SILVER SPRING, Md., Oct. 15 /PRNewswire/ -- Choice Hotels International, Inc. , one of the world's leading lodging franchisors, has been selected as one of the top 50 franchises for minorities by the National Minority Franchising Initiative (NMFI), an organization which serves to expand the number of minorities in franchising, for the third consecutive year. According to NMFI's official selections, recently published in the annual USA Today - Franchising Today, Choice Hotels was yet again chosen based on the company's continued commitment to the recruitment and advancement of minorities within the Choice Hotels system and the hospitality industry overall.
"We are extremely honored to receive this recognition for the third consecutive year," said Brian Parker, vice president of emerging markets and new business development for Choice Hotels. "Diversity and inclusion is vital to our organization's success and long-term growth therefore we are fully committed to the recruitment, development, and retention of our minority franchisees."
Reviewed among hundreds of other franchising companies, the NMFI chose Choice Hotels as one of its elite 50 organizations based on the company's overall minority recruitment program, the percentage of minority franchisees currently within the Choice Hotels system, and the percentage of minorities in key positions within corporate management. Other selection factors utilized by the NMFI in their selection process included market dynamics, franchisee satisfaction, brand identification, on-going support, financial stability and historical performance.
"We are extremely pleased to see that, even in this poor economy, so many franchisors still have an active interest in attracting more minority franchisees," said NMFI Co-Founder Rob Bond. "Given this huge underserved market, there is still a great deal of work that has to be done to bring minorities up to parity with the market."
Giving Choice Hotels its edge over the competition was the company's emerging markets and new business development team, which has worked to steadily increase the number of minority Choice Hotels franchisees over the past few years. The ongoing progress of this group is due in part to its number of successful initiatives, including a minority incentive program for new franchisees and a dedicated recruitment website.
Reflective of the company's recent strides in minority recruitment is the creation and growth of the Choice Hotels African American Owners Alliance and the Choice Hotels Hispanic Owners Alliance - franchisee-lead organizations designed to provide additional support for franchisees, serving as a forum to share knowledge and best practices, and a platform for recruiting new minority business owners into the Choice system.
The full list of NMFI's Top 50 Franchises for Minorities was published in the October 2, 2009 issue of USA Today - Franchising Today. For more information on Choice Hotels and its emerging markets division, please visit http://www.choicehotelsfranchise.com/emerging_markets/.
About Choice Hotels
As of June 30, 2009, Choice Hotels International, Inc. franchised more than 5,900 hotels, representing more than 479,000 rooms, in the United States and more than 30 other countries and territories. On September 22, 2009, the company announced it had opened its 6,000th franchised property. As of June 30, 2009, more than 800 hotels are under construction, awaiting conversion or approved for development in the United States, representing more than 64,000 rooms, and an additional 110 hotels, representing approximately 8,700 rooms, are under construction, awaiting conversion or approved for development in more than 15 other countries and territories. The company's Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion, Cambria Suites, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge and Rodeway Inn brands serve guests worldwide. In addition, via its Ascend Collection membership program, travelers in the United States and the Caribbean have upscale lodging options at historic, boutique and unique hotels.
Additional corporate information may be found on the Choice Hotels International, Inc. Web site, which may be accessed at http://www.choicehotels.com/.
Choice Hotels, Choice Hotels International, Comfort Inn, Comfort Suites, Quality, Sleep Inn, Clarion, Cambria Suites, MainStay Suites, Suburban Extended Stay Hotel, Econo Lodge, Rodeway Inn and Ascend Collection are proprietary trademarks and service marks of Choice Hotels International.
(C) 2009 Choice Hotels International, Inc. All rights reserved.Choice Hotels International, Inc.
CONTACT: Heather Soule, +1-301-628-4361, firstname.lastname@example.org
Web Site: http://www.choicehotels.com/
CARMEL, Ind., Oct. 15 /PRNewswire-FirstCall/ -- The employees of Conseco, Inc. pledged more than $267,000 to this year's United Way workplace campaign, exceeding goal by 6%. Adding in Conseco's $88,000 company matching contribution, the campaign raised more than $355,000 for United Way organizations in Conseco's major office locations of Indianapolis, Chicago, Philadelphia and Dallas.
Conseco CEO Jim Prieur said, "Conseco's employees are truly exceptional. They're proud of their communities, they care deeply about their neighbors, and they understand that the services provided by United Way agencies are especially needed in these tough economic times. All of us at Conseco are pleased to be able to express our gratitude to the communities that have provided us so much support over the years."
Other Conseco highlights: -- In all, more than 1,200 Conseco employees made pledges to the campaign, up 9% over last year. -- 97 percent of Conseco's officers donated to the campaign, and 38 employees made leader-level donations ($1,500 or more). -- Concurrent with the pledge campaign, Conseco's Carmel employees raised an additional $3,200 for the United Way of Central Indiana through a silent auction and other special events. -- The company hosted United Way agency meetings at each of its major locations, providing associates the chance to learn more about the agencies' vital work.
Prieur offered his congratulations to Conseco United Way Campaign Chair Chris McKee and to his entire campaign committee: Terri Bendes, Mike Bottoms, Molly Connor, Todd Coombes, Christene Darnell, Ed Gasser, Courtney Hyde, Ken Kueber, Rich Layman, Debra Lockridge, Kathy Majeed, Jan Marszalek, Katie Maurer, Leanne McArthy, Lanay Northcutt, Media Oakes, Carolyn O'Donnell, Nathan Post, Alicia Relford, Mariana Rivera, and Barbara Stewart.
Conseco, Inc.'s insurance companies help protect working American families and seniors from financial adversity: Medicare supplement, long-term care, cancer, critical illness and accident policies protect people against major unplanned expenses; annuities and life insurance products help people plan for their financial futures. For more information, visit Conseco's Web site at http://www.conseco.com/.Conseco, Inc.
CONTACT: Jim Rosensteele, Corporate Communications, +1-317-817-6363
Web Site: http://www.conseco.com/
SAN FRANCISCO, Oct. 15 /PRNewswire-FirstCall/ -- Salesforce.com , the enterprise cloud computing (http://www.salesforce.com/cloudcomputing/) company, today announced that HD Supply Facilities Maintenance is accessing Salesforce CRM (http://www.salesforce.com/crm/products) with mobile devices to maximize sales. HD Supply Facilities Maintenance uses the Sales Cloud (http://www.salesforce.com/crm/sales-force-automation/), salesforce.com's application for sales professionals to drive more sales, generate more leads, and help increase productivity. The Sales Cloud provides field account representatives with a complete "office on the go," including access to customer account data via mobile devices, so they have constant insight into information needed to maximize sales and increase customer success.
HD Supply Facilities Maintenance and the Sales Cloud - Access to Sales Information on the Go
-- HD Supply Facilities Maintenance integrated the Sales Cloud with Microsoft Outlook and BlackBerry(TM) smartphones for a complete field and office solution. Now, field account representatives can easily schedule their appointments; access account and customer data; and view historical sales and credit transactions; all on their mobile devices. -- Now that all sales reps in the field have a salesforce.com login, HD Supply Facilities Maintenance's sales management can better track and manage its sales pipeline as well as provide targeted coaching to associates in the field. As a result, the company is increasing its overall success and keeping ahead of competitors through an estimated seven to 10 percent gain in field productivity. -- HD Supply Facilities Maintenance is one of the 63,200 companies of all sizes, industries and geographies that comprised the salesforce.com customer base as of July 31, 2009. Revenue and subscribers will be recognized as the service is delivered. Comments on the News -- "Like many non-technology companies, we were operating manually, using paper and email processes. This sometimes made it difficult to get data to our field teams in a timely manner or to recognize trends in the market," said Mike D'Adamo, vice president of sales at HD Supply Facilities Maintenance. "After evaluating multiple offerings, Salesforce CRM stood out for its flexibility, ease of use and its mobile capability. We deployed a customized solution in just three months, with limited IT resources assigned to the project." -- "We're a prime example of how cloud computing can help a company transition from manual processes to sophisticated opportunity management quickly," added D'Adamo. "The Sales Cloud has been a great asset already, and we're looking to extend our solution to other areas of the company so we can continue to enhance our ability to exceed our customers' expectations and gain market share." Supporting Resources -- For more information on the Sales Cloud, please go to http://www.salesforce.com/crm/sales-force-automation/ About HD Supply Facilities Maintenance
HD Supply Facilities Maintenance (http://www.hdsupplysolutions.com/) is a leading supplier of maintenance, repair and operating products to the multifamily housing industry, and a leading national supplier of repair & maintenance, housekeeping & operations and furniture, fixtures and equipment products to the hospitality industry. HD Supply Facilities Maintenance has a nationwide supply chain with 35 distribution centers, a fleet of more than 600 delivery vehicles and 20,000 items in stock.
About HD Supply
HD Supply (http://www.hdsupply.com/) is a leading wholesale distribution company, providing a broad range of products and services to professional customers in the infrastructure & energy, maintenance, repair & improvement and specialty construction markets. With a diverse portfolio of market-leading businesses, HD Supply is one of the largest diversified wholesale distributors in North America, with nearly 900 locations.
Salesforce.com is the enterprise cloud computing company. The company's portfolio of Salesforce CRM applications, available at http://www.salesforce.com/products/, has revolutionized the ways that companies collaborate and communicate with their customers across sales, marketing and service. The company's Force.com platform (http://www.salesforce.com/platform/) helps customers, partners and developers to quickly build powerful business applications to run every part of the enterprise in the cloud. Based on salesforce.com's real-time, multitenant architecture, Salesforce CRM and Force.com offer the fastest path to customer success with cloud computing.
As of July 31, 2009, salesforce.com manages customer information for approximately 63,200 customers including Allianz Commercial, Dell, Dow Jones Newswires, Japan Post, Kaiser Permanente, KONE, and SunTrust Banks. Any unreleased services or features referenced in this or other press releases or public statements are not currently available and may not be delivered on time or at all. Customers who purchase salesforce.com applications should make their purchase decisions based upon features that are currently available. Salesforce.com has headquarters in San Francisco, with offices in Europe and Asia, and trades on the New York Stock Exchange under the ticker symbol "CRM". For more information please visit http://www.salesforce.com/, or call 1-800-NO-SOFTWARE.
Copyright (c) 2009 salesforce.com, inc. All rights reserved. Salesforce and the "no software" logo are registered trademarks of salesforce.com, inc., and salesforce.com owns other registered and unregistered trademarks. Other names used herein may be trademarks of their respective owners.Photo: http://www.newscom.com/cgi-bin/prnh/20050216/SFW105LOGO
CONTACT: Katy Dormer of salesforce.com, +1-415-901-8595,
email@example.com; or Quiana Pinckney of HD Supply, +1-770-852-9057,
Web Site: http://www.salesforce.com/
SAN JOSE, Calif., Oct. 15 /PRNewswire-FirstCall/ -- Sanmina-SCI Corporation is calling today for redemption on November 16, 2009 all of its outstanding Senior Floating Rate Notes due 2010 (the "Notes"). The aggregate principal amount of the Notes currently outstanding is $175.7 million. The CUSIP number for the Notes being called for redemption is 800907 AL1. Upon redemption, holders of the Notes will receive the principal amount of the Notes plus accrued and unpaid interest thereon up to but excluding the redemption date.
A Notice of Redemption is being mailed to all registered holders of the Notes. Copies of the Notice of Redemption may be obtained from U.S. Bank National Association, the Paying Agent, by calling (800) 934-6802.
Sanmina-SCI Corporation is a leading electronics contract manufacturer serving leading segments of the global Electronics Manufacturing Services (EMS) market. Recognized as a technology leader, Sanmina-SCI provides end-to-end manufacturing solutions, delivering superior quality and support to OEMs primarily in the communications, defense and aerospace, industrial and medical instrumentation, multimedia, enterprise computing and storage, renewable energy and automotive technology sectors. Sanmina-SCI has facilities strategically located in key regions throughout the world. More information regarding the company is available at http://www.sanmina-sci.com/.
CONTACT: Paige Bombino, Investor Relations of Sanmina-SCI Corporation,
Web Site: http://www.sanmina-sci.com/
SAN MATEO, Calif., Oct. 15 /PRNewswire-FirstCall/ -- Today, SuccessFactors, Inc. announced that it intends to offer, subject to market and other conditions, 10 million shares of common stock. In connection with this offering, the underwriters will have an option to purchase up to an additional 1.5 million shares of common stock. The company is conducting the offering pursuant to an effective registration statement under the Securities Act of 1933.
The company plans to use the net proceeds for working capital and general corporate purposes, including potential acquisitions.
The shares will be issued pursuant to an effective registration statement that was previously filed with the SEC. The offering is being made solely by means of a prospectus supplement and accompanying prospectus. This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
Goldman, Sachs & Co., Deutsche Bank Securities, and Morgan Stanley & Co. Incorporated are serving as the joint bookrunners of this offering, and Lazard Capital Markets and UBS are serving as co-managers. A copy of the preliminary prospectus supplement and accompanying prospectus relating to this offering may be obtained by contacting Goldman, Sachs & Co., 85 Broad Street, New York, NY 10004, Attn: Prospectus Department, by calling 866-471-2526, or by emailing firstname.lastname@example.org; or from Deutsche Bank Securities Inc., 100 Plaza One, Jersey City, New Jersey 07311, by calling 800-503-4611; or from Morgan Stanley & Co. Incorporated, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014, telephone: (866) 718-1649, or by emailing email@example.com.
About SuccessFactors, Inc.
SuccessFactors is the global leader in Business Execution Software. The SuccessFactors Business Execution Suite improves business alignment and people performance for companies of all sizes. More than 5 million users and 2,800 companies use SuccessFactors every day.
Contact SuccessFactors Dominic Paschel, 415-262-4641 Director of Public & Investor Relations firstname.lastname@example.orgPhoto: http://www.newscom.com/cgi-bin/prnh/20090602/SF26086LOGO
CONTACT: Dominic Paschel, Director of Public & Investor Relations of
SuccessFactors, +1-415-262-4641, email@example.com
Web Site: http://www.successfactors.com/
MILPITAS, Calif., Oct 15 /PRNewswire-FirstCall/ -- California Micro Devices today announced that management will present at TechAmerica's 39th Annual AeA Classic Financial Conference at the Marriott San Diego Hotel & Marina in San Diego, California. The Company's President and Chief Executive Officer, Robert V. Dickinson, Chief Financial Officer, Kevin Berry and Vice President of Marketing, Kyle Baker, will host eleven 30-minute presentation sessions in a small group setting on Tuesday, November 3rd, starting at 8:30 a.m. Pacific Time until 4:30 p.m.
