Northampton Q2 Sales Steady While Costs Rise
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 11/20/12 -- Northampton Group Inc. (TSX VENTURE: NHG), an integrated Canadian hotelier, today reported its financial results for fiscal 2013's second quarter and six months ended September 30, 2012. The company posted a 0.8% increase in sales for the six-month period, and an equal decrease in the quarter, reflecting the positive impact of the new aloft™ Vaughan Mills (from May, 2012) and the negative impact of the sale of the Park Inn Montreal Airport (in July, 2012) as well as a drop in revenue in several areas as a result of local market conditions.
Industry analysts, Pannell Kerr Forster Consulting (PKF), have confirmed that Canada's overall occupancy rates should rise very modestly in 2012 in Toronto and Montreal and drop slightly in Ottawa. Thus far in 2012, Northampton's major markets saw improvements in revenue per available room (RevPAR) of 0.5% in the Greater Toronto Area, 0.8% in Montreal, and 7.6% in Ottawa. Average daily rates in Northampton's markets are likely to remain on par with last year.
"Overall, we are cautiously pleased with our results this quarter," said Vinod Patel, president and CEO of Northampton Group. "Getting a new hotel up to speed always takes an injection of time and energy. Despite this, and despite the sale of one of our older hotels, we still posted a slight improvement in sales in the six months, and we will continue to control our expenses as the aloft Vaughan Mills ramps up. We also experienced non-cash charges with reference to a onetime expense for officers' and directors' stock-based compensation and a loss on sale of the Park Inn & Suites Montreal Airport as well as amortization related to the new hotel, which added to our expenses."
Highlights of the Quarter:
Northampton today announced the payment of a dividend of $0.02 per common share payable to shareholders of record on December 4, 2012, to be disbursed on December 18, 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 1,943 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: 20.11.2012 - 21:01 Uhr
Sprache: Deutsch
News-ID 205629
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