-- 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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Thursday, February 18, 2010
$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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Tuesday, February 16, 2010
BJ's Restaurants, Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year of 2009
HUNTINGTON BEACH, Calif., Feb 11, 2010 (GlobeNewswire via COMTEX) -- BJ's Restaurants, Inc. (Nasdaq:BJRI) today reported financial results for the fourth quarter and fiscal year 2009 that ended on Tuesday, December 29, 2009.
Total revenues for the fourth quarter of fiscal 2009 increased approximately 13.5% to $112.6 million compared to $99.3 million for the same quarter last year. Comparable restaurant sales decreased by 0.2% during the fourth quarter of fiscal 2009 compared to a decrease of 0.7% during the same quarter last year. Net income and diluted net income per share for the fourth quarter of fiscal 2009 were $1.7 million and $0.06, respectively. As previously announced in our press release on January 7, 2010, the fourth quarter results include a $1.7 million pre-tax charge related to the settlement and disposition of the Company's entire auction rate securities ("ARS") investment portfolio and $0.5 million of legal costs associated with negotiating and documenting the settlement of the Company's related claim against the broker-dealer for its ARS portfolio. On a non-GAAP basis, excluding the aforementioned $2.2 million of pre-tax charges and their related tax effect, the Company's non-GAAP net income and non-GAAP net income per diluted share for the fourth quarter were $3.3 million and $0.12, respectively. A reconciliation between GAAP and these non-GAAP financial measures is included in the accompanying financial data.
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Total revenues for the fourth quarter of fiscal 2009 increased approximately 13.5% to $112.6 million compared to $99.3 million for the same quarter last year. Comparable restaurant sales decreased by 0.2% during the fourth quarter of fiscal 2009 compared to a decrease of 0.7% during the same quarter last year. Net income and diluted net income per share for the fourth quarter of fiscal 2009 were $1.7 million and $0.06, respectively. As previously announced in our press release on January 7, 2010, the fourth quarter results include a $1.7 million pre-tax charge related to the settlement and disposition of the Company's entire auction rate securities ("ARS") investment portfolio and $0.5 million of legal costs associated with negotiating and documenting the settlement of the Company's related claim against the broker-dealer for its ARS portfolio. On a non-GAAP basis, excluding the aforementioned $2.2 million of pre-tax charges and their related tax effect, the Company's non-GAAP net income and non-GAAP net income per diluted share for the fourth quarter were $3.3 million and $0.12, respectively. A reconciliation between GAAP and these non-GAAP financial measures is included in the accompanying financial data.
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Orlando hoteliers offering deep discounts
How much does the average room cost in a high-end Orlando hotel these days?
Three-hundred dollars a night? Try again. Two-hundred dollars? Still too high.
The average daily price among the top 15 percent of hotels in the Orlando market last year: $138. The cost of a room in this "luxury price" category was down 12.3 percent from a year earlier, according to Smith Travel Research, which tracks hotels nationwide. The average room rate for the entire market was down about the same amount, 12.2 percent, to $93 a night.
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Three-hundred dollars a night? Try again. Two-hundred dollars? Still too high.
The average daily price among the top 15 percent of hotels in the Orlando market last year: $138. The cost of a room in this "luxury price" category was down 12.3 percent from a year earlier, according to Smith Travel Research, which tracks hotels nationwide. The average room rate for the entire market was down about the same amount, 12.2 percent, to $93 a night.
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Hawaii lawmaker again debating legal gambling
Gambling interests spent hundreds of thousands of dollars on lobbying and public relations in Hawai'i nearly a decade ago, tempting state lawmakers with new tax revenue from a grand resort and casino.
Nothing happened.
This year, with no similar lobbying blitz, state House lawmakers have opened the door to legalized gambling, either through a single casino on O'ahu or casinos on Hawaiian home lands.
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Nothing happened.
This year, with no similar lobbying blitz, state House lawmakers have opened the door to legalized gambling, either through a single casino on O'ahu or casinos on Hawaiian home lands.
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Hawaii Hotels Lost $741M Last Year
A new report says hotels in Hawaii lost $741 million last year, $1.1 billion since the tourism slump began in 2008.
The report by the industry consulting firm Hospitality Advisors LLC says hotel occupancy throughout the state averaged 66.5 percent in 2009. That's down from 70.5 percent in 2008.
Hospitality Advisors says last year's rate was the lowest since it began reporting hotel data in 1987.
Company President and Chief Executive Officer Joseph Toy says 2009 was a tough year for the visitor industry in Hawaii and across the nation.
He says the speed and depth of the downturn was unprecedented, and the hotel industry has never experienced the level of rate discounting that is continuing.
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The report by the industry consulting firm Hospitality Advisors LLC says hotel occupancy throughout the state averaged 66.5 percent in 2009. That's down from 70.5 percent in 2008.
Hospitality Advisors says last year's rate was the lowest since it began reporting hotel data in 1987.
Company President and Chief Executive Officer Joseph Toy says 2009 was a tough year for the visitor industry in Hawaii and across the nation.
He says the speed and depth of the downturn was unprecedented, and the hotel industry has never experienced the level of rate discounting that is continuing.
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Burger King to carry Seattle's Best coffee
Burger King, the second largest U.S. hamburger chain after McDonald's, said it would serve Seattle's Best in about 7,250 U.S. outlets by September. The new coffee drinks, with optional flavorings and whipped topping, will sell for $1 to $2.79.
Starbucks has been working to grow its Seattle's Best Coffee brand through franchisees and agreements with other restaurants such as Subway.
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Starbucks has been working to grow its Seattle's Best Coffee brand through franchisees and agreements with other restaurants such as Subway.
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Enterprise Inns puts more pubs in sale and leaseback auction
Enterprise Inns is hoping to raise more than £12m next month when it sells and leases back another eight London pubs.
The latest auction is being held on March 10, hosted by Cushman & Wakefield which has already sold pubs for the pubco's sale and leaseback programme and according to its own website is “regarded as market leaders in the disposal of sale & leaseback investments”.
Last week Enterprise grossed at least £10m when it sold and leased back seven pubs through auctioneers Allsop.
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The latest auction is being held on March 10, hosted by Cushman & Wakefield which has already sold pubs for the pubco's sale and leaseback programme and according to its own website is “regarded as market leaders in the disposal of sale & leaseback investments”.
Last week Enterprise grossed at least £10m when it sold and leased back seven pubs through auctioneers Allsop.
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