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BOSTON, May 12, 2011 (GLOBE NEWSWIRE) -- Sonesta International Hotels Corporation (Nasdaq:SNSTA) today reported a net loss for the quarter ended March 31, 2011 of $1,954,000, or $(0.53) per share, compared to a net loss of $1,192,000, or $(0.32) per share, for the quarter ended March 31, 2010. Revenues, excluding other revenues from managed and affiliated properties, were $18,063,000 in the first quarter of 2011, compared to $14,762,000 in the same period in 2010.
The 2011 first quarter included revenues of $3,559,000 from Sonesta Bayfront Hotel Coconut Grove. The Company has operated this condominium hotel under a management agreement since its opening in 2002, and acquired the hotel on July 1, 2010. Royal Sonesta New Orleans reported a 4% increase in revenues. Revenues from management activities decreased due to the political unrest in Egypt where the Company operates a collection of hotels and Nile cruise ships. The decrease in earnings in the 2011 first quarter compared to the previous year resulted from higher operating costs at the Company's hotels in Boston and New Orleans, and decreased management income from the Company's operations in Egypt.
For full details on our results for the first quarter of 2011 please refer to our Quarterly Report on Form 10-Q which was filed on May 12, 2011. This report may be accessed through our website, Sonesta.com.
Sonesta's stock is traded on the NASDAQ stock market under the symbol SNSTA.
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 March 31 |
|
| 2011 | 2010 | |
| Operating revenues | $18,063 | $14,762 |
| Other revenues from managed and affiliated properties | 178 | 1,370 |
| Total revenues | 18,241 | 16,132 |
| Costs and expenses, including depreciation and amortization | (19,914) | (15,913) |
| Other expenses from managed and affiliated properties | (178) | (1,370) |
| Total expenses | (20,092) | (17,283) |
| Operating loss | (1,851) | (1,151) |
| Other income (deductions): | ||
| Interest expense | (681) | (567) |
| Interest income | 33 | 60 |
| Gain (loss) on sales of assets | 2 | (4) |
| Foreign exchange gain (loss) | 6 | (5) |
| (640) | (516) | |
| Loss before income taxes | (2,491) | (1,667) |
| Federal, foreign and state income tax benefit | (537) | (475) |
| Net loss | ($1,954) | ($1,192) |
| Loss per share of common stock | ($0.53) | ($0.32) |
| Average number of common shares outstanding | 3,698 | 3,698 |
CONTACT: Boy van Riel
Sonesta International Hotels Corporation
TELEPHONE: (617) 421-5444
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