BOSTON, Aug. 16, 2010 (GLOBE NEWSWIRE) -- Sonesta International Hotels Corporation (Nasdaq:SNSTA) today reported net income of $657,000, or $0.18 per share, in the quarter ended June 30, 2010, compared to a net loss of $109,000, or $(0.03) per share, in the quarter ended June 30, 2009. Revenues, excluding other revenues from managed and affiliated properties, were $19,139,000 in the 2010 quarter, compared to $16,497,000 in the 2009 quarter. The Company had operating income of $1,585,000 in the second quarter of 2010, compared to $363,000 during the same period in 2009.
For the six-month period ended June 30, 2010 the net loss was $535,000, or $(0.14) per share, compared to a net loss of $2,321,000, or $(0.63) per share, for the six-month period ended June 30, 2009. Revenues, excluding other revenues from managed and affiliated properties, were $33,901,000 in the 2010 period, compared to $29,600,000 in the 2009 period. Operating income was $434,000 in the six-month period ended June 30, 2010, compared to an operating loss of $2,037,000 in the same period in 2009.
Income from both Royal Sonesta Hotel Boston and Royal Sonesta Hotel New Orleans improved during the 2010 second quarter compared to last year as a result of revenue increases of 14% at the Boston location, and 15% in New Orleans. Improved demand, in particular from the group and convention market segments, contributed to the higher revenues.
For full details on our results for the second quarter of 2010 please refer to our Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2010, which was filed on August 13, 2010. 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 | ||||
| Financial Summary | ||||
| (000 omitted except for per share data) | Three months ended | Six months ended | ||
| June 30 | June 30 | |||
| 2010 | 2009 | 2010 | 2009 | |
| Operating revenues | $19,139 | $16,497 | $33,901 | $29,600 |
| Other revenues from managed and affiliated properties | 1,319 | 1,082 | 2,689 | 2,303 |
| Total revenues | 20,458 | 17,579 | 36,590 | 31,903 |
| Costs and expenses, including depreciation and amortization | (17,554) | (16,134) | (33,467) | (31,637) |
| Other expenses from managed and affiliated properties | (1,319) | (1,082) | (2,689) | (2,303) |
| Total expenses | (18,873) | (17,216) | (36,156) | (33,940) |
| Operating income (loss) | 1,585 | 363 | 434 | (2,037) |
| Other income (deductions): | ||||
| Interest expense | (538) | (718) | (1,105) | (1,434) |
| Interest income | 65 | 85 | 125 | 208 |
| Loss on sales of assets | (56) | (4) | (60) | (2) |
| Foreign exchange loss | (7) | (7) | (12) | (18) |
| (536) | (644) | (1,052) | (1,246) | |
| Income (loss) before income taxes | 1,049 | (281) | (618) | (3,283) |
| Federal, foreign and state income tax provision (benefit) | 392 | (172) | (83) | (962) |
| Net income (loss) | $657 | ($109) | ($535) | ($2,321) |
| Net income (loss) per share of common stock | $0.18 | ($0.03) | ($0.14) | ($0.63) |
| Average number of common shares outstanding | 3,698 | 3,698 | 3,698 | 3,698 |