DENVER, Feb 11, 2010 (BUSINESS WIRE) -- Chipotle Mexican Grill, Inc. (NYSE: CMG) today reported financial results for its fourth quarter and full year ended December 31, 2009.
Highlights for the fourth quarter of 2009 as compared to the fourth quarter of 2008 include:
Revenue increased 12.2% to $387.5 million
Comparable restaurant sales increased 2.0%
Restaurant level operating margin was 24.5%, an increase of 340 basis points
Net income was $31.6 million, an increase of 86%
Diluted earnings per share was $0.99, an increase of 90%
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Thursday, February 11, 2010
Buffalo Wild Wings, Inc. Announces Fourth Quarter 2009 Results
MINNEAPOLIS, Feb 11, 2010 (BUSINESS WIRE) -- Buffalo Wild Wings, Inc. (NASDAQ: BWLD), announced today financial results for the fourth quarter ended December 27, 2009. Highlights for the fourth quarter versus the same period a year ago were:
•Total revenue increased 19.6% to $145.0 million
•Company-owned restaurant sales grew 19.5% to $131.2 million
•Same-store sales increased 2.6% at company-owned restaurants and 2.0% at franchised restaurants
•Net earnings increased 7.9% to $8.3 million from $7.7 million, and earnings per diluted share increased 7.0% to $0.46 from $0.43
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•Total revenue increased 19.6% to $145.0 million
•Company-owned restaurant sales grew 19.5% to $131.2 million
•Same-store sales increased 2.6% at company-owned restaurants and 2.0% at franchised restaurants
•Net earnings increased 7.9% to $8.3 million from $7.7 million, and earnings per diluted share increased 7.0% to $0.46 from $0.43
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The Cheesecake Factory Reports Results for Fourth Quarter of Fiscal 2009
Total revenues were $400.6 million in the fourth quarter of fiscal 2009 as compared to $400.4 million in the prior year fourth quarter. Net income and diluted net income per share were impacted by certain charges recorded in the fourth quarter of fiscal 2009, as detailed below, resulting in a net loss and diluted net loss per share of $13,000 and $0.00, respectively.
In accordance with accounting rules, the Company recorded pre-tax, non-cash charges of $26.5 million related to the impairment of four Grand Lux Cafe restaurants in the fourth quarter of fiscal 2009. All of the Grand Lux Cafe locations remain open. In addition, the Company made a $2.2 million, pre-tax payment to unwind an interest rate collar in conjunction with a $50 million repayment on its revolving credit facility. Collectively, these items reduced reported diluted net income per share by approximately $0.28. Excluding these items, net income was $17.2 million and diluted net income per share was $0.28.
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In accordance with accounting rules, the Company recorded pre-tax, non-cash charges of $26.5 million related to the impairment of four Grand Lux Cafe restaurants in the fourth quarter of fiscal 2009. All of the Grand Lux Cafe locations remain open. In addition, the Company made a $2.2 million, pre-tax payment to unwind an interest rate collar in conjunction with a $50 million repayment on its revolving credit facility. Collectively, these items reduced reported diluted net income per share by approximately $0.28. Excluding these items, net income was $17.2 million and diluted net income per share was $0.28.
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Former Dunkin' exec files $5M lawsuit claiming ruined reputation
A former top executive at Dunkin’ Brands who helped assemble the chain’s culinary dream team has filed a $5 million lawsuit that accuses the company of violating a separation agreement by providing negative references, ruining his reputation with defamatory statements, and causing the loss of multiple job opportunities.
Michael O’Donovan, a European master chef who served the Queen of England, worked as vice president of global research and development for Dunkin’ from May 2004 through July 2007, overseeing the hiring of Boston chef Stan Frankenthaler, a makeover of the menu, and the long journey to eliminate transfats from doughnuts.
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Michael O’Donovan, a European master chef who served the Queen of England, worked as vice president of global research and development for Dunkin’ from May 2004 through July 2007, overseeing the hiring of Boston chef Stan Frankenthaler, a makeover of the menu, and the long journey to eliminate transfats from doughnuts.
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Hersha Hospitality buys 3 Times Square hotels
Hersha Hospitality Trust said it closed on the purchase of three hotels in New York City, paying $165 million for the properties.
Hersha (NYSE:HT), which has offices in Philadelphia, acquired the Hampton Inn, with 184 rooms; Candlewood Suites, with 188 rooms; and Holiday Inn Express Times Square, with 210 rooms. All three hotels are in the Times Square area. All are managed by Hersha Hospitality Management LP.
