Saturday, May 30, 2009
Friday, May 29, 2009
Thursday, May 28, 2009
Wednesday, May 27, 2009
Canadians united in love of Tim Hortons
This does nto have much to do about accounting or finance. But TIM HORTONS is the best
Bid to make pubs tourist information centres
This is a great article. Make Pubs a tourist information center! Have you walked around London? There are millions of Pubs. Well maybe not since last year; lets say THOUSANDS of pubs.... and they will all be Tourist information centres.
OK. This is good
OK. This is good
CKE Restaurants, Inc. Reports Period Four and First Fiscal Quarter Same-Store Sales and Gives Guidance on Restaurant Operating Costs
Cracker Barrel Old Country Store, Inc. Reports EPS of $0.52 for Fiscal 2009 Third-Quarter
LEBANON, Tenn., May 27, 2009 (BUSINESS WIRE) -- Cracker Barrel Old Country Store, Inc. (Nasdaq: CBRL):
Fully diluted income per share from continuing operations was $0.52 for the third quarter of fiscal 2009 compared with $0.46 in the prior-year quarter
Revenue for the third quarter increased 0.1% to $567.6 million compared with the prior-year quarter
Comparable store restaurant sales for the quarter decreased 0.9% from the prior-year quarter while comparable store retail sales decreased 7.4%
Operating income margin from continuing operations in the quarter was 5.1% of total revenue compared with 4.9% in the prior-year quarter
Letter of Intent on sale-leaseback of 15 stores and contract on sale-leaseback of retail distribution center
Cracker Barrel Old Country Store, Inc. ("Cracker Barrel," or the "Company") (Nasdaq: CBRL) today reported income from continuing operations of $0.52 per diluted share for the third quarter of fiscal 2009, compared with $0.46 per diluted share from continuing operations in the third quarter of fiscal 2008. Income from continuing operations was $11.9 million compared with $10.5 million in the third quarter of fiscal 2008, which reflects this year's higher operating income and lower interest expense partially offset by a higher tax rate.
(click on link to read more
Fully diluted income per share from continuing operations was $0.52 for the third quarter of fiscal 2009 compared with $0.46 in the prior-year quarter
Revenue for the third quarter increased 0.1% to $567.6 million compared with the prior-year quarter
Comparable store restaurant sales for the quarter decreased 0.9% from the prior-year quarter while comparable store retail sales decreased 7.4%
Operating income margin from continuing operations in the quarter was 5.1% of total revenue compared with 4.9% in the prior-year quarter
Letter of Intent on sale-leaseback of 15 stores and contract on sale-leaseback of retail distribution center
Cracker Barrel Old Country Store, Inc. ("Cracker Barrel," or the "Company") (Nasdaq: CBRL) today reported income from continuing operations of $0.52 per diluted share for the third quarter of fiscal 2009, compared with $0.46 per diluted share from continuing operations in the third quarter of fiscal 2008. Income from continuing operations was $11.9 million compared with $10.5 million in the third quarter of fiscal 2008, which reflects this year's higher operating income and lower interest expense partially offset by a higher tax rate.
(click on link to read more
Tuesday, May 26, 2009
Saturday, May 23, 2009
Friday, May 22, 2009
Red Robin Gourmet Burgers Reports Earnings for the Fiscal First Quarter 2009
GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--May. 21, 2009-- 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 16 weeks ended April 19, 2009.
Financial and Operational Highlights
Highlights for the 16 weeks ended April 19, 2009, compared to the 16 weeks ended April 20, 2008, are as follows:
- Total revenues increased 6.0% to $270.8 million.
- Restaurant revenue increased 6.3% to $266.6 million.
- Company-owned comparable restaurant sales decreased 8.1%.
- Restaurant-level operating profit decreased 1.7% to $47.1 million.
- GAAP diluted earnings per share were $0.25, which included $0.19 per diluted share in compensation expense related to the Company’s tender offer for certain stock options, and $0.03 per diluted share in costs related to the closing of four company-owned restaurants, vs. $0.43 in the fiscal first quarter a year ago.
- A total of nine new Red Robin® restaurants, seven company-owned and two franchised locations, were opened during the fiscal first quarter 2009.
(click on link to read more)
Financial and Operational Highlights
Highlights for the 16 weeks ended April 19, 2009, compared to the 16 weeks ended April 20, 2008, are as follows:
- Total revenues increased 6.0% to $270.8 million.
- Restaurant revenue increased 6.3% to $266.6 million.
- Company-owned comparable restaurant sales decreased 8.1%.
- Restaurant-level operating profit decreased 1.7% to $47.1 million.
- GAAP diluted earnings per share were $0.25, which included $0.19 per diluted share in compensation expense related to the Company’s tender offer for certain stock options, and $0.03 per diluted share in costs related to the closing of four company-owned restaurants, vs. $0.43 in the fiscal first quarter a year ago.
- A total of nine new Red Robin® restaurants, seven company-owned and two franchised locations, were opened during the fiscal first quarter 2009.
(click on link to read more)
Thursday, May 21, 2009
DiCaprio Statue, $30 Rooms Boost Japan’s Love Hotels
A true financial success story. Full year Occpupancy of 250%
Japan Leisure Hotels (AIM: JPLH) announces its final results for the year ended 31 December 2008. JPLH's current portfolio comprises 6 hotels with 242 rooms.
SUMMARY
* Successful first full year of trading notwithstanding current economic climate; occupancy rates of the portfolio over 250% for 2008 *
* EBITDA margin before asset management fees increased to 34.5% in 2008 from 32% in 2007 *
* Cash from operations in 2008 of JP¥213 million (£1.1 million); cash position of approximately JP¥260 million (£2.0 million) as at 31 December 2008 with no debt
Japan Leisure Hotels (AIM: JPLH) announces its final results for the year ended 31 December 2008. JPLH's current portfolio comprises 6 hotels with 242 rooms.
SUMMARY
* Successful first full year of trading notwithstanding current economic climate; occupancy rates of the portfolio over 250% for 2008 *
* EBITDA margin before asset management fees increased to 34.5% in 2008 from 32% in 2007 *
* Cash from operations in 2008 of JP¥213 million (£1.1 million); cash position of approximately JP¥260 million (£2.0 million) as at 31 December 2008 with no debt
CKE Restaurants, Inc. Reports Fiscal 2009 Net Income of $37.0 Million, an 18.9 Percent Increase over Prior Year
Fiscal 2009 Financial Highlights
The Company increased its income from continuing operations $1.9 million to $37.0 million, or $0.69 per diluted share, versus $35.1 million, or $0.57 per diluted share, in the prior year.
The Company increased its net income $5.9 million to $37.0 million, or $0.69 per diluted share, versus $31.1 million, or $0.50 per diluted share, in the prior year.
The Company recorded $9.0 million in interest expense resulting from mark-to-market adjustments related to our interest rate swap agreements versus $11.4 million in the prior year. Absent these adjustments, diluted earnings per share in fiscal 2009 would have been $0.79 versus $0.62 in the prior year.
Company-operated restaurants increased their blended same-store sales 1.7 percent. Carl’s Jr.® and Hardee’s® company-operated restaurants increased their same-store sales 2.1 and 1.2 percent, respectively.
Company-operated restaurants increased their blended average unit volume for the trailing-13 periods to $1,232,000. Carl’s Jr. and Hardee’s company-operated restaurants increased their average unit volumes to $1,528,000 and $993,000, respectively, for the trailing-13 periods.
The Company increased earnings before interest, income taxes, depreciation and amortization, facility action charges and share-based compensation expense (“Adjusted EBITDA”) by $2.3 million, to $167.3 million, versus $164.9 million in the prior year.
(click on link to read more)
The Company increased its income from continuing operations $1.9 million to $37.0 million, or $0.69 per diluted share, versus $35.1 million, or $0.57 per diluted share, in the prior year.
The Company increased its net income $5.9 million to $37.0 million, or $0.69 per diluted share, versus $31.1 million, or $0.50 per diluted share, in the prior year.
The Company recorded $9.0 million in interest expense resulting from mark-to-market adjustments related to our interest rate swap agreements versus $11.4 million in the prior year. Absent these adjustments, diluted earnings per share in fiscal 2009 would have been $0.79 versus $0.62 in the prior year.
Company-operated restaurants increased their blended same-store sales 1.7 percent. Carl’s Jr.® and Hardee’s® company-operated restaurants increased their same-store sales 2.1 and 1.2 percent, respectively.
Company-operated restaurants increased their blended average unit volume for the trailing-13 periods to $1,232,000. Carl’s Jr. and Hardee’s company-operated restaurants increased their average unit volumes to $1,528,000 and $993,000, respectively, for the trailing-13 periods.
The Company increased earnings before interest, income taxes, depreciation and amortization, facility action charges and share-based compensation expense (“Adjusted EBITDA”) by $2.3 million, to $167.3 million, versus $164.9 million in the prior year.
(click on link to read more)
Downtown Miami Slated to Welcome Another New Hotel This Fall
Why don't they convert some of the empty Condo buildings into hotels?
Gaylord Entertainment Co. Reports First Quarter 2009 Results
Segment Operating ResultsHospitalityKey components of the Company’s hospitality segment performance in the first quarter of 2009 include:
Same-store RevPAR decreased 22.0 percent to $104.80 in the first quarter of 2009 compared to $134.34 in the prior-year quarter. Same-store Total RevPAR decreased 18.6 percent to $263.35 in the first quarter compared to $323.64 in the prior-year quarter. In the first quarter of 2009, the Gaylord National generated RevPAR and Total RevPAR of $139.33 and $312.24, respectively.
Same-store CCF decreased 32.2 percent to $37.9 million compared to $55.8 million in the prior-year-quarter. Same-Store CCF results for the first quarter 2009 included approximately $2.6 million of special expense related to severance costs. In the first quarter of 2009, the Gaylord National generated CCF of $14.8 million which was adversely impacted by approximately $0.3 million of expense related to severance costs.
