Buffalo Wild Wings, Inc. Announces Fourth Quarter Earnings per Share of $0.55 and Annual Net Earnings Growth of Over 25% for 2010

Image via WikipediaBuffalo Wild Wings, Inc. (Hospitality Business News), announced today financial results for the fourth quarter ended December 26, 2010. Highlights for the fourth quarter versus the same period a year ago were:

• Total revenue increased 13.1% to $163.9 million
• Company-owned restaurant sales grew 13.3% to $148.7 million
• Same-store sales decreased 0.3% at company-owned restaurants and 1.1% at franchised restaurants
• Net earnings increased 22.0% to $10.2 million from $8.3 million, and earnings per diluted share increased 19.6% to $0.55 from $0.46

Sally Smith, President and Chief Executive Officer, commented, "The fourth quarter completed another successful year for Buffalo Wild Wings. We increased our brand presence with 80 additional restaurants across the United States, and our system-wide sales topped $1.7 billion! We delivered earnings per diluted share of $0.55 to our shareholders in the fourth quarter and accomplished net earnings growth of over 25% for the year."
Total revenue increased 13.1% to $163.9 million in the fourth quarter compared to $145.0 million in the fourth quarter of 2009. Company-owned restaurant sales for the quarter increased 13.3% over the same period in 2009, to $148.7 million, mainly the result of 27 additional company-owned restaurants at the end of fourth quarter 2010 relative to the same period in 2009. Same-store sales at company-owned locations for the fourth quarter decreased 0.3%. Franchise royalties and fees increased 10.3% to $15.2 million versus $13.8 million in the fourth quarter of 2009. This increase is attributed to 53 additional franchised restaurants at the end of the period versus a year ago, partially offset by a franchised same-store sales decrease of 1.1%.
Average weekly sales for company-owned restaurants were $45,595 for the fourth quarter of 2010 compared to $44,583 for the same quarter last year, a 2.3% increase. Franchised restaurants averaged $49,837 for the period versus $50,115 in the fourth quarter a year ago, a 0.6% decrease.
For the fourth quarter, net earnings increased 22.0% to $10.2 million versus $8.3 million in the fourth quarter of 2009. Earnings per diluted share were $0.55, as compared to fourth quarter 2009 earnings per diluted share of $0.46.
2011 Outlook
Ms. Smith remarked, "We're just coming off the excitement of Super Bowl Sunday, and our same-store sales for the first six weeks of 2011 are strong at 3.8% in company-owned and 1.5% at franchised locations. As sports fans turn their focus to basketball, we'll increase our media presence with attention-getting programming that supports our Home Court Advantage(TM) campaign. In our restaurants, our Team Members are dedicated to delivering an exceptional 'courtside' experience to our Guests."
Ms. Smith concluded, "2011 is another year of growth for Buffalo Wild Wings. We expect to open more than 100 new restaurants, including our first units in Canada, and reach our goal of 13% unit growth for the year. With our strategic emphasis on the core elements that have built our success: wings, beer, and sports, and our proven track record of results, we are confident in our ability to achieve our net earnings goal of over 18% growth for 2011."

Wyndham Worldwide Reports Strong Fourth Quarter

PARSIPPANY, N.J. 02-09-2011 —(Hospitality Business News) Wyndham Worldwide Corporation (NYSE:WYN) today announced results for the three months and year ended December 31, 2010.

Highlights:

• Fourth quarter adjusted diluted earnings per share (EPS) was $0.46, compared with $0.40 in the fourth quarter of 2009, an increase of 15%. Fourth quarter 2010 reported diluted EPS was $0.43, an increase of 8% from the same period in 2009.
• Free cash flow increased 11% to $603 million for the year ended December 31, 2010, compared with $541 million in 2009. The Company defines free cash flow as net cash provided by operating activities less capital expenditures, equity investments and development advances and excluding a previously announced cash payment related to contingent IRS tax liabilities.
• The Company's Board of Directors authorized an increase of the quarterly cash dividend to $0.15 from $0.12 per share, beginning with the dividend that is expected to be declared in the first quarter of 2011.
• During the quarter, the Company repurchased approximately 1.6 million shares of its common stock at an average price of $29.20. For the full-year 2010, the Company repurchased approximately 9.3 million shares of its common stock at an average price of $25.52.

