Northampton Second Quarter Revenues Up 4.8%
Demonstrates improvement in most hotels in its portfolio
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 11/28/13 -- Northampton Group Inc. (TSX VENTURE: NHG), an integrated Canadian hotelier, today reported its financial results for fiscal 2014's second quarter and first six months ended September 30, 2013. In the quarter, Northampton posted a sales increase of 4.8%; in the half, the sales increase reached 6.1%. Excluding the impact of the aloft™ Vaughan Mills (opened in May of 2012) and the Park Inn Montreal Airport (sold in August of 2012), the respective increases were 5.4% in the quarter and 6.5% in the six months. The portfolio experienced an improved performance at most properties, and gross profit rose by 3.7% in the quarter and 7.6% in the half.
"We continue to see the positive effects of a stronger economy in both Canada and the US," said Vinod Patel, President and CEO of the Northampton Group. "Northampton experienced an improved environment in all locations except Ottawa this quarter, and our hotels exceeded the average increases in occupancy and rates reported in their regions by industry analysts. The aloft™ Vaughan Mills is performing well, adding to our revenues. Our challenge is to hold the line on costs despite industry discounting and increased utility charges, particularly as we move into the less active part of our year."
According to industry analyst Pannell Kerr Forster Consulting (PKF), the GTA saw revenue per available room (RevPAR) increase by 3.3%, Quebec's RevPAR rose by 2.2%, and Ottawa's RevPAR decreased by 3.3%. This is in line with earlier predictions. They continue to suggest that occupancy rates will remain essentially flat nationally but rise by one point in Toronto and Montreal and fall by up to three points in Ottawa. This would tend to suggest that average daily rates may strengthen slightly.
Highlights of the Period:
Northampton today announced the payment of a dividend of $0.02 per common share payable to shareholders of record on December 9, 2013, to be disbursed on December 18, 2013.
Northampton is also pleased to announce the appointment of Mr. Walter Keyser to the Board. With an extensive background in the real estate sector and significant public-company experience, Mr. Keyser knows Northampton well, having previously served on its Board. We welcome him back and look forward to working with him.
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: 28.11.2013 - 21:54 Uhr
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News-ID 321155
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