HUNTINGTON BEACH, Calif., Feb 11, 2010 (GlobeNewswire via COMTEX) -- BJ's Restaurants, Inc. (Nasdaq:BJRI) today reported financial results for the fourth quarter and fiscal year 2009 that ended on Tuesday, December 29, 2009.
Total revenues for the fourth quarter of fiscal 2009 increased approximately 13.5% to $112.6 million compared to $99.3 million for the same quarter last year. Comparable restaurant sales decreased by 0.2% during the fourth quarter of fiscal 2009 compared to a decrease of 0.7% during the same quarter last year. Net income and diluted net income per share for the fourth quarter of fiscal 2009 were $1.7 million and $0.06, respectively. As previously announced in our press release on January 7, 2010, the fourth quarter results include a $1.7 million pre-tax charge related to the settlement and disposition of the Company's entire auction rate securities ("ARS") investment portfolio and $0.5 million of legal costs associated with negotiating and documenting the settlement of the Company's related claim against the broker-dealer for its ARS portfolio. On a non-GAAP basis, excluding the aforementioned $2.2 million of pre-tax charges and their related tax effect, the Company's non-GAAP net income and non-GAAP net income per diluted share for the fourth quarter were $3.3 million and $0.12, respectively. A reconciliation between GAAP and these non-GAAP financial measures is included in the accompanying financial data.
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Tuesday, February 16, 2010
Orlando hoteliers offering deep discounts
How much does the average room cost in a high-end Orlando hotel these days?
Three-hundred dollars a night? Try again. Two-hundred dollars? Still too high.
The average daily price among the top 15 percent of hotels in the Orlando market last year: $138. The cost of a room in this "luxury price" category was down 12.3 percent from a year earlier, according to Smith Travel Research, which tracks hotels nationwide. The average room rate for the entire market was down about the same amount, 12.2 percent, to $93 a night.
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Three-hundred dollars a night? Try again. Two-hundred dollars? Still too high.
The average daily price among the top 15 percent of hotels in the Orlando market last year: $138. The cost of a room in this "luxury price" category was down 12.3 percent from a year earlier, according to Smith Travel Research, which tracks hotels nationwide. The average room rate for the entire market was down about the same amount, 12.2 percent, to $93 a night.
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Hawaii lawmaker again debating legal gambling
Gambling interests spent hundreds of thousands of dollars on lobbying and public relations in Hawai'i nearly a decade ago, tempting state lawmakers with new tax revenue from a grand resort and casino.
Nothing happened.
This year, with no similar lobbying blitz, state House lawmakers have opened the door to legalized gambling, either through a single casino on O'ahu or casinos on Hawaiian home lands.
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Nothing happened.
This year, with no similar lobbying blitz, state House lawmakers have opened the door to legalized gambling, either through a single casino on O'ahu or casinos on Hawaiian home lands.
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Hawaii Hotels Lost $741M Last Year
A new report says hotels in Hawaii lost $741 million last year, $1.1 billion since the tourism slump began in 2008.
The report by the industry consulting firm Hospitality Advisors LLC says hotel occupancy throughout the state averaged 66.5 percent in 2009. That's down from 70.5 percent in 2008.
Hospitality Advisors says last year's rate was the lowest since it began reporting hotel data in 1987.
Company President and Chief Executive Officer Joseph Toy says 2009 was a tough year for the visitor industry in Hawaii and across the nation.
He says the speed and depth of the downturn was unprecedented, and the hotel industry has never experienced the level of rate discounting that is continuing.
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The report by the industry consulting firm Hospitality Advisors LLC says hotel occupancy throughout the state averaged 66.5 percent in 2009. That's down from 70.5 percent in 2008.
Hospitality Advisors says last year's rate was the lowest since it began reporting hotel data in 1987.
Company President and Chief Executive Officer Joseph Toy says 2009 was a tough year for the visitor industry in Hawaii and across the nation.
He says the speed and depth of the downturn was unprecedented, and the hotel industry has never experienced the level of rate discounting that is continuing.
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Burger King to carry Seattle's Best coffee
Burger King, the second largest U.S. hamburger chain after McDonald's, said it would serve Seattle's Best in about 7,250 U.S. outlets by September. The new coffee drinks, with optional flavorings and whipped topping, will sell for $1 to $2.79.
Starbucks has been working to grow its Seattle's Best Coffee brand through franchisees and agreements with other restaurants such as Subway.
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Starbucks has been working to grow its Seattle's Best Coffee brand through franchisees and agreements with other restaurants such as Subway.
