ATLANTA, Mar 04, 2010 (BUSINESS WIRE) -- Wendy's/Arby's Group, Inc. (NYSE: WEN), the third largest quick-service restaurant company in the United States, today reported results for the fourth quarter and year ended January 3, 2010.
Roland Smith, President and Chief Executive Officer of Wendy's/Arby's Group, said: "In 2009, we achieved 16% growth in annual adjusted EBITDA1, despite the challenging economic environment
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Thursday, March 4, 2010
Hospitality Properties Trust Announces 2009 Fourth Quarter Results
Net income available for common shareholders for the twelve months ended December 31, 2009 includes a $51.1 million, or $0.47 per share, non-cash gain on extinguishment of debt relating to HPT's repurchase of $367.4 million face amount of its 3.8% convertible senior notes and various issues of its senior notes for an aggregate purchase price of approximately $303.3 million, excluding accrued interest.
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Silverleaf Resorts, Inc. Reports Fourth Quarter and Annual 2009 Results
Silverleaf Resorts, Inc. (NASDAQ: SVLF) today reported the following results for its fourth quarter and year ended December 31, 2009 and that it has extended its share repurchase program.
Financial highlights for the quarter ended December 31, 2009:
•Net Income of $2.0 million or diluted earnings per share of $0.05
•Vacation Interval sales of $46.7 million
Financial highlights for the year ended December 31, 2009:
•Net income of $5.5 million or diluted earnings per share of $0.14
•Vacation Interval sales of $241.0 million
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Financial highlights for the quarter ended December 31, 2009:
•Net Income of $2.0 million or diluted earnings per share of $0.05
•Vacation Interval sales of $46.7 million
Financial highlights for the year ended December 31, 2009:
•Net income of $5.5 million or diluted earnings per share of $0.14
•Vacation Interval sales of $241.0 million
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Carlson will spend $1.5B to revamp Radisson
Carlson Cos. Inc. will spend $1.5 billion to expand and improve its Radisson Hotels & Resorts brand as part of a broader plan to grow its hospitality business, the company announced Wednesday.
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Morton's Restaurant Group, Inc. Reports Results For Fiscal 2009 Fourth Quarter And For The Fiscal Year
Revenues decreased 9.4% to $79.2 million.
Comparable restaurant revenues for Morton's steakhouses decreased 11.6% for the fourth quarter of fiscal 2009 ended January 3, 2010. The fourth quarter of fiscal 2009 included 13 weeks as compared to 14 weeks in the fourth quarter of fiscal 2008. Comparable restaurant revenues for Morton's steakhouses would have decreased 5.3% for the fourth quarter of fiscal 2009 when compared to the same 13 week period in fiscal 2008.
The decrease in revenues is primarily attributable to the decrease in comparable restaurant revenues. A portion of the decrease was offset by an increase in revenues from four new Morton's steakhouses opened during fiscal 2008 and two new Morton's steakhouses opened during fiscal 2009.
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Comparable restaurant revenues for Morton's steakhouses decreased 11.6% for the fourth quarter of fiscal 2009 ended January 3, 2010. The fourth quarter of fiscal 2009 included 13 weeks as compared to 14 weeks in the fourth quarter of fiscal 2008. Comparable restaurant revenues for Morton's steakhouses would have decreased 5.3% for the fourth quarter of fiscal 2009 when compared to the same 13 week period in fiscal 2008.
The decrease in revenues is primarily attributable to the decrease in comparable restaurant revenues. A portion of the decrease was offset by an increase in revenues from four new Morton's steakhouses opened during fiscal 2008 and two new Morton's steakhouses opened during fiscal 2009.
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Famous Dave's Reports Fourth Quarter Results of $0.08 Per Share; Full Year Results of $0.62 Per Share
MINNEAPOLIS, Mar 03, 2010 (BUSINESS WIRE) -- Famous Dave's of America, Inc. (NASDAQ: DAVE) today announced revenue of $32.6 million and net income of $774,000, or $0.08 per diluted share, for its fiscal fourth quarter ended January 3, 2010. These results compare to revenue of $32.8 million and a net loss of $2.0 million, or ($0.22) per diluted share for the comparable period in the prior year. For the full year ended January 3, 2010, the company reported net income of $5.7 million, or $0.62 per diluted share, on total revenue of approximately $136.0 million, as compared with net income of $389,000, or $0.04 per diluted share, on total revenue of approximately $140.4 million for fiscal 2008.