Same-store attrition in the first quarter was 16.7 percent compared to 11.1 percent for the same period in 2008. Same-store attrition and cancellation fee collections totaled $6.1 million in the quarter compared to $1.8 million for the same period last year. Gaylord National attrition was 16.9 percent in the quarter and fee collections for attrition and cancellation at the Gaylord National totaled $1.5 million in the quarter.
(click on link to read more)
Same-store RevPAR decreased 22.0 percent to $104.80 in the first quarter of 2009 compared to $134.34 in the prior-year quarter. Same-store Total RevPAR decreased 18.6 percent to $263.35 in the first quarter compared to $323.64 in the prior-year quarter. In the first quarter of 2009, the Gaylord National generated RevPAR and Total RevPAR of $139.33 and $312.24, respectively.
Same-store CCF decreased 32.2 percent to $37.9 million compared to $55.8 million in the prior-year-quarter. Same-Store CCF results for the first quarter 2009 included approximately $2.6 million of special expense related to severance costs. In the first quarter of 2009, the Gaylord National generated CCF of $14.8 million which was adversely impacted by approximately $0.3 million of expense related to severance costs.
Same-store attrition in the first quarter was 16.7 percent compared to 11.1 percent for the same period in 2008. Same-store attrition and cancellation fee collections totaled $6.1 million in the quarter compared to $1.8 million for the same period last year. Gaylord National attrition was 16.9 percent in the quarter and fee collections for attrition and cancellation at the Gaylord National totaled $1.5 million in the quarter.
(click on link to read more)
Vancouver and New York City Top List Offering the Biggest Hotel Discounts in the U.S. and Canada for May
Wednesday, May 20, 2009
Brazil Fast Food Announces First Quarter 2009 Results
RIO DE JANEIRO--(BUSINESS WIRE)--Brazil Fast Food Corp. (OTC Bulletin Board: BOBS.OB) (“Brazil Fast Food”, or the “the Company”) the second largest fast-food restaurant chain with 671 points of sale, operating under the Bob’s and KFC brands in Brazil, reported today financial results for the first quarter ended on March 31, 2009.
First Quarter 2009 Highlights
System-wide sales reached R$ 168.15 million, up 16.8% from the first quarter of 2008
Total revenue reached R$44.2 million, up 50% from the first quarter of 2008
Operating income totaled R$1.8 million, down from R$2.3 million in the first quarter of 2008
Net income was R$1.1 million, or R$0.14 per diluted share in the first quarter 2009
First Quarter 2009 Highlights
System-wide sales reached R$ 168.15 million, up 16.8% from the first quarter of 2008
Total revenue reached R$44.2 million, up 50% from the first quarter of 2008
Operating income totaled R$1.8 million, down from R$2.3 million in the first quarter of 2008
Net income was R$1.1 million, or R$0.14 per diluted share in the first quarter 2009
Tuesday, May 19, 2009
How will IFRS change your world?Complimentary webcast
The advent of IFRS in the United States will require fundamental changes in practices, policies and systems. An early understanding of the issues and how they will impact your organization will be critical to successfully managing the change.
Join us on Thursday, May 28 as we present John Barnes, partner, Grant Thornton Advisory Services Group, who will provide an insider's view into what IFRS is and how it will impact your accounting, internal controls, tax and technology functions.
This program includes topics such as:
risks and benefits of IFRS conversion;
potential effects on your people and processes;
when you should be thinking about the impact of converting to IFRS (answer: now); and
steps you can and should take today to prepare.
Date: Thursday, May 28Time: 1 - 2 p.m. ET Please register by visiting http://click.e.grantthornton.com/?ju=fe5913727d61007f741d&ls=fdf217707d6d077e741c7776&m=fefc1774716701&l=fed115707362057d&s=fe2416797060007b7c1474&jb=ffcf14&t=
Kona Grill, Inc. Board of Directors Receives Unsolicited Expression-Of-Interest from Mill Road Capital L.P.
Few takers for Tavern on the Green
Here is an interesting situation. The lease for the space that Tavern on the Green occupies in Central Park is over. Bidders were lining up, however it appears that a lot a dropping out. If the current owners do not win the bidding contest could the restaurant survive in another location? Tavern on the Green is a brand, but can it handle a change in venue. What part of the "Brand" is the location?
Monday, May 18, 2009
Saturday, May 16, 2009
Institutional Investor Survey Names Yum! Brands' Richard Carucci #1 Chief Financial Officer in the Restaurant Industry
Good Times Burger 2nd quarter results
Net revenues for the three months ended March 31, 2009 decreased $488,000 (8.1%) to $5,555,000 from $6,043,000 for the three months ended March 31, 2008. Same store restaurant sales decreased $655,000 (13.5%) during the three months ended March 31, 2009 for the restaurants that were open for the full periods ending March 31, 2009 and March 31, 2008. Restaurants are included in same store sales after they have been open a full fifteen months and only Good Times restaurants are included with dual branded restaurants excluded. Restaurant sales increased $260,000 due to six company-owned restaurants not included in same store sales. Three are dual branded restaurants, two were purchased from a franchisee in March 2008 and one opened in October 2008. Restaurant sales decreased $68,000 due to one non-traditional company-owned restaurant not included in same store sales.
(click on link for more)
(click on link for more)
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
Thursday, May 14, 2009
Choice Hotels Reports First Quarter 2009 Diluted EPS of $0.27, Domestic Unit Growth of 5.7%
SILVER SPRING, Md., April 30 /PRNewswire-FirstCall/ -- Choice Hotels International, Inc., (NYSE: CHH) today reported the following highlights for first quarter 2009: -- Diluted earnings per share ("EPS") for first quarter 2009 were $0.27,
compared to $0.29 for the same period of the prior year.
-- Earnings before interest, taxes and depreciation ("EBITDA") were $29.9
million for the three months ended March 31, 2009, compared to $36.1
million for the same period of 2008. Operating income for the three
months ended March 31, 2009 was $27.8 million compared to $34.1
million for the same period of 2008.
-- Domestic unit and room growth increased 5.7 percent and 5.6 percent,
respectively, from March 31, 2008.
-- Domestic system-wide revenue per available room ("RevPAR") declined
10.3% for the first quarter of 2009 compared to the same period of
2008.
-- The effective royalty rate increased 8 basis points to 4.26% for the
three months ended March 31, 2009 compared to 4.18% for the same
period of the prior year.
-- Franchising revenues declined 14% from $59.4 million for the three
months ended March 31, 2008 compared to $51.0 million for the same
period of 2009. Total revenues for the three months ended March 31,
2009 declined 11% compared to the same period of 2008.
-- New domestic hotel franchise contracts for the three months ended
March 31, 2009 declined to 60 compared to 133 contracts executed in
the same period of the prior year.
-- The number of domestic hotels under construction, awaiting conversion
or approved for development declined 9% from March 31, 2008 to 896
hotels representing 70,381 rooms; the worldwide pipeline declined 7%
from March 31, 2008 to 1,007 hotels representing 79,495 rooms.
(click on link to read more)
compared to $0.29 for the same period of the prior year.
-- Earnings before interest, taxes and depreciation ("EBITDA") were $29.9
million for the three months ended March 31, 2009, compared to $36.1
million for the same period of 2008. Operating income for the three
months ended March 31, 2009 was $27.8 million compared to $34.1
million for the same period of 2008.
-- Domestic unit and room growth increased 5.7 percent and 5.6 percent,
respectively, from March 31, 2008.
-- Domestic system-wide revenue per available room ("RevPAR") declined
10.3% for the first quarter of 2009 compared to the same period of
2008.
-- The effective royalty rate increased 8 basis points to 4.26% for the
three months ended March 31, 2009 compared to 4.18% for the same
period of the prior year.
-- Franchising revenues declined 14% from $59.4 million for the three
months ended March 31, 2008 compared to $51.0 million for the same
period of 2009. Total revenues for the three months ended March 31,
2009 declined 11% compared to the same period of 2008.
-- New domestic hotel franchise contracts for the three months ended
March 31, 2009 declined to 60 compared to 133 contracts executed in
the same period of the prior year.
-- The number of domestic hotels under construction, awaiting conversion
or approved for development declined 9% from March 31, 2008 to 896
hotels representing 70,381 rooms; the worldwide pipeline declined 7%
from March 31, 2008 to 1,007 hotels representing 79,495 rooms.
(click on link to read more)
J. ALEXANDER’S CORPORATION REPORTS RESULTS
J. Alexander's Corporation is a publicly owned corporation whose stock trades on the NASDAQ Stock Market (symbol JAX). J. Alexander's is the vision of a group of people who have a desire to provide the casual dining restaurant guest with a higher quality dining experience and outstanding professional service. Our concept is uniquely positioned between the heavily themed casual dining restaurants and the fine dining white tablecloth dinnerhouses. The company serves American-style food with a contemporary twist, taking advantage of our rich multi-cultural heritage in the development of items for our classic American menu.
(click on link to read more)
(click on link to read more)
Sol Melia announces first quarter results
Actual first quater figures
http://inversores.solmelia.com/en/show_annex.html?id=2484
Here is a presentation that they did
http://inversores.solmelia.com/en/show_annex.html?id=2475
http://inversores.solmelia.com/en/show_annex.html?id=2484
Here is a presentation that they did
http://inversores.solmelia.com/en/show_annex.html?id=2475
Real Mex Restaurants, Inc. Files 1st Quarter 2009 10-Q
CYPRESS, Calif.--(BUSINESS WIRE)--Real Mex Restaurants, Inc. filed its 2009 Form 10-Q for the first quarterly period ended March 29, 2009 on Tuesday, May 12, 2009. The results indicate that total revenues decreased $9.1 million or 6.6% in the first quarter of 2009, to $128.5 million, from the first quarter 2008. Operating Income before depreciation and amortization was unchanged comparing the first quarter of 2009 and 2008 at $8.3 million. Comparable store sales decreased 9.1% in the first quarter of 2009.