A Web cast and archived replay of California Micro Devices' presentation may be accessed at the Company's corporate Web site (Investor Relations Link), at http://www.cmd.com/.
For almost 40 years, the TechAmerica "AeA Classic" has been the premier financial conference for public technology companies. Presentation room assignments will be available approximately two weeks in advance of the conference and may be obtained by contacting Colette Gonsalves at firstname.lastname@example.org or by accessing TechAmerica's Web site at http://www.techamerica.org/classic.
About California Micro Devices Corporation
California Micro Devices Corporation is a leading supplier of protection devices for the mobile handset, high brightness LED (HBLED), digital consumer electronics and personal computer markets. Detailed corporate and product information may be accessed at http://www.cmd.com/.California Micro Devices
CONTACT: Kevin Berry, Chief Financial Officer of California Micro
Devices, +1-408-934-3197, email@example.com
Web Site: http://www.cmd.com/
CINCINNATI, Oct. 15 /PRNewswire-FirstCall/ -- Regent Communications, Inc. announced today that it will release third quarter 2009 financial results before market hours on Thursday, November 5, 2009.
The Company will also host a teleconference to discuss its third quarter 2009 results on Thursday, November 5 at 9:00 a.m. Eastern Time. To access the teleconference, please dial 973-935-8767 ten minutes prior to the start time and reference passcode 36169937. The teleconference will also be available via a live webcast on the Company's website, located at http://www.regentcomm.com/ under the Investor Relations section.
If you cannot listen to the teleconference at its scheduled time, a replay will be available through Thursday, November 12, 2009, which can be accessed by dialing 800-642-1687 (U.S.) or 706-645-9291 (Int'l), passcode 36169937. The webcast will also be archived on the Company's website for 30 days.
Regent's earnings press release will contain certain non-GAAP financial measures including station operating income, adjusted EBITDA, free cash flow and consolidated debt. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP measures will be provided in the earnings release and will be posted on the Company's website at http://www.regentcomm.com/ under Investor Relations.
Regent Communications, Inc. is a radio broadcasting company focused on acquiring, developing and operating radio stations in mid-sized markets. Regent owns and operates 62 stations located in 13 markets. The Company's shares are traded on the Nasdaq Stock Market under the symbol "RGCI."Regent Communications, Inc.
CONTACT: Christian Nery, Brainerd Communicators, Inc., +1-212-986-6667
Web Site: http://www.regentcomm.com/
CARMEL, Ind., Oct. 15 /PRNewswire-FirstCall/ -- The Carmel-based employees of Conseco, Inc. pledged more than $213,000 to this year's United Way workplace campaign, exceeding goal by 5%. Adding in Conseco's $70,000 company matching contribution, the campaign raised about $283,000 for United Way of Central Indiana.
Conseco CEO Jim Prieur said, "Conseco's employees are truly exceptional. They're proud of their community, they care deeply about their neighbors, and they understand that the services provided by United Way agencies are especially needed in these tough economic times. As Hamilton County's largest employer, and as a company that's been based in central Indiana for more than three decades, all of us at Conseco are pleased to be able to express our gratitude to the community that has provided us so much support over the years."
Other Conseco highlights: -- In all, nearly 950 of Conseco's Carmel employees made pledges to the campaign, up 10% over last year, and 4% ahead of goal. -- 97 percent of Conseco's officers donated to the campaign, and 32 Carmel employees made leader-level donations ($1,500 or more). -- Concurrent with the pledge campaign, Conseco's Carmel employees raised an additional $3,200 for the United Way of Central Indiana through a silent auction and other special events, and employees at Conseco's major offices in Chicago, Philadelphia and Dallas pledged a total of $55,000 to benefit local United Way organizations in Illinois, Pennsylvania and Texas. -- Conseco associates and family members volunteered at a United Way agency - Children's TherAplay in Carmel - as part of the United Way Day of Caring.
Conseco's 2009 campaign was chaired by Chris McKee, who also serves as a member of the Hamilton County Advisory Board for the United Way of Central Indiana. "I hope other Hamilton County employers and residents who don't run a workplace campaign will consider giving to the United Way this year," McKee said. "United Way has more than 100 partner agencies and a donation can be the difference in a family receiving food, shelter or job training. Anyone interested can pledge by visiting http://www.liveunitedgiveunited.org/."
Prieur offered his congratulations to McKee and his Carmel campaign team: Terri Bendes, Mike Bottoms, Molly Connor, Todd Coombes, Christene Darnell, Ed Gasser, Courtney Hyde, Ken Kueber, Rich Layman, Debra Lockridge, Kathy Majeed, Katie Maurer, Lanay Northcutt, Media Oakes, Alicia Relford, and Barbara Stewart.
Conseco was among a select group in the six-county Central Indiana area that earned the coveted "Company that Cares" award for results during its 2008 workplace campaign. Conseco has been a Company that Cares award winner for nine consecutive years.
Conseco, Inc.'s insurance companies help protect working American families and seniors from financial adversity: Medicare supplement, long-term care, cancer, critical illness and accident policies protect people against major unplanned expenses; annuities and life insurance products help people plan for their financial futures. For more information, visit Conseco's Web site at http://www.conseco.com/.Conseco, Inc.
CONTACT: Jim Rosensteele, Corporate Communications, +1-317-817-6363
Web Site: http://www.conseco.com/
OKLAHOMA CITY, Oct. 15 /PRNewswire-FirstCall/ -- SandRidge Energy, Inc. today announced that its bank group recently reaffirmed its $985 million borrowing base and $1.75 billion commitment amount as part of the regularly scheduled semi-annual redetermination. The company remains in compliance with all debt covenants and there were no changes in covenant ratios. The company's bank group consists of 27 financial institutions with no single bank holding more than 6.3% of the total commitment. The next redetermination of the borrowing base is scheduled to be in the second quarter of 2010.
"We are pleased to have our current borrowing base reaffirmed," commented Dirk M. Van Doren, Chief Financial Officer. "This redetermination illustrates the company's strong financial flexibility. In addition, we are well positioned for 2010, which will be highlighted by the start up of the Century Plant as well as 80 Bcf of natural gas hedged at $7.70 per Mcf."
As previously noted, the company will host a conference call to discuss its financial and operational results for the 2009 third quarter on Friday, November 6, 2009 at 8:00 am CST. The telephone number to access the conference call from within the U.S. is 866-318-8616 and from outside the U.S. is 617-399-5135. The passcode for the call is 43012211. An audio replay of the call will be available from 11:00 am CST on November 6, 2009 until 11:59 pm CST on December 6, 2009. The number to access the conference call replay from within the U.S. is 888-286-8010 and from outside the U.S. is 617-801-6888. The passcode for the replay is 96782011.
A live audio webcast of the conference call will also be available via SandRidge's website, http://www.sandridgeenergy.com/, under Investor Relations/Events. The webcast will be archived for replay on the company's website for 30 days.
For further information, please contact: Kevin R. White Senior Vice President SandRidge Energy, Inc. 123 Robert S. Kerr Avenue Oklahoma City, Oklahoma 73102-6406 (405) 429-5515
SandRidge Energy, Inc. is a natural gas and crude oil company headquartered in Oklahoma City, Oklahoma with its principal focus on exploration and production. SandRidge and its subsidiaries also own and operate gas gathering and processing facilities and CO2 treating and transportation facilities and conduct marketing and tertiary oil recovery operations. In addition, Lariat Services, Inc., a wholly-owned subsidiary of SandRidge, owns and operates a drilling rig and related oil field services business. SandRidge focuses its exploration and production activities in West Texas, the Cotton Valley Trend in East Texas, the Gulf Coast, the Mid-Continent, and the Gulf of Mexico. SandRidge's internet address is http://www.sandridgeenergy.com/.SandRidge Energy, Inc.
CONTACT: Kevin R. White, Senior Vice President of SandRidge Energy,
Web Site: http://www.sandridgeenergy.com/
TULSA, Okla., Oct. 15 /PRNewswire-FirstCall/ -- The board of directors of ONEOK, Inc. has declared a quarterly dividend of 42 cents per share of common stock, effective for the third quarter 2009, payable Nov. 13, 2009, to shareholders of record at the close of business Oct. 30, 2009.
The dividend remains unchanged from the previous quarter.
Since January 2006, the company has increased the dividend seven times, representing a 50 percent increase during that period.
ONEOK, Inc. is a diversified energy company. We are the general partner and own 45.1 percent of ONEOK Partners, L.P. , one of the largest publicly traded master limited partnerships, which is a leader in the gathering, processing, storage and transportation of natural gas in the U.S. and owns one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent and Rocky Mountain regions with key market centers. ONEOK is among the largest natural gas distributors in the United States, serving more than two million customers in Oklahoma, Kansas and Texas. Our energy services operation focuses primarily on marketing natural gas and related services throughout the U.S. ONEOK is a Fortune 500 company.
For information about ONEOK, Inc., visit the Web site: http://www.oneok.com/.
Some of the statements contained and incorporated in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements relate to financial adjustments in connection with the accelerated share repurchase program and other matters. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements in certain circumstances.
OKE-FD Analyst Contact: Dan Harrison 918-588-7950 Media Contact: Megan Washbourne 918-588-7572ONEOK, Inc.
CONTACT: Analysts, Dan Harrison, +1-918-588-7950, or Media, Megan
Washbourne, +1-918-588-7572, both of ONEOK, Inc.
Web Site: http://www.oneok.com/
LEXINGTON, Ky., Oct. 15 /PRNewswire-FirstCall/ -- Tempur-Pedic International Inc. , the leading manufacturer, marketer and distributor of premium mattresses and pillows worldwide, today announced financial results for the third quarter ended September 30, 2009. In addition, the Company increased full year 2009 financial guidance.
THIRD QUARTER FINANCIAL SUMMARY -- Earnings per share (EPS) were $0.34 per diluted share in the third quarter of 2009 as compared to $0.32 per diluted share in the third quarter of 2008. The Company reported net income of $25.7 million for the third quarter of 2009 as compared to net income of $24.1 million in the third quarter of 2008. -- Net sales declined 11% to $224.1 million in the third quarter of 2009 from $252.8 million in the third quarter of 2008. On a constant currency basis, net sales declined 10%. Net sales in the domestic segment declined 12%, while international segment net sales declined 10%. On a constant currency basis, international segment net sales declined 7%. -- Mattress sales declined 14% globally. Mattress sales declined 15% in the domestic segment and 13% in the international segment. On a constant currency basis, international mattress sales declined 9%. Pillow sales declined 10% globally. Pillow sales declined 9% domestically and 10% internationally. On a constant currency basis, international pillow sales declined 9%. -- Gross profit margin was 47.6% as compared to 41.7% in the third quarter of 2008. The gross profit margin increased as a result of improved efficiencies in manufacturing, lower commodity costs, and improved pricing, partially offset by fixed cost de-leverage related to lower production volumes. -- Operating profit margin was 19.0% as compared to 17.0% in the third quarter of 2008. -- Reflecting the Company's continued focus on generating cash, the Company generated $55.0 million of operating cash flow in the third quarter of 2009. -- During the quarter, the Company reduced Total debt by $54.0 million to $315.0 million. As of September 30, 2009, the Company's ratio of Funded debt to EBITDA was 1.96 times, well within the covenant in its credit facility, which requires that this ratio not exceed 3.00 times.
For additional information about EBITDA and Funded debt (which are non-GAAP measures), please refer to the reconciliation and other information included in the attached schedule.
Chief Executive Officer Mark Sarvary commented, "Our 2009 strategic initiatives continued to generate improved results during the third quarter. While the macro environment remains challenging, our sales have grown and our margins have improved. Our results continue to demonstrate the Company's strong cash flow. Through the first nine months, we have reduced debt by over $100 million. Our recent product introductions and our new advertising campaign combined with continued productivity improvements will allow us to build on this performance as we move into 2010."
2009 Financial Guidance
Given the Company's improving performance through the first three quarters of 2009 and its continued positive outlook for the year, the Company is increasing 2009 full year financial guidance. The Company expects EPS to range from $1.00 to $1.05 per diluted share. The Company expects net sales to range from $790 million to $805 million. The Company noted its expectations are based on information available at the time of this release, and are subject to changing conditions, many of which are outside the Company's control.
Conference Call Information
Tempur-Pedic International will host a live conference call to discuss financial results today, October 15, 2009 at 5:00 p.m. Eastern Time. The dial-in number for the conference call is 877-857-6147. The call is also being webcast and can be accessed on the investor relations section of the Company's website, http://www.tempurpedic.com/. For those who cannot listen to the live broadcast, a webcast replay will be available for 30 days on the Company's website.
This release contains "forward-looking statements," within the meaning of federal securities laws, which include information concerning one or more of the Company's plans, objectives, goals, strategies, and other information that is not historical information. When used in this release, the words "estimates," "expects," "anticipates," "projects," "plans," "intends," "believes," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements include, without limitation, statements relating to the Company's expectations on building on 2009 performance in 2010 and the Company's expectations regarding net sales and earnings per share for 2009. All forward looking statements are based upon current expectations and beliefs and various assumptions. There can be no assurance that the Company will realize these expectations or that these beliefs will prove correct.
There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements contained in this release. Numerous factors, many of which are beyond the Company's control, could cause actual results to differ materially from those expressed as forward-looking statements. These risk factors include general economic, financial and industry conditions, particularly in the retail sector, as well as consumer confidence and the availability of consumer financing; the Company's ability to reduce expenses to align with reduced sales levels; uncertainties arising from global events; the effects of changes in foreign exchange rates on the Company's reported earnings; consumer acceptance of the Company's products; industry competition; the efficiency and effectiveness of the Company's advertising campaigns and other marketing programs; the Company's ability to increase sales productivity within existing retail accounts and to further penetrate the Company's domestic retail channel, including the timing of opening or expanding within large retail accounts; the Company's ability to address issues in certain underperforming international markets; the Company's ability to continuously improve and expand its product line, maintain efficient, timely and cost-effective production and delivery of its products, and manage its growth; changes in foreign tax rates, including the ability to utilize tax loss carry forwards; and rising commodity costs. Additional information concerning these and other risks and uncertainties are discussed in the Company's filings with the Securities and Exchange Commission, including without limitation the Company's annual report on Form 10-K under the headings "Special Note Regarding Forward-Looking Statements" and "Risk Factors." Any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statements for any reason, including to reflect events or circumstances after the date on which such statements are made or to reflect the occurrence of anticipated or unanticipated events or circumstances.
