AUSTIN, TEXAS, USA (October 28, 2009) – Recognizing the important roles chapters play in the association, Hospitality Financial and Technology Professionals (HFTP®) recently honored several chapters for their contributions. The Chapter of the Year award was given to the Jacksonville, Fla. based First Coast Chapter for showcasing HFTP's principles best throughout the year. The chapter, along with several other chapters, was honored during the HFTP 2009 Annual Convention & Tradeshow, held in Las Vegas, Nev. last month.
"With over 70 chapters around the world, HFTP relies on chapters to provide a local connection to HFTP's ideals of offering education, networking and support to members," said Frank Wolfe, CAE, CEO of HFTP. "HFTP gives special recognition to those chapters that go the extra mile in chapter activities and those that provide unique ideas. Their hard work and dedication is appreciated throughout the entire organization."
HFTP's Chapter of the Year Awards recognize chapters that further the goals of HFTP by providing quality educational and professional opportunities to their members, along with involvement in the local community. The Chapter of the Year program is structured into three tiers based on the number of members per chapter, allowing chapters of all sizes to be recognized for their dedication to the association. The First Coast Chapter was the winner of the Tier A category with under 35 members in the chapter.
Thursday, November 12, 2009
Food fight: Burger King franchisees sue chain
CHICAGO (AP) -- Burger King franchisees sued the hamburger company this week over its $1 double cheeseburger promotion, saying they're losing money on the deal and the company can't set maximum menu prices.
The National Franchise Association, a group that represents more than 80 percent of Burger King's U.S. franchise owners, said the $1 promotion forces restaurant owners to sell the quarter-pound burger with at least a 10-cent loss.
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The National Franchise Association, a group that represents more than 80 percent of Burger King's U.S. franchise owners, said the $1 promotion forces restaurant owners to sell the quarter-pound burger with at least a 10-cent loss.
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Marriott International Announces Five New Hotels in the Middle East & Africa
Marriott International (NYSE:MAR) today announced the signing of five hotels for its newly established Middle East & Africa Region, including its first properties in Algeria, Ghana and Morocco.
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O'Charley's Inc. Reports Results for the Third Quarter of 2009
Financial and Operating Highlights
Revenue for the third quarter of fiscal 2009 decreased $15.5 million or 7.4 percent to $194.1 million, from $209.6 million in the third quarter of fiscal 2008. Same-store sales for the third quarter of 2009 declined 7.6 percent at O'Charley's company-operated restaurants, 7.1 percent at Ninety Nine Restaurants, and 17.1 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 14.2 percent of restaurant sales from 13.6 percent in the prior year quarter. Declines in food and beverage costs, and reductions in restaurant operating costs, were partially offset by the deleveraging impact of reduced sales on payroll and benefits costs.
Income from operations in the quarter was $0.3 million, and loss before income taxes was $2.1 million. In comparison, loss from operations in the prior year quarter, which included a goodwill impairment charge of $48.0 million, was $48.6 million, and the loss before income taxes was $53.0 million.
Results for the third quarter include an income tax expense of $0.1 million, resulting in a net loss attributable to common shareholders of $2.1 million, or $0.10 per diluted share. The tax provision for the quarter reflects adjustments to the Company's full-year projections, and the impact of these adjustments on valuation reserves and discrete items. In comparison, net loss attributable to common shareholders in the prior year third quarter was $66.8 million, or $3.29 per share, and included the impact of the goodwill impairment charge and a valuation allowance on the Company's deferred tax assets.
For the 40-week period ended October 4, 2009, revenue was $692.0 million, income from operations was $17.5 million, and net earnings available to common shareholders were $7.7 million, or $0.36 per diluted share. In comparison, for the prior year period revenue was $728.3 million, loss from operations was $39.6 million, and net loss attributable to common shareholders was $64.3 million, or $3.06 per diluted share.
During the quarter, the Company completed the previously-announced transaction to outsource food and supply distribution for Ninety Nine Restaurants, and received cash proceeds of approximately $7 million. At the end of the quarter, the Company had cash balances of $18.1 million.
Although current economic conditions continue to limit its ability to project future sales performance, the Company affirmed its previously-issued forecast for the fourth quarter of 2009, and stated that it expects total revenue of between $190 million and $195 million in the fourth quarter of 2009, and a loss from operations of between $1 million and $4 million.
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Revenue for the third quarter of fiscal 2009 decreased $15.5 million or 7.4 percent to $194.1 million, from $209.6 million in the third quarter of fiscal 2008. Same-store sales for the third quarter of 2009 declined 7.6 percent at O'Charley's company-operated restaurants, 7.1 percent at Ninety Nine Restaurants, and 17.1 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 14.2 percent of restaurant sales from 13.6 percent in the prior year quarter. Declines in food and beverage costs, and reductions in restaurant operating costs, were partially offset by the deleveraging impact of reduced sales on payroll and benefits costs.