(click on link to read more)
(click on link to read more)
Norwegian Cruise Line Reports Results for First Quarter 2009
MIAMI--(BUSINESS WIRE)--Norwegian Cruise Line (the “Company”) reported an EBITDA improvement for the three months ended March 31, 2009 of 46.3% to $50.9 million versus $34.8 million for the same period in 2008. Net income rose to $5.2 million in 2009 versus a net loss of $145.0 million in 2008. These increases in profitability came despite a decrease in Net Revenues for the first quarter of 15.5%. Net Revenues decreased primarily due to a 7.9% decrease in Net Yields and an 8.3% decrease in Capacity Days. The decrease in Net Yields resulted mainly from weakness in passenger ticket pricing offset by an increase in Net Yields pertaining to onboard and other revenues. The decrease in Capacity Days resulted from the departure of Marco Polo and Norwegian Dream from the Company’s fleet in March and November of 2008, respectively. Occupancy Percentage for the first quarter of 2009 was 106.9% compared to 106.4% in the first quarter of 2008, and is the highest for a first quarter since the introduction of the Company’s first modern, purpose-built Freestyle Cruising ship slightly less than ten years ago.
(to read more lcick on link)
(to read more lcick on link)
Station Casinos Announces First Quarter Results
LAS VEGAS--(BUSINESS WIRE)--Station Casinos, Inc. ("Station" or the "Company") today announced the results of its operations for the first quarter ended March 31, 2009.
Results of Operations
The Company's net revenues for the first quarter ending March 31, 2009, were approximately $282.7 million, a decrease of 20% compared to the prior year's first quarter. The Company reported Adjusted EBITDA for the quarter of $98.0 million, a decrease of 28% compared to the prior year's first quarter. For the first quarter, the Company reported a net loss of $33.7 million as compared to a net loss of $70.9 million in the prior year’s first quarter.
.(to read more click on link)
Results of Operations
The Company's net revenues for the first quarter ending March 31, 2009, were approximately $282.7 million, a decrease of 20% compared to the prior year's first quarter. The Company reported Adjusted EBITDA for the quarter of $98.0 million, a decrease of 28% compared to the prior year's first quarter. For the first quarter, the Company reported a net loss of $33.7 million as compared to a net loss of $70.9 million in the prior year’s first quarter.
.(to read more click on link)
Rubio's(r) Restaurants, Inc. Reports 2009 First Quarter Results
CARLSBAD, Calif., May 13, 2009 (GLOBE NEWSWIRE) -- Rubio's(r) Restaurants, Inc. (Nasdaq:RUBO) today announced financial results for the 13-week first quarter ended March 29, 2009.
First Quarter Results
Revenues rose 9.9% to $46.3 million from $42.2 million for the 13- week quarter in 2008.
Comparable store sales increased 1.9%, versus a comparable store sales decrease of 3.3% for the same quarter last year. The impact of increased average check more than offset a decline in customer visits.
Net income was $245,000 as compared to a net loss of $(745,000) for the same quarter last year.
Earnings per share was $0.02 per share as compared to a loss per share of $(0.07) for the same quarter last year.
Restaurant operating margins (see definition below) were 15.7% as compared to 13.7% for the same quarter last year. As a percentage of restaurant sales, restaurant labor remained consistent, while cost of sales decreased by 230 basis points and restaurant occupancy and other costs rose by 20 basis points.
Pre-opening expense decreased to $171,000 as compared to $219,000 for the same quarter last year. We opened 5 restaurants by early May of this year as compared to 7 by the same time last year.
General and administrative expenses were $4.1 million in the first quarter of 2009 compared to $4.6 million in the first quarter of 2008. Lower wages and wage-related expense due to our restructuring in Q1 of last year, lower non-cash stock compensation expenses and a reduction in costs associated with cancelled development deals were the primary drivers behind the improvement.
Adjusted EBITDA (see table below) increased 134.8% to $3.2 million from $1.4 million for the same quarter last year, driven by a $1.7 million increase in operating income.
Average unit volumes for the trailing 52 weeks were $1,008,000 as compared to $1,026,000 for the same quarter last year.
(click on link to read more)
First Quarter Results
Revenues rose 9.9% to $46.3 million from $42.2 million for the 13- week quarter in 2008.
Comparable store sales increased 1.9%, versus a comparable store sales decrease of 3.3% for the same quarter last year. The impact of increased average check more than offset a decline in customer visits.
Net income was $245,000 as compared to a net loss of $(745,000) for the same quarter last year.
Earnings per share was $0.02 per share as compared to a loss per share of $(0.07) for the same quarter last year.
Restaurant operating margins (see definition below) were 15.7% as compared to 13.7% for the same quarter last year. As a percentage of restaurant sales, restaurant labor remained consistent, while cost of sales decreased by 230 basis points and restaurant occupancy and other costs rose by 20 basis points.
Pre-opening expense decreased to $171,000 as compared to $219,000 for the same quarter last year. We opened 5 restaurants by early May of this year as compared to 7 by the same time last year.
General and administrative expenses were $4.1 million in the first quarter of 2009 compared to $4.6 million in the first quarter of 2008. Lower wages and wage-related expense due to our restructuring in Q1 of last year, lower non-cash stock compensation expenses and a reduction in costs associated with cancelled development deals were the primary drivers behind the improvement.
Adjusted EBITDA (see table below) increased 134.8% to $3.2 million from $1.4 million for the same quarter last year, driven by a $1.7 million increase in operating income.
Average unit volumes for the trailing 52 weeks were $1,008,000 as compared to $1,026,000 for the same quarter last year.
(click on link to read more)
THE HONGKONG AND SHANGHAI HOTELS, LIMITED
About HSH
Incorporated in 1866 and listed on the Hong Kong Stock Exchange (00045), The Hongkong
and Shanghai Hotels, Limited is a holding company whose subsidiaries and jointly controlled
entity are engaged in the ownership and management of prestigious hotel, commercial and
residential properties in key destinations in Asia and the USA. The hotel portfolio of the
Group comprises The Peninsula Hong Kong, The Peninsula New York, The Peninsula
Chicago, The Peninsula Beverly Hills, The Peninsula Tokyo, The Peninsula Bangkok,
The Peninsula Beijing, The Peninsula Manila, The Peninsula Shanghai (opening 2009), and
Quail Lodge Resort and Golf Club in Carmel, California. The property portfolio of the Group
includes The Repulse Bay Complex, The Peak Tower and The Peak Tramways, St. John’s
Building, The Landmark in Ho Chi Minh City, Vietnam and the Thai Country Club in
Bangkok, Thailand.
Additional information
http://www.hshgroup.com/uploadedfiles/Investor_Relations/Quarterly_Operating_Statistics/pdf/Quarterly%20Statistics%202009-Q1%20(Eng)_website.pdf
Incorporated in 1866 and listed on the Hong Kong Stock Exchange (00045), The Hongkong
and Shanghai Hotels, Limited is a holding company whose subsidiaries and jointly controlled
entity are engaged in the ownership and management of prestigious hotel, commercial and
residential properties in key destinations in Asia and the USA. The hotel portfolio of the
Group comprises The Peninsula Hong Kong, The Peninsula New York, The Peninsula
Chicago, The Peninsula Beverly Hills, The Peninsula Tokyo, The Peninsula Bangkok,
The Peninsula Beijing, The Peninsula Manila, The Peninsula Shanghai (opening 2009), and
Quail Lodge Resort and Golf Club in Carmel, California. The property portfolio of the Group
includes The Repulse Bay Complex, The Peak Tower and The Peak Tramways, St. John’s
Building, The Landmark in Ho Chi Minh City, Vietnam and the Thai Country Club in
Bangkok, Thailand.
Additional information
http://www.hshgroup.com/uploadedfiles/Investor_Relations/Quarterly_Operating_Statistics/pdf/Quarterly%20Statistics%202009-Q1%20(Eng)_website.pdf
Jack in the Box Inc. Reports Second Quarter FY 2009 Earnings and Updates FY 2009 Guidance
SAN DIEGO--(BUSINESS WIRE)--May. 13, 2009-- Jack in the Box Inc. (NASDAQ:JACK) today reported earnings from continuing operations of $29.6 million, or 51 cents per diluted share, for the second quarter ended April 12, 2009, compared with earnings from continuing operations of $26.3 million, or 44 cents per diluted share, for the second quarter of fiscal 2008. As previously announced, in September 2008 the company’s board of directors approved plans to sell its Quick Stuff® convenience stores. The results of operations for Quick Stuff are included in discontinued operations in the accompanying consolidated statements of earnings for all periods presented.
(for more click on link)
(for more click on link)
Wednesday, May 13, 2009
Mexican Restaurants, Inc. Announces 2009 First Quarter Operating Results
Houston, Texas (May 11, 2009) For the Company’s 2009 first quarter ended March 29, 2009, the Company reported net income of $179,853 or $0.05 per diluted share, compared with a net income of $75,517 or $0.02 per diluted share for the first quarter of fiscal year 2008. The first quarter ended March 29, 2009 included a net loss from discontinued operations of $93,230 compared with net income from discontinued operations of $77,946 for the first quarter of fiscal year 2008.
(click on link to read more)
(click on link to read more)
Friends don't let Friends drink Starbucks
Here is a taste test done between Starbucks, McDonalds, and Dunkin Donuts. Where Tim Hortons?
Pizza Inn, Inc. Reports Results for Third Quarter Fiscal Year 2009
THE COLONY, Texas, May 12, 2009 (GLOBE NEWSWIRE) -- Pizza Inn, Inc. (Nasdaq:PZZI) today reported net income of $361,000, or $0.05 per share, for the third quarter ended March 29, 2009, versus net income of $898,000, or $0.09 per share, for the third quarter of the prior fiscal year. Highlights for the quarter ended March 29, 2009, included:
* Comparable domestic buffet restaurant sales decreased 0.9%
for the quarter compared to the same period of the prior
fiscal year.
* Total domestic restaurant sales decreased 3.0% for the quarter
compared to the same period of the prior fiscal year.