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Enterprise Inns puts more pubs in sale and leaseback auction
Enterprise Inns is hoping to raise more than £12m next month when it sells and leases back another eight London pubs.
The latest auction is being held on March 10, hosted by Cushman & Wakefield which has already sold pubs for the pubco's sale and leaseback programme and according to its own website is “regarded as market leaders in the disposal of sale & leaseback investments”.
Last week Enterprise grossed at least £10m when it sold and leased back seven pubs through auctioneers Allsop.
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The latest auction is being held on March 10, hosted by Cushman & Wakefield which has already sold pubs for the pubco's sale and leaseback programme and according to its own website is “regarded as market leaders in the disposal of sale & leaseback investments”.
Last week Enterprise grossed at least £10m when it sold and leased back seven pubs through auctioneers Allsop.
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Darden Raises 2010 Outlook on Higher Traffic
The owner of Red Lobster and Olive Garden restaurants, Darden Restaurants (DRI: 40.4075, 1.4075, 3.61%), upped its outlook for profits thanks to heightened consumer traffic. The company now says per-share earnings from continuing operations will be up by 5-8% for its fiscal year ending in May, up from December’s prediction of flat to a 4% rise.
"The signs of sales and traffic improvement we began to see late in the second quarter and discussed during our December conference call with investors continued into January and February," said Darden CEO Clarence Otis in a statement.
The Orlando, Florida-based company, which also owns LongHorn Steakhouse and Capital Grille restaurants, says it will add between 50 and 55 new restaurants to its roster during the year.
"The signs of sales and traffic improvement we began to see late in the second quarter and discussed during our December conference call with investors continued into January and February," said Darden CEO Clarence Otis in a statement.
The Orlando, Florida-based company, which also owns LongHorn Steakhouse and Capital Grille restaurants, says it will add between 50 and 55 new restaurants to its roster during the year.
Domino's Pizza to open more branches as success story continues
Domino's Pizza to open more branches as success story continues• Total sales up 16% on the year
Domino's Pizza today reported a 28% jump in annual profits as cold weather and recession put comfort food top of the menu.
The Britain's Got Talent sponsor also benefited from the "SuBo" phenomenon as Susan Boyle drew a record number of viewers to the hit ITV show.
Chief executive Chris Moore said the franchise pizza delivery group would now step up expansion to 55 stores after an "exceptional" year that saw like-for-like sales growth of 8.4%. "There is a strong desire for expansion by our existing franchisees as well as a significant number of new franchisees wishing to enter the system," he said.
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Domino's Pizza today reported a 28% jump in annual profits as cold weather and recession put comfort food top of the menu.
The Britain's Got Talent sponsor also benefited from the "SuBo" phenomenon as Susan Boyle drew a record number of viewers to the hit ITV show.
Chief executive Chris Moore said the franchise pizza delivery group would now step up expansion to 55 stores after an "exceptional" year that saw like-for-like sales growth of 8.4%. "There is a strong desire for expansion by our existing franchisees as well as a significant number of new franchisees wishing to enter the system," he said.
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Bahamas Government to exit its interest in Mayaguana project
The Government's plans to exit its 50 per cent equity interest in a $1.8 billion Bahamas-based investment project could "move ahead rapidly" once it and its developer partner "mutually agree" recommended changes to their agreement, Tribune Business has learned.
Vincent Vanderpool-Wallace, minister of tourism and aviation, confirmed to this newspaper that in return for handing back its equity stake in Mayaguana Island Developers Ltd to its private sector partner, the I-Group, the Boston-based company would return some 5,000 acres of land on that island to the Government.
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Vincent Vanderpool-Wallace, minister of tourism and aviation, confirmed to this newspaper that in return for handing back its equity stake in Mayaguana Island Developers Ltd to its private sector partner, the I-Group, the Boston-based company would return some 5,000 acres of land on that island to the Government.
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Buffalo Wild Wings Less Than Hot After Earnings Shortfall
Shares of Buffalo Wild Wings (BWLD), which hit an all-time high of $48.73 last Thursday leading into its quarterly report, fell hard during after-hours trading as the company was unable to live up to the Street’s expectations. The company came in with Q4 profits of $8.3 million, or $0.46/share, up from $7.7 million, or $0.43/share, for the same period a year earlier. Revenue came in at $145 million, good for a 20% sequential increase. Still, these year-over-year increases did little to appease investors, as the Street’s consensus called for profit of $0.51/share on revenue of $149 million.
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Barracuda reports £336,000 loss for 2009
Barracuda Group has posted a £336,000 pre-tax loss on a turnover of £33m for 2009.
