Burger King Gets Cooked

On Monday, as the market rallied, the stock of Burger King got burned. In afternoon trading, the stock fell 2.5 percent before closing the day down 1.5 percent. Investors appeared spooked after JPMorgan analyst John Ivankoe downgraded the company from “Overweight” to “Neutral” and slashed his fiscal 2010 earnings-per-share forecast from $1.36 to $1.25.

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http://www.minyanville.com/articles/YUM-BKC-MCD/index/a/23863/from/yahoo

Texas Roadhouse, Inc. Announces Second Quarter 2009 Results

Results for the quarter included:
-Comparable restaurant sales decreased 3.7% at company-owned restaurants and decreased 3.5% at franchise restaurants;
-Two company restaurants and one franchise restaurant opened, while one franchise restaurant closed;
-Restaurant margins increased 10 basis points;
-Diluted earnings per share increased 40% to $0.19 from $0.14 in the prior year period.

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http://phx.corporate-ir.net/phoenix.zhtml?c=179897&p=irol-newsArticle&ID=1315994&highlight=

Carrols Restaurant Group, Inc. Reports Financial Results for the Second Quarter 2009

SYRACUSE, N.Y., Aug 03, 2009 (BUSINESS WIRE) -- Carrols Restaurant Group, Inc. (Nasdaq:TAST), the parent company of Carrols Corporation, today announced financial results for the second quarter ended June 28, 2009.
Highlights for the second quarter of 2009 versus the second quarter of 2008 include:
-Income from operations increased to $16.1 million from $12.1 million;
-Net income was $7.1 million, or $0.32 per diluted share, compared to net income of $3.3 million, or $0.15 per diluted share;
-Total revenues were $203.9 million compared to $210.7 million;
-Comparable restaurant sales decreased 3.1% at Pollo Tropical(R), 3.8% at Taco Cabana(R), and 4.7% at Burger King(R).
-As of June 28, 2009, the Company owned and operated 559 restaurants, including 314 Burger King, 91 Pollo Tropical and 154 Taco Cabana restaurants.

Read more:
http://investor.carrols.com/releasedetail.cfm?ReleaseID=400748

MGM MIRAGE Reports Second Quarter Financial Results

LAS VEGAS, Aug 03, 2009 /PRNewswire-FirstCall via COMTEX/ -- MGM MIRAGE (NYSE: MGM) today announced its financial results for the second quarter of 2009. The Company reported a second quarter diluted loss per share of $0.60 compared to income per share of $0.40 in the prior year second quarter. The current year result was impacted by non-cash impairment charges of $188 million, or $0.34 per diluted share net of tax, primarily related to the Company's investment in a convertible note. The Company also recorded losses on the retirement of long-term debt of $58 million primarily related to the redemption of senior debentures required to permit the Company's recent secured note issuances - an impact of $0.11 per diluted share net of tax.

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http://phx.corporate-ir.net/phoenix.zhtml?c=101502&p=irol-newsArticle&t=Regular&id=1315638&

IFRS Conversion Puts Demand on Technology

Switching to International Financial Reporting Standards could prove to be a costly move for many companies’ IT departments, according to a new report by Ernst & Young.
The report, “Inside IFRS: The Opportunity for IT,” describes the unexpected complexity of converting to IFRS and the high expenses the change can entail. “IFRS conversion requires fundamental change on multiple levels, can take up to several years, and affects virtually every function within an organization,” said the report. It cites a survey by the Institute of Chartered Accountants in England and Wales, in which 75 percent of the respondents reported increased complexity around information technology issues.

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http://www.webcpa.com/news/IFRS-Conversion-Puts-Demand-Technology-51203-1.html

Premier Inn secures five new English sites

Budget hotel chain Premier Inn is to expand its portfolio by five hotels across England.
The Whitbread-owned operator has secured five sites worth a combined total of £27m, which will add 535-bedrooms to Premier Inn’s portfolio.
The new sites include a deal to build a 121-bedroom Premier Inn at the Medway Leisure Park in Rochester, Kent, as well as a contract with the Newton Abbott Jockey Club to build a 62-bedroom hotel and Table Table restaurant.
Read more:
http://www.caterersearch.com/Articles/2009/08/03/329036/premier-inn-secures-five-new-english-sites.html

Dubai hotels see biggest losses in the region

Dubai hotels saw the biggest falls in revenue in the region in the first half of 2009, according to a survey of key Middle East cities published on Tuesday.Hotels in 22 cities in the region witnessed an average 10.9 percent decrease in occupancies and a 17.2 percent drop in revenue per available room (RevPAR), an industry benchmark, said a report by US hospitality research firm STR Global and Deloitte & Touche Middle East.