For the sellers, the purchase price included a limited-partnership interest in Hersha
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Hersha (NYSE:HT), which has offices in Philadelphia, acquired the Hampton Inn, with 184 rooms; Candlewood Suites, with 188 rooms; and Holiday Inn Express Times Square, with 210 rooms. All three hotels are in the Times Square area. All are managed by Hersha Hospitality Management LP.
For the sellers, the purchase price included a limited-partnership interest in Hersha
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Marriott says tough to predict recovery
NEW YORK, Feb 11 (Reuters) - Marriott International Inc (MAR.N) posted a higher-than-expected quarterly profit but said it would be difficult to predict the pace of recovery for the hotel industry, which has been hurt by tepid business travel.
Business travel is an important step to recovery for Marriott, which relies heavily on corporate demand to help set room rates. Although business travel has improved in recent months, it still remains below levels of 2008 and earlier
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Business travel is an important step to recovery for Marriott, which relies heavily on corporate demand to help set room rates. Although business travel has improved in recent months, it still remains below levels of 2008 and earlier
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Expedia Q4 earnings jump, will begin paying dividends
Expedia Inc. reported fourth-quarter net income rose to $102.2 million, or 35 cents per diluted share. The Bellevue online travel company also said it will begin paying a quarterly dividend to shareholders.
The quarterly results compare with the horrific results from a year earlier, when Expedia (NASDAQ: EXPE) took an accounting charge and reported a loss of $2.8 billion, or a loss of $9.62 per share.
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The quarterly results compare with the horrific results from a year earlier, when Expedia (NASDAQ: EXPE) took an accounting charge and reported a loss of $2.8 billion, or a loss of $9.62 per share.
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New York Four Seasons Hotel said to be hitting the block
Even multi-billionaires like Ty Warner are not immune to the latest economic conditions. Mr. Warner, who made his fortune manufacturing Beanie Babies, owns the Four Seasons Hotel New York—but maybe not for much longer.
He is in negotiations to sell the posh property to a group of investors, according to several news reports.
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He is in negotiations to sell the posh property to a group of investors, according to several news reports.
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Marriott International Reports Fourth Quarter Results
Fourth quarter 2009 adjusted income from continuing operations attributable to Marriott totaled $118 million, a 2 percent decline over the year-ago quarter, and adjusted diluted earnings per share ("EPS") from continuing operations attributable to Marriott shareholders totaled $0.32, down 3 percent. On October 8, 2009, the company forecasted fourth quarter adjusted diluted EPS of $0.20 to $0.23.
Reported income from continuing operations attributable to Marriott was $106 million in the fourth quarter of 2009 compared to a reported loss from continuing operations attributable to Marriott of $10 million in the year-ago quarter. Reported diluted EPS from continuing operations attributable to Marriott shareholders was $0.28 in the fourth quarter of 2009 compared to reported diluted losses per share from continuing operations attributable to Marriott shareholders of $0.03 in the fourth quarter of 2008.
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Reported income from continuing operations attributable to Marriott was $106 million in the fourth quarter of 2009 compared to a reported loss from continuing operations attributable to Marriott of $10 million in the year-ago quarter. Reported diluted EPS from continuing operations attributable to Marriott shareholders was $0.28 in the fourth quarter of 2009 compared to reported diluted losses per share from continuing operations attributable to Marriott shareholders of $0.03 in the fourth quarter of 2008.
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Wednesday, February 10, 2010
Coral Gables may allow Biltmore to shield some financial records
The city has requested certain financial documents from Seaway Hotels to see why the hotel has not paid nearly $2.4 million in rent over the past year.
In 1992, the city -- which owns the historic hotel -- signed a long-term management lease agreement with Seaway Hotels. As part of the lease, the hotel pays the city 3.5 percent of its gross revenue
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In 1992, the city -- which owns the historic hotel -- signed a long-term management lease agreement with Seaway Hotels. As part of the lease, the hotel pays the city 3.5 percent of its gross revenue
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Kona Grill, Inc. Reports Fourth Quarter and Full Year 2009 Results
SCOTTSDALE, Ariz., Feb 10, 2010 (GlobeNewswire via COMTEX) -- Kona Grill, Inc. (Nasdaq:KONA), an American grill and sushi bar, today reported results for its fourth quarter and full year ended December 31, 2009.