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Dubai World Coughs Up the Knickerbocker
DUBAI, March 4 (Reuters) - Dubai World's overseas investment arm has lost its second prime New York property after defaulting on payments to Danske Bank, an executive at the lender said, raising questions over the future of its remaining U.S. assets.
Istithmar World, whose parent company shocked global markets in November by demanding a standstill on $22 billion in debt, bought the former Knickerbocker Hotel in Times Square for $300 million in June 2006, when it was on the acquisition trail.
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Istithmar World, whose parent company shocked global markets in November by demanding a standstill on $22 billion in debt, bought the former Knickerbocker Hotel in Times Square for $300 million in June 2006, when it was on the acquisition trail.
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Expedia Says Hotel Room-Rates Decline Has Started to Slow
March 2 (Bloomberg) -- Expedia Inc., the biggest Internet travel agency, said declines of hotel room rates started to slow in the fourth quarter as cheaper currencies attracted more travelers in some regions.
Hotel room rates fell 7 percent in s terms in the three months through December compared with a full-year drop of 14 percent, Expedia’s Hotels.com said in a report.
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Hotel room rates fell 7 percent in s terms in the three months through December compared with a full-year drop of 14 percent, Expedia’s Hotels.com said in a report.
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Wednesday, March 3, 2010
DineEquity, Inc. Provides Financial Performance Guidance for Fiscal 2010
Excluding the impact of potential restaurant sales in 2010, DineEquity provided fiscal 2010 guidance on the following key financial performance metrics:
-- Consolidated cash from operations to range between $145 and $155
million.
-- Approximately $16 million generated from the structural run-off of the
Company's long-term notes receivable.
-- Consolidated capital expenditures of approximately $20 million.
-- Approximately $23 million in preferred stock dividend payments.
-- Consolidated free cash flow (see "References to Non-GAAP Information"
below) to range between $118 and $128 million. The Company plans to make
its 2010 free cash flow available to fund further securitized debt
reductions.
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-- Consolidated cash from operations to range between $145 and $155
million.
-- Approximately $16 million generated from the structural run-off of the
Company's long-term notes receivable.
-- Consolidated capital expenditures of approximately $20 million.
-- Approximately $23 million in preferred stock dividend payments.
-- Consolidated free cash flow (see "References to Non-GAAP Information"
below) to range between $118 and $128 million. The Company plans to make
its 2010 free cash flow available to fund further securitized debt
reductions.
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DineEquity, Inc. Announces Solid Fourth Quarter 2009 Financial Results
For the fourth quarter 2009, IHOP's domestic system-wide same-store
sales decreased 3.1% and Applebee's domestic system-wide same-store
sales decreased 4.5% compared to the same quarter in 2008. For fiscal
2009, domestic system-wide same-store sales decreased 0.8% for IHOP and
decreased 4.5% for Applebee's compared to fiscal 2008.
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sales decreased 3.1% and Applebee's domestic system-wide same-store
sales decreased 4.5% compared to the same quarter in 2008. For fiscal
2009, domestic system-wide same-store sales decreased 0.8% for IHOP and
decreased 4.5% for Applebee's compared to fiscal 2008.
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Wynn Resorts to Provide $250 Million for Philadelphia Casino
March 3 (Bloomberg) -- Wynn Resorts Ltd., the casino company founded by billionaire Steve Wynn, will provide about $250 million for the riverfront project it’s seeking to take over in Philadelphia.
The funds represent approximately 40 percent of the estimated $600 million cost, based on “current thinking,” Chairman and Chief Executive Officer Wynn told the Pennsylvania Gaming Control Board today. Wynn plans to manage the casino and own 51 percent under an accord with the current license holders.
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The funds represent approximately 40 percent of the estimated $600 million cost, based on “current thinking,” Chairman and Chief Executive Officer Wynn told the Pennsylvania Gaming Control Board today. Wynn plans to manage the casino and own 51 percent under an accord with the current license holders.
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Tuesday, March 2, 2010
Sawgrass Marriott resort owner files for Chapter 11
March 2 (Reuters) - RQB Resort LP, owner of the Sawgrass Marriott golf resort where Tiger Woods made his public apology, filed for Chapter 11 bankruptcy protection, hurt by weak corporate and group bookings, court documents show.