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http://ow.ly/iPPr

More Taxes in new York City

THE SALES TAX in New York City went up a half point on Saturday, making that morning coffee just a little bit dearer. New Yorkers, who were already paying more than 8% in city sales tax, will be annoyed. But another, less noticed tax increase has some people even more upset. Last month, New York's mayor, Michael Bloomberg, signed a law that will extend the city's hotel occupancy tax to all fees charged by hotel room resellers like travel agents and online travel sites.

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http://www.economist.com/blogs/gulliver/2009/08/more_taxes_in_new_york_city.cfm

Restaurant Stock Performance - 7/31/2009

For the year, our list of 55 Restaurant stocks have increased in value by an average of 67%. The top 10 have increased in value by 219%.

From their 12 month lows these stocks have increased by 462% and even so they are still 20% under their 12 month highs.

You can see the whole list at this link
http://app4.websitetonight.com/projects/1/0/5/0/1050254/uploads/Restaurant_Performance_7-31-2009.xls

Ruth's Hospitality Group, Inc. Reports Second Quarter 2009 Financial Results

HEATHROW, Fla., Jul 31, 2009 (BUSINESS WIRE) -- Ruth's Hospitality Group, Inc. (NASDAQ: RUTH) today reported unaudited results for its second quarter ended June 28, 2009.
Highlights for the second quarter 2009 compared to the second quarter 2008 were as follows:
Total revenue decreased 17.9% to $88.4 million compared to $107.6 million in the second quarter of 2008.
Net income decreased 15.6% to $2.3 million, or $0.10 per diluted share compared to $2.8 million or $0.12 per diluted share in the second quarter of 2008. There were charges of $0.7 million in the second quarter of 2009 and $0.2 million in the second quarter of 2008, respectively, which resulted in adjusted earnings of $0.13 per diluted share in both periods.

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http://phx.corporate-ir.net/phoenix.zhtml?c=190038&p=irol-newsArticle&ID=1314885&highlight=

Starwood Capital Completed Golden Tulip Acquisition

London, Paris, Rotterdam, July 31, 2009 - Starwood Capital, through an affiliate, announces today that it has completed the acquisition of Golden Tulip Hospitality BV’s Franchise business, its Development & Representation businesses, Joint Venture interests, and the brands, trademarks and intellectual property of Golden Tulip, Tulip Inn and its related brands.

Excess Takes Its Toll On Hotel Values

Worldwide—The average hotel in the United States was valued at US$100,000 per key in 2006. By next year, that value will have sunk to US$50,000 per room, according to a forecast by HVS International. To make matters worse for sellers, for the next 18 months, any transaction will most likely be done at a liquidation value because no one who does not have to sell will sell at these fire-sale prices. As a result, HVS Chairman Steve Rushmore suggests that the typical US$100,000 per key hotel in 2006 could very well sell at US$25,000 per key in the months ahead.

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http://www.hotelsmag.com/article/ca6673762.html

MGM Mirage to Cut Vegas Condo Prices to Close Sales

July 31 (Bloomberg) -- MGM Mirage, building the largest development on the Las Vegas Strip, plans to cut the price of condominiums it already sold to appease buyers after housing values collapsed, Chief Executive Officer Jim Murren said.
The casino operator, founded by Kirk Kerkorian, is reappraising the condos and talking to banks to help buyers arrange financing so they can complete purchases at the CityCenter site, Murren said yesterday in an interview. Details will be announced early in the U.S. fall season, he said.

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http://www.bloomberg.com/apps/news?pid=20601205&sid=aP3Jrn9yjYgA

MGM Mirage Overhauling Macau Casino to Boost Share

July 31 (Bloomberg) -- MGM Mirage, with the smallest casino market share in Macau, said it’s overhauling operations and marketing at its venture in the city to boost revenue after an “underwhelming” start.
“Our Macau market share is half what it should be,” Jim Murren, chairman and chief executive officer, said yesterday in an interview in Las Vegas, where the company is based. “The other U.S.-based and other newer casinos have been more aggressive in marketing, more aggressive” in recruiting and junket relationships, he said.

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http://www.bloomberg.com/apps/news?pid=20601206&sid=a6tLJky4VpWI