Feb. 19 (Bloomberg) -- Playboy Enterprises Inc., publisher of the namesake magazine, is looking toward overseas growth in Latin America, China and India, including new clubs in Brazil, its chief executive said.
“The local Brazilian culture is more open toward sexuality,” Chief Executive Officer Scott Flanders said yesterday in a telephone interview. “In those environments, the Playboy brand has its strongest resonance.” Opening clubs there is “a real priority,” he said.
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Friday, February 19, 2010
Fortress Said to Need $150 Million to Keep Resorts
Feb. 19 (Bloomberg) -- Fortress Investment Group LLC may have to contribute at least $150 million to Intrawest ULC, the owner of the Olympics’ Alpine skiing venue it bought in 2006, to avert bankruptcy or foreclosure, according to a person with knowledge of the negotiations.
Intrawest’s creditors yesterday postponed an auction of the company’s assets by one week to Feb. 26. The deal, which avoids a sale of the owner of the Whistler Blackcomb skiing center during the Winter Games, doesn’t address creditors’ demands that Fortress add equity to Intrawest, said the person, who declined to be identified because talks were private.
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Intrawest’s creditors yesterday postponed an auction of the company’s assets by one week to Feb. 26. The deal, which avoids a sale of the owner of the Whistler Blackcomb skiing center during the Winter Games, doesn’t address creditors’ demands that Fortress add equity to Intrawest, said the person, who declined to be identified because talks were private.
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Feds file to halt Starwood-Hilton lawsuit
NEW YORK -- Federal prosecutors have asked a court to halt a corporate espionage lawsuit between Starwood Hotels and Hilton, saying the litigation could compromise a criminal investigation.
The filing Friday by the U.S. Attorney's Office says it is pursuing possible charges of conspiracy, computer fraud, theft of trade secrets and interstate transportation of stolen goods against Hilton and two executives it hired away from Starwood ( HOT - news - people ).
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The filing Friday by the U.S. Attorney's Office says it is pursuing possible charges of conspiracy, computer fraud, theft of trade secrets and interstate transportation of stolen goods against Hilton and two executives it hired away from Starwood ( HOT - news - people ).
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Red Robin Gourmet Burgers Reports Earnings for the Fiscal Fourth Quarter and Year Ended December 27, 2009
GREENWOOD VILLAGE, Colo., Feb 18, 2010 (BUSINESS WIRE) -- Red Robin Gourmet Burgers, Inc., (NASDAQ: RRGB), a casual dining restaurant chain focused on serving an innovative selection of high-quality gourmet burgers in a family-friendly atmosphere, today reported financial results for the 12 and 52 weeks ended December 27, 2009 and announced several key governance changes impacting the Company.
Financial and Operational Results
Results for the 12 weeks ended December 27, 2009, compared to the 12 weeks ended December 28, 2008, are as follows:
Restaurant revenue decreased 8.2% to $179.6 million.
Company-owned comparable restaurant sales decreased 10.5%.
Restaurant-level operating profit decreased 19.8% to $31.2 million.
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Financial and Operational Results
Results for the 12 weeks ended December 27, 2009, compared to the 12 weeks ended December 28, 2008, are as follows:
Restaurant revenue decreased 8.2% to $179.6 million.
Company-owned comparable restaurant sales decreased 10.5%.
Restaurant-level operating profit decreased 19.8% to $31.2 million.
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California Pizza Kitchen Announces Financial Results for the Fourth Quarter and Fiscal Year 2009
Highlights for the 14-week fourth quarter of 2009 relative to the 13-week fourth quarter of 2008 were as follows:
Total revenues increased 3.8% to $167.8 million
Full service comparable restaurant sales decreased 5.8%
Net loss of $9.9 million, or negative $0.41 per diluted share, including the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits.
Net income of $4.1 million, or $0.17 per diluted share, excluding the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits (please refer to the reconciliation table).