RQB Resort listed estimated assets and liabilities of up to $500 million, court documents show. It owes Goldman Sachs (GS.N) about $193 million in principal and accrued interest, the filings show.
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RQB Resort listed estimated assets and liabilities of up to $500 million, court documents show. It owes Goldman Sachs (GS.N) about $193 million in principal and accrued interest, the filings show.
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IRISH HOTEL INDUSTRY STRUGGLING TO SURVIVE ECONOMIC DOWNTURN
A worrying 88% of hoteliers are concerned about the viability of their business for 2010 according to an industry survey undertaken by the Irish Hotels Federation (IHF) with over 90% of respondents having reduced staffing levels during the last 18 months. The research was undertaken in advance of the IHF’s 72nd Annual Conference in Galway and canvassed 160 hotel owners and general managers to get a greater understanding of how the economic downturn is affecting the day to day running of their businesses.
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HVS Reports 25 Percent Fall in European Hotel Values Over Two Years
HVS’s London office has today released the latest edition of its annual review of European hotel value trends, the Hotel Valuation Index (HVI). The European HVI has tracked trends in upscale hotel values in 36 key European markets since 1993.
This current survey shows that on average hotel values across Europe, measured in euro, showed a fall in value of 13%, the second year in succession the index has shown a decrease in value. On average over the past two years hotel values across Europe have fallen by close to 25%. However, London has bucked the trend and HVS reports a significant growth year on year of 14% in sterling terms (whilst in Euro terms hotels in London showed a growth of only 1%). This follows an 11% fall in value of London hotels in sterling terms last year.
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This current survey shows that on average hotel values across Europe, measured in euro, showed a fall in value of 13%, the second year in succession the index has shown a decrease in value. On average over the past two years hotel values across Europe have fallen by close to 25%. However, London has bucked the trend and HVS reports a significant growth year on year of 14% in sterling terms (whilst in Euro terms hotels in London showed a growth of only 1%). This follows an 11% fall in value of London hotels in sterling terms last year.
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Domino's Pizza Announces 2009 Financial Results
ANN ARBOR, Mich., March 2, 2010 /PRNewswire via COMTEX/ -- Domino's Pizza, Inc. (NYSE: DPZ), the recognized world leader in pizza delivery, today announced results for the fourth quarter and fiscal 2009, each ended January 3, 2010. During the fourth quarter, the Company's domestic same store sales grew 1.4% as a result of increased store traffic. International same store sales grew 3.9% in the fourth quarter, marking the 64th consecutive quarter of same store sales growth for this division. Fourth quarter diluted EPS as reported was 41 cents, and was $1.38 for fiscal 2009. On an as adjusted basis, diluted EPS was 30 cents for the fourth quarter, a 58% increase over the fourth quarter of 2008, and was 87 cents for fiscal 2009, a 16% increase over fiscal 2008. During fiscal 2009, the Company repurchased approximately $189 million in principal amount of its fixed rate notes, and has repurchased approximately $239 million in principal amount over the past 14 months. Late in the fourth quarter of 2009, the Company successfully introduced a new core pizza product, continuing to build momentum for 2010.
David A. Brandon, Domino's Chairman and Chief Executive Officer, said: "The bold steps we have been taking to re-ignite our domestic system helped us gain significant traction last year. We succeeded in our primary goal of growing traffic all four quarters of 2009. Traffic growth was the most significant in the fourth quarter; and this positive momentum has continued thus far in 2010, as sales and traffic have increased significantly since the launch of our new core pizza."
Brandon added, "Our international business achieved yet another strong positive quarter. This division has now posted positive quarterly same store sales for 16 consecutive years. The international business is now nearly half of our global retail sales and will continue to be a powerful growth engine for our business going forward."
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David A. Brandon, Domino's Chairman and Chief Executive Officer, said: "The bold steps we have been taking to re-ignite our domestic system helped us gain significant traction last year. We succeeded in our primary goal of growing traffic all four quarters of 2009. Traffic growth was the most significant in the fourth quarter; and this positive momentum has continued thus far in 2010, as sales and traffic have increased significantly since the launch of our new core pizza."
Brandon added, "Our international business achieved yet another strong positive quarter. This division has now posted positive quarterly same store sales for 16 consecutive years. The international business is now nearly half of our global retail sales and will continue to be a powerful growth engine for our business going forward."
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