About the Company
Tempur-Pedic International Inc. manufactures and distributes mattresses and pillows made from its proprietary TEMPUR® pressure-relieving material. It is the worldwide leader in premium and specialty sleep. The Company is focused on developing, manufacturing and marketing advanced sleep surfaces that help improve the quality of life for people around the world. The Company's products are currently sold in over 80 countries under the TEMPUR® and Tempur-Pedic® brand names. World headquarters for Tempur-Pedic International is in Lexington, KY. For more information, visit http://www.tempurpedic.com/ or call 800-805-3635.
TEMPUR-PEDIC INTERNATIONAL INC. AND SUBSIDIARIES Condensed Consolidated Statements of Income (In thousands, except per common share amounts) Three Months Nine Months Ended Ended September 30, September 30, ------------ ------------ 2009 2008 Chg % 2009 2008 Chg % ---- ---- ----- ---- ---- ----- Net sales $224,082 $252,814 (11%) $586,362 $738,697 (21%) Cost of sales 117,373 147,323 311,461 419,109 ------- ------- ------- ------- Gross profit 106,709 105,491 1% 274,901 319,588 (14%) Selling and marketing expenses 39,272 39,956 108,335 137,906 General, administrative and other expenses 24,761 22,644 68,847 73,139 ------ ------ ------ ------ Operating income 42,676 42,891 (1%) 97,719 108,543 (10%) Other expense, net: Interest expense, net (4,311) (6,294) (13,359) (19,630) Other (expense) income, net (214) 96 404 (995) --- -- --- ---- Total other expense (4,525) (6,198) (12,955) (20,625) Income before income taxes 38,151 36,693 4% 84,764 87,918 (4%) Income tax provision 12,467 12,622 28,885 30,105 ------ ------ ------ ------ Net income $25,684 $24,071 7% $55,879 $57,813 (3%) ======= ======= ======= ======= Earnings per common share: Basic $0.34 $0.32 $0.75 $0.77 ===== ===== ===== ===== Diluted $0.34 $0.32 $0.74 $0.77 ===== ===== ===== ===== Weighted average common shares outstanding: Basic 74,938 74,815 74,902 74,704 ====== ====== ====== ====== Diluted 76,166 74,992 75,396 74,944 ====== ====== ====== ====== TEMPUR-PEDIC INTERNATIONAL INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands) September 30, December 31, 2009 2008 ---- ---- ASSETS Current Assets: Cash and cash equivalents $20,003 $15,385 Accounts receivable, net 105,397 99,811 Inventories 48,456 60,497 Prepaid expenses and other current assets 11,456 9,233 Deferred income taxes 19,839 11,888 ------ ------ Total Current Assets 205,151 196,814 Property, plant and equipment, net 175,817 185,843 Goodwill 193,456 192,569 Other intangible assets, net 65,318 66,823 Other non-current assets 2,919 4,482 ----- ----- Total Assets $642,661 $646,531 ======== ======== LIABILITIES AND STOCKHOLDERS' EQUITY Current Liabilities: Accounts payable $46,625 $41,355 Accrued expenses and other current liabilities 87,824 65,316 Income taxes payable 14,533 7,783 ------ ----- Total Current Liabilities 148,982 114,454 Long-term debt 315,000 419,341 Deferred income taxes 29,142 28,371 Other non-current liabilities 8,952 11,922 ----- ------ Total Liabilities 502,076 574,088 Total Stockholders' Equity 140,585 72,443 ------- ------ Total Liabilities and Stockholders' Equity $642,661 $646,531 ======== ======== TEMPUR-PEDIC INTERNATIONAL INC. AND SUBSIDIARIES Condensed Consolidated Statements of Cash Flows (In thousands) Nine Months Ended September 30, ------------- 2009 2008 ---- ---- CASH FLOWS FROM OPERATING ACTIVITIES: Net income $55,879 $57,813 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 23,526 24,847 Amortization of stock-based compensation 6,448 6,101 Amortization of deferred financing costs 518 888 Bad debt expense 4,659 5,859 Deferred income taxes (8,006) (1,634) Foreign currency adjustments 53 74 (Gain) Loss on sale of equipment and other (19) 679 Changes in operating assets and liabilities 37,345 74,287 ------ ------ Net cash provided by operating activities 120,403 168,914 CASH FLOWS FROM INVESTING ACTIVITIES: Purchases of property, plant and equipment (8,961) (7,844) Acquisition of business, net of cash acquired - (1,529) Other (87) (428) --- ---- Net cash used by investing activities (9,048) (9,801) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from long-term revolving credit facility 85,797 65,429 Repayments of long-term revolving credit facility (189,036) (89,691) Repayments of long-term debt - (1,359) Repayment of Series A Industrial Revenue Bonds - (57,785) Proceeds from issuance of common stock 129 695 Excess tax benefit from stock based compensation - 301 Dividend paid to stockholders - (17,933) Other - (14) --- --- Net cash used by financing activities (103,110) (100,357) NET EFFECT OF EXCHANGE RATE CHANGES ON CASH (3,627) (4,394) ------ ------ Increase in cash and cash equivalents 4,618 54,362 CASH AND CASH EQUIVALENTS, beginning of period 15,385 33,315 ------ ------ CASH AND CASH EQUIVALENTS, end of period $20,003 $87,677 ======= ======= Summary of Channel Sales The Company generates sales through four distribution channels: retail, direct, healthcare and third party. The retail channel sells to furniture, specialty and department stores globally. The direct channel sells directly to consumers. The healthcare channel sells to hospitals, nursing homes, healthcare professionals and medical retailers. The third party channel sells to distributors in countries where Tempur-Pedic International does not operate its own distribution company. The following table highlights net sales information, by channel and by segment, for the third quarter of 2009 compared to 2008: (In thousands) CONSOLIDATED DOMESTIC INTERNATIONAL ------------ -------- ------------- Three Months Ended Three Months Ended Three Months Ended September 30, September 30, September 30, ------------- ------------- ------------- 2009 2008 2009 2008 2009 2008 ---- ---- ---- ---- ---- ---- Retail $191,012 $216,226 $129,883 $147,992 $61,129 $68,234 Direct 12,245 11,230 10,600 9,169 1,645 2,061 Healthcare 8,942 11,636 2,804 3,727 6,138 7,909 Third Party 11,883 13,722 2,990 5,000 8,893 8,722 ------ ------ ----- ----- ----- ----- Total $224,082 $252,814 $146,277 $165,888 $77,805 $86,926 ======== ======== ======== ======== ======= ======= Summary of Product Sales A summary of net sales by product is reported below: (In thousands) CONSOLIDATED DOMESTIC INTERNATIONAL ------------ -------- ------------- Three Months Ended Three Months Ended Three Months Ended September 30, September 30, September 30, ------------- ------------- ------------- 2009 2008 2009 2008 2009 2008 ---- ---- ---- ---- ---- ---- Mattresses $149,810 $174,869 $103,122 $121,356 $46,688 $53,513 Pillows 28,386 31,414 13,216 14,476 15,170 16,938 Other 45,886 46,531 29,939 30,056 15,947 16,475 ------ ------ ------ ------ ------ ------ Total $224,082 $252,814 $146,277 $165,888 $77,805 $86,926 ======== ======== ======== ======== ======= ======= TEMPUR-PEDIC INTERNATIONAL INC. AND SUBSIDIARIES EBITDA to Net Income and Funded debt to Total debt Non-GAAP Measures (In thousands) The Company provides information regarding EBITDA and Funded debt which are not recognized terms under GAAP (Generally Accepted Accounting Principles) and do not purport to be alternatives to Net income as a measure of operating performance or Total debt. Because not all companies use identical calculations, these presentations may not be comparable to other similarly titled measures of other companies. A reconciliation of EBITDA to the Company's Net income and reconciliation of Funded debt to Total debt are provided below. Management believes that the use of EBITDA and Funded debt provides investors with useful information with respect to the terms of the Company's credit facility. Reconciliation of EBITDA to Net income The following table sets forth the reconciliation of the Company's reported Net income to the calculation of EBITDA for each of the three months ended December 31, 2008, March 31, 2009, June 30, 2009 and September 30, 2009 as well as the twelve months ended September 30, 2009: Twelve Months Three Months Ended Ended ------------------ ------------- December 31, March 31, June 30, September 30, September 30, 2008 2009 2009 2009 2009 ---- ---- ---- ---- ---- GAAP Net income $1,055 $13,338 $16,857 $25,684 $56,934 Plus: Interest expense 5,493 4,571 4,477 4,311 18,852 Income taxes 18,449 8,320 8,098 12,467 47,334 Depreciation & amortization 9,849 9,630 9,977 10,367 39,823 ----- ----- ----- ------ ------ EBITDA $34,846 $35,859 $39,409 $52,829 $162,943 ======= ======= ======= ======= ======== Reconciliation of Funded debt to Total debt The following table sets forth the reconciliation of the Company's reported Total debt to the calculation of Funded debt as of September 30, 2009: As of September 30, 2009 ------------------ GAAP basis Total debt $315,000 Plus: Letters of credit outstanding 3,748 ----- Funded debt $318,748 ======== Calculation of Funded debt to EBITDA As of September 30, 2009 ------------------ Funded debt $318,748 EBITDA 162,943 ------- 1.96 times ==========Tempur-Pedic International Inc.
CONTACT: Investor Relations, Barry Hytinen, Vice President, Investor
Relations and Financial Planning & Analysis, 1-800-805-3635
Web Site: http://www.tempurpedic.com/
SAN MATEO, Calif., Oct. 15 /PRNewswire-FirstCall/ -- SuccessFactors, Inc. today announced preliminary results for its third fiscal quarter of 2009 which ended September 30, 2009. SuccessFactors plans to announce its full financial results on October 27, 2009.
SuccessFactors' preliminary results for the third quarter fiscal year 2009:
-- Preliminary Q3 FY09 Revenue: For the quarter ended September 30, 2009, revenue is anticipated to be in the range of approximately $38.2 million to $38.7 million, compared to $29.7 million in the quarter ended September 30, 2008, an increase of approximately 29% to 30% year-over-year and an increase of 4% to 5% sequentially from Q209. -- Preliminary Q3 FY09 Gross Margin: For the quarter ended September 30, 2009, non-GAAP gross margin is anticipated to be approximately 77% to 78%, compared to 67% a year ago. Non-GAAP gross margin excludes the effect of approximately $300,000 in stock-based compensation for the quarter ended September 30, 2009 (less than 1% of revenue). Non-GAAP gross margin for the quarter ended September 30, 2008 excludes the effect of approximately $283,000 in stock-based compensation (less than 1% of revenue). -- Preliminary Q3 FY09 Operating Margin: For the quarter ended September 30, 2009, non-GAAP operating margin is anticipated to be slightly positive, compared to negative 61% for the quarter ended September 30, 2008. Non-GAAP operating margin excludes the effect of approximately $2.6 million in stock-based compensation for the quarter ended September 30, 2009 (approximately 7% of revenue). Non-GAAP operating margin for the quarter ended September 30, 2008 excludes the effect of approximately $1.9 million in stock-based compensation (approximately 6% of revenue). -- Preliminary Q3 FY09 Total Deferred Revenue: Total deferred revenue as of September 30, 2009 is anticipated to be in the range of approximately $160.5 million to $161.0 million, up approximately 7% sequentially from $149.8 million and up approximately 18% year-over-year from $136.1 million. -- Preliminary Q3 FY09 Cash Flow Generated from Operations: For the quarter ended September 30, 2009, cash flow from operating activities is anticipated to be approximately $3.2 million to $3.6 million, compared to the ($2.3) million use in the quarter ended September 30, 2008. -- Additional Preliminary Quarterly Notables: The September launch of Business Execution (BizX) Software accelerated interest from both new and existing customers. Strong quarterly results were also driven by an increase in large deals, average deal sizes rising, continued strength across international markets, and increased sales to existing customers. Preliminary FY 2009 Revenue Guidance:
SuccessFactors is providing preliminary guidance for its fourth quarter and full fiscal year 2009, as of October 15th, 2009.
-- Preliminary Q4 FY09: Revenue for the company's fourth fiscal quarter is projected to be in the range of approximately $39.3 million to $39.7 million. -- Preliminary Full Year 09: The company is raising guidance for full fiscal 2009 revenue from approximately $147.0 million to $148.0 million, or 32% annual growth from fiscal year 2008, to approximately $149.7 million to $150.6 million, or approximately 35% annual growth from fiscal year 2008. Q309 Financial Results Conference Call:
Full third quarter fiscal year 2009 financial results will be released on Tuesday, October 27th, 2009, after the close of the market. SuccessFactors will host a conference call at 2:00 p.m. (PDT) / 5:00 p.m. (EDT) to discuss the full financial results with the investment community. A live web broadcast of the event will be available on SuccessFactors' Investor Relations website at http://www.successfactors.com/investor. A live domestic dial-in is available at (866) 923-9739 or (706) 634-0915 internationally. A domestic replay will be available at (800) 642-1687 or (706) 645-9291 internationally, passcode 35847207, and available via webcast replay until November 6th, 2009.
The results for the third quarter of fiscal year 2009 are preliminary and subject to change. We have not completed our financial statement closing process for the third quarter of 2009, so the results discussed above are estimates only. During our financial statement closing process we may identify items that require us to make adjustments to the results discussed above. As a result, our actual results for the third quarter of 2009 may differ materially from our current estimates. The guidance for the fourth quarter and full year of fiscal year 2009 involve a number of risks and uncertainties. Please carefully review the "safe harbor" statement below and the "Risk Factors" in our Annual Report on Form 10-K for 2008 and our Quarterly Report on Form 10-Q for additional information about risks and uncertainties that could cause actual results for the third quarter of fiscal year 2009 to be materially different from the preliminary results disclosed above and actual results for the fourth quarter and full year of fiscal year 2009 to be materially different than the guidance disclose above.