* Sales for the company owned prototype buffet-style restaurant
located in Denton, TX that opened in October 2008 averaged
$30,000 per week for the quarter.
* Excluding the impact of an income tax expense of $203,000 for
the third quarter compared to an income tax benefit of $216,000
in the same quarter in the prior year, net income per share
would have been flat, or $0.07 in both periods.
* Two new domestic and three franchise international restaurants
opened during the quarter.
(click on link to read more)
* Comparable domestic buffet restaurant sales decreased 0.9%
for the quarter compared to the same period of the prior
fiscal year.
* Total domestic restaurant sales decreased 3.0% for the quarter
compared to the same period of the prior fiscal year.
* Sales for the company owned prototype buffet-style restaurant
located in Denton, TX that opened in October 2008 averaged
$30,000 per week for the quarter.
* Excluding the impact of an income tax expense of $203,000 for
the third quarter compared to an income tax benefit of $216,000
in the same quarter in the prior year, net income per share
would have been flat, or $0.07 in both periods.
* Two new domestic and three franchise international restaurants
opened during the quarter.
(click on link to read more)
San Diego Resort Owner Seeks Injunction Against Four Seasons for Trespass Following Termination
This is still heating up. As I mentioned a few days a go its actually amazing that we have not seen more of these based on the economy.
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)
Monday, May 11, 2009
San Diego Luxury Resort Welcomes New Management; Four Seasons Terminated Amid Claims of Financial Mismanagement
You can see fromthis story. When times get tough the relationship between Owner and Manager often gets strained.
Friday, May 8, 2009
The Price of Staying Connected
This is something that I too have never understood. Why, when you pay $70 for a room do you get free internet, but when you pay $300 you get charged $15-$20 per day.
In February I was in Houston at the Westin. There I had to pay for internet in my room, but I could go to the lobby and get it free.
From an Accounting point of view I think that charging simply upsets guests more than its worth.
In February I was in Houston at the Westin. There I had to pay for internet in my room, but I could go to the lobby and get it free.
From an Accounting point of view I think that charging simply upsets guests more than its worth.
SONIC REPORTS SECOND QUARTER EARNINGS
OKLAHOMA CITY (March 23, 2009) – Sonic Corp. (NASDAQ: SONC), the nation's largest chain
of drive-in restaurants, today announced results for the second fiscal quarter of 2009, which ended on
February 28, 2009. Key aspects of the company's second quarter performance included:
• Net income per diluted share for the quarter totaled $0.14, including a $0.06 gain from the
purchase of debt at a discount, versus net income per diluted share of $0.15 in the same quarter
last year;
• System-wide same-store sales declined 3.6% for the second quarter; same-store sales at partner
drive-ins (those in which the company owns a majority interest) declined 6.0% in the quarter,
with approximately one percent attributable to one less day in February 2009 due to the leap year
in 2008;
• System-wide new drive-in openings totaled 27, and 12 relocations or rebuilds were completed
versus 34 and 16, respectively, in the second quarter last year, reflecting ongoing investment by
franchisees in the Sonic system despite difficult credit markets; and
• The company recently signed agreements to refranchise 90 additional partner drive-ins in nine
markets; including four drive-ins refranchised subsequent to the end of the quarter, the total
number of partner drive-ins that have been refranchised or are under agreement to be
refranchised in the current fiscal year is now 111.
of drive-in restaurants, today announced results for the second fiscal quarter of 2009, which ended on
February 28, 2009. Key aspects of the company's second quarter performance included:
• Net income per diluted share for the quarter totaled $0.14, including a $0.06 gain from the
purchase of debt at a discount, versus net income per diluted share of $0.15 in the same quarter
last year;
• System-wide same-store sales declined 3.6% for the second quarter; same-store sales at partner
drive-ins (those in which the company owns a majority interest) declined 6.0% in the quarter,
with approximately one percent attributable to one less day in February 2009 due to the leap year
in 2008;
• System-wide new drive-in openings totaled 27, and 12 relocations or rebuilds were completed
versus 34 and 16, respectively, in the second quarter last year, reflecting ongoing investment by
franchisees in the Sonic system despite difficult credit markets; and
• The company recently signed agreements to refranchise 90 additional partner drive-ins in nine
markets; including four drive-ins refranchised subsequent to the end of the quarter, the total
number of partner drive-ins that have been refranchised or are under agreement to be
refranchised in the current fiscal year is now 111.
KFC offers rain checks on coupon Oprah promoted
KFC President Roger Eaton said
"We're getting people into the restaurants through this promotion who haven't been to KFC for a very long time," Eaton said. "We're basically repositioning the brand through this exercise."
As an accountant I do not understand how this repositions the brand, unless you are saying that it is now a place where you have to wait for hours and then they run out. I guess that could be a brand attribute?
SAM: "Hey Bob, lets go to the burger joint down the street for lunch"
BOB: " No, lets go to KFC and wait in line for an hour an a half and then find out that they have run out of chicken. . . . I am on a diet."
"We're getting people into the restaurants through this promotion who haven't been to KFC for a very long time," Eaton said. "We're basically repositioning the brand through this exercise."
As an accountant I do not understand how this repositions the brand, unless you are saying that it is now a place where you have to wait for hours and then they run out. I guess that could be a brand attribute?
SAM: "Hey Bob, lets go to the burger joint down the street for lunch"
BOB: " No, lets go to KFC and wait in line for an hour an a half and then find out that they have run out of chicken. . . . I am on a diet."
Domino's Pizza Announces First Quarter 2009 Financial Results
ANN ARBOR, Mich., April 30, 2009 /PRNewswire-FirstCall via COMTEX/ -- Domino's Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza delivery, today announced results for the first quarter ended March 22, 2009. Net income was up 68% versus the prior year, due primarily to a gain on the extinguishment of debt during the first quarter of 2009. Domestic same store sales were up 1.0% and International same store sales grew 6.6%. The International division continued its strong performance, posting its 61st consecutive quarter of same store sales growth.
Diluted EPS was $0.41 on an as-reported basis for the first quarter, up $0.18 from the as-reported prior year period, due primarily to a gain on the extinguishment of debt. However, excluding items affecting comparability from the prior year period, diluted EPS declined $0.01, primarily due to the negative impact of foreign currency exchange rates on our international royalty revenues, offset in part by improvements in operating performance in our business units. (See the Items Affecting Comparability section and the Comments on Regulation G section.)
Global Retail Sales were down 4.6% in the first quarter, or up 5.6% when excluding the impact of foreign currency conversions.
Diluted EPS was $0.41 on an as-reported basis for the first quarter, up $0.18 from the as-reported prior year period, due primarily to a gain on the extinguishment of debt. However, excluding items affecting comparability from the prior year period, diluted EPS declined $0.01, primarily due to the negative impact of foreign currency exchange rates on our international royalty revenues, offset in part by improvements in operating performance in our business units. (See the Items Affecting Comparability section and the Comments on Regulation G section.)
Global Retail Sales were down 4.6% in the first quarter, or up 5.6% when excluding the impact of foreign currency conversions.
FelCor Reports First Quarter Results
IRVING, Texas--(BUSINESS WIRE)--May. 7, 2009-- FelCor Lodging Trust Incorporated (NYSE: FCH) today reported operating results for the first quarter and year ended March 31, 2009.
“Our first quarter results reflect extensive cost-cutting measures that were implemented to protect our operating margins in the face of continued deterioration of lodging demand. We continue to work with our operators to create the most efficient cost structure and expect this to result in continued future operational efficiencies. These measures have been extremely successful and have led to better than expected operating margins during the first quarter,” said Richard A. Smith, FelCor’s President and Chief Executive Officer.
Summary:
Closed a secured loan that refinanced an existing $116 million secured loan that would have matured on April 1, 2009.
Adjusted FFO per share was $0.22 and Adjusted EBITDA was $47.4 million for the first quarter, which was at the high end of our expectations.
Market share increased approximately two percent for the first quarter at our 70 hotels where renovations were completed in 2007 and 2008, which is consistent with our expectations. Market share increased approximately one percent in the first quarter and approximately five percent in April for our 85 consolidated hotels.
RevPAR decreased 19.6 percent for the first quarter at our 85 consolidated hotels.
Hotel expenses declined 15.3 percent. Due to strict expense controls at our hotels, we were able to limit revenue reduction flow through to Hotel EBITDA to only 44 percent, compared to the prior year. Hotel EBITDA margins decreased only 395 basis points, which was better than expected.
Net loss applicable to common stockholders for the first quarter was $30.7 million.
“Our first quarter results reflect extensive cost-cutting measures that were implemented to protect our operating margins in the face of continued deterioration of lodging demand. We continue to work with our operators to create the most efficient cost structure and expect this to result in continued future operational efficiencies. These measures have been extremely successful and have led to better than expected operating margins during the first quarter,” said Richard A. Smith, FelCor’s President and Chief Executive Officer.
Summary:
Closed a secured loan that refinanced an existing $116 million secured loan that would have matured on April 1, 2009.
Adjusted FFO per share was $0.22 and Adjusted EBITDA was $47.4 million for the first quarter, which was at the high end of our expectations.
Market share increased approximately two percent for the first quarter at our 70 hotels where renovations were completed in 2007 and 2008, which is consistent with our expectations. Market share increased approximately one percent in the first quarter and approximately five percent in April for our 85 consolidated hotels.
RevPAR decreased 19.6 percent for the first quarter at our 85 consolidated hotels.
Hotel expenses declined 15.3 percent. Due to strict expense controls at our hotels, we were able to limit revenue reduction flow through to Hotel EBITDA to only 44 percent, compared to the prior year. Hotel EBITDA margins decreased only 395 basis points, which was better than expected.
Net loss applicable to common stockholders for the first quarter was $30.7 million.
Despite Lower Rates, Major Global Hotel Brands Have No Plans to Compromise Service or Scale Back Amenities
Supertel Hospitality Reports 2009 First Quarter Results
NORFOLK, NE -- (MARKET WIRE) -- 05/07/09 -- Supertel Hospitality, Inc. (NASDAQ: SPPR), a real estate investment trust (REIT) which owns 122 hotels in 24 states, today announced results for the first quarter ended March 31, 2009.
