International Accounting Standards Board chairman Sir David Tweedie said that other countries are running out of patience waiting for the Securities and Exchange Commission to decide on whether to approve a roadmap for transitioning to International Financial Reporting Standards and that the U.S. would need to commit by 2011.
Read more:
http://www.webcpa.com/news/Tweedie-Warns-2011-Deadline-IFRS-Choice-51224-1.html
Wednesday, August 5, 2009
Cal Neva casino is up for sale
So, you wanna buy a casino? You might be in luck.
Cal Neva, the iconic resort on Lake Tahoe's north shore that fell on hard times and bankruptcy protection this year, is up for sale.
Price: undisclosed.
Read more:
http://www.sacbee.com/topstories/story/2080083.html
Cal Neva, the iconic resort on Lake Tahoe's north shore that fell on hard times and bankruptcy protection this year, is up for sale.
Price: undisclosed.
Read more:
http://www.sacbee.com/topstories/story/2080083.html
Premium Bars & Restaurants in administration
Industry sources say Premium Bars and Restaurants (PBR) has been placed in administration after the Reuben brothers withdrew a bid for the stricken company
The Reuben brothers, who have £45m invested in the company, tabled a bid for £50m to buy the company. The offer was reduced to £42m last week but was later withdrawn. The move means that the Reuben brothers are effectively walking away from their earlier £45m investment in the company.
It is understood that BDO Stoy Hayward will handle the administration and is likely to appoint Licensing Solutions to oversee the company on an operational basis.
Read more:
http://www.morningadvertiser.co.uk/news.ma/article/83945
The Reuben brothers, who have £45m invested in the company, tabled a bid for £50m to buy the company. The offer was reduced to £42m last week but was later withdrawn. The move means that the Reuben brothers are effectively walking away from their earlier £45m investment in the company.
It is understood that BDO Stoy Hayward will handle the administration and is likely to appoint Licensing Solutions to oversee the company on an operational basis.
Read more:
http://www.morningadvertiser.co.uk/news.ma/article/83945
Administrators seek £9m for Croydon’s Aerodrome hotel
The historic Aerodrome hotel in Croydon, which claims to be the world’s first airport hotel, is now up for sale for £9m after entering administration.The 109-bedroom hotel, which has recently undergone an extensive refurbishment, went into administration in June after current economic conditions affected its performance.
Opened in 1928, the hotel was designed to be an integral part of the Croydon Airport complex, London’s first international city airport. Famous people who have stayed at the property include King George VI and Charlie Chaplin.
Read more:
http://www.caterersearch.com/Articles/2009/08/05/329082/administrators-seek-9m-for-croydons-aerodrome-hotel.html
Opened in 1928, the hotel was designed to be an integral part of the Croydon Airport complex, London’s first international city airport. Famous people who have stayed at the property include King George VI and Charlie Chaplin.
Read more:
http://www.caterersearch.com/Articles/2009/08/05/329082/administrators-seek-9m-for-croydons-aerodrome-hotel.html
The Donald wants to 'make Atlantic City hot' again
Hoping to regain control of his Atlantic City casino empire, Donald Trump vows "to make this company great again" and "make Atlantic City hot once more."
Mr. Trump, his daughter Ivanka and an affiliate of Dallas-based Beal Bank were chosen late Monday by Trump Entertainment Resorts to buy the company out of bankruptcy for $100 million. A bankruptcy court judge still must approve the plan
Read more:
http://www.blogger.com/post-create.g?blogID=3686177256531250163
Mr. Trump, his daughter Ivanka and an affiliate of Dallas-based Beal Bank were chosen late Monday by Trump Entertainment Resorts to buy the company out of bankruptcy for $100 million. A bankruptcy court judge still must approve the plan
Read more:
http://www.blogger.com/post-create.g?blogID=3686177256531250163
Interstate Hotels & Resorts Reports Second-Quarter 2009 Results
Highlights for the second quarter and through today include:
-- Maintained year over year Adjusted EBITDA in a difficult economy; generated growth in Adjusted Net Income;
-- Extended senior secured credit facility to March 2012;
-- Added seven properties to third-party management portfolio, including three hotels from its signed management contract pipeline of properties under development or construction; -- Signed first management contract with the Duet Hotel Fund in India; the second contract for JHM Interstate Hotels India
Read more:
http://www.ihrco.com/Default.aspx?tabid=56
-- Maintained year over year Adjusted EBITDA in a difficult economy; generated growth in Adjusted Net Income;
-- Extended senior secured credit facility to March 2012;
-- Added seven properties to third-party management portfolio, including three hotels from its signed management contract pipeline of properties under development or construction; -- Signed first management contract with the Duet Hotel Fund in India; the second contract for JHM Interstate Hotels India
Read more:
http://www.ihrco.com/Default.aspx?tabid=56
Gaylord Entertainment Co. Reports Second Quarter 2009 Results
Key components of the Company’s hospitality segment performance in the second quarter of 2009 include:
Same-store RevPAR decreased 19.8 percent to $104.85 in the second quarter of 2009 compared to $130.68 in the prior-year quarter. Same-store Total RevPAR decreased 19.6 percent to $248.72 in the second quarter compared to $309.50 in the prior-year quarter. Same-store hotels excludes Gaylord National for all periods presented. In the second quarter of 2009, Gaylord National RevPAR increased 6.1 percent to $145.25 compared to $136.85 in the prior-year quarter. Gaylord National Total RevPAR was flat in the second quarter at $343.99 compared to $343.12 in the prior-year quarter.