Use of Non-GAAP Financial Information:
SuccessFactors provides quarterly and annual financial statements that are prepared in accordance with generally accepted accounting principles (GAAP). To help understand SuccessFactors' past financial performance and future results, SuccessFactors has supplemented its financial results that it provides in accordance with GAAP, with non-GAAP financial measures. The method SuccessFactors uses to produce non-GAAP financial results is not computed according to GAAP and may differ from the methods used by other companies. The non-GAAP measures used by SuccessFactors in this press release exclude the impact of stock-based compensation expense recorded under SFAS123R. SuccessFactors' reference to these non-GAAP financial results should be considered in addition to results that are prepared under current accounting standards but should not be considered as a substitute for, or superior to, the financial results that are presented as consistent with GAAP. SuccessFactors' management uses the supplemental non-GAAP financial measures internally to understand, manage and evaluate SuccessFactors' business and make operating decisions. These non-GAAP financial measures are among the factors SuccessFactors' management uses in planning for and forecasting future periods. Reconciliation to the nearest GAAP financial measures of the non-GAAP financial measures is included in this press release.
About SuccessFactors, Inc.
SuccessFactors is the global leader in Business Execution Software. The SuccessFactors Business Execution Suite improves business alignment and people performance to drive breakthrough results for companies of all sizes.
"Safe harbor" statement under the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are SuccessFactors' current expectations and beliefs.
These forward-looking statements include statements about anticipated revenue, deferred revenue and cash flow from operations for the third quarter and expected revenue for the fourth fiscal quarter of 2009 and the full fiscal year 2009. Factors that could cause actual results to differ materially with respect to our anticipated results for the third quarter include the fact that our third quarter financial statement review process is ongoing, and accordingly, actual results are preliminary and are subject to further review as part of our quarterly financial statement review process, and accordingly, we cannot assure you that the final amounts will not change materially as a result of our quarterly review process. Factors that could cause actual results to differ materially from those contemplated by the other forward-looking statements include: our ability to continue to experience high customer renewal rates; whether customers renew their agreements for additional modules or users; levels of new customers; pricing pressures; the uncertain impact of the overall global economic slowdown, including on our customers, prospective customers and partners, renewal rates and length of sales cycles; the fact that our market is at an early stage of development, and it may not develop as rapidly as we anticipate; competitive factors; outages or security breaches; our ability to develop, and market acceptance of, new services; our ability to continue to sell our services outside the HR area; our ability to manage our growth; our ability to successfully expand our sales force and its effectiveness; whether our resellers and other partners will be successful in marketing our products; our ability to continue to manage expenses; the impact of unforeseen expenses; and general economic conditions worldwide. If any such risks or uncertainties materialize or if any of the assumptions proves incorrect, our results could differ materially from the results expressed or implied by the forward-looking statements we make.
Further information on these and other factors that could affect our financial results is included in the section entitled "Risk Factors" in our Annual Report on Form 10-K for 2008 and in our most recent report on Form 10-Q and in other filings we make with the Securities and Exchange Commission from time to time.
These documents are or will be available in the SEC Filings section of the Investor Relations section of our website at http://www.successfactors.com/investor. Information on our website is not part of this release.
SuccessFactors, Inc. assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
"SuccessFactors," the SuccessFactors logo, and "Execution Is The Difference" are trademarks of SuccessFactors, Inc., San Mateo, California. Other names used may be trademarks of their respective owners.
SuccessFactors has filed a registration statement (including a prospectus supplement and accompanying prospectus and documents incorporated therein by reference) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus supplement and accompanying prospectus, the documents incorporated in that registration statement and other documents SuccessFactors has filed with the SEC for more complete information about SuccessFactors and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at http://www.sec.gov/. Alternatively, SuccessFactors, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling Goldman, Sachs & Co., toll-free at 866-471-2526; Deutsche Bank Securities Inc., toll-free at 800-503-4611; or Morgan Stanley & Co. Incorporated, toll-free at 866-718-1649.Photo: http://www.newscom.com/cgi-bin/prnh/20090602/SF26086LOGO
CONTACT: Dominic Paschel, Public & Investor Relations of SuccessFactors,
Inc., +1-415-262-4641, firstname.lastname@example.org
Web Site: http://www.successfactors.com/
VANCOUVER, Oct. 15 /PRNewswire-FirstCall/ -- Luna Gold Corp. (TSXV-LGC) ("Luna" or the "Company") is pleased to announce that it has accepted an offer of finance for a two-tranche, senior secured, project debt facility (the "Facility") in the amount of up to US$15 million with RMB Resources Inc. The Facility will be used to assist in the completion of the development of Luna's Aurizona gold project. Tranche 1 is in the amount of US$7.5 million and is available for the completion of the Aurizona development. Tranche 2, if necessary, is in the amount of US$7.5 million and is available for working capital purposes while the operation ramps up to full production capacity and steady earnings inflow. Both tranches of the Facility will bear interest at LIBOR plus 7.5% and are to be fully repaid by December 31, 2012.
Jim Bahan, Luna's President comments: "The Aurizona Project is well on its way to achieving expected gold production in Q2 2010. This financing provides assurance that sufficient funds are in place to complete the construction of the project and realize future cash flows from gold production. It also allows Luna the opportunity to consider a more ample exploration program to discover additional near surface gold resources."
About Luna Gold Corp.
Luna is a mineral exploration and development company engaged in the acquisition, exploration, and development of gold resources and advanced stage gold exploration projects in Brazil. The Company is currently developing its Aurizona gold project in Maranhao, Brazil.
On behalf of the Board of Directors LUNA GOLD CORP. Jim Bahan - CEO Website: http://www.lunagold.com/ Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Forward-Looking Statements
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors identified in Luna Gold Corp.'s periodic filings with Canadian Securities Regulators. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters, labor disputes or other unanticipated difficulties with or interruptions in production and operations, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including environmental regulatory restrictions and liability, competition, loss of key employees, and other related risks and uncertainties. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.Luna Gold Corp.
CONTACT: Investor Relations at (604) 689-7317 or toll free at
HOUSTON, Oct. 15 /PRNewswire-FirstCall/ -- Luby's, Inc. ("Luby's") today announced its unaudited financial results for the fourth quarter fiscal 2009, a sixteen-week period, which ended on August 26, 2009. Additionally, the Company announced that it has launched a Cash Flow Improvement and Capital Redeployment Plan ("the Plan") focused on improving cash flow from operations, which includes closing 25 underperforming stores, of which 5 stores have already closed in the first quarter of fiscal 2010 and one store was closed in the fourth quarter of 2009; 19 will be closed within the next two weeks After these closures, the Company will operate 95 restaurant locations and 15 culinary contract service locations and have 28 owned properties held for sale. The Company anticipates that approximately 5 to 10 additional locations may be added to the Plan and closed within the next 24 months depending on future cash flow performance and lease terminations.
Fourth Quarter Review -- Restaurant sales were $80.2 million, a decrease of $13.8 million compared to the same quarter last year. This decrease included a $2.1 million net decline in sales related to closed stores, partially offset by new restaurant sales. -- Same-store sales, from 117 restaurants, decreased approximately 13.6% primarily due to a decline in guest traffic and partially a result of lower menu prices and value promotions which decreased average sales per person by 1.2% compared to the prior year. -- Culinary Contract Services revenue increased 33.8% to $4.0 million in the fourth quarter compared to $3.0 million in the fourth quarter of 2008. The increase was due to Culinary Contract Services operating 15 facilities as of August 26, 2009 compared to 10 facilities as of August 27, 2008. -- Store level profit, defined as restaurant sales less food costs, payroll and related costs, and other operating expenses, declined to $4.0 million in fourth quarter fiscal 2009 compared to $8.6 million in fourth quarter fiscal 2008. As a percentage of restaurant sales, store level profit was 5.0% in fourth quarter fiscal 2009 compared to 9.0% in the same quarter last year. Despite cost control initiatives, the decline in same store sales resulted in deleveraging the Company's store level expenses, primarily payroll and related costs, and other operating expenses. Same-Store Sales (117 stores) Q1FY09 Q2FY09 Q3FY09 Q4FY09 FY09 Reported (6.7%) (3.2%) (8.9%) (13.6%) (8.6%) Adjusted (3.8%)(a) (5.0%)(b) (9.4%)(c) (13.6%) (8.4%)(a, b, c) Continuing Same Stores (d) (6.0%) (2.4%) (8.2%) (12.7%) (7.8%) (a) The first quarter fiscal 2009 was adversely affected by the unfavorable timing of Thanksgiving, which occurred after quarter-end, and by the closure of stores related to Hurricane Ike. (b) The second quarter fiscal 2009 benefited from the favorable timing of Thanksgiving at the beginning of the quarter and, to a lesser extent, was adversely affected by the unfavorable timing of Lent, which began after quarter-end. (c) The third quarter fiscal 2009 partially benefited from the favorable timing of Lent. (d) 95 remaining restaurants (93 same store), unadjusted for footnotes a, b and c.
Chris Pappas, President and CEO, made the following remarks, "During the fourth quarter, our customers continued to be impacted by the challenging economic environment, including the unemployment rate rising to its highest level in over twenty years. In order to compete for market share we responded by launching innovative value offerings at attractive price points during the fourth quarter. We believe that in the long run this focus on value will lead to increased customer frequency, as well as enhanced customer goodwill, although bringing down prices negatively impacted our same store sales. As we moved through our fiscal 2010 budgeting process, we evaluated each of our stores and assessed each location's near-term and long-term value potential. As a result, we have made the decision to close certain locations. As you might imagine, this was a difficult decision for us. I would like to personally thank each of our employees affected by this decision for their dedicated service to Luby's. We would also like to express our sincere appreciation for our customers that have frequented these locations, and we hope they will continue to visit our other nearby locations."
In fourth quarter fiscal 2009, the affected locations reported a net loss of approximately $2.5 million and a store-level cash flow loss of approximately $1.5 million. For the entire fiscal year 2009, these affected locations reported a net loss of approximately $5.5 million and store-level cash flow loss of approximately $2.2 million. All but three of the affected units are located on sites owned by the Company. Luby's is in the process of marketing these sites and anticipates they will be sold in an orderly manner over the next 36 months. Once sold, the Company plans to redeploy the capital to continue upgrades to its core base of stores, expand its Culinary Contract Services and position itself for future store growth. In the short term, some of the proceeds from the sale of the closed units may be used to support near-term negative cash flow from operations in order to maintain minimal debt levels.
"By strengthening our core operations, we believe that over time we will be better positioned to return to positive cash flow generation, and thereby grow by redeploying our capital into projects with more attractive rates of return, which will improve our earnings potential," said Pappas.
In concluding his remarks, Pappas said, "Continuing to generate negative cash flow from operations obviously cannot be tolerated. We will be addressing any negative contributors as the current fiscal year unfolds. Hopefully our internal efforts will be bolstered by improving general economic conditions, including employment levels in the Company's markets."
In conjunction with these store closings, Luby's incurred a non-cash, pre-tax $19.0 million impairment charge in the fourth quarter of 2009, related to existing properties, including properties scheduled to close. The closure of these locations will eliminate negative cash flow incurred from their operations, and is estimated to generate approximately $25.0 to $30.0 million in cash from the sale of the properties based on current estimates of individual property values.
During fiscal 2010, the Company also estimates that it will incur approximately $4.0 to 4.6 million in cash expenditures related to the Plan, including: employee severance payments, payment of remaining accounts payable and other liabilities, and other store closure-related costs. Beginning in the first quarter of fiscal 2010, the results of operations from the closed stores will be reclassified to discontinued operations in the statements of operations for all periods presented.
As a result of the asset impairment charge, the Company now has a three-year cumulative pretax loss. Although the Company expects to return to profitability, the Company established a valuation allowance for the portion of its deferred tax assets that it deemed potentially unrealizable. This determination was based on current facts and circumstances and considered the current economic conditions and the inherent uncertainty with long-term projections in such an environment. Going forward the Company will continue to evaluate realization of its deferred tax assets.
In fourth quarter fiscal 2009, Luby's reported a loss from continuing operations of $23.3 million, or $0.83 per share, compared to a loss from continuing operations of $3.7 million, or $0.13 per share, in the same quarter last year. Included in the loss from continuing operations in fiscal 2009 is $0.45 per share due to the non-cash after-tax asset impairment charge and a non-cash charge of $5.1 million, or $0.18 per share, related to a valuation allowance on the Company's deferred tax assets.
Operating Expense Review
Food costs decreased approximately $3.7 million in the fourth quarter fiscal 2009 compared to the same quarter last year, due to a reduction in sales volumes. Food costs as a percentage of restaurant sales increased to 28.8% in the fourth quarter fiscal 2009 from 28.5% in the fourth quarter last year due to lower menu prices primarily as a result of promotional prices ($5.99 LuAnn - 10 of 16 weeks) and discount offerings (Luby's Price Rewind / Buy-one combo get one combo half-off at dinner - 5 of 16 weeks) in this quarter compared to the same quarter last year
Payroll and related costs decreased $2.6 million in the fourth quarter fiscal 2009 compared to the same quarter last year, primarily due to reduced staffing as well as from a reduction in hourly overtime expense. As a percentage of restaurant sales, payroll and related costs increased to 39.2% in the fourth quarter fiscal 2009 from 36.3% in the same quarter last year.
Other operating expenses primarily include restaurant-related expenses for utilities, repairs and maintenance, advertising, insurance, supplies, services, and occupancy costs. Other operating expenses decreased by approximately $3.0 million compared to the same quarter last year, due primarily to: (1) $2.8 million decline in utilities expense, (2) $1.0 million decline in supplies expense and (3) $0.8 million decline in repair and maintenance expense partially offset by $1.0 million increase in advertising expenses and $0.6 million increase in other operating expenses. As a percentage of restaurant sales, other operating expenses increased to 27.0% compared to 26.2% in the same quarter last year, as Luby's continued to invest a greater percentage of sales in advertising and marketing in an effort to increase customer traffic and to enhance brand awareness.
Depreciation and amortization expense increased approximately $0.2 million in the fourth quarter fiscal 2009 compared to the same quarter last year, due to a higher depreciable asset base.
