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
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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
