Sonesta Announces 2011 Third Quarter Earnings
November 14 2011 - 9:57AM
Sonesta International Hotels Corporation
(Nasdaq:SNSTA) today reported net income of $938,000, or $0.25 per
share, in the quarter ended September 30, 2011, compared to a net
loss of $589,000, or $(0.16) per share, in the quarter ended
September 30, 2010. Operating revenues, excluding other revenues
from managed and affiliated properties, were $20,564,000 in the
2011 quarter, compared to $17,737,000 in the 2010 quarter. The
Company had operating income of $1,646,000 in the third quarter of
2011, compared to an operating loss of $443,000 during the same
period in 2010.
For the nine-month period ended September 30, 2011, the net loss
was $216,000, or $(0.06) per share, compared to a net loss of
$1,124,000, or $(0.30) per share, for the nine-month period ended
September 30, 2010. Operating revenues, excluding other
revenues from managed and affiliated properties, totaled
$61,132,000 in the 2011 period, compared to $51,638,000 in
2010. Operating income was $1,239,000 during the first nine
months of 2011, compared to an operating loss of $9,000 in the
first nine months of 2010.
The 2011 third quarter included income of $2,257,000 (fee income
of $1,175,000 and interest income of $1,082,000) following the
collection in the quarter of a note the Company received in 2007 in
connection with the former Chateau Sonesta Hotel New
Orleans. In addition, Royal Sonesta New Orleans reported
higher income in the 2011 third quarter compared to last year due
to increases in revenues and a reduction in rent expense. All
three of the Company's domestic hotels reported higher revenues in
the first nine months of 2011 compared to 2010. The combined
revenue increase was 8%.
For full details on our results for the third quarter of 2011
please refer to our Report on Form 10-Q for the quarterly period
ended September 30, 2011, which was filed on November 14,
2011. This report may be accessed through our website,
Sonesta.com.
The Sonesta International Hotels Corporation logo is available
at http://www.globenewswire.com/newsroom/prs/?pkgid=7017
SONESTA INTERNATIONAL HOTELS
CORPORATION |
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Financial Summary |
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(000 omitted except for per share data) |
Three months ended |
Nine months ended |
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September 30 |
September 30 |
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2011 |
2010 |
2011 |
2010 |
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Operating revenues |
$20,564 |
$17,737 |
$61,132 |
$51,638 |
Other revenues from managed and
affiliated properties |
193 |
330 |
507 |
3,019 |
Total revenues |
20,757 |
18,067 |
61,639 |
54,657 |
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Costs and expenses, including depreciation
and amortization |
(18,918) |
(18,180) |
(59,893) |
(51,647) |
Other expenses from managed and
affiliated properties |
(193) |
(330) |
(507) |
(3,019) |
Total expenses |
(19,111) |
(18,510) |
(60,400) |
(54,666) |
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Operating income (loss) |
1,646 |
(443) |
1,239 |
(9) |
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Other income (deductions): |
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Interest expense |
(646) |
(645) |
(1,968) |
(1,750) |
Interest income |
1,109 |
70 |
1,170 |
195 |
Loss on sales of assets |
(4) |
0 |
(2) |
(60) |
Other income (deductions) |
(2) |
6 |
7 |
(6) |
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457 |
(569) |
(793) |
(1,621) |
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Income (loss) before income taxes |
2,103 |
(1,012) |
446 |
(1,630) |
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Federal, foreign and state income tax
expense (benefit) |
1,165 |
(423) |
662 |
(506) |
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Net income (loss) |
$938 |
($589) |
($216) |
($1,124) |
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Net income (loss) per share of common
stock |
$0.25 |
($0.16) |
($0.06) |
($0.30) |
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Average number of common shares
outstanding |
3,698 |
3,698 |
3,698 |
3,698 |
CONTACT: Boy van Riel
Sonesta International Hotels Corporation
TELEPHONE: (617) 421-5444
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