General and administrative expenses include corporate salaries and benefits-related costs, including restaurant area leaders, share-based compensation, professional fees, travel and recruiting expenses and other office expenses. General and administrative expenses decreased by approximately $0.5 million in the fourth quarter of fiscal 2009, compared to the same quarter last year, due to an approximate $0.5 million reduction in corporate salary expense related to lower corporate staffing levels. Further reductions in travel expenses and supplies expense were offset by increases in professional fees and other general and administrative expenses.
Fiscal 2009 Review -- Same-store sales declined 8.6% primarily due to declining traffic and dining frequency as a result of the challenging economic environment and partially due to promotional prices and offerings in the second half of the year. -- Total Sales declined 7.8% to $292.9 million in fiscal 2009, compared to $317.7 million in fiscal 2008. -- Luby's Culinary Contract Services business, included in Total Sales, generated $13.0 million in sales during fiscal 2009 compared to $8.2 million in sales during fiscal 2008, a 58.1% increase. During the fiscal year, the company added four new facilities to its operations. -- Cash flow from operations was $6.2 million in fiscal 2009 compared to $17.6 million in fiscal 2008. -- Capital expenditures were $12.3 million in fiscal 2009 compared to $40.2 million in fiscal 2008, and were primarily for upgrades at existing stores and the expansion of our Culinary Contract Services. Luby's significantly reduced its capital outlays in fiscal 2009 in response to the challenging economic environment. -- Income (loss) from continuing operations was a loss of $26.2 million in fiscal 2009, compared to income of $2.5 million in fiscal 2008. Included in income (loss) from continuing operations is $19.3 million ($12.7 million after-tax) in asset impairment charges in fiscal 2009 compared to $1.8 million ($1.2 million after-tax) in asset impairment charges in the prior year and a non-cash charge of $5.1 million related to a valuation allowance on the Company's deferred tax assets. As a result of the asset impairment charge, the Company now has a three-year cumulative pretax loss. Although the Company expects to return to profitability, the Company established a valuation allowance for the portion of its deferred tax assets that it deemed was not more likely than to be realized. This determination was based on current facts and circumstances and considered the current economic conditions and the inherent uncertainty with long-term projections in such an environment. Going forward the Company will continue to evaluate realization of its deferred tax assets.. -- Store level profit, defined as restaurant sales minus costs of food, payroll and related costs and other operating expenses, decreased to 10.7% in fiscal 2009 compared to 13.5% in fiscal 2008. Outlook
The Company anticipates that any improvement in restaurant sales will lag the broader economic recovery that economists project to begin taking place in calendar year 2010. For Luby's to see any material improvements in its same store sales at its retail units, it will take a change in consumer confidence in its areas of operation. The Company currently does not see any signs of improvement in that trend for the 2010 fiscal year. Luby's will continue to offer customers competitive price points to promote customer frequency, however, it does not anticipate that profit improvements are probable in our fiscal 2010 at most units, thus a net loss from continuing operations is expected in 2010.
The Company's 25 unit closure plan includes the following components: (1) the closure and sale of a number of the company's under-performing assets as well as assets for relocation; (2) focus on sales development, labor productivity, as well as food and operating cost management at the remaining core locations; (3) increase emphasis on the expansion of Luby's Culinary Contract Services. All components of this action plan are designed to position the Company to operate more effectively in the current restaurant and food service management environment.
The Company will host a conference call today at 4:00 p.m., Central Time, to discuss further its 2009 fiscal fourth quarter and full year fiscal 2009 results. To access the call live, dial (480) 629-9692 and ask for the Luby's conference call at least 10 minutes prior to the start time, or listen live over the Internet by visiting the events page in the investor relations section of http://www.lubys.com/. For those who cannot listen to the live call, a telephonic replay will be available through October 22, 2009 and may be accessed by calling (303) 590-3030 and using the pass code 4166310#. Also, an archive of the webcast will be available after the call for a period of 90 days on the "Investors" section of the Company's website.
Following the planned closure of 25 stores by the end of the first quarter fiscal 2010, Luby's will operate 95 restaurants in Austin, Dallas, Houston, San Antonio, the Rio Grande Valley and other locations throughout Texas and in two other states, Arkansas and Oklahoma. Luby's provides its customers with quality home-style food, value pricing, and outstanding customer service. Luby's Culinary Services provides food service management to 15 sites consisting of healthcare, higher education and corporate dining services.
This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical fact, are "forward-looking statements" for purposes of these provisions, including the statements under the caption "Outlook" and any other statements regarding scheduled closures of units, sales of assets, expected proceeds from the sale of assets, expected levels of capital expenditures, anticipated financial results in future periods and expectations of industry conditions.
The Company wishes to caution readers that various factors could cause its actual financial and operational results to differ materially from those indicated by forward-looking statements made from time to time in news releases, reports, proxy statements, registration statements, and other written communications, as well as oral statements made from time to time by representatives of the Company. The following factors, as well as any other cautionary language included in this press release, provide examples of risks, uncertainties and events that may cause the Company's actual results to differ materially from the expectations the Company describes in its "forward-looking statements": general business and economic conditions; the impact of competition; our operating initiatives; fluctuations in the costs of commodities, including beef, poultry, seafood, dairy, cheese and produce; increases in utility costs, including the costs of natural gas and other energy supplies; changes in the availability and cost of labor; the seasonality of the Company's business; changes in governmental regulations, including changes in minimum wages; the effects of inflation; the availability of credit; unfavorable publicity relating to operations, including publicity concerning food quality, illness or other health concerns or labor relations; the continued service of key management personnel; and other risks and uncertainties disclosed in the Company's annual reports on Form 10-K and quarterly reports on Form 10-Q.
For additional information contact: DRG&E / 713-529-6600 Ken Dennard / Sheila Stuewe Investor Relations Consolidated Statements of Operations (In thousands except per share data) Quarter Ended Year Ended August 26, August 27, August 26, August 27, 2009 2008 2009 2008 (112 days) (112 days) (364 days) (364 days) (Unaudited) (Unaudited) (Unaudited) SALES: Restaurant sales $80,248 $94,097 $279,893 $309,457 Culinary contract services 3,969 2,965 12,970 8,205 TOTAL SALES 84,217 97,062 292,863 317,662 COSTS AND EXPENSES: Cost of food 23,102 26,779 78,254 86,339 Payroll and related costs 31,492 34,133 104,223 108,391 Other operating expenses 21,649 24,613 67,402 73,070 Opening costs 236 185 1,021 398 Cost of culinary contract services 3,540 2,567 11,747 7,228 Depreciation and amortization 5,866 5,708 18,918 17,765 General and administrative expenses 7,021 7,566 24,724 26,134 Provision for asset impairments, net 19,028 1,112 19,261 1,829 Net (gain) loss on disposition of property and equipment (291) (180) (824) 28 Total costs and expenses 111,643 102,483 324,726 321,182 INCOME (LOSS) FROM OPERATIONS (27,426) (5,421) (31,863) (3,520) Interest income 19 190 200 1,094 Interest expense (181) (64) (389) (222) Impairment charge for decrease in fair value of investments (203) (825) (997) (825) Interest income related to income taxes - - - 1,319 Other income, net 313 298 1,068 1,019 Income (loss) before income taxes and discontinued operations (27,478) (5,822) (31,981) (1,135) Provision (benefit) for income taxes (4,226) (2,169) (5,778) (3,604) Income (loss) from continuing operations (23,252) (3,653) (26,203) 2,469 Loss from discontinued operations, net of income taxes (67) (87) (215) (204) NET INCOME (LOSS) $(23,319) $(3,740) $(26,418) $2,265 Income (loss) per share from continuing operations: Basic $(0.83) $(0.13) $(0.93) $0.09 Assuming dilution (0.83) (0.13) (0.93) 0.09 Loss per share from discontinued operations: Basic $- $- $(0.01) $(0.01) Assuming dilution - - (0.01) (0.01) Net income (loss) per share: Basic $(0.83) $(0.13) $(0.94) $0.08 Assuming dilution (0.83) (0.13) (0.94) 0.08 Weighted average shares outstanding: Basic 27,988 27,935 27,969 27,799 Assuming dilution 27,988 27,935 27,969 28,085
The following table contains information derived from the Company's Consolidated Statements of Operations expressed as a percentage of sales. Percentages may not add due to rounding.
Quarter Ended Year Ended August 26, August 27, August 26, August 27, 2009 2008 2009 2008 (112 days) (112 days) (364 days) (364 days) (Unaudited) (Unaudited) (Unaudited) Restaurant sales 95.3% 96.9% 95.6% 97.4% Culinary contract services 4.7% 3.1% 4.4% 2.6% TOTAL SALES 100% 100% 100% 100% COSTS AND EXPENSES: (As a percentage of restaurant sales) Cost of food 28.8% 28.5% 28.0% 27.9% Payroll and related costs 39.2% 36.3% 37.2% 35.0% Other operating expenses 27.0% 26.2% 24.1% 23.6% Store level profit 5.0% 9.0% 10.7% 13.5% (As a percentage of total sales) General and administrative expenses 8.3% 7.8% 8.4% 8.2% INCOME (LOSS) FROM OPERATIONS (32.6)% (5.6)% (10.9)% (1.1)% Consolidated Balance Sheet (In thousands) August 26, August 27, 2009 2008 (Unaudited) ASSETS Current Assets: Cash and cash equivalents $882 $4,566 Trade accounts and other receivables, net 1,479 3,368 Food and supply inventories 3,031 3,048 Prepaid expenses 800 1,627 Deferred income taxes 334 1,580 Total current assets 6,526 14,189 Property and equipment, net 171,185 198,118 Long-term investments 6,903 8,525 Deferred income taxes 5,652 - Property held for sale 3,858 5,282 Other assets 241 407 Total assets $194,365 $226,521 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $11,642 $14,268 Accrued expenses and other liabilities 15,685 17,712 Total current liabilities 27,327 31,980 Deferred income taxes - 1,940 Credit facility debt - - Other liabilities 3,906 4,652 Total liabilities 31,233 38,572 Commitments and Contingencies SHAREHOLDERS' EQUITY Common stock, $0.32 par value; 100,000,000 shares authorized; Shares issued were 28,494,511 and 28,439,214, respectively; Shares outstanding were 27,982,316 and 27,939,214, respectively 9,118 9,101 Paid-in capital 21,989 20,405 Retained earnings 136,800 163,218 Less cost of treasury stock, 500,000 shares (4,775) (4,775) Total shareholders' equity 163,132 187,949 Total liabilities and shareholders' equity $194,365 $226,521 Consolidated Statements of Cash Flows (In thousands) Year Ended August 26, August 27, 2009 2008 (364 days) (364 days) (Unaudited) CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $(26,418) $2,265 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Provision for asset impairments, net of gains/losses on property sales 18,996 1,861 Depreciation and amortization 18,918 17,765 Impairment charge for decrease in fair value of investments 997 825 Amortization of debt issuance cost 160 87 Non-cash compensation expense 263 247 Share-based compensation expense 1,338 1,183 Tax benefit on stock option expense - (16) Interest related to income taxes - (1,319) Deferred tax provision (benefit) (6,346) (17) Cash provided by operating activities before changes in operating assets and liabilities 7,908 22,881 Changes in operating assets and liabilities: (Increase) decrease in trade accounts and other receivables, net 1,890 (1,519) (Increase) decrease in food and supply inventories 17 (474) (Increase) decrease in prepaid expenses and other assets 861 (142) Decrease in accounts payable, accrued expenses and other liabilities (4,465) (3,145) Net cash provided by operating activities 6,211 17,601 CASH FLOWS FROM INVESTING ACTIVITIES: Proceeds from redemption or maturity of short-term investments - 24,750 Purchases of short-term investments - (25,650) Proceeds from redemption or maturity of long-term investments 625 150 Proceeds from disposal of assets, insurance proceeds and property held for sale 1,856 3,977 Purchases of property and equipment (12,348) (40,228) Net cash used in investing activities (9,867) (37,001) CASH FLOWS FROM FINANCING ACTIVITIES: Credit facility borrowings 24,800 - Credit facility repayments (24,800) - Debt issuance costs (28) (32) Tax benefit on stock option expense - 16 Proceeds received on the exercise of stock options - 11,243 Purchase of treasury stock - (4,775) Net cash (used in) provided by financing activities (28) 6,452 Net decrease in cash and cash equivalents (3,684) (12,948) Cash and cash equivalents at beginning of year 4,566 17,514 Cash and cash equivalents at end of year $882 $4,566 Cash (received) paid for: Income taxes $(1,430) $1,602 Interest 192 117Luby's, Inc.
CONTACT: Ken Dennard, or Sheila Stuewe, Investor Relations, both of
DRG&E, for Luby's, Inc., +1-713-529-6600
Web Site: https://www.lubys.com/
SAN FRANCISCO, Oct. 15 /PRNewswire-FirstCall/ -- AMB Property Corporation® , a leading global owner, operator and developer of industrial real estate, today announced the refinancing of its $325 million senior unsecured term loan facility, which was set to mature in September 2010, replacing it with a $345 million facility, maturing October 2012.
The facility was modified to include Euro and Yen tranches, with both the multi-currency and the U.S. dollar components currently priced at 275 basis points over the applicable LIBOR index. The terms also include an option to increase the facility to $425 million at any time prior to October 2011.
"This transaction further fortifies our financial position and, with its newly-established multi-currency component, aligns with the global nature of our business," said Thomas S. Olinger, AMB's chief financial officer. "We continue to have access to the debt markets at competitive pricing due to the strength of our balance sheet, as well as the quality of our lender relationships which was demonstrated by our ability to upsize the facility."
J.P. Morgan Securities, Inc. and Sumitomo Mitsui Banking Corporation were the lead arrangers and book managers, JPMorgan Chase Bank, N.A., J.P. Morgan Europe Limited and Sumitomo Mitsui Banking Corporation are the administrative agents, and Sumitomo Mitsui Banking Corporation is the syndication agent for the facility.
AMB Property Corporation.® Local partner to global trade.(TM)
AMB Property Corporation® is a leading owner, operator and developer of industrial real estate, focused on major hub and gateway distribution markets in the Americas, Europe and Asia. As of June 30, 2009, AMB owned, or had investments in, on a consolidated basis or through unconsolidated joint ventures, properties and development projects expected to total approximately 156.9 million square feet (14.6 million square meters) in 48 markets within 14 countries. AMB invests in properties located predominantly in the infill submarkets of its targeted markets. The company's portfolio is comprised of High Throughput Distribution® facilities--industrial properties built for speed and located near airports, seaports and ground transportation systems.