Fourth Quarter 2009 Highlights Include:
-- Opened restaurant in Tampa, FL
-- Restaurant sales increased 7.7% to $20.0 million
-- Same-store sales decreased 8.1%
-- Restaurant operating profit margin of 10.3%
-- Net loss on a GAAP basis of $19.2 million, or $2.10 per share, including asset impairment and special charges totaling $17.6 million
-- Net loss of $1.6 million, or $0.18 per share, excluding these aforementioned asset impairment and special charges
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Fourth Quarter 2009 Highlights Include:
-- Opened restaurant in Tampa, FL
-- Restaurant sales increased 7.7% to $20.0 million
-- Same-store sales decreased 8.1%
-- Restaurant operating profit margin of 10.3%
-- Net loss on a GAAP basis of $19.2 million, or $2.10 per share, including asset impairment and special charges totaling $17.6 million
-- Net loss of $1.6 million, or $0.18 per share, excluding these aforementioned asset impairment and special charges
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Golden Tulip Expands In Thailand
BANGKOK, THAILAND - Global hospitality management conglomerate Golden Tulip has continued its strategic expansion into South-east Asia with the recent signing of two hotels in Thailand's popular resort destination of Pattaya.
Golden Tulip already boasts more than 213 hotels in 37 countries with 25,600 rooms and from the beginning of March the Royal Orchid Pattaya will be re-branded as the Golden Tulip Resort Pattaya and positioned as an ideal getaway destination for families and short break guests. The Erawan Hotel Pattaya will re-branded to the Golden Tulip Erawan Hotel showcasing superb facilities for meetings and incentives and leisure travellers.
Both Pattaya properties will undergo extensive renovations to bring them up to Golden Tulip operating standards and will officially re-open in early March. The two hotels were officially signed over to new management on February 3.
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Golden Tulip already boasts more than 213 hotels in 37 countries with 25,600 rooms and from the beginning of March the Royal Orchid Pattaya will be re-branded as the Golden Tulip Resort Pattaya and positioned as an ideal getaway destination for families and short break guests. The Erawan Hotel Pattaya will re-branded to the Golden Tulip Erawan Hotel showcasing superb facilities for meetings and incentives and leisure travellers.
Both Pattaya properties will undergo extensive renovations to bring them up to Golden Tulip operating standards and will officially re-open in early March. The two hotels were officially signed over to new management on February 3.
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The Standard Hotels Join Design Hotels
Berlin, February 10, 2010 - Design Hotels announces the signing of four of André Balazs' properties: The Standard, Hollywood; The Standard, Downtown LA; The Standard Spa, Miami Beach and The Standard, New York.
Conceived by visionary hotelier André Balazs, The Standard brand, which debuted in 1999 in West Hollywood, California, is anything but "standard." Balazs realized early on that a new generation of young, fashionable and style-conscious consumers was emerging. They were hungry for a new hospitality experience: one that catered to their sophisticated tastes, but at the same time was affordable.
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Conceived by visionary hotelier André Balazs, The Standard brand, which debuted in 1999 in West Hollywood, California, is anything but "standard." Balazs realized early on that a new generation of young, fashionable and style-conscious consumers was emerging. They were hungry for a new hospitality experience: one that catered to their sophisticated tastes, but at the same time was affordable.
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Ruby's Diner to Debut Drive-In Restaurant Concept
Ruby's Diner, a Southern California institution famous for 1940s-inspired burgers, shakes and classic American food, will soon have a new home in Downtown Anaheim. The newest Ruby's Diner location, The Ruby's Five Points Drive-In, is expected to open at end of March or beginning of April 2010 and is the first to feature an authentic, old-fashioned outdoor carhop with 12 drive-in spaces complete with roller skating servers and rotating reel of 1940s movies. This opening comes after years of renovation to the historic Five Points Building, which is located at the Lincoln Avenue off-ramp of the Interstate 5 Freeway in Anaheim just blocks from Disneyland. The new Ruby's Five Points Drive-In at 1128 West Lincoln Avenue is one of the last historic properties still standing in the newly redeveloped central city of Anaheim. Originally constructed in 1928, the Five Points Building was the westernmost commercial spot in the city, housing numerous shops and offices used by the original Anaheim Colonists.
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Restaurant loses its Michelin star for third time as chef walks out
To lose one Michelin star may be regarded as a misfortune; to lose two looks like carelessness. But one restaurant has just lost a third.
Staff at The Goose in Britwell Salome, Oxfordshire, which had last month won back its one Michelin star status, have walked out in a dispute over the direction of the business, taking the award with them.
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Staff at The Goose in Britwell Salome, Oxfordshire, which had last month won back its one Michelin star status, have walked out in a dispute over the direction of the business, taking the award with them.
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