Income from operations in the quarter was $0.3 million, and loss before income taxes was $2.1 million. In comparison, loss from operations in the prior year quarter, which included a goodwill impairment charge of $48.0 million, was $48.6 million, and the loss before income taxes was $53.0 million.
Results for the third quarter include an income tax expense of $0.1 million, resulting in a net loss attributable to common shareholders of $2.1 million, or $0.10 per diluted share. The tax provision for the quarter reflects adjustments to the Company's full-year projections, and the impact of these adjustments on valuation reserves and discrete items. In comparison, net loss attributable to common shareholders in the prior year third quarter was $66.8 million, or $3.29 per share, and included the impact of the goodwill impairment charge and a valuation allowance on the Company's deferred tax assets.
For the 40-week period ended October 4, 2009, revenue was $692.0 million, income from operations was $17.5 million, and net earnings available to common shareholders were $7.7 million, or $0.36 per diluted share. In comparison, for the prior year period revenue was $728.3 million, loss from operations was $39.6 million, and net loss attributable to common shareholders was $64.3 million, or $3.06 per diluted share.
During the quarter, the Company completed the previously-announced transaction to outsource food and supply distribution for Ninety Nine Restaurants, and received cash proceeds of approximately $7 million. At the end of the quarter, the Company had cash balances of $18.1 million.
Although current economic conditions continue to limit its ability to project future sales performance, the Company affirmed its previously-issued forecast for the fourth quarter of 2009, and stated that it expects total revenue of between $190 million and $195 million in the fourth quarter of 2009, and a loss from operations of between $1 million and $4 million.
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InterContinental Hotels: Leisure travelers to be big focus in 2010
With no quick recovery expected for business travel next year, one of the ways that InterContinental Hotels Group plans to approach 2010 is by targeting leisure travelers. InterContinental runs brands including the Holiday Inn, Holiday Inn Express and Crowne Plaza.
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Minimum pricing in UK needed now, argues Lib Dem MP
Blaming pubs for the problems of “Binge Britain” is often wrong and minimum pricing is now the best way to tackle “pocket money” off-trade prices, according to a senior Liberal Democrat.
Don Foster, Lib Dem shadow culture secretary, slammed the supermarkets’ policy on alcohol and pledged his support for pubs, during the Business In Sport and Leisure conference today in London.
“There is no doubt that Booze Britain is causing real problems… but far too often the problems are laid at the door of hard pushed pub landlords and club owners,” he said.
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Don Foster, Lib Dem shadow culture secretary, slammed the supermarkets’ policy on alcohol and pledged his support for pubs, during the Business In Sport and Leisure conference today in London.
“There is no doubt that Booze Britain is causing real problems… but far too often the problems are laid at the door of hard pushed pub landlords and club owners,” he said.
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McDonald's: 1,000 new restaurants in 2010
NEW YORK (CNNMoney.com) -- McDonald's plans to open 1,000 new restaurants next year and renovate 2,300 existing locations.
At a meeting of company investors on Thursday, the fast-food giant said it would focus on opening new restaurants primarily in the U.S., Germany, France, Russia, China and Australia.
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At a meeting of company investors on Thursday, the fast-food giant said it would focus on opening new restaurants primarily in the U.S., Germany, France, Russia, China and Australia.
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Starbucks CEO: McDonald's Made Starbucks Better
LOS ANGELES (Reuters) - Starbucks Corp Chief Executive Howard Schultz said McDonald's Corp's McCafe launch earlier this year made the cafe chain better.
Starbucks executives have repeatedly said that the world's largest hamburger chain's entry into the market for espresso-based drinks, the first competitive pressure Starbucks had faced in the niche it pioneered, had no impact on Starbucks' business. But comments beyond that have been few and far between.
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Starbucks executives have repeatedly said that the world's largest hamburger chain's entry into the market for espresso-based drinks, the first competitive pressure Starbucks had faced in the niche it pioneered, had no impact on Starbucks' business. But comments beyond that have been few and far between.
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Majestic Star casino company misses debt payments
GARY, Ind. - The company that owns two casinos along Indiana's Lake Michigan shore and others in Mississippi and Colorado has been declared in default on nearly $80 million in debt by its lenders.
Majestic Star Casino LLC disclosed the default notice in a Securities and Exchange Commission filing. Majestic Star senior vice president Jon Bennett says the Las Vegas-based company is "looking at all alternatives available."
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Majestic Star Casino LLC disclosed the default notice in a Securities and Exchange Commission filing. Majestic Star senior vice president Jon Bennett says the Las Vegas-based company is "looking at all alternatives available."
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