Revenues from continuing operations for the 2009 first quarter declined 9.6 percent to $23.1 million, compared to the 2008 first quarter. Net loss attributable to common shareholders in the 2009 first quarter was $(2.7) million, or $(0.13) per fully diluted share, compared to $(1.1) million, or $(0.05) per diluted share, in the 2008 first quarter.
Funds from operations (FFO) in the 2009 first quarter was $1.1 million, or $0.05 per diluted share, compared to $2.5 million or $0.12 per diluted share in the 2008 first quarter. Adjusted earnings before interest, taxes, depreciation and amortization, non-controlling interest and preferred stock dividends (Adjusted EBITDA) decreased 40.2 percent to $3.4 million, compared to the 2008 first quarter.
First Quarter Highlights
-- Outperformed the hotel industry in revenue per available room (RevPAR)
with a decline of 8.4 percent, compared to an industry-wide decline of 17.7
percent, according to Smith Travel Research data.
-- Sold one hotel, began marketing seven additional hotels for sale.
Revenues from continuing operations for the 2009 first quarter declined 9.6 percent to $23.1 million, compared to the 2008 first quarter. Net loss attributable to common shareholders in the 2009 first quarter was $(2.7) million, or $(0.13) per fully diluted share, compared to $(1.1) million, or $(0.05) per diluted share, in the 2008 first quarter.
Funds from operations (FFO) in the 2009 first quarter was $1.1 million, or $0.05 per diluted share, compared to $2.5 million or $0.12 per diluted share in the 2008 first quarter. Adjusted earnings before interest, taxes, depreciation and amortization, non-controlling interest and preferred stock dividends (Adjusted EBITDA) decreased 40.2 percent to $3.4 million, compared to the 2008 first quarter.
First Quarter Highlights
-- Outperformed the hotel industry in revenue per available room (RevPAR)
with a decline of 8.4 percent, compared to an industry-wide decline of 17.7
percent, according to Smith Travel Research data.
-- Sold one hotel, began marketing seven additional hotels for sale.
California Pizza Kitchen Announces Financial Results for the First Quarter 2009
LOS ANGELES, May 07, 2009 (BUSINESS WIRE) -- California Pizza Kitchen, Inc. (Nasdaq: CPKI) today reported revenues and net income for the first quarter ended March 29, 2009.
Highlights for the first quarter of 2009 relative to the same quarter a year ago were as follows:
Total revenues decreased 2.2% to $161.1 million
Comparable restaurant sales decreased 5.9%
Net income of $2.6 million, or $0.11 per diluted share, compared to net income of $2.5 million, or $0.09 per diluted share
Highlights for the first quarter of 2009 relative to the same quarter a year ago were as follows:
Total revenues decreased 2.2% to $161.1 million
Comparable restaurant sales decreased 5.9%
Net income of $2.6 million, or $0.11 per diluted share, compared to net income of $2.5 million, or $0.09 per diluted share
Einstein Noah Restaurant Group Reports First Quarter 2009 Financial Results
Supplemental Info
http://ccbn.10kwizard.com/xml/download.php?repo=tenk&ipage=6310356&format=XLS
LAKEWOOD, Colo.--(BUSINESS WIRE)--May. 7, 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 first quarter ended March 31, 2009.
Selected Highlights for the First Quarter 2009 Compared to the First Quarter 2008:
Total revenue of $100.4 million vs. $103.3 million
System-wide comparable store sales decreased 3.7%
Net income and diluted EPS of $1.9 million and $0.11, respectively, versus net income and diluted EPS of $3.8 million and $0.23
First Lien Term Loan repayment of $7.6 million
Unrestricted cash balance of $21.4 million
Positive momentum with Franchise and License development
http://ccbn.10kwizard.com/xml/download.php?repo=tenk&ipage=6310356&format=XLS
LAKEWOOD, Colo.--(BUSINESS WIRE)--May. 7, 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 first quarter ended March 31, 2009.
Selected Highlights for the First Quarter 2009 Compared to the First Quarter 2008:
Total revenue of $100.4 million vs. $103.3 million
System-wide comparable store sales decreased 3.7%
Net income and diluted EPS of $1.9 million and $0.11, respectively, versus net income and diluted EPS of $3.8 million and $0.23
First Lien Term Loan repayment of $7.6 million
Unrestricted cash balance of $21.4 million
Positive momentum with Franchise and License development
SUNSTONE HOTEL INVESTORS REPORTS RESULTS OF OPERATIONS FOR
SAN CLEMENTE, CA – May 7, 2009 – Sunstone Hotel Investors, Inc. (the “Company”) (NYSE: SHO)
today announced results of operations for the first quarter ended March 31, 2009.
First Quarter 2009 Operational Statistics:
• Total revenue was $188.6 million.
• Total portfolio RevPAR was $96.18.
• Income available to common stockholders was $0.9 million.
• Income available to common stockholders per diluted share was $0.02.
• Adjusted EBITDA was $38.9 million.
• Adjusted FFO available to common stockholders was $8.7 million.
• Adjusted FFO available to common stockholders per diluted share was $0.15.
• Total hotel operating profit margin was 22.8%.
today announced results of operations for the first quarter ended March 31, 2009.
First Quarter 2009 Operational Statistics:
• Total revenue was $188.6 million.
• Total portfolio RevPAR was $96.18.
• Income available to common stockholders was $0.9 million.
• Income available to common stockholders per diluted share was $0.02.
• Adjusted EBITDA was $38.9 million.
• Adjusted FFO available to common stockholders was $8.7 million.
• Adjusted FFO available to common stockholders per diluted share was $0.15.
• Total hotel operating profit margin was 22.8%.
Home Inns Reports First Quarter of 2009 Financial Results
SHANGHAI, May 7, 2009 /PRNewswire-Asia via COMTEX/ -- Home Inns & Hotels Management Inc. (Nasdaq: HMIN), a leading economy hotel chain in China, today announced its unaudited financial results for the first quarter ended March 31, 2009. First Quarter 2009 Financial Highlights
-- Total revenues for the quarter increased 49.1% year-over-year to RMB
532.2 million (US$ 77.9 million).
-- Net income attributable to shareholders for the quarter was RMB 0.5
million (US$ 0.07 million), including share-based compensation expenses
of RMB 8.1 million (US$ 1.2 million), gain on buy-back of its own
convertible bonds of RMB 16.4 million (US$ 2.4 million), and RMB 0.04
million (US$ 0.01 million) foreign exchange gain. This compares to a
net loss attributable to shareholders of RMB 50.3 million in the first
quarter of 2008, which included share based compensation of RMB 4.0
million (US$ 0.6 million) and foreign exchange losses of RMB 50.0
million (US$ 7.1 million).
-- Loss from operations was RMB 17.1 million (US$ 2.5 million) for the
quarter. Loss from operations excluding share-based compensation
expenses (non-GAAP) was RMB 9.0 million (US$ 1.3 million) for the
quarter. This compares with a loss from operations of RMB 7.8 million
(US$ 1.1 million) and a loss excluding share-based compensation
expenses (non-GAAP) of RMB 3.8 million (US$ 0.5 million) in the same
period of 2008. Higher depreciation and amortization costs to revenue
ratio had a negative impact on this year's figure.
-- EBITDA (non-GAAP) was RMB 68.8 million (US$ 10.1 million). Excluding
foreign exchange gain, share-based compensation expenses, and gain on
buy-back of convertible bonds, adjusted EBITDA (non-GAAP) was RMB 60.4
million (US$ 8.8 million), an increase of 49.9% year-over-year, as
EBITDA was not impacted by the depreciation and amortization costs to
revenue ratio as in the case for loss from operations.
-- Diluted loss per ADS was RMB 0.39 (US$ 0.06). Adjusted diluted loss per
ADS (Non-GAAP) was RMB 0.22 (US$ 0.03). As used in this press release,
adjusted basic and diluted earnings per ADS (non-GAAP) both exclude
foreign exchange gain, share-based compensation expenses and gain on
buy-back of convertible bonds. Please refer to "Reconciliations of GAAP
and Non-GAAP Results" at the end of this press release.
-- Total revenues for the quarter increased 49.1% year-over-year to RMB
532.2 million (US$ 77.9 million).
-- Net income attributable to shareholders for the quarter was RMB 0.5
million (US$ 0.07 million), including share-based compensation expenses
of RMB 8.1 million (US$ 1.2 million), gain on buy-back of its own
convertible bonds of RMB 16.4 million (US$ 2.4 million), and RMB 0.04
million (US$ 0.01 million) foreign exchange gain. This compares to a
net loss attributable to shareholders of RMB 50.3 million in the first
quarter of 2008, which included share based compensation of RMB 4.0
million (US$ 0.6 million) and foreign exchange losses of RMB 50.0
million (US$ 7.1 million).
-- Loss from operations was RMB 17.1 million (US$ 2.5 million) for the
quarter. Loss from operations excluding share-based compensation
expenses (non-GAAP) was RMB 9.0 million (US$ 1.3 million) for the
quarter. This compares with a loss from operations of RMB 7.8 million
(US$ 1.1 million) and a loss excluding share-based compensation
expenses (non-GAAP) of RMB 3.8 million (US$ 0.5 million) in the same
period of 2008. Higher depreciation and amortization costs to revenue
ratio had a negative impact on this year's figure.
-- EBITDA (non-GAAP) was RMB 68.8 million (US$ 10.1 million). Excluding
foreign exchange gain, share-based compensation expenses, and gain on
buy-back of convertible bonds, adjusted EBITDA (non-GAAP) was RMB 60.4
million (US$ 8.8 million), an increase of 49.9% year-over-year, as
EBITDA was not impacted by the depreciation and amortization costs to
revenue ratio as in the case for loss from operations.
