Northampton Nine-Month Sales Decrease by 0.6%
In the quarter, sales off 3.9% while profits rise 13.7%
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 02/26/13 -- Northampton Group Inc. (TSX VENTURE: NHG), an integrated Canadian hotelier, today reported its financial results for the third quarter and nine months ended December 31, 2012. In the third quarter, Northampton posted a quarter-over-quarter sales decrease of 3.9%; in the nine-month period sales decreased by 0.6% period-over-period and net income fell by 38.7%.
"The third quarter is typically a little soft in our business," said Vinod Patel, President and CEO of the Northampton Group. "However, in this quarter we also experienced some specific challenges in the corridor west of Toronto. New hotel builds and price discounting by up-scale hotels combined with a continued slowdown in travel from the US to reduce our top line and squeeze our margins. With the exception of a disproportional increase in payroll costs, our careful financial policies continue to control costs as we support our hotels' customized marketing programs. Our franchisors have been extremely useful in this respect, and in fact there was a recent Hotelier Magazine article featuring Northampton Group on this very subject ()."
Highlights of the Quarter:
Industry analysts Pannell Kerr Forster Consulting (PKF Canada) reported a slight average increase of 0.7 percentage point in occupancy nationally for 2012 compared to 2011, while average daily rates (ADRs) increased by 1.9%. PKF's analysis of 2012 RevPAR Canada-wide showed an improvement of 3.1% over 2011, with Ontario's RevPAR increasing by 2.7% and Quebec's decreasing by 0.1% in calendar 2012. For calendar 2013, PKF is forecasting RevPAR increases of 3.75% nationally and 3.49%, 1.02%, and 3.37% for the Toronto, Ottawa, and Montreal areas respectively.
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 (including the new aloft Vaughan Mills hotel in Vaughan, Ontario) with a selective strategic development program in place. Focused on creating a solid 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.
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: 26.02.2013 - 14:49 Uhr
Sprache: Deutsch
News-ID 233437
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