Northampton Posts 8.1% Sales Growth in Third Quarter
Profits Rise 74.4% Quarter-Over-Quarter
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 02/22/12 -- Northampton Group Inc. (TSX VENTURE: NHG)(TSX VENTURE: NHG.DB), an integrated Canadian hotelier, today reported fiscal 2012 results for the third quarter and nine months ended December 31, 2011. In the third quarter, Northampton posted a quarter-over-quarter sales increase of 8.1%; in the nine-month period sales increased by 3.2% period-over-period.
"While hotel financing, and construction financing in particular, remain challenging, Northampton has been able to capitalize on the improving economy to increase occupancy, rates, and revenue per available room (RevPAR), growing not only sales but profits," said Vinod Patel, President and CEO of the Northampton Group. "We are seeing a slight increase in travel, both business and leisure. We remain focused on controlling costs and supporting our hotels' customized marketing programs, as well as continuing to seek opportunities for both expansion and realization of our properties' intrinsic value. As well, the opening of our new Vaughan Mills aloft™ brand hotel, anticipated in the first half of 2012, is keenly awaited."
Highlights of the Quarter:
While industry analysts Pannell Kerr Forster Consulting (PKF Canada) reported a slight average increase of 1.0% in occupancy nationally for 2011 versus 2010, in the nine-month period ended December 31, 2011, Northampton's occupancy increased by 1.9% period-over-period. Nationally, average daily rates (ADRs) declined by 0.6% in 2011 while Northampton's ADRs actually increased by 0.7%. PKF's analysis of 2011 RevPAR Canada-wide showed an improvement of 1.1% over 2010, while Ontario's RevPAR increased by 1.6% and Quebec's by 4.1% in calendar 2011, representing a comparatively stronger performance in Northampton's major markets. Northampton's own hotels posted an average RevPAR increase of 2.6% in the nine months.
PKF predicts marginal improvement in all three measures in Canada for calendar 2012.
The following is a tabulated summary of Northampton's results from continuing operations:
For a more complete discussion of the Company's results, please see Northampton's quarterly filings on , or the quarterly MD&A, financials, and notes to the financial statements on the Company's website at .
About Northampton
Northampton Group Inc. is an integrated Canadian hotelier with ownership and management interests in 2,002 rooms in 16 hotels, with a selective strategic development program in place. Focused on creating the best return for all stakeholders, Northampton's proven, market-sensitive strategy is to acquire or build hotels that provide superior overnight accommodation in the mid-price market. Northampton has consistently excelled in this sector, offering services that exceed expectations while still posting industry-leading margins.
Disclaimer:
This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Northampton's results to differ materially from expectations. Such risks may relate to hotel performance, market fluctuations, investee performance, and other risks more fully described in the Company's annual report, posted on the Company's website and on SEDAR. These forward-looking statements speak only as of the date hereof. Northampton Group disclaims any intent or obligation to update these forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Northampton Group Inc.
Vinod Patel
President and CEO
905-629-9992
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Datum: 22.02.2012 - 13:00 Uhr
Sprache: Deutsch
News-ID 117211
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