-- Diluted loss per ADS was RMB 0.39 (US$ 0.06). Adjusted diluted loss per
ADS (Non-GAAP) was RMB 0.22 (US$ 0.03). As used in this press release,
adjusted basic and diluted earnings per ADS (non-GAAP) both exclude
foreign exchange gain, share-based compensation expenses and gain on
buy-back of convertible bonds. Please refer to "Reconciliations of GAAP
and Non-GAAP Results" at the end of this press release.
Red Lion Reports First Quarter 2009 Results
Red Lion’s total revenue during the first quarter of 2009 was $34.3 million, compared to $39.6 million for the prior-year period. Revenue from hotels was $30.8 million, down 12.6% from the first quarter of 2008, primarily due to the weak economic and industry environment.
On a comparable basis, ADR declined 4.0%, while occupancy fell 660 basis points, resulting in a decline in RevPAR of 15.9%. Despite the lower revenues, hotel direct operating margin for the quarter was 14.3% — only 60 basis points lower than the prior-year period. System-wide RevPAR (which includes franchised hotels) on a comparable basis for the quarter decreased 12.7%, caused by a 520 basis point decrease in occupancy and a 3.0% decrease in ADR.
Franchise and management revenue was $0.3 million, or $0.1 million lower than the prior-year period due to a lower number of franchisees in the system. Entertainment revenue was $2.5 million, a decrease of $0.7 million compared to the same quarter in 2008.
EBITDA for the first quarter of 2009 was $2.2 million, compared to $3.2 million for the first quarter of 2008 before a one-time expense for separation costs. The company’s net loss was $2.9 million, compared to a net loss of $2.2 million for the prior-year period before the one-time expense for separation costs. Loss per share was $0.16, compared to a loss of $0.12 per share for the first quarter of 2008 before the one-time expense for separation costs.
On a comparable basis, ADR declined 4.0%, while occupancy fell 660 basis points, resulting in a decline in RevPAR of 15.9%. Despite the lower revenues, hotel direct operating margin for the quarter was 14.3% — only 60 basis points lower than the prior-year period. System-wide RevPAR (which includes franchised hotels) on a comparable basis for the quarter decreased 12.7%, caused by a 520 basis point decrease in occupancy and a 3.0% decrease in ADR.
Franchise and management revenue was $0.3 million, or $0.1 million lower than the prior-year period due to a lower number of franchisees in the system. Entertainment revenue was $2.5 million, a decrease of $0.7 million compared to the same quarter in 2008.
EBITDA for the first quarter of 2009 was $2.2 million, compared to $3.2 million for the first quarter of 2008 before a one-time expense for separation costs. The company’s net loss was $2.9 million, compared to a net loss of $2.2 million for the prior-year period before the one-time expense for separation costs. Loss per share was $0.16, compared to a loss of $0.12 per share for the first quarter of 2008 before the one-time expense for separation costs.
LANDRY’S RESTAURANTS, INC. (“LNY”/NYSE) REPORTS FIRST QUARTER 2009 RESULTS
Houston, Texas (May 7, 2009)
Landry’s Restaurants, Inc. (NYSE: LNY - News; the “Company”), today announced its results for the first quarter ended March 31, 2009.
Revenues from continuing operations for the three months ended March 31, 2009, totaled $256.3 million, as compared to $292.3 million a year earlier. Revenues from the restaurant and hospitality group were $200.3 million and $222.5 million for the first quarter of 2009 and 2008, respectively and $56.0 million and $69.8 million for the same periods from the Golden Nugget properties. The prior year results included an additional day due to leap year. Income from continuing operations for the quarter was $7.1 million, compared to $2.5 million reported last year. On a pre-tax basis, results for the first quarter included $7.5 million in reduced rent expense from a lease termination payment received to exit one location, $3.5 million representing a gain on insurance proceeds in excess of the book value of the damaged assets, a gain on the sale of property of $0.6 million partially offset by a $4.0 million expense for call premiums arising from the Company’s successful refinancing in February 2009 and $0.8 million in costs associated with the terminated going private transaction. In addition, the first quarter included a $0.4 million non-cash pre-tax gain on the value of interest rate swaps not designated as hedges as compared to a loss of $4.7 million during the same period in 2008. Same store sales for the Company’s restaurants were negative 9% for the quarter. Earnings per share-diluted from continuing operations for the quarter were $0.44, compared to $0.15 reported last year.
Interest expense for the first quarter of 2009 was $24.6 million compared to $20.8 million in the first quarter of 2008 primarily due to higher borrowings associated with construction of the new tower at the Golden Nugget and higher interest rates resulting from the refinancing in 2009.
Adjusted EBITDA for the first quarter of 2009 was $52.4 million comprised of $39.9 million for the restaurant and hospitality group and $12.5 million from gaming operations compared to $46.7 million in the comparable prior year period with $28.5 million from restaurant and hospitality and $18.2 million from gaming. Excluding the non recurring items described above, adjusted EBITDA for the quarter would have been $45.5 million as compared to $46.7 million in the same period in the prior year. Restaurant and hospitality would have contributed $33.0 million compared to $28.5 million in the prior year while gaming operations contributed $12.5 million in the first quarter 2009 versus $18.2 million in the first quarter of 2008.
Landry’s Restaurants, Inc. (NYSE: LNY - News; the “Company”), today announced its results for the first quarter ended March 31, 2009.
Revenues from continuing operations for the three months ended March 31, 2009, totaled $256.3 million, as compared to $292.3 million a year earlier. Revenues from the restaurant and hospitality group were $200.3 million and $222.5 million for the first quarter of 2009 and 2008, respectively and $56.0 million and $69.8 million for the same periods from the Golden Nugget properties. The prior year results included an additional day due to leap year. Income from continuing operations for the quarter was $7.1 million, compared to $2.5 million reported last year. On a pre-tax basis, results for the first quarter included $7.5 million in reduced rent expense from a lease termination payment received to exit one location, $3.5 million representing a gain on insurance proceeds in excess of the book value of the damaged assets, a gain on the sale of property of $0.6 million partially offset by a $4.0 million expense for call premiums arising from the Company’s successful refinancing in February 2009 and $0.8 million in costs associated with the terminated going private transaction. In addition, the first quarter included a $0.4 million non-cash pre-tax gain on the value of interest rate swaps not designated as hedges as compared to a loss of $4.7 million during the same period in 2008. Same store sales for the Company’s restaurants were negative 9% for the quarter. Earnings per share-diluted from continuing operations for the quarter were $0.44, compared to $0.15 reported last year.
Interest expense for the first quarter of 2009 was $24.6 million compared to $20.8 million in the first quarter of 2008 primarily due to higher borrowings associated with construction of the new tower at the Golden Nugget and higher interest rates resulting from the refinancing in 2009.
Adjusted EBITDA for the first quarter of 2009 was $52.4 million comprised of $39.9 million for the restaurant and hospitality group and $12.5 million from gaming operations compared to $46.7 million in the comparable prior year period with $28.5 million from restaurant and hospitality and $18.2 million from gaming. Excluding the non recurring items described above, adjusted EBITDA for the quarter would have been $45.5 million as compared to $46.7 million in the same period in the prior year. Restaurant and hospitality would have contributed $33.0 million compared to $28.5 million in the prior year while gaming operations contributed $12.5 million in the first quarter 2009 versus $18.2 million in the first quarter of 2008.
Justice Family Group Purchases The Greenbrier; West Virginia Owner Will Seek Dismissal of Bankruptcy
What happened here?
Thursday, May 7, 2009
Restaurant Price Presentation Influences Check Averages, New Cornell Research Shows
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
http://hospitalityfinance.blogspot.com/2009/03/good-menu-higher-profits.html
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.
Wednesday, May 6, 2009
Las Vegas Sands Corp. Reports First Quarter 2009 Results
Venetian Macao EBITDAR Increases 10.1% to $121.5 Million Cost Savings Programs on Track to Generate Approximately $470 Million in Annualized Savings LAS VEGAS, May 5, 2009 /PRNewswire-FirstCall via COMTEX/ -- Venetian Macao EBITDAR Increases 10.1% to $121.5 Million
Cost Savings Programs on Track to Generate Approximately $470 Million in Annualized Savings
Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended March 31, 2009.
Company-Wide Operating Results
Net revenue for the first quarter of 2009 was $1.08 billion, about the same as the first quarter of 2008. Consolidated adjusted property EBITDAR in the first quarter of 2009 decreased 9.8% to $260.0 million, compared to $288.3 million in the year-ago quarter. On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the first quarter of 2009 was $36.3 million compared to $96.6 million in the first quarter of 2008.
Adjusted net income (see note 1) was $8.9 million, or $0.01 per diluted share, compared to $23.6 million in the first quarter of 2008, or $0.07 per diluted share. The decrease in adjusted net income of $14.7 million reflects an increase in depreciation and amortization expense, offset by a decrease in net interest expense. On a GAAP basis, net loss attributable to common stockholders in the first quarter of 2009 was $87.7 million, compared to $11.2 million in the first quarter of 2008, resulting in a diluted loss per share of $0.14 compared to $0.03 in the prior year quarter. The increase in GAAP net loss attributable to common stockholders of $76.4 million reflects dividends paid, accumulated but undeclared dividend requirements and accretion on preferred stock of $53.1 million in total, as well as increases in pre-opening expense and depreciation and amortization expense, partially offset by a decrease in net interest expense.
Cost Savings Programs on Track to Generate Approximately $470 Million in Annualized Savings
Las Vegas Sands Corp. (NYSE: LVS) today reported financial results for the quarter ended March 31, 2009.
Company-Wide Operating Results
Net revenue for the first quarter of 2009 was $1.08 billion, about the same as the first quarter of 2008. Consolidated adjusted property EBITDAR in the first quarter of 2009 decreased 9.8% to $260.0 million, compared to $288.3 million in the year-ago quarter. On a GAAP (Generally Accepted Accounting Principles) basis, operating income in the first quarter of 2009 was $36.3 million compared to $96.6 million in the first quarter of 2008.