Second quarter 2009 same-store CCF decreased 29.9 percent to $39.1 million compared to $55.8 million in the prior-year quarter. Same-store CCF included approximately $0.4 million of special expense related to severance costs in the second quarter of 2009. Same-store CCF margin4 declined 420 basis points to 28.3 percent compared to 32.5 percent for the same period last year. In the second quarter of 2009, Gaylord National generated CCF of $20.6 million compared to $14.1 million in the prior-year quarter. Gaylord National second quarter CCF results include approximately $0.2 million of special expense related to severance costs. Gaylord National CCF margin improved 1,030 basis points to 33.0 percent versus 22.7 percent for the same period last year.
Same-store attrition in the second quarter was 14.0 percent of the agreed upon room block compared to 9.8 percent for the same period in 2008 and 16.7 percent in the first quarter of 2009. Same-store cancellations in the second quarter totaled approximately 29,381 room nights compared to 12,847 in the same period of 2008 and 66,872 in the first quarter of 2009. Gaylord Hotels attrition and cancellation fee collections totaled $8.2 million in the quarter compared to $3.6 million for the same period in 2008 and $7.6 million in the first quarter of 2009.
Read more:
http://ir.gaylordentertainment.com/phoenix.zhtml?c=72635&p=irol-newsArticle_Print&ID=1316419&highlight=
Same-store RevPAR decreased 19.8 percent to $104.85 in the second quarter of 2009 compared to $130.68 in the prior-year quarter. Same-store Total RevPAR decreased 19.6 percent to $248.72 in the second quarter compared to $309.50 in the prior-year quarter. Same-store hotels excludes Gaylord National for all periods presented. In the second quarter of 2009, Gaylord National RevPAR increased 6.1 percent to $145.25 compared to $136.85 in the prior-year quarter. Gaylord National Total RevPAR was flat in the second quarter at $343.99 compared to $343.12 in the prior-year quarter.
Second quarter 2009 same-store CCF decreased 29.9 percent to $39.1 million compared to $55.8 million in the prior-year quarter. Same-store CCF included approximately $0.4 million of special expense related to severance costs in the second quarter of 2009. Same-store CCF margin4 declined 420 basis points to 28.3 percent compared to 32.5 percent for the same period last year. In the second quarter of 2009, Gaylord National generated CCF of $20.6 million compared to $14.1 million in the prior-year quarter. Gaylord National second quarter CCF results include approximately $0.2 million of special expense related to severance costs. Gaylord National CCF margin improved 1,030 basis points to 33.0 percent versus 22.7 percent for the same period last year.
Same-store attrition in the second quarter was 14.0 percent of the agreed upon room block compared to 9.8 percent for the same period in 2008 and 16.7 percent in the first quarter of 2009. Same-store cancellations in the second quarter totaled approximately 29,381 room nights compared to 12,847 in the same period of 2008 and 66,872 in the first quarter of 2009. Gaylord Hotels attrition and cancellation fee collections totaled $8.2 million in the quarter compared to $3.6 million for the same period in 2008 and $7.6 million in the first quarter of 2009.
Read more:
http://ir.gaylordentertainment.com/phoenix.zhtml?c=72635&p=irol-newsArticle_Print&ID=1316419&highlight=
Silverleaf Resorts, Inc. Reports Second Quarter 2009 Results
Overall, total revenues for the second quarter of 2009 were $67.8 million compared to $69.1 million for the second quarter of 2008. Total revenues consist of net sales, interest income, management fees, and other income.
Vacation Interval sales were $65.1 million in the second quarter of 2009 compared to $68.0 million in the comparable prior-year period. The decrease in Vacation Interval sales is primarily attributable to promotional pricing offered during the second quarter of 2009 on select products. Vacation Interval sales to existing customers remained fairly constant at $41.2 million and $41.4 million for the second quarters of 2009 and 2008, respectively. Vacation Interval sales to new customers decreased 9.8% to $24.0 million. Vacation Interval sales to existing customers comprised 63.2% and 60.9% of total Vacation Interval sales in the second quarters of 2009 and 2008, respectively, which maintains the Company's favorable sales-mix trend toward upgrades and second-week sales to existing customers as such sales have relatively lower associated sales and marketing costs.