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Total revenues increased 3.8% to $167.8 million
Full service comparable restaurant sales decreased 5.8%
Net loss of $9.9 million, or negative $0.41 per diluted share, including the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits.
Net income of $4.1 million, or $0.17 per diluted share, excluding the effects of the non-cash impairment write-down of 13 full service restaurants and the related tax benefits (please refer to the reconciliation table).
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Ruth's Hospitality Group, Inc. Reports Fourth Quarter 2009 Financial Results
HEATHROW, Fla., Feb 19, 2010 (BUSINESS WIRE) -- Ruth's Hospitality Group, Inc. (NASDAQ: RUTH) today reported unaudited financial results for its fourth quarter ended December 27, 2009.
Highlights for the fourth quarter of 2009 compared to the fourth quarter of 2008 were as follows:
Total revenue decreased 9.9% to $87.4 million compared to $96.9 million in the fourth quarter of 2008.
Net loss of $2.7 million, or $0.11 per diluted share, compared to net loss of $60.7 million or $2.59 per diluted share in the fourth quarter of 2008. Excluding charges in both periods and on a tax adjusted basis, net income was $0.11 per diluted share in the fourth quarter of 2009 compared to $0.04 per diluted share in the fourth quarter of 2008. (See attached reconciliation).
Company-owned comparable restaurant sales for Ruth's Chris Steak House decreased 11.2%. Company-owned comparable restaurant sales for Mitchell's Fish Market decreased 2.5%.
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Highlights for the fourth quarter of 2009 compared to the fourth quarter of 2008 were as follows:
Total revenue decreased 9.9% to $87.4 million compared to $96.9 million in the fourth quarter of 2008.
Net loss of $2.7 million, or $0.11 per diluted share, compared to net loss of $60.7 million or $2.59 per diluted share in the fourth quarter of 2008. Excluding charges in both periods and on a tax adjusted basis, net income was $0.11 per diluted share in the fourth quarter of 2009 compared to $0.04 per diluted share in the fourth quarter of 2008. (See attached reconciliation).
Company-owned comparable restaurant sales for Ruth's Chris Steak House decreased 11.2%. Company-owned comparable restaurant sales for Mitchell's Fish Market decreased 2.5%.
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Thursday, February 18, 2010
Host Hotels & Resorts, Inc. Reports Results of Operations for the Fourth Quarter and Full Year 2009
-- Total revenue decreased 16.8% to $1,331 million for the fourth quarter
of 2009 compared to the same period in 2008 and decreased 19.1% to
$4,158 million for full year 2009 compared to the full year 2008.
-- Net loss was $72 million for the fourth quarter of 2009 compared
to net income of $111 million for the fourth quarter of 2008. For the
full year 2009, net loss was $258 million compared to net income
of $414 million for the full year 2008. Loss per diluted share was
$.12 for the fourth quarter of 2009 compared to earnings per
diluted share of $.18 in 2008. For the full year 2009, loss per
diluted share was $.45 compared to earnings per diluted share
of $.72 for the full year 2008.
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of 2009 compared to the same period in 2008 and decreased 19.1% to
$4,158 million for full year 2009 compared to the full year 2008.
-- Net loss was $72 million for the fourth quarter of 2009 compared
to net income of $111 million for the fourth quarter of 2008. For the
full year 2009, net loss was $258 million compared to net income
of $414 million for the full year 2008. Loss per diluted share was
$.12 for the fourth quarter of 2009 compared to earnings per
diluted share of $.18 in 2008. For the full year 2009, loss per
diluted share was $.45 compared to earnings per diluted share
of $.72 for the full year 2008.
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$1 million legal win for Atlantis
A three-year legal battle between the Atlantis resort and a self-confessed gambling addict may finally be ending, with an Australian court ordering the gambler to pay $1 million in gaming debt owed.
It's money Harry Kakavas racked up in loans from the casino nearly four years ago while on his honeymoon at the resort. The property developer tried to skate on his debt to the casino, alleging that the resort was aware of his gambling addiction and that it took advantage of that.
