FINANCIAL HIGHLIGHTS AND LIQUIDITY
-- Corporate unrestricted cash at the end of the quarter was $165.2 million
-- Total revenue decreased 18.3% to $234.6 million from $287.3 million
-- RevPAR decreased 13.5% for the quarter
-- Operating profit margin decreased 297 basis points
-- Net loss available to common shareholders was $76.9 million, or $1.30
per diluted share, compared with net income of $135.1 million, or $1.34
per diluted share, in the prior-year quarter
-- Adjusted funds from operations (AFFO) was $0.32 per diluted share
-- Cash available for distribution (CAD) was $0.22 per diluted share
-- Fixed charge coverage ratio was 1.69x under the senior credit facility
covenant versus a required minimum of 1.25x
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Sunday, March 21, 2010
AFC Reports Fiscal 2009 Financial Results; Provides Fiscal 2010 Guidance
Reported net income was $18.8 million, or $0.74 per diluted share, compared to $19.4 million, or $0.76 per diluted share, last year. Adjusted earnings per diluted share were $0.74 in 2009, compared to $0.65 in 2008, an increase of 14 percent. Adjusted earnings per diluted share is a supplemental non-GAAP measure of performance. See the heading entitled "Management's Use of Non-GAAP Financial Measures."
Total system-wide sales increased 1.8 percent compared to a 0.6 percent increase last year.
Global same-store sales increased 0.7 percent compared to a 1.7 percent decrease last year. Total domestic same-store sales increased 0.6 percent, compared to a 2.2 percent decrease last year, outpacing both the QSR and chicken QSR categories. International same-store sales increased 1.9 percent, compared to a 4.1 percent increase last year, the third consecutive year of positive same-store sales.
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Total system-wide sales increased 1.8 percent compared to a 0.6 percent increase last year.
Global same-store sales increased 0.7 percent compared to a 1.7 percent decrease last year. Total domestic same-store sales increased 0.6 percent, compared to a 2.2 percent decrease last year, outpacing both the QSR and chicken QSR categories. International same-store sales increased 1.9 percent, compared to a 4.1 percent increase last year, the third consecutive year of positive same-store sales.
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Battle To Begin Monday Over Casino Expansion In Atlantic City
The Atlantic City casino industry is struggling mightily and all parties involved are looking for ways to revive the areas top industry. Senator James Whelan believes he has a solution.
On Monday, Whelan will introduce legislation that, if approved, would add four new casinos to the city. They would not be as big as existing casinos, but still the plan is being met with resistance.
The existing casino owners will argue that new casinos would mean new competition at a time when revenue is already down. They believe that additional competition could bankrupt some of the current properties.
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On Monday, Whelan will introduce legislation that, if approved, would add four new casinos to the city. They would not be as big as existing casinos, but still the plan is being met with resistance.
The existing casino owners will argue that new casinos would mean new competition at a time when revenue is already down. They believe that additional competition could bankrupt some of the current properties.
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With Chicago's convention biz ailing, luring vacationers is more vital than ever
For those planning a vacation, the lure of Las Vegas is undeniable: a gleaming strip of luxury casinos, big-budget stage shows and warm desert breezes. Those considering Orlando, Fla., dream of the Magic Kingdom and gravity-defying roller coasters.
And Chicago? Well, tourists can be a little more hazy on the subject.
"Las Vegas has done a very good job coming up with unique marketing techniques," says Peter Tarlow, who heads Texas-based consulting company Tourism & More and lectures nationally on tourism and economic development. "If you're looking at Orlando, you're looking at a family vacation," but "it's a little unclear to me what Chicago is all about."
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And Chicago? Well, tourists can be a little more hazy on the subject.
"Las Vegas has done a very good job coming up with unique marketing techniques," says Peter Tarlow, who heads Texas-based consulting company Tourism & More and lectures nationally on tourism and economic development. "If you're looking at Orlando, you're looking at a family vacation," but "it's a little unclear to me what Chicago is all about."
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Price wars breaks out among Discounters
Four major hotel discounters and deal-finders are enjoying record popularity, all because of a substantial drop in both individual and group bookings at America's hotels.
By way of background: Few industries are suffering more from the current economic slowdown. Their occupancies badly down, many U.S. hotels have turned to the most desperate and imaginative discounts ever for luring travelers into their rooms. Several even have claimed that if you pay their normal room rates, you will receive the right ``to eat all you want'' throughout the day, free of charge, at their in-hotel restaurants and cafes.
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By way of background: Few industries are suffering more from the current economic slowdown. Their occupancies badly down, many U.S. hotels have turned to the most desperate and imaginative discounts ever for luring travelers into their rooms. Several even have claimed that if you pay their normal room rates, you will receive the right ``to eat all you want'' throughout the day, free of charge, at their in-hotel restaurants and cafes.
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'Buy a pub and lose your life's savings'
Did you know there was a minister for pubs? It’s enough to make you want to go into politics and spend a large portion of the week doing invaluable research. I became aware of this most enviable role only last week, when I heard that the present incumbent, John Healey MP, is encouraging potential investors to sink their pennies into pubs.
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L.A. eatery charged with serving whale meat closes
LOS ANGELES, March 20 (Reuters) - A Los Angeles-area sushi restaurant that made international headlines after it was charged with serving endangered whale meat will close forever as a "self-imposed punishment," according to a statement on its website.
The parent company of the The Hump, a popular Santa Monica restaurant, and sushi chef Kiyoshiro Yamamoto were charged on March 11 with violating the Marine Mammal Protection Act, which makes it illegal to sell whale meat.
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The parent company of the The Hump, a popular Santa Monica restaurant, and sushi chef Kiyoshiro Yamamoto were charged on March 11 with violating the Marine Mammal Protection Act, which makes it illegal to sell whale meat.
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