Read more:
http://investors.silverleafresorts.com/profiles/investor/ResLibraryView.asp?BzID=1358&ResLibraryID=31723&Category=766
Vacation Interval sales were $65.1 million in the second quarter of 2009 compared to $68.0 million in the comparable prior-year period. The decrease in Vacation Interval sales is primarily attributable to promotional pricing offered during the second quarter of 2009 on select products. Vacation Interval sales to existing customers remained fairly constant at $41.2 million and $41.4 million for the second quarters of 2009 and 2008, respectively. Vacation Interval sales to new customers decreased 9.8% to $24.0 million. Vacation Interval sales to existing customers comprised 63.2% and 60.9% of total Vacation Interval sales in the second quarters of 2009 and 2008, respectively, which maintains the Company's favorable sales-mix trend toward upgrades and second-week sales to existing customers as such sales have relatively lower associated sales and marketing costs.
Read more:
http://investors.silverleafresorts.com/profiles/investor/ResLibraryView.asp?BzID=1358&ResLibraryID=31723&Category=766
Denny's Corporation Reports Results for the Second Quarter 2009
SPARTANBURG, S.C., Aug 04, 2009 (BUSINESS WIRE) -- Denny's Corporation (NASDAQ: DENN) today reported results for the second quarter ended July 1, 2009.
Second Quarter Highlights
Adjusted income before taxes grew $1.6 million to $7.3 million
Net income increased $6.2 million due primarily to $6.4 million less in restructuring charges
Opened 10 new franchised restaurants and sold 22 company restaurants under Denny's Franchise Growth Initiative (FGI) - increased franchised restaurants to 83% of Denny's system
Voluntarily paid down $9.4 million in debt
Same-store sales decreased 2.7% at company units and decreased 4.7% at franchised units
Company restaurant operating margin improved by 1.8 percentage points to 14.3% of sales
Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=113027&p=irol-newsArticle&ID=1316709&highlight=
Second Quarter Highlights
Adjusted income before taxes grew $1.6 million to $7.3 million
Net income increased $6.2 million due primarily to $6.4 million less in restructuring charges
Opened 10 new franchised restaurants and sold 22 company restaurants under Denny's Franchise Growth Initiative (FGI) - increased franchised restaurants to 83% of Denny's system
Voluntarily paid down $9.4 million in debt
Same-store sales decreased 2.7% at company units and decreased 4.7% at franchised units
Company restaurant operating margin improved by 1.8 percentage points to 14.3% of sales
Read more:
http://phx.corporate-ir.net/phoenix.zhtml?c=113027&p=irol-newsArticle&ID=1316709&highlight=
Jack in the Box Inc. Reports Third Quarter FY 2009 Earnings and Updates FY 2009 Guidance
SAN DIEGO--(BUSINESS WIRE)--Aug. 4, 2009-- Jack in the Box Inc. (NASDAQ: JACK) today reported earnings from continuing operations of $32.9 million, or 57 cents per diluted share, for the third quarter ended July 5, 2009, compared with earnings from continuing operations of $29.5 million, or 50 cents per diluted share, for the third quarter of fiscal 2008. Third quarter 2009 results include a pre-tax loss of approximately $2.4 million, or approximately 3 cents per diluted share, related to the expected sale of a lower-performing Jack in the Box® company-operated market that is anticipated to close by the end of the calendar year. This loss is included in “Gains on sale of company-operated restaurants, net” in the accompanying consolidated statements of earnings.
Read more:
http://investors.jackinthebox.com/phoenix.zhtml?c=94497&p=irol-newsArticle&ID=1316750&highlight=
Read more:
http://investors.jackinthebox.com/phoenix.zhtml?c=94497&p=irol-newsArticle&ID=1316750&highlight=
Papa John's Announces Second Quarter Earnings
LOUISVILLE, Ky., Aug 04, 2009 (BUSINESS WIRE) -- Papa John's International, Inc. (NASDAQ: PZZA) today announced revenues of $276.6 million for the second quarter of 2009, representing a decrease of 2.4% from revenues of $283.4 million for the comparable period in 2008. Net income for the second quarter of 2009 was $14.2 million, or $0.51 per diluted share (including after-tax income of $4.2 million, or $0.15 per diluted share, from the consolidation of the results of the franchisee-owned cheese purchasing company, BIBP Commodities, Inc. ("BIBP"), a variable interest entity), compared to 2008 second quarter net income of $7.6 million, or $0.27 per diluted share (including a net loss of approximately $4.1 million, or $0.14 per diluted share, from the consolidation of BIBP).
Read more:
http://ir.papajohns.com/phoenix.zhtml?c=115556&p=irol-newsArticle&ID=1316779&highlight=
Read more:
http://ir.papajohns.com/phoenix.zhtml?c=115556&p=irol-newsArticle&ID=1316779&highlight=
