Northampton First Quarter Revenues Up 7.6%
Corporate financial metrics improve with stronger economy
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 08/28/13 -- Northampton Group Inc. (TSX VENTURE: NHG), an integrated Canadian hotelier, today reported its financial results for fiscal 2014's first quarter ended June 30, 2013. In the period, Northampton posted a quarter-over-quarter sales increase of 7.6% with much improved performance across the board: gross profit rising by 12.7%, admin costs down and cash flow up 51.1%.
"With this strong first quarter we are seeing the impact of an improved economy in both Canada and the US," said Vinod Patel, President and CEO of the Northampton Group. "Northampton is well-positioned to take advantage of any economic upturn, as our hotels are run carefully and economically. We are also benefitting from the successful launch in May 2012 of the aloft™ Vaughan Mills, which has added several points to our improved revenues and profits in this quarter. The Montreal airport and Oakville markets are still experiencing some challenges, with slight declines there, but I am happy to say that the rest of the portfolio posted gains."
According to industry analyst Pannell Kerr Forster Consulting (PKF), two of Northampton's major markets, Toronto and Montreal, may see improvements in revenue per available room (RevPAR) of up to 4.5% in calendar 2013, with average daily rates (ADRs) increasing more than 2.0% and occupancy up about 1.0% in both cities. They suggest that the Ottawa area, on the other hand, will see occupancies drop by about 3.0% with ADRs down 1.5% and RevPAR dropping as much as 4.0%. Since their earlier predictions for 2013 showed flat occupancy rates, we may see ADRs - a key measure for Northampton - strengthen further.
Highlights of the Quarter:
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 (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: 28.08.2013 - 12:15 Uhr
Sprache: Deutsch
News-ID 291627
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