BOSTON, Nov. 14, 2011 (GLOBE NEWSWIRE) -- 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 | ||||
| Financial Summary | ||||
| (000 omitted except for per share data) | Three months ended | Nine months ended | ||
| September 30 | September 30 | |||
| 2011 | 2010 | 2011 | 2010 | |
| 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 |
| 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) |
| Operating income (loss) | 1,646 | (443) | 1,239 | (9) |
| Other income (deductions): | ||||
| 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) |
| 457 | (569) | (793) | (1,621) | |
| Income (loss) before income taxes | 2,103 | (1,012) | 446 | (1,630) |
| Federal, foreign and state income tax expense (benefit) | 1,165 | (423) | 662 | (506) |
| Net income (loss) | $938 | ($589) | ($216) | ($1,124) |
| Net income (loss) per share of common stock | $0.25 | ($0.16) | ($0.06) | ($0.30) |
| Average number of common shares outstanding | 3,698 | 3,698 | 3,698 | 3,698 |