"We are pleased to report these results, which are further evidence of the strength of our business models and great execution throughout the company," said Stephen P. Holmes, chairman and CEO, Wyndham Worldwide. "We delivered strong cash flow and look to continue to deploy free cash flow to create more value for our shareholders in 2011 through acquisitions, share repurchases and dividends."

FOURTH QUARTER 2010 OPERATING RESULTS

Fourth quarter revenues increased 3% from the prior year period to $937 million. Excluding the $47 million of Vacation Ownership revenue associated with the percentage-of-completion (POC) accounting method in the fourth quarter of 2009, fourth quarter 2010 adjusted revenue growth was 8%. The adjusted revenue growth reflects continued sales momentum across the Company's three business units and incremental contributions from acquisitions.
For the fourth quarter of 2010, adjusted net income increased by 15% to $84 million, compared with $73 million for the same period in 2009. The increase primarily reflects higher RevPAR in the Lodging business, strong operational performance by the Vacation Ownership business and a lower effective tax rate. Adjusted net income for the fourth quarter of 2010 excludes a $6 million after-tax restructuring charge, a $2 million after-tax loss incurred for the repurchase of a portion of the Company's 3.50% convertible notes and a $3 million after-tax net benefit related to the adjustment and resolution of certain contingent liabilities and assets.
Reported net income for the fourth quarter of 2010 was $78 million, or $0.43 per diluted share, compared with net income of $73 million, or $0.40 per diluted share, for the fourth quarter of 2009.

FULL YEAR 2010 OPERATING RESULTS

Reported revenues for full year 2010 were $3.9 billion, an increase of 3% over the prior-year period. Excluding the $187 million of Vacation Ownership revenue associated with the POC accounting method for the full year 2009, full year 2010 adjusted revenue growth was 8%. The adjusted revenue growth reflects continued sales momentum across the Company's three business units and incremental contributions from acquisitions.
Adjusted net income for the full year 2010 increased by 13% to $368 million, compared with $327 million for the prior-year period. The increase primarily reflects higher RevPAR in the Lodging business, strong operational performance by the Vacation Ownership business, contributions from acquisitions in the Exchange and Rentals and Lodging businesses and a lower effective tax rate. Adjusted net income for the full year 2010 excludes a $41 million after-tax net benefit principally related to the resolution of the IRS examination of taxable years 2003 through 2006, an $18 million after-tax charge for the early extinguishment of debt, a $6 million after-tax charge for acquisition costs and a $6 million after-tax restructuring charge.
Reported net income for full year 2010 was $379 million, or $2.05 per diluted share, compared with net income of $293 million, or $1.61 per diluted share, for the prior-year period.
Free cash flow increased 11% to $603 million in the twelve-month period ended December 31, 2010 compared with $541 million in the same period in 2009. The growth of free cash flow reflects higher cash earnings and more efficient working capital utilization. For the twelve months ended December 31, 2010, cash provided by operating activities was $635 million, or $780 million excluding the previously announced one-time payment of $145 million related to a contingent IRS tax liability. Cash provided by operating activities was $689 million for the prior-year period.

BUSINESS UNIT RESULTS

Lodging (Wyndham Hotel Group)

Revenues were $163 million in the fourth quarter of 2010, an increase of 9%, compared with the fourth quarter of 2009 reflecting RevPAR improvement of 10% as well as incremental revenue from the recently acquired Tryp hotel brand and higher fees generated from ancillary services provided to franchisees.
EBITDA was $40 million, an increase of 25%, compared with the fourth quarter of 2009 reflecting the RevPAR improvement and the absence of a $6 million impairment charge recorded in 2009, partially offset by higher operating costs.
As of December 31, 2010, the Company's hotel system consisted of approximately 7,210 properties and 612,700 rooms. The development pipeline included over 900 hotels and approximately 103,000 rooms, of which 55% were new construction and 51% were international.