However, a justice in the Supreme Court decided that Atlantis had done its due diligence in searching Kakavas' credit history and that there were no conditions the resort would have been aware that affected his judgment and control over his gambling activities.
In a five-hour time span, Kakavas reportedly lost the full $1 million at a baccarat table in the Paradise Island casino.
Atlantis officials yesterday declined to comment on the matter.
This week's judgment, however, comes as the casino looks to further establish itself as the location of one of the largest poker tournaments in the world. The resort hosted the annual PokerStars Caribbean Adventure this year and has already booked the tournament for the next two years.
It's money Harry Kakavas racked up in loans from the casino nearly four years ago while on his honeymoon at the resort. The property developer tried to skate on his debt to the casino, alleging that the resort was aware of his gambling addiction and that it took advantage of that.
However, a justice in the Supreme Court decided that Atlantis had done its due diligence in searching Kakavas' credit history and that there were no conditions the resort would have been aware that affected his judgment and control over his gambling activities.
In a five-hour time span, Kakavas reportedly lost the full $1 million at a baccarat table in the Paradise Island casino.
Atlantis officials yesterday declined to comment on the matter.
This week's judgment, however, comes as the casino looks to further establish itself as the location of one of the largest poker tournaments in the world. The resort hosted the annual PokerStars Caribbean Adventure this year and has already booked the tournament for the next two years.
Wednesday, February 17, 2010
P.F. Chang's Reports Fourth Quarter and Full Year 2009 Results
Highlights for the fourth quarter of 2009 compared to prior year include:
•Consolidated revenues increased 10.8% to $326.7 million
•Comparable store sales declined 5.2% at the Bistro and increased 3.0% at Pei Wei
•Restaurant operating income margin increased 100 basis points to 12.7%
•Income from continuing operations increased 60.0% to $12.0 million
•Net income increased 121.0%(1) to $12.0 million
•Income from continuing operations per diluted share increased 67.7% to $0.52
•Net income per diluted share increased 126.1%(1) to $0.52
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•Consolidated revenues increased 10.8% to $326.7 million
•Comparable store sales declined 5.2% at the Bistro and increased 3.0% at Pei Wei
•Restaurant operating income margin increased 100 basis points to 12.7%
•Income from continuing operations increased 60.0% to $12.0 million
•Net income increased 121.0%(1) to $12.0 million
•Income from continuing operations per diluted share increased 67.7% to $0.52
•Net income per diluted share increased 126.1%(1) to $0.52
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Flanigan's Announces Earnings
FORT LAUDERDALE, Fla., Feb. 17 /PRNewswire-FirstCall/ -- FLANIGAN'S ENTERPRISES, INC., (AMEX: BDL) owners and operators of the "Flanigan's Seafood Bar and Grill" restaurants and "Big Daddy's" retail liquor stores, today announced results for the 13 weeks ended January 2, 2010. The table below sets forth the results on a comparative basis with the 13 weeks ended December 27, 2008.
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Jack in the Box Inc. Reports First Quarter FY 2010 Earnings
SAN DIEGO, Feb 17, 2010 (BUSINESS WIRE) -- Jack in the Box Inc. (NASDAQ: JACK) today reported net earnings of $24.2 million, or 43 cents per diluted share, for the first quarter ended Jan. 17, 2010, compared with earnings from continuing operations of $28.0 million, or 49 cents per diluted share, for the first quarter of fiscal 2009.
Same-store sales at Jack in the Box(R) company restaurants decreased 11.1 percent in the first quarter of 2010 compared with a year-ago increase of 1.7 percent.
Linda A. Lang, chairman, chief executive officer and president, said, "We believe high unemployment rates for our key customer demographics continue to be the biggest factor impacting sales at Jack in the Box."
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Same-store sales at Jack in the Box(R) company restaurants decreased 11.1 percent in the first quarter of 2010 compared with a year-ago increase of 1.7 percent.