Adjusted net income (see note 1) was $8.9 million, or $0.01 per diluted share, compared to $23.6 million in the first quarter of 2008, or $0.07 per diluted share. The decrease in adjusted net income of $14.7 million reflects an increase in depreciation and amortization expense, offset by a decrease in net interest expense. On a GAAP basis, net loss attributable to common stockholders in the first quarter of 2009 was $87.7 million, compared to $11.2 million in the first quarter of 2008, resulting in a diluted loss per share of $0.14 compared to $0.03 in the prior year quarter. The increase in GAAP net loss attributable to common stockholders of $76.4 million reflects dividends paid, accumulated but undeclared dividend requirements and accretion on preferred stock of $53.1 million in total, as well as increases in pre-opening expense and depreciation and amortization expense, partially offset by a decrease in net interest expense.
Starwood Reports First Quarter 2009 Results
WHITE PLAINS, NY, April 30, 2009 – Starwood Hotels & Resorts Worldwide, Inc. (NYSE:
HOT) today reported first quarter 2009 financial results.
First Quarter 2009 Highlights
􀂃 Excluding special items, EPS from continuing operations was $0.14. Including
special items, EPS from continuing operations was $0.04.
􀂃 Adjusted EBITDA was $167 million.
􀂃 Excluding special items, income from continuing operations was $25 million.
Including special items, income from continuing operations was $7 million.
􀂃 Worldwide System-wide REVPAR for Same-Store Hotels decreased 23.5% (down
19.2% in constant dollars) compared to the first quarter of 2008. System-wide
REVPAR for Same-Store Hotels in North America decreased 22.8% (down 21.0% in
constant dollars).
􀂃 Management and franchise revenues decreased 15.4% compared to 2008.
􀂃 Worldwide REVPAR for Starwood branded Same-Store Owned Hotels decreased
31.6% (down 26.4% in constant dollars) compared to the first quarter of 2008.
REVPAR for Starwood branded Same-Store Owned Hotels in North America
decreased 31.2% (down 28.3% in constant dollars).
􀂃 Revenues from vacation ownership and residential sales decreased 30.1%
compared to 2008.
􀂃 The Company signed 18 hotel management and franchise contracts in the quarter
representing approximately 4,900 rooms.
􀂃 On April 27, 2009, the Company entered into an amendment to its bank revolver
and bank term loans, increasing the permitted leverage ratio from 4.5x to 5.5x (as
defined in the agreements).
HOT) today reported first quarter 2009 financial results.
First Quarter 2009 Highlights
􀂃 Excluding special items, EPS from continuing operations was $0.14. Including
special items, EPS from continuing operations was $0.04.
􀂃 Adjusted EBITDA was $167 million.
􀂃 Excluding special items, income from continuing operations was $25 million.
Including special items, income from continuing operations was $7 million.
􀂃 Worldwide System-wide REVPAR for Same-Store Hotels decreased 23.5% (down
19.2% in constant dollars) compared to the first quarter of 2008. System-wide
REVPAR for Same-Store Hotels in North America decreased 22.8% (down 21.0% in
constant dollars).
􀂃 Management and franchise revenues decreased 15.4% compared to 2008.
􀂃 Worldwide REVPAR for Starwood branded Same-Store Owned Hotels decreased
31.6% (down 26.4% in constant dollars) compared to the first quarter of 2008.
REVPAR for Starwood branded Same-Store Owned Hotels in North America
decreased 31.2% (down 28.3% in constant dollars).
􀂃 Revenues from vacation ownership and residential sales decreased 30.1%
compared to 2008.
􀂃 The Company signed 18 hotel management and franchise contracts in the quarter
representing approximately 4,900 rooms.
􀂃 On April 27, 2009, the Company entered into an amendment to its bank revolver
and bank term loans, increasing the permitted leverage ratio from 4.5x to 5.5x (as
defined in the agreements).
Denny's Corporation Reports Results for the First Quarter 2009
SPARTANBURG, S.C., May 05, 2009 (BUSINESS WIRE) -- Denny's Corporation (NASDAQ: DENN) today reported results for its first quarter ended April 1, 2009.
First Quarter Summary
Sold 30 company restaurants to franchisees under Denny's Franchise Growth Initiative (FGI)
Opened 11 new restaurants (10 franchised and one company)
Increased franchised restaurants to 82% of Denny's system
Same-store sales decreased 1.4% at franchised units and increased 0.3% at company units
Adjusted income before taxes increased $2.6 million to $4.6 million
Net income increased $0.2 million despite $9.2 million less in asset sale gains
First Quarter Summary
Sold 30 company restaurants to franchisees under Denny's Franchise Growth Initiative (FGI)
Opened 11 new restaurants (10 franchised and one company)
Increased franchised restaurants to 82% of Denny's system
Same-store sales decreased 1.4% at franchised units and increased 0.3% at company units
Adjusted income before taxes increased $2.6 million to $4.6 million
Net income increased $0.2 million despite $9.2 million less in asset sale gains
Lodgian Reports 2009 First Quarter Results
Quarter 2009 Results
First quarter 2009 total revenue for continuing operations declined 15.2 percent to $49.2 million, compared to the same 2008 period. During the 2009 first quarter, the displacement of total revenue resulting from renovations at three properties was $0.7 million, compared to $0.9 million in the 2008 first quarter. Loss from continuing operations was $(6.1) million in the 2009 first quarter, compared to $(6.0) million in the 2008 first quarter.
Net loss attributable to common shares was $(6.9) million, or $(0.32) per diluted share in the 2009 first quarter, compared to a net loss of $(7.5) million, or $(0.33) per diluted share in the 2008 first quarter.
EBITDA from continuing operations was flat to the prior year's first quarter at $6.3 million. Adjusted EBITDA for the same group of properties decreased 18.8 percent, from $8.5 million in the 2008 first quarter to $6.9 million in the 2009 first quarter. Adjusted EBITDA margins for the continuing operations hotels decreased by 60 basis points to 14.0 percent during the 2009 first quarter compared to the 2008 first quarter, due to lower revenues.
First quarter 2009 total revenue for continuing operations declined 15.2 percent to $49.2 million, compared to the same 2008 period. During the 2009 first quarter, the displacement of total revenue resulting from renovations at three properties was $0.7 million, compared to $0.9 million in the 2008 first quarter. Loss from continuing operations was $(6.1) million in the 2009 first quarter, compared to $(6.0) million in the 2008 first quarter.
Net loss attributable to common shares was $(6.9) million, or $(0.32) per diluted share in the 2009 first quarter, compared to a net loss of $(7.5) million, or $(0.33) per diluted share in the 2008 first quarter.
EBITDA from continuing operations was flat to the prior year's first quarter at $6.3 million. Adjusted EBITDA for the same group of properties decreased 18.8 percent, from $8.5 million in the 2008 first quarter to $6.9 million in the 2009 first quarter. Adjusted EBITDA margins for the continuing operations hotels decreased by 60 basis points to 14.0 percent during the 2009 first quarter compared to the 2008 first quarter, due to lower revenues.
MGM MIRAGE Reports First Quarter Financial Results
LAS VEGAS, May 4, 2009 /PRNewswire-FirstCall via COMTEX/ -- MGM MIRAGE (NYSE: MGM) today announced its financial results for the first quarter of 2009. The Company reported first quarter diluted earnings per share (EPS) of $0.38 compared to $0.40 per share in the prior year first quarter. The current year results include a gain of $0.44, net of tax, related to the sale of the Treasure Island hotel and casino.
Supplemental Information
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDMxM3xDaGlsZElEPS0xfFR5cGU9Mw==&t=1
Supplemental Information
http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9NDMxM3xDaGlsZElEPS0xfFR5cGU9Mw==&t=1
Papa John's Reports First Quarter Earnings
LOUISVILLE, Ky., May 05, 2009 (BUSINESS WIRE) -- Papa John's International, Inc. (NASDAQ: PZZA):
Highlights
First quarter earnings per diluted share of $0.64 in 2009 vs. $0.30 in 2008
Comparable first quarter earnings per diluted share, excluding the consolidation of BIBP and restaurant impairment and disposition losses, were $0.43 in 2009 vs. $0.50 in 2008, a decrease of 14.0%
Domestic system-wide comparable sales increase of 0.3% for the quarter
24 net Papa John's worldwide unit openings during the quarter
Earnings guidance for 2009 reaffirmed at a range of $1.36 to $1.44 per diluted share, excluding the impact of consolidating BIBP
Highlights
First quarter earnings per diluted share of $0.64 in 2009 vs. $0.30 in 2008
Comparable first quarter earnings per diluted share, excluding the consolidation of BIBP and restaurant impairment and disposition losses, were $0.43 in 2009 vs. $0.50 in 2008, a decrease of 14.0%
Domestic system-wide comparable sales increase of 0.3% for the quarter
24 net Papa John's worldwide unit openings during the quarter
Earnings guidance for 2009 reaffirmed at a range of $1.36 to $1.44 per diluted share, excluding the impact of consolidating BIBP
MHI Hospitality Corporation Reports Financial Results for First Quarter 2009
WILLIAMSBURG, Va., May 6 /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 first quarter ended March 31, 2009.
HIGHLIGHTS:
Funds from Operations ("FFO") increased 41.4 percent to approximately $0.10 per share over the first quarter 2008
Total revenue decreased 0.1 percent over first quarter of 2008
Total assets of approximately $220.9 million at March 31, 2009, versus approximately $170.4 million at the end of the first quarter 2008
Renovations completed at the Tampa, Florida and Hampton, Virginia properties, which concludes near-term portfolio asset improvement plans
HIGHLIGHTS:
Funds from Operations ("FFO") increased 41.4 percent to approximately $0.10 per share over the first quarter 2008
Total revenue decreased 0.1 percent over first quarter of 2008
Total assets of approximately $220.9 million at March 31, 2009, versus approximately $170.4 million at the end of the first quarter 2008
Renovations completed at the Tampa, Florida and Hampton, Virginia properties, which concludes near-term portfolio asset improvement plans
Tuesday, May 5, 2009
McDonald's Becomes Southern California's New Coffeehouse With Introduction of Espresso-based McCafe Coffees
This should be interesting
Carrols Restaurant Group, Inc. and Carrols Corporation Report Financial Results for the First Quarter 2009
SYRACUSE, N.Y., May 04, 2009 (BUSINESS WIRE) -- Carrols Restaurant Group, Inc. (Nasdaq: TAST), the parent company of Carrols Corporation, today announced financial results for the first quarter ended March 29, 2009.