Vacation Exchange and Rentals (Wyndham Exchange & Rentals)

Revenues were $282 million in the fourth quarter of 2010, an increase of 9% compared with the fourth quarter of 2009. In constant currency, revenues increased by 12%.
Exchange revenues were $153 million, relatively flat compared with the fourth quarter of 2009. Exchange revenue per member and the average number of members were flat.
Vacation rental revenues were $114 million, a 16% increase compared with the fourth quarter of 2009. In constant currency, vacation rental revenues increased 24% from the fourth quarter of 2009, primarily reflecting the contribution of incremental revenues from acquired businesses.
Excluding restructuring costs of $9 million and costs related to the acquisition of James Villa Holidays of $1 million, fourth quarter 2010 adjusted EBITDA decreased 13% compared with the prior-year period, reflecting the seasonality of the acquired rental businesses. Excluding the impact of acquisitions, adjusted EBITDA for the fourth quarter of 2010 was flat compared with the fourth quarter of 2009.
Wyndham Exchange & Rentals acquired James Villa Holidays on November 30, 2010, resulting in the addition of approximately 2,300 villas and unique vacation rental properties in over 50 destinations across Mediterranean vacation locations. This acquisition enhances the Company's leading position as the world's largest serviced vacation rentals business, providing access to approximately 97,000 vacation properties worldwide.

Vacation Ownership (Wyndham Vacation Ownership)

Gross Vacation Ownership Interest (VOI) sales were $373 million in the fourth quarter of 2010, up 9% from the fourth quarter of 2009, reflecting a 13% increase in tour flow. Volume per guest was flat compared with the prior year.
Total segment revenues were $497 million in the fourth quarter of 2010, compared with $508 million in the fourth quarter of 2009, which included the recognition of $47 million of previously deferred POC revenues. The absence of these revenues in the fourth quarter of 2010 was partially offset by an increase in gross VOI sales, a lower provision for loan losses and incremental sales under the Wyndham Asset Affiliation Model (WAAM).
EBITDA for the fourth quarter of 2010 was $131 million, compared with EBITDA of $132 million in the fourth quarter of 2009. Excluding an estimated $22 million impact from the POC method of accounting in the fourth quarter of 2009, fourth quarter 2010 adjusted EBITDA growth was 19%. This growth reflected the lower provision for loan losses and the increase in VOI sales.

Other Items

• The Company repurchased approximately 1.6 million shares of its common stock during the fourth quarter of 2010 at an average price of $29.20 and an additional 455,000 shares at an average price of $29.51 through February 8, 2011.
• During the fourth quarter of 2010, the Company repurchased $22 million face value of its 3.50% convertible notes and retired the proportionate share of the call options and warrants associated with these notes.
• Net interest expense in the fourth quarter of 2010 was $34 million, an increase of $1 million from the fourth quarter of 2009, primarily reflecting a $3 million loss incurred for the repurchase of a portion of the Company's 3.50% convertible notes during the fourth quarter of 2010.

Balance Sheet Information as of December 31, 2010:

• Cash and cash equivalents of approximately $155 million, unchanged from December 31, 2009
• Vacation ownership contract receivables, net, of $3.0 billion, compared with $3.1 billion at December 31, 2009
• Vacation ownership and other inventory of approximately $1.2 billion, compared with $1.3 billion at December 31, 2009
• Securitized vacation ownership debt of $1.7 billion, compared with $1.5 billion at December 31, 2009
• Other debt of $2.1 billion, compared with $2.0 billion at December 31, 2009. The remaining borrowing capacity on the revolving credit facility was $788 million, compared with $869 million as of December 31, 2009.

A schedule of debt is included in the financial tables section of this press release.

Outlook

The Company's full-year 2011 guidance is:

• Revenues of approximately $4.0 – $4.2 billion
• Adjusted EBITDA of approximately $925 – $955 million

The guidance reflects assumptions used for internal planning purposes. All guidance excludes legacy items, restructuring costs, debt extinguishment and acquisition costs, if any, which may have a positive or negative impact on reported results. If economic conditions change materially from current levels, these assumptions and our guidance may change materially. It is not practicable to provide a reconciliation of forecasted adjusted EBITDA to the most directly comparable GAAP measure because certain items cannot be reasonably estimated or predicted at this time. Any such items could be significant to our financial results.

STARWOOD REPORTS FOURTH QUARTER 2010 RESULTS

WHITE PLAINS, NY, February 3, 2011

(NYSE: HOT) today reported fourth quarter 2010 financial results.

– Starwood Hotels & Resorts Worldwide, Inc.

Fourth Quarter 2010 Highlights

􀂃

special items, EPS from continuing operations was $1.08.