Linda A. Lang, chairman, chief executive officer and president, said, "We believe high unemployment rates for our key customer demographics continue to be the biggest factor impacting sales at Jack in the Box."
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Denny's Corporation Reports Results for Fourth Quarter and Full Year 2009
SPARTANBURG, S.C., Feb 17, 2010 (BUSINESS WIRE) -- Denny's Corporation (NASDAQ:DENN) today reported results for its fourth quarter and year ended December 30th, 2009.
Full Year Summary
•Opened forty new restaurants and delivered positive system unit growth of ten restaurants
•Sold eighty-one company restaurants under Denny's Franchise Growth Initiative (FGI); franchised restaurants are now 85% of Denny's system
•Net income of $41.6 million, including $19.4 million of gains on sale of assets
•Adjusted income before taxes* grew $6.8 million, or 29%, to $30.0 million
•Generated $40.7 million in cash proceeds from asset sales and reduced outstanding debt by $49.0 million
•Same-store sales decreased 3.7% at company units and 5.2% at franchised units
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Full Year Summary
•Opened forty new restaurants and delivered positive system unit growth of ten restaurants
•Sold eighty-one company restaurants under Denny's Franchise Growth Initiative (FGI); franchised restaurants are now 85% of Denny's system
•Net income of $41.6 million, including $19.4 million of gains on sale of assets
•Adjusted income before taxes* grew $6.8 million, or 29%, to $30.0 million
•Generated $40.7 million in cash proceeds from asset sales and reduced outstanding debt by $49.0 million
•Same-store sales decreased 3.7% at company units and 5.2% at franchised units
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Burger King to offer a slightly different $1 deal
Burger King plans to raise the price of its controversial $1 double cheeseburger in April, replacing it with a similar value-engineered burger for $1.
The main difference between the two burgers: a slice of cheese, worth about a nickel.
The moves are part of a value menu strategy outlined to franchisees in a memo written last Friday by two of Burger King's top executives.
The question is whether the changes will be enough to satisfy franchisees, most of whom have been against the product since the October launch.
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The main difference between the two burgers: a slice of cheese, worth about a nickel.
The moves are part of a value menu strategy outlined to franchisees in a memo written last Friday by two of Burger King's top executives.
The question is whether the changes will be enough to satisfy franchisees, most of whom have been against the product since the October launch.
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Louvre Hotels open throughout Asia
Louvre Hotels is to expand in south-east Asia, beginning with the recent signing of two hotels in Thailand’s resort destination of Pattaya. The hotel group, which is owned by Starwood Capital and run by Barry Sternlicht, is aiming for a different strategy in Asia compared to other countries.
Currently Louvre Hotels is opening three different offices in Asia, in India, Shanghai in China and Bangkok in south-east Asia. This year the group will be opening hotels in Thailand including the Golden Tulip Resort Pattaya, Golden Tulip Erawan Hotel (Pattaya), Tulip Inn Lumpini Park (Bangkok) and Golden Tulip Madison Suites Bangkok.
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Currently Louvre Hotels is opening three different offices in Asia, in India, Shanghai in China and Bangkok in south-east Asia. This year the group will be opening hotels in Thailand including the Golden Tulip Resort Pattaya, Golden Tulip Erawan Hotel (Pattaya), Tulip Inn Lumpini Park (Bangkok) and Golden Tulip Madison Suites Bangkok.
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Brazil Opens Half-a-Billion-Dollar Line of Credit for Hotel Industry
Brazil's Ministry of Tourism and the Brazilian Development Bank (BNDES), last week, established a line of credit of 1 billion Brazilian reais (US$ 544.5 million) for refurbishing, expanding and building new hotels.
The initiative had already been announced in the first week of January. The line was launched in Rio de Janeiro by the minister of Tourism, Luiz Barretto, and the vice president of the BNDES, Armando Mariante.
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The initiative had already been announced in the first week of January. The line was launched in Rio de Janeiro by the minister of Tourism, Luiz Barretto, and the vice president of the BNDES, Armando Mariante.
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