Highlights for the first quarter of 2009 versus the first quarter of 2008 include:
Income from operations was $13.2 million compared to $9.7 million;
Net income was $5.0 million, or $0.23 per diluted share, compared to net income of $1.4 million, or $0.07 per diluted share;
Total revenues increased 2.9% to $201.3 million from $195.8 million, including a 2.2% increase for the Company's Hispanic Brands;
Comparable restaurant sales decreased 3.0% at Pollo Tropical(R), decreased 1.6% at Taco Cabana(R), and increased 5.1% at Burger King(R).
Highlights for the first quarter of 2009 versus the first quarter of 2008 include:
Income from operations was $13.2 million compared to $9.7 million;
Net income was $5.0 million, or $0.23 per diluted share, compared to net income of $1.4 million, or $0.07 per diluted share;
Total revenues increased 2.9% to $201.3 million from $195.8 million, including a 2.2% increase for the Company's Hispanic Brands;
Comparable restaurant sales decreased 3.0% at Pollo Tropical(R), decreased 1.6% at Taco Cabana(R), and increased 5.1% at Burger King(R).
DiamondRock Hospitality Company Reports First Quarter 2009 Results
BETHESDA, Maryland, Tuesday May 5, 2009 – DiamondRock Hospitality Company (the "Company") (NYSE: DRH) today announced results of operations for its first fiscal quarter ended March 27, 2009. The Company is a lodging focused real estate investment trust that owns twenty premium hotels in North America.
First Quarter 2009 Highlights
RevPAR: The Company’s same-store RevPAR decreased 16.5 percent compared to the same period in 2008.
Hotel Adjusted EBITDA Margins: The Company’s same-store Hotel Adjusted EBITDA margins decreased 438 basis points compared to the same period in 2008.
Adjusted EBITDA: The Company’s Adjusted EBITDA was $20.3 million.
Adjusted FFO: The Company’s Adjusted FFO was $14.8 million and Adjusted FFO per diluted share was $0.16.
Successful Equity Raise: The Company issued 17,825,000 shares of its common stock at $4.85 per share after the first quarter, which resulted in net proceeds of $82.1 million.
Credit Facility Repayment: The Company repaid the outstanding balance of $52 million on its senior unsecured credit facility after the first quarter and now has $200 million of borrowing capacity.
Morgans Hotel Group Reports First Quarter 2009 Results
NEW YORK--(BUSINESS WIRE)--May. 4, 2009-- Morgans Hotel Group Co. (NASDAQ: MHGC) (“MHG”) today reported financial results for the first quarter ended March 31, 2009.
Highlights
Revenue per available room (“RevPAR”) for System-Wide Comparable Hotels decreased 36.0% in constant dollars in the first quarter from the comparable period in 2008.
Adjusted EBITDA for the first quarter was $7.1 million, a decrease of 67% from the comparable period in 2008.
EBITDA at System-Wide Comparable Hotels during the first quarter decreased by 63% from the comparable period in 2008, a rate of 1.6 times the related RevPAR percentage change.
MHG achieved a 21% reduction in operating expenses at System-Wide Comparable Hotels and a 16% reduction in corporate expenses in the first quarter of 2009 from the comparable period in 2008.
Additional restructuring initiatives were implemented in January and March 2009. Through our multi-phase contingency plans implemented in the beginning of 2008, we estimate that we have reduced hotel operating expenses and corporate expenses by approximately $20 million and $10 million, respectively, on an annualized basis.
With the completion of the redesigned Mondrian Los Angeles and Morgans properties in September 2008, MHG has no significant deferred capital expenditure requirements at its owned hotels.
In April, Hard Rock opened a new and expanded Joint Concert Hall and added approximately 65,000 square feet of meeting space. The north tower consisting of 490 rooms is scheduled to open in the summer of 2009 and the casino expansion and south tower consisting of 374 rooms are projected to open in late 2009 or early 2010.
Boston Ames and Mondrian SoHo are currently targeted to open in the fourth quarter of 2009 or early 2010.
Highlights
Revenue per available room (“RevPAR”) for System-Wide Comparable Hotels decreased 36.0% in constant dollars in the first quarter from the comparable period in 2008.
Adjusted EBITDA for the first quarter was $7.1 million, a decrease of 67% from the comparable period in 2008.
EBITDA at System-Wide Comparable Hotels during the first quarter decreased by 63% from the comparable period in 2008, a rate of 1.6 times the related RevPAR percentage change.
MHG achieved a 21% reduction in operating expenses at System-Wide Comparable Hotels and a 16% reduction in corporate expenses in the first quarter of 2009 from the comparable period in 2008.
Additional restructuring initiatives were implemented in January and March 2009. Through our multi-phase contingency plans implemented in the beginning of 2008, we estimate that we have reduced hotel operating expenses and corporate expenses by approximately $20 million and $10 million, respectively, on an annualized basis.
With the completion of the redesigned Mondrian Los Angeles and Morgans properties in September 2008, MHG has no significant deferred capital expenditure requirements at its owned hotels.
In April, Hard Rock opened a new and expanded Joint Concert Hall and added approximately 65,000 square feet of meeting space. The north tower consisting of 490 rooms is scheduled to open in the summer of 2009 and the casino expansion and south tower consisting of 374 rooms are projected to open in late 2009 or early 2010.
Boston Ames and Mondrian SoHo are currently targeted to open in the fourth quarter of 2009 or early 2010.
Wynn Resorts, Limited Reports First Quarter Results
LAS VEGAS--(BUSINESS WIRE)--May. 5, 2009-- Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the first quarter ended March 31, 2009.
Net revenues for the first quarter of 2009 were $740.0 million, compared to $778.7 million in the first quarter of 2008. The revenue decline was driven primarily by 8.7% lower revenues at Wynn Macau.
Consolidated adjusted property EBITDA (1) decreased 19.9% to $158.5 million for the first quarter of 2009, compared to $197.8 million in the first quarter of 2008.
On a US GAAP (Generally Accepted Accounting Principles) basis, net loss for the quarter was $33.8 million, or ($0.30) per diluted share, compared to net income of $46.7 million, or $0.41 per diluted share in 2008. Adjusted net loss in the first quarter of 2009 was $30.1 million, or ($0.27) per diluted share (adjusted EPS)(2) compared to an adjusted net income of $78.2 million, or $0.69 per diluted share in the first quarter of 2008.
Net revenues for the first quarter of 2009 were $740.0 million, compared to $778.7 million in the first quarter of 2008. The revenue decline was driven primarily by 8.7% lower revenues at Wynn Macau.
Consolidated adjusted property EBITDA (1) decreased 19.9% to $158.5 million for the first quarter of 2009, compared to $197.8 million in the first quarter of 2008.
On a US GAAP (Generally Accepted Accounting Principles) basis, net loss for the quarter was $33.8 million, or ($0.30) per diluted share, compared to net income of $46.7 million, or $0.41 per diluted share in 2008. Adjusted net loss in the first quarter of 2009 was $30.1 million, or ($0.27) per diluted share (adjusted EPS)(2) compared to an adjusted net income of $78.2 million, or $0.69 per diluted share in the first quarter of 2008.
Texas Roadhouse, Inc. Announces First Quarter 2009 Results
Results for the quarter included:
Comparable restaurant sales decreased 1.3% at company-owned restaurants and decreased 1.7% at franchise restaurants;
Nine company restaurants opened;
Restaurant operating costs, as a percentage of restaurant sales, increased 126 basis points;
Diluted earnings per share increased 20% to $0.20 from $0.17 in the prior year period.
Comparable restaurant sales decreased 1.3% at company-owned restaurants and decreased 1.7% at franchise restaurants;
Nine company restaurants opened;
Restaurant operating costs, as a percentage of restaurant sales, increased 126 basis points;
Diluted earnings per share increased 20% to $0.20 from $0.17 in the prior year period.
Q1 US construction pipeline
In Q1 2009, the US Construction Pipeline decelerated rapidly and now stands at 4,918 projects/619,431 rooms. Compared to the Pipeline peak in Q2 2008, this is a drop of 16% by projects and 21% by rooms, a substantial fall-off for a three-quarter period. Current pipeline trends are beginning to reflect the deep recession in the economy, the banking crisis, the evaporation of mortgage lending, and serious shortfalls in lodging operating performance.
Ruth's Hospitality Group, Inc. Reports First Quarter 2009 Financial Results
HEATHROW, Fla., May 05, 2009 (BUSINESS WIRE) -- Ruth's Hospitality Group, Inc. (NASDAQ:RUTH) today reported unaudited results for its first quarter ended March 29, 2009. Highlights for the first quarter 2009 compared to the first quarter 2008 were as follows:
Total revenue decreased 1.1% to $97.5 million from $98.6 million, including $19.9 million from the Mitchell's acquisition completed on February 19, 2008. The Mitchell's acquisition generated $9.9 million in restaurant sales for the Company in the prior year first quarter.
Net income of $3.7 million, or $0.16 per diluted share, compared to net income of $4.5 million, or $0.19 per diluted share in the prior year first quarter.
Total revenue decreased 1.1% to $97.5 million from $98.6 million, including $19.9 million from the Mitchell's acquisition completed on February 19, 2008. The Mitchell's acquisition generated $9.9 million in restaurant sales for the Company in the prior year first quarter.
Net income of $3.7 million, or $0.16 per diluted share, compared to net income of $4.5 million, or $0.19 per diluted share in the prior year first quarter.