AMB's press releases are available on the company website at http://www.amb.com/ or by contacting the Investor Relations department at +1 415 394 9000.
Some of the information included in this press release contains forward-looking statements, such as those related to future extensions and upsizing of the credit facility and AMB's ability to address its debt maturities, maintain and leverage its lender relationships and take advantage of opportunities during economic recovery, which are made pursuant to the safe-harbor provisions of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause our actual results to differ materially from those in the forward-looking statements, and you should not rely on the forward-looking statements as predictions of future events. The events or circumstances reflected in forward-looking statements might not occur. You can identify forward-looking statements by the use of forward- looking terminology such as "believes," "expects," "may," "will," "should," "seeks," "approximately," "intends," "plans," "pro forma," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases. You can also identify forward-looking statements by discussions of strategy, plans or intentions. Forward-looking statements are necessarily dependent on assumptions, data or methods that may be incorrect or imprecise and we may not be able to realize them. We caution you not to place undue reliance on forward-looking statements, which reflect our analysis only and speak only as of the date of this report or the dates indicated in the statements. We assume no obligation to update or supplement forward-looking statements. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: defaults on or non-renewal of leases by tenants or renewal at lower than expected rent or failure to lease at all or on expected terms, decreases in real estate values and impairment losses, our failure to obtain, renew or extend financing or re-financing, risks related to debt and equity security financings (including dilution risk), our failure to divest properties we have contracted to sell or to timely reinvest proceeds from any divestitures, failure to maintain our current credit agency ratings or comply with our debt covenants, international currency and hedging risks, financial market fluctuations, changes in general economic conditions, global trade or in the real estate sector, inflation risks, a downturn in the U.S., California or global economy, increased interest rates and operating costs or greater than expected capital expenditures, risks related to suspending, reducing, or changing our dividends, our failure to contribute properties to our co-investment ventures, risks related to our obligations in the event of certain defaults under co-investment ventures and other debt, difficulties in identifying properties to acquire and in effecting acquisitions, our failure to successfully integrate acquired properties and operations, risks and uncertainties affecting property development, value-added conversions, redevelopment and construction (including construction delays, cost overruns, our inability to obtain necessary permits and public opposition to these activities), our failure to qualify and maintain our status as a real estate investment trust, risks related to our tax structuring, environmental uncertainties, risks related to natural disasters, changes in real estate and zoning laws, risks related to doing business internationally and global expansion, risks of opening offices globally, risks of changing personnel and roles, losses in excess of our insurance coverage, unknown liabilities acquired in connection with acquired properties or otherwise and increases in real property tax rates. Our success also depends upon economic trends generally, including interest rates, income tax laws, governmental regulation, legislation, population changes and certain other matters discussed under the heading "Risk Factors" and elsewhere in our annual report on Form 10-K for the year ended December 31, 2008.AMB Property Corporation
CONTACT: Tracy A. Ward, Vice President, IR & Corporate Communications,
+1-415-733-9565, email@example.com, or Rachel E. M. Bennett, Director, Media &
Public Relations, +1-415-733-9532, firstname.lastname@example.org, all of AMB Property
Web Site: http://www.amb.com/
BETHESDA, Md., Oct. 15 /PRNewswire-FirstCall/ -- American Capital Ltd. announced today that on September 3, it completed the sale of its remaining equity investments in its portfolio company HomeAway Inc., fully exiting the company. American Capital received $15 million in proceeds realizing a $4 million gain during the third quarter from the transaction. The sale was made to a broad group of existing HomeAway investors.
Including investments in HomeAway by American Capital's affiliated funds under management, American Capital realized $18 million in inception-to-date gains. The combined group also received 2.1 times its equity investment and realized a compounded annual rate of return of 39% over the life of its equity investment, including dividends and fees.
"This exit of HomeAway is one of over 20 exits of portfolio companies since the beginning of the fourth quarter of 2008," said Malon Wilkus, Chairman and CEO. "These exits have helped us accumulate substantial liquidity in this market, while reducing our debt by approximately $300 million over the same period."
"HomeAway is an excellent example of American Capital's dedication to growing portfolio companies," said Bowen Diehl, Managing Director, Sponsor Finance. "Since November 2006, American Capital and its affiliated funds under management invested a total of $120 million in HomeAway to support its complimentary add-on acquisitions and expansion strategies, all which greatly created value for the company and assisted in making it the largest network of vacation listings in the world. Our investments in turn have benefited American Capital and its affiliated funds under management as we have received total inception-to-date gains of $18 million."
HomeAway is a leading operator of online listing marketplaces for vacation rental properties in the United States and Europe. HomeAway's portfolio of vacation rental websites includes HomeAway.com, VRBO.com, VacationRentals.com, Holiday-Rentals.co.uk, FeWo-direkt.de, Abritel.fr, Homelidays.fr and OwnersDirect.co.uk.
American Capital and its affiliated funds under management first invested $70 million of debt and equity in HomeAway in November 2006 to support HomeAway's acquisitions. In several follow-on investments in 2007, American Capital and its affiliated funds under management provided an additional $50 million in financing to HomeAway for a total investment of $120 million. Previously, through a series of transactions during 2008, American Capital was repaid its debt investments and partially exited its equity investments in HomeAway. For more information about American Capital's investments in HomeAway, please go to http://www.americancapital.com/our_portfolio/companies/homeaway.html.
Since American Capital's August 1997 IPO through the second quarter of 2009, the company has earned a 15% compounded annual return, including interest, dividends, fees and net gains, on 264 realizations of senior debt, subordinated debt and equity investments, totaling $12 billion of committed capital. These realizations represent 49% of all amounts invested by American Capital since its August 1997 IPO. Proceeds from these realizations exceeded the total associated prior quarter valuation of the investments by less than 1%. American Capital earned a 30% compounded annual return on the exit of its equity investments, including dividends, fees and net gains.
For a chart showing American Capital's exited portfolio companies, please go to http://www.americancapital.com/our_portfolio/exited.html.
ABOUT AMERICAN CAPITAL
American Capital is a publicly traded private equity firm and global asset manager. American Capital, both directly and through its asset management business, originates, underwrites and manages investments in middle market private equity, leveraged finance, real estate and structured products. Founded in 1986, American Capital has $11 billion(1) in capital resources under management and nine offices in the U.S., Europe and Asia. For further information, please refer to http://www.americancapital.com/.
(1) As of June 30, 2009.
Performance data quoted above represents past performance of American Capital. Past performance does not guarantee future results and the investment return and principal value of an investment in American Capital will likely fluctuate. Consequently, an investor's shares, when sold, may be worth more or less than their original cost. Additionally, American Capital's current performance may be lower or higher than the performance data quoted above.
This press release contains forward-looking statements. The statements regarding expected results of American Capital are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional, national or international economic conditions or changes in the conditions of the industries in which American Capital has made investments.
Contact: Bowen Diehl, Managing Director, Sponsor Finance - (214) 273-6630 Patrick White, Vice President, Sponsor Finance - (310) 806-6280 Tim Huelskamp, Associate, Technology Group - (508) 598-1100 Media - (301) 968-9400American Capital Ltd.
CONTACT: Bowen Diehl, Managing Director, Sponsor Finance,
+1-214-273-6630, or Patrick White, Vice President, Sponsor Finance,
+1-310-806-6280, or Tim Huelskamp, Associate, Technology Group,
+1-508-598-1100, or Media, +1-301-968-9400, all of American Capital Ltd.
Web Site: http://www.americancapital.com/
BRIDGEPORT, Conn., Oct. 15 /PRNewswire-FirstCall/ -- People's United Financial, Inc. today announced net income of $26.8 million, or $0.08 per share, for the third quarter of 2009, compared to $25.3 million, or $0.08 per share, for the second quarter of 2009, and $46.0 million, or $0.14 per share, for the third quarter of 2008. Third quarter 2009 earnings reflect an increase in the net interest margin despite pressure associated with the historically low interest rate environment and the company's asset sensitive balance sheet, and an increase in the provision for loan losses due, in part, to the partial charge-off of a previously disclosed non-performing shared national credit.
For the third quarter of 2009, return on average tangible assets was 0.55 percent and return on average tangible stockholders' equity was 3.0 percent, compared to 0.53 percent and 2.8 percent, respectively, for the second quarter of 2009. At September 30, 2009, People's United Financial's tangible equity ratio stood at 18.6 percent.
The Board of Directors of People's United Financial declared a $0.1525 per share quarterly dividend, payable November 15, 2009 to shareholders of record on November 1, 2009. Based on the closing stock price on October 14, 2009, the dividend yield on People's United Financial common stock is 3.9 percent.
"Our third quarter performance reflects continued growth in our core loan portfolios and deposits in spite of a clearly very challenging economic environment," stated Philip R. Sherringham, President and Chief Executive Officer. Year-over-year core commercial and home equity lending portfolios increased eight percent and deposits grew six percent. "In addition, the pillars of our financial position -- strong asset quality and prudent management of our excess capital -- have served us well in these challenging times and continue to differentiate us from most in the banking sector."
Sherringham added, "We believe our asset quality has held up remarkably well on both a relative and absolute basis through the recent recessionary cycle and most of the bad news is substantially behind us. While we are well-positioned to benefit from future increases in interest rates given our asset-sensitivity, the current rate environment continues to pressure our net interest margin. Our strategic focus remains on expansion through opportunistic acquisitions even as we continue to pursue organic growth throughout our franchise. The strength of our capital and liquidity, asset quality and earnings, as well as the fact that our balance sheet remains funded almost entirely by deposits and stockholders' equity, continue to set us apart from most in the industry."
"Significant drivers of the company's performance this quarter were our first increase in the net interest margin since last year's third quarter, continued loan growth across our strategic lending businesses, improvements in fee income and expense control, partially offset by higher net loan charge-offs and our decision to increase the allowance for loan losses," said Paul D. Burner, Senior Executive Vice President and Chief Financial Officer. "The 7 basis point increase in the net interest margin was primarily attributable to a reduction in our cost of deposits. In addition, during the third quarter, mortgage-backed securities with a book value of $308 million were sold, and the proceeds have been reinvested in mortgage-backed securities with substantially-equivalent maturities and yields. This investment portfolio repositioning, which was undertaken to mitigate prepayment risk, generated security gains totaling $4.8 million."
Commenting on asset quality, Burner stated, "A single shared national credit accounted for $6.1 million, or 38 percent, of this quarter's net loan charge-offs. Non-performing loans increased $7.7 million, or 5 percent, this quarter, signaling what we believe to be stabilization across the loan portfolio. Notwithstanding the slight increase in non-performing assets, our continued modest level of net loan charge-offs in this current economic environment remains a testament to our disciplined underwriting standards."
Third quarter net loan charge-offs totaled $16.0 million compared to $6.0 million in the second quarter of 2009. Net loan charge-offs as a percent of average loans on an annualized basis were 0.44 percent in the third quarter of 2009 compared to 0.16 percent in this year's second quarter and were 0.26 percent for the nine months ended September 30, 2009. The provision for loan losses in the third quarter of 2009 reflects a $5.5 million increase in the allowance for loan losses to $172.5 million at September 30, 2009.
At September 30, 2009, non-performing loans totaled $175.7 million and the ratio of non-performing loans to total loans was 1.23 percent, compared to $168.0 million and 1.15 percent, respectively, at June 30, 2009. Non-performing assets totaled $192.7 million at September 30, 2009, a $10.7 million increase from June 30, 2009. Non-performing assets equaled 1.35 percent of total loans, REO and repossessed assets at September 30, 2009 compared to 1.25 percent at June 30, 2009. At September 30, 2009, the allowance for loan losses as a percentage of total loans was 1.21 percent and as a percentage of non-performing loans was 98 percent, compared to 1.15 percent and 99 percent, respectively, at June 30, 2009.
Results for the first two quarters of 2009 and the fourth quarter of 2008 have been revised to reflect the recognition of additional non-interest expense relating to an unintentional under accrual of certain operating expenses. The effect of these revisions was immaterial to each period (no change in diluted earnings per share for the second quarter of 2009 and a one cent reduction in diluted earnings per share for both the first quarter of 2009 and the fourth quarter of 2008). Net income for the three months ended June 30, 2009, March 31, 2009 and December 31, 2008 was reduced by $2.1 million, $2.5 million and $1.7 million, respectively.
On October 16, 2009, at 11 a.m., Eastern Time, People's United Financial will host a conference call to discuss this earnings announcement. The call may be heard through http://www.peoples.com/ by selecting "Investor Relations" in the "About People's" section on the home page, and then selecting "Conference Calls" in the "News and Events" section. Additional materials relating to the call may also be accessed at People's United Bank's web site. The call will be archived on the web site and available for approximately 90 days.
Selected Financial Terms
In addition to evaluating People's United Financial's results of operations in accordance with generally accepted accounting principles ("GAAP"), management routinely supplements this evaluation with an analysis of certain non-GAAP financial measures, such as the tangible equity and efficiency ratios, and tangible book value per share. Management believes these non-GAAP financial measures provide information useful to investors in understanding People's United Financial's underlying operating performance and trends, and facilitates comparisons with the performance of other banks and thrifts. Further, the efficiency ratio is used by management in its assessment of financial performance specifically as it relates to non-interest expense control, while the tangible equity ratio and tangible book value per share are used to analyze the relative strength of People's United Financial's capital position.
The efficiency ratio, which represents an approximate measure of the cost required by People's United Financial to generate a dollar of revenue, is the ratio of (i) total non-interest expense (excluding goodwill impairment charges, amortization of acquisition-related intangibles and fair value adjustments, losses on real estate assets and nonrecurring expenses) (the numerator) to (ii) net interest income on a fully taxable equivalent basis (excluding fair value adjustments) plus total non-interest income (including the fully taxable equivalent adjustment on bank-owned life insurance income, and excluding gains and losses on sales of assets, other than residential mortgage loans, and nonrecurring income) (the denominator). People's United Financial generally considers an item of income or expense to be nonrecurring if it is not similar to an item of income or expense of a type incurred within the last two years and is not similar to an item of income or expense of a type reasonably expected to be incurred within the following two years.
