of 2008 were as follows:
Total revenues increased 3.8% to $167.8 million
Full service comparable restaurant sales decreased 5.8%
Net loss of $9.9 million, or negative $0.41 per diluted share, including the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits.
Net income of $4.1 million, or $0.17 per diluted share, excluding the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits (please refer to the reconciliation table).
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Total revenues increased 3.8% to $167.8 million
Full service comparable restaurant sales decreased 5.8%
Net loss of $9.9 million, or negative $0.41 per diluted share, including the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits.
Net income of $4.1 million, or $0.17 per diluted share, excluding the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits (please refer to the reconciliation table).
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Ruth's Hospitality Group, Inc. Reports Fourth Quarter 2009 Financial Results
HEATHROW, Fla., Feb 19, 2010 (BUSINESS WIRE) -- Ruth's Hospitality Group, Inc. (NASDAQ: RUTH) today reported unaudited financial results for its fourth quarter ended December 27, 2009.
Highlights for the fourth quarter of 2009 compared to the fourth quarter of 2008 were as follows:
Total revenue decreased 9.9% to $87.4 million compared to $96.9 million in the fourth quarter of 2008.
Net loss of $2.7 million, or $0.11 per diluted share, compared to net loss of $60.7 million or $2.59 per diluted share in the fourth quarter of 2008. Excluding charges in both periods and on a tax adjusted basis, net income was $0.11 per diluted share in the fourth quarter of 2009 compared to $0.04 per diluted share in the fourth quarter of 2008. (See attached reconciliation).
Company-owned comparable restaurant sales for Ruth's Chris Steak House decreased 11.2%. Company-owned comparable restaurant sales for Mitchell's Fish Market decreased 2.5%.
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Highlights for the fourth quarter of 2009 compared to the fourth quarter of 2008 were as follows:
Total revenue decreased 9.9% to $87.4 million compared to $96.9 million in the fourth quarter of 2008.
Net loss of $2.7 million, or $0.11 per diluted share, compared to net loss of $60.7 million or $2.59 per diluted share in the fourth quarter of 2008. Excluding charges in both periods and on a tax adjusted basis, net income was $0.11 per diluted share in the fourth quarter of 2009 compared to $0.04 per diluted share in the fourth quarter of 2008. (See attached reconciliation).
Company-owned comparable restaurant sales for Ruth's Chris Steak House decreased 11.2%. Company-owned comparable restaurant sales for Mitchell's Fish Market decreased 2.5%.
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