Excluding special items, EPS from continuing operations was $0.52. Including

􀂃

Adjusted EBITDA was $269 million.

􀂃

Including special items, income from continuing operations was $206 million.

Excluding special items, income from continuing operations was $99 million.

􀂃

in constant dollars) compared to 2009. System-wide REVPAR for Same-Store

Hotels in North America increased 10.2% (9.7% in constant dollars).

Worldwide System-wide REVPAR for Same-Store Hotels increased 10.1% (10.3%

􀂃

2009.

Management fees, franchise fees and other income increased 13.0% compared to

􀂃

approximately 100 basis points compared to 2009.

Worldwide Same-Store company-operated gross operating profit margins increased

􀂃

10.1% (10.9% in constant dollars) compared to 2009. REVPAR for Starwood

branded Same-Store Owned Hotels in North America increased 9.1% (8.1% in

constant dollars).

Worldwide REVPAR for Starwood branded Same-Store Owned Hotels increased

􀂃

basis points compared to 2009. Adjusted for a non-recurring item recorded in 2009,

margins increased approximately 170 basis points.

Margins at Starwood branded Same-Store Owned Hotels Worldwide increased 30

􀂃

compared to 2009.

Operating income from vacation ownership and residential increased $13 million

􀂃

contracts representing approximately 8,000 rooms and opened 23 hotels and

resorts with approximately 5,700 rooms.

Read More:During the quarter, the Company signed 37 hotel management and franchise 

Alchemy Japan KK Announces its Japanese Leisure Hotels’ 2010 Earnings Results

Tokyo, Japan (Hospitality Business News) January 24, 2011 – Alchemy Japan’s Japanese Leisure Hotels reported: an EBITDA of ¥564 million, a 10% improvement on the previous year, and a Net income of ¥909 million being a 9% growth on net income for 2009. Sales grew to ¥2.036 billion, a 4.3% increase on 2009. Revenue growth was led by an 18% increase in customer numbers as 2010 average Occupancy Rate (OCR) reached 257%.

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Accor CFO Says Weaker Euro Lifted 2010 Results

French hotel group Accor SA's (AC.FR) 2010 results benefitted from the lower value of the euro against the dollar, Brazilian real and Australian dollar, its financial chief Sophie Stabile said Wednesday.
The exchange rate boost, along with improved business in Europe, prompted the company to increase its full-year guidance for earnings before interest and tax to around EUR440 million, from a previous target of between EUR400 million and EUR420 million.

Business could be mixed this year, with a recovery underway in the hotel market, but lingering macroeconomic risks, especially in Europe, Stabile added.

The company said full year sales rose 8.4% to EUR5.95 billion as the recovery in the hotels business expanded throughout Europe over the fourth quarter.

Stabile also said that 11% of rooms bought by Accor last year are operated under fixed rents or owned outright, and that 78% are managed under franchise or management contracts. The company is seeking to reduce the proportion of property it owns.

Irelands Moran's Hotel Group posts 60M euros loss

ONE OF the country’s largest hotel groups, Moran Hotels, suffered losses of €60 million last year, primarily due to an interest charge of €35 million. The company had €678 million of bank loans on its balance sheet as of January 31st, 2010.

TS Taverns, the company behind the Bewleys hotel chain and the Red Cow Inn, posted pretax losses of €46.7 million for the year ended January 31st, 2010, marginally lower than the €47.7 million loss posted the previous year. However, a €15.7 million property impairment charge pushed the total recognised losses to €60.1 million.

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McDonald's Japan sales in 2010 hit record high for 5th year

Image via Wikipedia

TOKYO — Sales at McDonald’s Holdings Co (Japan) Ltd’s own and franchise stores climbed to an all-time high in 2010 for the fifth consecutive year, rising 2% from a year earlier to 542.7 billion yen, according to a preliminary report released by the company Wednesday. Business was strong partly because of brisk sales of the Big America brand of hamburgers introduced in January, McDonald’s said.

But the company’s President Eiko Harada warned that the restaurant industry is facing hard times ahead, the severity of which is ‘‘unforeseeable,’’ when discussing the business outlook for this year at a press conference.

In December, sales on a same-store basis jumped 11.6% from a year earlier and the number of customers leapt 8.9% while spending per customer grew 2.5%.