The firm, which manages pubs under the Smith & Jones, Varsity, Barracuda Bar, Juniper and Cape brands warned that the pub industry continued to face "considerable challenges" due to the recession and increasing duty charges from the Government.
But the firm, which operates 80 freehold pubs and 142 leasehold properties, said that it could cope with the pressures of the economy and that its "larger than average" pubs meant that it could continue to grow food sales.
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The firm, which manages pubs under the Smith & Jones, Varsity, Barracuda Bar, Juniper and Cape brands warned that the pub industry continued to face "considerable challenges" due to the recession and increasing duty charges from the Government.
But the firm, which operates 80 freehold pubs and 142 leasehold properties, said that it could cope with the pressures of the economy and that its "larger than average" pubs meant that it could continue to grow food sales.
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P.F. Chang's signs Philippines deal
P.F. Chang’s China Bistro Inc. announced a deal with Global Restaurant Concepts Inc. to develop eight restaurants in the Philippines over the next five years.
Founded in 1997, Global Restaurant Concepts Inc. has focused on casual dining service and premium pizza in the Philippines. Its first location for the Scottsdale-based Asian restaurant chain is scheduled to open in Manila in first-quarter.
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Founded in 1997, Global Restaurant Concepts Inc. has focused on casual dining service and premium pizza in the Philippines. Its first location for the Scottsdale-based Asian restaurant chain is scheduled to open in Manila in first-quarter.
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Best practices for a top ranking on TripAdvisor
Many hotels aspire to achieve top ranking in TripAdvisor’s popularity index. In New York, HKHotels dominates the charts, with all four of its properties in the top five rankings. This article takes a closer look on how they achieved this.
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IHG - Full Year Results to 31 December 2009
Global constant currency RevPAR decline of 14.7%, with a fourth quarter decline of 10.9%.
26,828 net rooms (252 hotels) added taking system size to 646,679 rooms (4,438 hotels), up 4% year on year.
55,345 rooms (439 hotels) added to the system, 28,517 rooms (187 hotels) removed.
52,891 rooms (345 hotels) signed, taking the pipeline to 210,363 rooms (1,438 hotels).
Total gross revenue4 from all hotels in IHG’s system $16.8bn (2008 $19.1bn)
EPS benefited from effective tax rate of 5% (2008: 23%) due to the release of certain prior year tax contingencies, primarily as a result of the final resolution of various tax audits
Final dividend maintained at 29.2¢, equivalent to 18.7p. Total dividend of 41.4¢, flat on 2008.
Exceptional operating charges of $373m include: (i) $197m of non-cash asset impairments; and (ii) $91m charge related to a management contract in the US.
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26,828 net rooms (252 hotels) added taking system size to 646,679 rooms (4,438 hotels), up 4% year on year.
55,345 rooms (439 hotels) added to the system, 28,517 rooms (187 hotels) removed.
52,891 rooms (345 hotels) signed, taking the pipeline to 210,363 rooms (1,438 hotels).
Total gross revenue4 from all hotels in IHG’s system $16.8bn (2008 $19.1bn)
EPS benefited from effective tax rate of 5% (2008: 23%) due to the release of certain prior year tax contingencies, primarily as a result of the final resolution of various tax audits
Final dividend maintained at 29.2¢, equivalent to 18.7p. Total dividend of 41.4¢, flat on 2008.
Exceptional operating charges of $373m include: (i) $197m of non-cash asset impairments; and (ii) $91m charge related to a management contract in the US.
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Red Lion Hotels Reports Fourth Quarter and Full Year 2009 Results
SPOKANE, WA, February 16, 2010 - Red Lion Hotels Corporation (NYSE: RLH), a western U.S.-based owner of midscale and upscale hotels, today announced its results for the fourth quarter and full year ended December 31, 2009.
Highlights:
•Fourth quarter RevPAR for owned and leased hotels decreased 7.2%, a sign of slowing RevPAR declines
•Fourth quarter occupancy held steady year-over-year
•2009 EBITDA was $27.6 million before special items, down $3.8 million year-over-year despite a $22.2 million revenue decline
•The Company completed amendments to its credit facility that modified covenants and increased financial flexibility
•The Company recognized an impairment charge of $8.7 million
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Highlights:
•Fourth quarter RevPAR for owned and leased hotels decreased 7.2%, a sign of slowing RevPAR declines
•Fourth quarter occupancy held steady year-over-year
•2009 EBITDA was $27.6 million before special items, down $3.8 million year-over-year despite a $22.2 million revenue decline
•The Company completed amendments to its credit facility that modified covenants and increased financial flexibility
•The Company recognized an impairment charge of $8.7 million
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