The tangible equity ratio is the ratio of (i) tangible stockholders' equity (total stockholders' equity less goodwill and other acquisition-related intangibles) (the numerator) to (ii) tangible assets (total assets less goodwill and other acquisition-related intangibles) (the denominator). Tangible book value per share is calculated by dividing tangible stockholders' equity by common shares outstanding.
3Q 2009 Financial Highlights Summary -- Net income totaled $26.8 million, or $0.08 per share. -- Net interest income on a fully taxable equivalent basis totaled $146.1 million. -- Net interest margin increased 7 basis points from 2Q09 to 3.19%. -- Average short-term investments totaled $3.1 billion, or 17% of average earning assets, and yielded 0.22% in 3Q09. -- Average deposits increased $151 million, or 4% annualized, from 2Q09. -- Provision for loan losses totaled $21.5 million. -- Net loan charge-offs totaled $16.0 million in 3Q09 (including $6.1 million related to one shared national credit) compared to $6.0 million in 2Q09. -- The allowance for loan losses was increased by $5.5 million in 3Q09 from 2Q09 levels. -- Non-interest income, excluding net security gains, totaled $75.5 million in 3Q09 compared to $73.0 million in 2Q09. -- Gains on sales of residential mortgage loans increased $1.4 million from 2Q09. -- Net security gains totaled $4.7 million in 3Q09 and $12.0 million in 2Q09. -- Non-interest expense, excluding an FDIC special assessment charge in 2Q09, totaled $165.1 million in 3Q09 compared to $167.8 million in 2Q09. -- FDIC special assessment charge in 2Q09 totaled $8.4 million. -- Effective income tax rate was 31.2% in 3Q09. Commercial Banking -- Average commercial banking loans, excluding shared national credits, increased $79 million, or 4% annualized, from 2Q09 to $8.7 billion. -- Shared national credits totaled $614.2 million at September 30, 2009, a $24.7 million decrease from June 30, 2009. -- Non-performing commercial banking assets totaled $131.3 million at September 30, 2009, an $8.8 million increase from June 30, 2009. -- Includes $26.4 million attributable to two non-performing shared national credits. -- The ratio of non-performing commercial banking loans to total commercial banking loans was 1.28% at September 30, 2009 compared to 1.21% at June 30, 2009. -- Net loan charge-offs totaled $11.2 million, or 0.48% annualized, of average commercial banking loans in 3Q09, compared to $3.3 million, or 0.15% annualized, in 2Q09. -- Excluding the shared national credit partial charge-off, net loan charge-offs totaled $5.1 million, or 0.22% annualized in 3Q09. Retail & Small Business Banking -- Average residential mortgage loans totaled $2.8 billion, a $180 million decrease from 2Q09, reflecting People's United Financial's strategy to sell essentially all newly-originated loans. -- Net loan charge-offs totaled $2.6 million, or 0.37% annualized, of average residential mortgage loans. -- The ratio of non-performing residential mortgage loans to total residential mortgage loans was 1.88% at September 30, 2009 compared to 1.74% at June 30, 2009. -- Average home equity loans totaled $2.0 billion, unchanged from 2Q09. -- Net loan charge-offs totaled $0.8 million, or 0.16% annualized, of average home equity loans. -- Average indirect auto loans totaled $0.2 billion, unchanged from 2Q09. -- Net loan charge-offs totaled $0.9 million, or 1.54% annualized, of average indirect auto loans. Wealth Management -- Wealth Management income increased $0.5 million from 2Q09. -- Insurance revenue increased $1.1 million, reflecting the seasonal nature of insurance renewals. -- Assets under custody, management and safekeeping, which are not reported as assets of People's United Financial, totaled $12.3 billion at September 30, 2009 compared to $12.5 billion at June 30, 2009.
People's United Financial, a diversified financial services company with $21 billion in assets, provides commercial banking, retail and small business banking, and wealth management services through a network of nearly 300 branches in Connecticut, Vermont, New Hampshire, Maine, Massachusetts and New York. Through its subsidiaries, People's United Financial provides equipment financing, asset management, brokerage and financial advisory services, and insurance services.
Certain statements contained in this release are forward-looking in nature. These include all statements about People's United Financial's plans, objectives, expectations and other statements that are not historical facts, and usually use words such as "expect," "anticipate," "believe" and similar expressions. Such statements represent management's current beliefs, based upon information available at the time the statements are made, with regard to the matters addressed. All forward-looking statements are subject to risks and uncertainties that could cause People's United Financial's actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors of particular importance to People's United Financial include, but are not limited to: (1) changes in general, national or regional economic conditions; (2) changes in interest rates; (3) changes in loan default and charge-off rates; (4) changes in deposit levels; (5) changes in levels of income and expense in non-interest income and expense related activities; (6) residential mortgage and secondary market activity; (7) changes in accounting and regulatory guidance applicable to banks; (8) price levels and conditions in the public securities markets generally; (9) competition and its effect on pricing, spending, third-party relationships and revenues; and (10) the successful completion of the integration of Chittenden Corporation. People's United Financial does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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http://www.peoples.com/. People's United Financial, Inc. FINANCIAL HIGHLIGHTS Three Months Ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, (dollars in millions, 2009 2009 (1) 2009 (1) 2008 (1) 2008 except per share data) Operating Data: Net interest income $145.3 $141.2 $142.8 $153.3 $159.8 Provision for loan losses 21.5 14.0 7.9 8.7 6.8 Non-interest income (2) 80.2 85.0 72.2 73.7 74.2 Non-interest expense (3) 165.1 176.2 171.1 168.2 158.7 Income before income tax expense 38.9 36.0 36.0 50.1 68.5 Net income 26.8 25.3 24.2 33.7 46.0 Selected Statistical Data: Net interest margin (4) 3.19% 3.12% 3.25% 3.55% 3.71% Return on average assets (4) 0.51 0.49 0.48 0.67 0.92 Return on average tangible assets (4) 0.55 0.53 0.52 0.73 0.99 Return on average stockholders' equity (4) 2.1 2.0 1.9 2.6 3.5 Return on average tangible stockholders' equity (4) 3.0 2.8 2.7 3.6 5.0 Efficiency ratio 71.1 73.7 75.1 70.2 64.9 Per Common Share Data: Diluted earnings per share $0.08 $0.08 $0.07 $0.10 $0.14 Dividends paid per share 0.15 0.15 0.15 0.15 0.15 Dividend payout ratio 191.3% 202.0% 207.3% 149.1% 108.7% Book value (end of period) $15.24 $15.29 $15.38 $15.44 $15.65 Tangible book value (end of period) 10.71 10.75 10.81 10.86 11.06 Stock price: High 17.41 18.54 18.18 20.15 21.76 Low 14.84 14.72 15.61 14.75 13.92 Close (end of period) 15.56 15.07 17.97 17.83 19.25 Average diluted common shares outstanding (in millions) 333.38 332.97 332.78 332.33 331.32 (1) Previously reported amounts for the three months ended June 30, 2009, March 31, 2009 and December 31, 2008 have been revised to reflect the recognition of additional non-interest expense, which, after taxes, reduced net income by $2.1 million, $2.5 million and $1.7 million, respectively. Diluted earnings per share were reduced by $0.01 in both the three months ended March 31, 2009 and December 31, 2008 (no impact on the three months ended June 30, 2009). Certain statistical data and other per common share data have been revised as necessary. (2) Includes net security gains of $4.7 million, $12.0 million and $5.4 million for the three months ended September 30, 2009, June 30, 2009 and March 31, 2009, respectively. (3) Includes an FDIC special assessment charge of $8.4 million for the three months ended June 30, 2009. (4) Annualized. People's United Financial, Inc. FINANCIAL HIGHLIGHTS - Continued Nine Months Ended Sept. 30, Sept. 30, (dollars in millions, except per share data) 2009 (1) 2008 Operating Data: Net interest income $429.3 $483.1 Provision for loan losses 43.4 17.5 Non-interest income (2) 237.4 229.9 Non-interest expense (3) 512.4 540.8 Income before income tax expense 110.9 154.7 Net income 76.3 104.1 Selected Statistical Data: Net interest margin (4) 3.18% 3.65% Return on average assets (4) 0.49 0.68 Return on average tangible assets (4) 0.53 0.73 Return on average stockholders' equity (4) 2.0 2.7 Return on average tangible stockholders' equity (4) 2.8 3.8 Efficiency ratio 73.3 65.4 Per Common Share Data: Diluted earnings per share $0.23 $0.32 Dividends paid per share 0.45 0.43 Dividend payout ratio 199.9% 138.6% Book value (end of period) $15.24 $15.65 Tangible book value (end of period) 10.71 11.06 Stock price: High 18.54 21.76 Low 14.72 13.92 Close (end of period) 15.56 19.25 Average diluted common shares outstanding (in millions) 333.03 330.22 (1) See Financial Highlights footnote (1). (2) Includes net security gains of $22.1 million and $8.1 million for the nine months ended September 30, 2009 and 2008, respectively. (3) Includes an FDIC special assessment charge of $8.4 million for the nine months ended September 30, 2009, and merger-related expenses of $36.5 million and other one-time charges of $14.8 million for the nine months ended September 30, 2008. (4) Annualized. People's United Financial, Inc. FINANCIAL HIGHLIGHTS - Continued As of and for the Three Months Ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, (dollars in millions) 2009 2009 2009 2008 2008 Financial Condition Data: General: Total assets $20,810 $20,812 $20,681 $20,168 $20,042 Loans 14,302 14,553 14,648 14,566 14,331 Short-term investments (1) 3,077 3,073 2,756 1,139 2,534 Securities 550 491 806 1,902 428 Allowance for loan losses 173 167 159 158 155 Goodwill and other acquisition- related intangibles 1,520 1,525 1,531 1,536 1,537 Deposits 15,050 15,023 14,846 14,269 14,152 Borrowings 154 160 185 188 152 Subordinated notes 182 181 181 181 180 Stockholders' equity 5,115 5,130 5,156 5,174 5,239 Non-performing assets 193 182 142 94 91 Net loan charge-offs 16.0 6.0 6.4 5.7 4.0 Average Balances: Loans $14,454 $14,595 $14,603 $14,371 $14,310 Short-term investments (1) 3,105 2,816 1,824 1,610 2,325 Securities 782 799 1,275 1,393 715 Total earning assets 18,341 18,210 17,702 17,374 17,350 Total assets 20,870 20,759 20,258 20,057 20,057 Deposits 15,037 14,886 14,346 14,117 14,193 Total funding liabilities 15,365 15,237 14,721 14,479 14,520 Stockholders' equity 5,135 5,162 5,164 5,230 5,204 Ratios: Net loan charge-offs to average loans (annualized) 0.44% 0.16% 0.18% 0.16% 0.11% Non-performing assets to total loans, REO and repossessed assets 1.35 1.25 0.97 0.64 0.64 Allowance for loan losses to non- performing loans 98.2 99.4 126.1 186.8 181.6 Allowance for loan losses to total loans 1.21 1.15 1.09 1.08 1.08 Average stockholders' equity to average total assets 24.6 24.9 25.5 26.1 25.9 Stockholders' equity to total assets 24.6 24.7 24.9 25.7 26.1 Tangible stockholders' equity to tangible assets 18.6 18.7 18.9 19.5 20.0 Total risk- based capital (2) 14.0 13.7 13.5 13.4 16.2 (1) Includes securities purchased under agreements to resell. (2) Total risk-based capital ratios are for People's United Bank and, as such, do not reflect the additional capital residing at People's United Financial, Inc. People's United Bank's September 30, 2009 total risk-based capital ratio is preliminary. People's United Financial, Inc. CONSOLIDATED STATEMENTS OF CONDITION Sept. 30, June 30, Sept. 30, (in millions) 2009 2009 2008 Assets Cash and due from banks $410.9 $343.0 $437.5 Short-term investments 1,933.0 2,672.8 2,533.5 Total cash and cash equivalents 2,343.9 3,015.8 2,971.0 Securities: Trading account securities, at fair value 10.3 12.2 33.3 Securities available for sale, at fair value 453.4 446.8 362.4 Securities held to maturity, at amortized cost 55.3 0.8 1.4 Federal Home Loan Bank stock, at cost 31.1 31.1 31.1 Total securities 550.1 490.9 428.2 Securities purchased under agreements to resell 1,144.0 400.0 - Loans: Commercial real estate 5,365.8 5,234.2 4,871.9 Commercial 4,011.4 4,094.6 4,074.3 Residential mortgage 2,654.0 2,950.1 3,262.3 Consumer 2,270.4 2,273.7 2,122.1 Total loans 14,301.6 14,552.6 14,330.6 Less allowance for loan losses (172.5) (167.0) (154.5) Total loans, net 14,129.1 14,385.6 