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Ruby Tuesday Reports Positive Same-Restaurant Sales of 4.2%

Image via WikipediaHighlights for the second quarter of 2011 compared to the second quarter of 2010 include:

• Positive same-restaurant sales of 4.2% at Company-owned Ruby Tuesday restaurants
• Restaurant-level operating margin of 15.1%, compared to 13.7% for the prior year, an improvement of 140 basis points
• Net income of $4.6 million, compared to prior-year net income of $0.4 million
• Diluted earnings per share of $0.07, compared to diluted earnings per share of $0.01 for the prior year
• Negotiated a new five-year, $320 million revolving credit facility with attractive pricing and flexibility, which closed on December 1^st
• Book debt to EBITDA ratio of 2.03 represents an improvement over the prior-year ratio of 2.57

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Papa John’s Announces Key Operating Assumptions and Earnings Guidance for 2011

(Hospitality Business News) December 21, 2010 - - - Company Reaffirms 2010 Earnings Guidance; Year-end BIBP Deficit to be Retired by Company as part of Multi-Year National Marketing Fund Agreement with Domestic Franchisees .

Highlights

• Projected 2011 earnings per share of $2.00 to $2.12, an increase of over 16% as compared to the reaffirmed 2010 earnings range of $1.74 to $1.80 per share at the mid-point, excluding the impact of the franchisee-owned cheese purchasing company, BIBP Commodities, Inc. (BIBP)

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Irish Clarion group loses €4.6m

THE company that operates the Clarion Hotel and Quality Hotel chains in Ireland lost €4.6m before tax last year, according to accounts filed with the Companies Registration Office.
Despite an operating profit of more than €8m, the loss was recorded after property costs of €12.5m were deducted from its €39m turnover.

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Cracker Barrel fiscal 1Q profit rises 32 percent

Restaurant operator Cracker Barrel Old Country Store Inc. said Tuesday its fiscal first-quarter profit rose 32 percent on higher revenue.
Net income rose to $23.7 million, or $1.01 per share, in the three months ended Oct. 29, from $18 million, or 78 cents per share, a year ago. Revenue rose 3 percent to $598.7 million from $581.2 million.

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Bravo Brio Restaurant Group, Inc. Reports Financial Results for the Third Quarter 2010

 --  Revenues increased 8.9% to $83.7 million from $76.8 million
  --  Total comparable restaurant sales increased 1.1%
  --  Restaurant-level operating profit increased 3.1% to $14.4 million from
      $14.0 million. Excluding a non-recurring gain of $1.2 million recorded
      in the third quarter of 2009 related to the sale of a restaurant,
      restaurant-level operating profit increased 12.7%.
  --  GAAP net loss available to common shareholders of ($0.3) million, or
      ($0.04) per diluted share, compared to GAAP net income available to
      common shareholders of $0.5 million, or $0.07 per diluted share for the
      year-ago period.
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Bob Evans misses analysts fiscal Q2 expectations

Bob Evans Farms Inc., owner of an eponymous restaurant chain as well as Mimi's Cafe, reported Tuesday that its second-quarter revenue and net income fell. The company beat its own guidance, however, and raised its forecast for the fiscal year.
In the quarter that ended Oct. 29, 2010, the company's earnings fell to $7.8 million, or 26 cents per share, from $15.5 million, or 50 cents per share, a year ago. Analysts, on average, were expecting earnings of 40 cents per share, excluding one-time items, according to Thomson Reuters.

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California Pizza Kitchen Announces Financial Results for the Third Quarter 2010

Highlights for the third quarter of 2010 relative to the third quarter of 2009 were as follows:

• Total revenues decreased 0.2% to $164.5 million
• Full service comparable restaurant sales increased 0.7%
• Non-GAAP net income of $5.7 million, or $0.23 per diluted share, excluding the effects of the non-cash impairment write-down of 10 full service restaurants, the proposed settlement of a class-action lawsuit, store closure costs and the related tax benefits (please refer to the reconciliation table).
• Net loss of $7.5 million, or negative $0.31 per diluted share, including the effects of the non-cash impairment write-down of 10 full service restaurants, the proposed settlement of a class-action lawsuit, store closure costs and the related tax benefits.

