BOSTON, May 14, 2009 (GLOBE NEWSWIRE) -- Sonesta International Hotels Corporation (Nasdaq:SNSTA) today reported a net loss for the quarter ended March 31, 2009 of $2,212,000, or $(0.60) per share, compared to net income of $90,000, or $0.02 per share, for the quarter ended March 31, 2008. Revenues, excluding other revenues from managed and affiliated properties, were $13,103,000 in the first quarter of 2009, compared to $17,798,000 in the same period in 2008.
The economic recession had a severe negative impact on the Company's business in the 2009 first quarter. Both of the Company's Royal Sonesta Hotels, in Boston and New Orleans, experienced much lower demand, in particular from the corporate group and convention market segments. Income from management activities also decreased in the 2009 first quarter due to reductions in revenues and profits at the Company's managed hotels in Miami and Egypt.
For full details on our results for the first quarter of 2009 please refer to our Quarterly Report on Form 10-Q which was filed on May 13, 2009. This report may be accessed through our website, www.Sonesta.com.
SONESTA INTERNATIONAL HOTELS CORPORATION
Financial Summary
(000 omitted except for per share data) Three months ended
March 31
2009 2008
Operating revenues $13,103 $17,798
Other revenues from managed and
affiliated properties 1,221 5,117
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Total revenues 14,324 22,915
Costs and expenses, including depreciation
and amortization (15,503) (17,718)
Other expenses from managed
and affiliated properties (1,221) (5,117)
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Total expenses (16,724) (22,835)
Operating income (loss) (2,400) 80
Other income (deductions):
Interest expense (716) (747)
Interest income 123 371
Gain on sales of assets 2 422
Foreign exchange gain (loss) (11) 7
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(602) 53
Income (loss) before income taxes (3,002) 133
Federal, foreign and state income
tax expense (benefit) (790) 43
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Net income (loss) ($2,212) $90
Income (loss) per share of common stock ($0.60) $0.02
Average number of common shares outstanding 3,698 3,698