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J. Alexander’s Corporation Reports Results for Third Quarter and First Nine Months of 2010 Fiscal Year

A summary of the third quarter of 2010, compared to the third quarter of 2009, follows:

• Net sales increased 8.5% to $35,164,000 from $32,423,000.
• Average weekly same store sales per restaurant advanced 8.6%.
• The loss before income taxes was $1,012,000 compared to a loss before income taxes of $2,608,000 in the third quarter of 2009.
• An income tax benefit of $2,490,000 was recorded for the third quarter of 2010 compared to a benefit of $1,289,000 in the third quarter of 2009.

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Wendy’s/Arby’s Group Reports Third Quarter 2010 Results

Roland Smith, President and Chief Executive Officer of Wendy’s/Arby’s Group, stated: “The third quarter was a difficult one for both brands. While the Wendy’s® brand outperformed many quick service restaurant peers with systemwide same-store sales of -1.7%, the lack of growth resulted in sales deleverage. This deleverage effect combined with commodity cost increases caused Wendy’s third quarter restaurant margins to fall by approximately 200 basis points year-over-year, excluding the impact of incremental advertising for Wendy’s new breakfast. Arby’s® systemwide same-store sales were -5.9%. Company-operated restaurant margins were impacted by sales deleverage and commodity cost increases as restaurant margins fell by 170 basis points. On a consolidated basis, adjusted EBITDA¹ was slightly lower than our expectations at approximately $100 million; however, we are reiterating our adjusted EBITDA guidance for 2010.

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Sonesta Announces 2010 Third Quarter Earnings

BOSTON, Nov 12, 2010 (GlobeNewswire via COMTEX) -- Sonesta International Hotels Corporation  today reported a net loss of $589,000, or $(0.16) per share, in the quarter ended September 30, 2010, compared to net income of $27,379,000, or $7.41 per share, in the quarter ended September 30, 2009. Operating revenues, excluding other revenues from managed and affiliated properties, were $17,737,000 in the 2010 quarter, compared to $14,517,000 in the 2009 quarter. The Company had an operating loss of $443,000 in the third quarter of 2010, compared to operating income of $148,000 during the same period in 2009.

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Tim Hortons Inc. announces strong 2010 third quarter operating performance

 Highlights

    -   Strength of underlying operations reflected in continued sales and
        revenue momentum in Canada and the U.S.
    -   Same-store sales up 4.3% in Canada and 3.3% in the U.S.
    -   Total revenues up 9.8%
    -   Management to focus on its core growth markets in the Northeast and
        Midwest U.S.; Company takes $20.9 million asset impairment charge and
        will close its locations in two markets in the New England region
    -   Approximately $400 million in after-tax cash proceeds from sale of
        interest in Maidstone Bakeries planned to be deployed to repurchase
        shares and $30 million committed with the intent of helping
        franchisees to mitigate anticipated rising operating costs

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Supertel Hospitality Reports 2010 Third Quarter Results

 --  Revenue from continuing operations rose 6.5 percent
   --  Net loss per diluted share of $(0.02) compared to prior year
       net loss of $(0.06) per diluted share
   --  FFO of $0.10 per diluted share, and FFO without impairment of
       $0.15 per diluted share
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Home Inns Reports Third Quarter 2010 Financial Results

SHANGHAI, Nov. 10, 2010 /PRNewswire via COMTEX/ -- Home Inns & Hotels Management Inc. /quotes/comstock/15*!hmin/quotes/nls/hmin (HMIN 46.01, +0.06, +0.13%) , a leading economy hotel chain in China, today announced its unaudited financial results for the quarter ended September 30, 2010.

Third Quarter 2010 Financial Highlights
Total revenues for the third quarter increased 20.9% year over year to RMB 879.5 million (US$131.5 million), within the guidance range of RMB 875 million to RMB 895 million.
Net income attributable to Home Inns' shareholders for the quarter was RMB 144.6 million (US$21.6 million), including share-based compensation expenses of RMB 14.2 million (US$2.1 million) and foreign exchange loss of RMB 1.7 million (US$0.3 million). This compared to a net income attributable to Home Inns' shareholders of RMB 86.7 million in the third quarter of 2009, which included share-based compensation expenses of RMB 7.8 million and gain on buy-back of convertible bonds of RMB 4.3 million.

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