14,176.1 Goodwill and other acquisition-related intangibles 1,520.2 1,525.3 1,536.9 Premises and equipment 261.7 258.2 265.6 Bank-owned life insurance 235.2 233.0 227.1 Other assets 625.9 502.7 437.1 Total assets $20,810.1 $20,811.5 $20,042.0 Liabilities Deposits: Non-interest-bearing $3,192.8 $3,310.4 $3,176.1 Savings, interest-bearing checking and money market 6,926.0 6,609.7 6,115.3 Time 4,931.6 5,102.9 4,860.4 Total deposits 15,050.4 15,023.0 14,151.8 Borrowings: Repurchase agreements 139.0 145.5 117.6 Federal Home Loan Bank advances 15.0 14.6 15.3 Other - - 19.0 Total borrowings 154.0 160.1 151.9 Subordinated notes 181.5 181.2 180.2 Other liabilities 309.0 316.9 319.5 Total liabilities 15,694.9 15,681.2 14,803.4 Stockholders' Equity Common stock ($0.01 par value; 1.95 billion shares authorized; 348.4 million shares, 348.3 million shares and 347.8 million shares issued) 3.5 3.5 3.5 Additional paid-in capital 4,506.3 4,500.6 4,475.6 Retained earnings 943.4 968.4 1,037.6 Treasury stock, at cost (3.3 million shares, 3.3 million shares and 3.2 million shares) (59.6) (60.1) (58.0) Accumulated other comprehensive loss (81.4) (83.3) (15.9) Unallocated common stock of Employee Stock Ownership Plan (197.0) (198.8) (204.2) Total stockholders' equity 5,115.2 5,130.3 5,238.6 Total liabilities and stockholders' equity $20,810.1 $20,811.5 $20,042.0 People's United Financial, Inc. CONSOLIDATED STATEMENTS OF INCOME Three Months Ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, (in millions, except 2009 2009 (1) 2009 (1) 2008 (1) 2008 per share data) Interest and dividend income: Commercial real estate $73.9 $70.8 $69.0 $73.9 $75.4 Commercial 49.6 50.6 50.6 54.9 56.6 Residential mortgage 35.1 37.8 40.7 43.2 45.4 Consumer 24.0 24.0 23.9 25.8 27.2 Total interest on loans 182.6 183.2 184.2 197.8 204.6 Securities 7.5 7.2 9.3 8.5 4.8 Short-term investments 1.4 1.6 1.7 6.1 12.5 Securities purchased under agreements to resell 0.4 0.2 - - 0.5 Total interest and dividend income 191.9 192.2 195.2 212.4 222.4 Interest expense: Deposits 42.5 46.8 48.2 54.6 58.0 Borrowings 0.3 0.4 0.4 0.7 0.8 Subordinated notes 3.8 3.8 3.8 3.8 3.8 Total interest expense 46.6 51.0 52.4 59.1 62.6 Net interest income 145.3 141.2 142.8 153.3 159.8 Provision for loan losses 21.5 14.0 7.9 8.7 6.8 Net interest income after provision for loan losses 123.8 127.2 134.9 144.6 153.0 Non-interest income: Investment management fees 8.4 8.6 7.5 9.6 8.9 Insurance revenue 7.9 6.8 8.3 7.3 8.8 Brokerage commissions 2.8 3.2 3.3 3.2 4.1 Total wealth management income 19.1 18.6 19.1 20.1 21.8 Bank service charges 33.3 32.9 30.4 31.5 33.1 Merchant services income 6.7 6.1 5.8 6.6 7.5 Bank-owned life insurance 2.2 2.7 1.6 1.5 2.1 Net security gains (losses) 4.7 12.0 5.4 0.2 (0.2) Net gains on sales of residential mortgage loans 5.2 3.8 1.9 0.8 1.5 Other non-interest income 9.0 8.9 8.0 13.0 8.4 Total non-interest income 80.2 85.0 72.2 73.7 74.2 Non-interest expense: Compensation and benefits 86.0 86.6 88.7 83.2 85.6 Occupancy and equipment 27.5 26.3 28.0 26.5 26.1 Professional and outside service fees 11.6 11.7 10.7 12.8 11.9 Amortization of other acquisition-related intangibles 5.1 5.3 5.2 5.5 5.3 Merchant services expense 5.7 5.2 4.9 5.6 6.8 Other non-interest expense 29.2 41.1 33.6 34.6 23.0 Total non-interest expense 165.1 176.2 171.1 168.2 158.7 Income before income tax expense 38.9 36.0 36.0 50.1 68.5 Income tax expense 12.1 10.7 11.8 16.4 22.5 Net income $26.8 $25.3 $24.2 $33.7 $46.0 Diluted earnings per common share $0.08 $0.08 $0.07 $0.10 $0.14 (1) See Financial Highlights footnote (1). People's United Financial, Inc. CONSOLIDATED STATEMENTS OF INCOME Nine Months Ended Sept. 30, Sept. 30, (in millions, except per share data) 2009 (1) 2008 Interest and dividend income: Commercial real estate $213.7 $228.2 Commercial 150.8 174.2 Residential mortgage 113.6 146.7 Consumer 71.9 85.1 Total interest on loans 550.0 634.2 Securities 24.0 22.3 Short-term investments 4.7 40.8 Securities purchased under agreements to resell 0.6 7.5 Total interest and dividend income 579.3 704.8 Interest expense: Deposits 137.5 207.5 Borrowings 1.1 2.8 Subordinated notes 11.4 11.4 Total interest expense 150.0 221.7 Net interest income 429.3 483.1 Provision for loan losses 43.4 17.5 Net interest income after provision for loan losses 385.9 465.6 Non-interest income: Investment management fees 24.5 27.2 Insurance revenue 23.0 26.0 Brokerage commissions 9.3 12.8 Total wealth management 56.8 66.0 Bank service charges 96.6 96.2 Merchant services income 18.6 21.0 Bank-owned life insurance 6.5 6.8 Net security gains 22.1 8.1 Net gains on sales of residential mortgage loans 10.9 5.7 Other non-interest income 25.9 26.1 Total non-interest income 237.4 229.9 Non-interest expense: Compensation and benefits 261.3 261.4 Occupancy and equipment 81.8 83.8 Professional and outside service fees 34.0 35.2 Amortization of other acquisition-related intangibles 15.6 15.8 Merchant services expense 15.8 18.2 Merger-related expenses - 36.5 Other non-interest expense 103.9 89.9 Total non-interest expense 512.4 540.8 Income before income tax expense 110.9 154.7 Income tax expense 34.6 50.6 Net income 76.3 104.1 Diluted earnings per common share $0.23 $0.32 (1) See Financial Highlights footnote (1). People's United Financial, Inc. AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) September 30, 2009 June 30, 2009 Three months ended Average Yield/ Average Yield/ (dollars in millions) Balance Interest Rate Balance Interest Rate Assets: Short-term investments $2,344.7 $1.4 0.23% $2,543.9 $1.6 0.26% Securities purchased under agreements to resell 760.0 0.4 0.19 272.5 0.2 0.23 Securities (2) 782.5 7.5 3.84 798.6 7.2 3.60 Loans: Commercial real estate 5,302.3 73.9 5.58 5,154.4 70.8 5.49 Commercial 4,072.8 50.4 4.94 4,175.7 51.5 4.94 Residential mortgage 2,808.9 35.1 5.00 2,988.8 37.8 5.05 Consumer 2,269.9 24.0 4.24 2,275.9 24.0 4.22 Total loans 14,453.9 183.4 5.08 14,594.8 184.1 5.04 Total earning assets 18,341.1 $192.7 4.20% 18,209.8 $193.1 4.24% Other assets 2,529.0 2,549.5 Total assets $20,870.1 $20,759.3 Liabilities and stockholders' equity: Deposits: Non-interest- bearing $3,222.4 $- -% $3,192.0 $- -% Savings, interest-bearing checking and money market 6,798.0 11.6 0.68 6,600.5 12.1 0.74 Time 5,016.4 30.9 2.47 5,093.5 34.7 2.72 Total deposits 15,036.8 42.5 1.13 14,886.0 46.8 1.26 Borrowings: Repurchase agreements 132.1 0.1 0.47 155.8 0.2 0.43 Federal Home Loan Bank advances 14.6 0.2 5.30 14.6 0.2 5.30 Other - - - - - - Total borrowings 146.7 0.3 0.95 170.4 0.4 0.84 Subordinated notes 181.3 3.8 8.34 181.0 3.8 8.36 Total funding liabilities 15,364.8 $46.6 1.21% 15,237.4 $51.0 1.34% Other liabilities 370.8 359.8 Total liabilities 15,735.6 15,597.2 Stockholders' equity 5,134.5 5,162.1 Total liabilities and stockholders' equity $20,870.1 $20,759.3 Net interest income/spread (3) $146.1 2.99% $142.1 2.90% Net interest margin 3.19% 3.12% (1) Average yields earned and rates paid are annualized. (2) Average balances and yields for securities available for sale are based on amortized cost. (3) The FTE adjustment was $0.8 million, $0.9 million and $1.0 million for the three months ended September 30, 2009, June 30, 2009 and September 30, 2008, respectively. People's United Financial, Inc. AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) September 30, 2008 Three months ended Average Yield/ (dollars in millions) Balance Interest Rate Assets: Short-term investments $2,235.3 $12.5 2.24% Securities purchased under agreements to resell 89.6 0.5 2.05 Securities (2) 714.9 4.8 2.72 Loans: Commercial real estate 4,837.1 75.4 6.23 Commercial 4,035.3 57.6 5.71 Residential mortgage 3,360.5 45.4 5.40 Consumer 2,076.9 27.2 5.25 Total loans 14,309.8 205.6 5.75 Total earning assets 17,349.6 $223.4 5.15% Other assets 2,707.4 Total assets $20,057.0 Liabilities and stockholders' equity: Deposits: Non-interest-bearing $3,137.6 $- -% Savings, interest- bearing checking and money market 6,170.7 18.2 1.18 Time 4,884.6 39.8 3.26 Total deposits 14,192.9 58.0 1.63 Borrowings: Repurchase agreements 113.5 0.4 1.65 Federal Home Loan Bank advances 15.3 0.2 5.31 Other 18.0 0.2 3.79 Total borrowings 146.8 0.8 2.29 Subordinated notes 180.0 3.8 8.41 Total funding liabilities 14,519.7 $62.6 1.73% Other liabilities 333.1 Total liabilities 14,852.8 Stockholders' equity 5,204.2 Total liabilities and stockholders' equity $20,057.0 Net interest income/spread (3) $160.8 3.42% Net interest margin 3.71% (1) Average yields earned and rates paid are annualized. (2) Average balances and yields for securities available for sale are based on amortized cost. (3) The FTE adjustment was $0.8 million, $0.9 million and $1.0 million for the three months ended September 30, 2009, June 30, 2009 and September 30, 2008, respectively. People's United Financial, Inc. AVERAGE BALANCE SHEET, INTEREST AND YIELD/RATE ANALYSIS (1) September 30, 2009 September 30, 2008 Nine months ended Average Yield/ Average Yield/ (dollars in millions) Balance Interest Rate Balance Interest Rate Assets: Short-term investments $2,239.6 $4.7 0.28% $2,059.8 $40.8 2.64% Securities purchased under agreements to resell 347.0 0.6 0.20 414.3 7.5 2.43 Securities (2) 950.1 24.0 3.38 880.1 22.3 3.39 Loans: Commercial real estate 5,160.1 213.7 5.52 4,795.2 228.2 6.34 Commercial 4,152.4 153.4 4.92 3,979.3 177.1 5.93 Residential mortgage 2,971.3 113.6 5.10 3,630.7 146.7 5.39 Consumer 2,266.2 71.9 4.23 2,018.4 85.1 5.62 Total loans 14,550.0 552.6 5.06 14,423.6 637.1 5.89 Total earning assets 18,086.7 $581.9 4.29% 17,777.8 $707.7 5.31% Other assets 2,544.6 2,701.4 Total assets $20,631.3 $20,479.2 Liabilities and stockholders' equity: Deposits: Non-interest- bearing $3,173.9 $- -% $3,151.9 $- -% Savings, interest-bearing checking and money market 6,564.1 36.3 0.74 6,224.1 61.9 1.33 Time 5,020.8 101.2 2.69 5,208.3 145.6 3.73 Total deposits 14,758.8 137.5 1.24 14,584.3 207.5 1.90 Borrowings: Repurchase agreements 152.9 0.5 0.45 113.5 1.7 2.00 Federal Home Loan Bank advances 14.7 0.6 5.29 16.6 0.6 5.11 Other 2.8 - 1.96 20.3 0.5 3.03 Total borrowings 170.4 1.1 0.89 150.4 2.8 2.48 Subordinated notes 181.0 11.4 8.36 181.8 11.4 8.32 Total funding liabilities 15,110.2 $150.0 1.32% 14,916.5 $221.7 1.98% Other liabilities 367.8 355.9 Total liabilities 15,478.0 15,272.4 Stockholders' equity 5,153.3 5,206.8 Total liabilities and stockholders' equity $20,631.3 $20,479.2 Net interest income/spread (3) $431.9 2.97% $486.0 3.33% Net interest margin 3.18% 3.65% (1) Average yields earned and rates paid are annualized. (2) Average balances and yields for securities available for sale are based on amortized cost. (3) The FTE adjustment was $2.6 million and $2.9 million for the nine months ended September 30, 2009 and 2008, respectively. People's United Financial, Inc. NON-PERFORMING ASSETS Sept. 30, June 30, March 31, Dec. 31, Sept. 30, (dollars in millions) 2009 2009 2009 2008 2008 Non-accrual loans: Commercial real estate $80.2 $75.0 $53.8 $29.8 $29.9 Residential mortgage 49.8 51.4 42.3 24.2 21.1 Commercial 21.0 21.3 16.3 21.1 23.9 PCLC 18.6 16.5 9.0 5.8 6.9 Consumer 6.1 3.8 4.6 3.3 3.2 Indirect auto - - 0.1 0.1 0.1 Total non-accrual loans (1) 175.7 168.0 126.1 84.3 85.1 Real estate owned ("REO") and repossessed assets, net 17.0 14.0 15.9 9.4 6.3 Total non-performing assets $192.7 $182.0 $142.0 $93.7 $91.4 Non-performing loans as a percentage of total loans 1.23% 1.15% 0.86% 0.58% 0.59% Non-performing assets as a percentage of: Total loans, REO and repossessed assets 1.35 1.25 0.97 0.64 0.64 Tangible stockholders' equity and allowance for loan losses 5.11 4.82 3.75 2.47 2.37 (1) Reported net of government guarantees totaling $7.2 million at September 30, 2009, $7.1 million at June 30, 2009, $7.2 million at March 31, 2009, $6.5 million at December 31, 2008 and $6.4 million at September 30, 2008. PROVISION AND ALLOWANCE FOR LOAN LOSSES Three Months Ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, (dollars in millions) 2009 2009 2009 2008 2008 Balance at beginning of period $167.0 $159.0 $157.5 $154.5 $151.7 Charge-offs (17.2) (6.9) (6.9) (6.9) (5.0) Recoveries 1.2 0.9 0.5 1.2 1.0 Net loan charge-offs (16.0) (6.0) (6.4) (5.7) (4.0) Provision for loan losses 21.5 14.0 7.9 8.7 6.8 Balance at end of period $172.5 $167.0 $159.0 $157.5 $154.5 Allowance for loan losses as a percentage of: Total loans 1.21% 1.15% 1.09% 1.08% 1.08% Non-performing loans 98.2 99.4 126.1 186.8 181.6 NET LOAN CHARGE-OFFS Three Months Ended Sept. 30, June 30, March 31, Dec. 31, Sept. 30, (dollars in millions) 2009 2009 2009 2008 2008 Commercial real estate $7.7 $0.4 $1.0 $1.5 $1.2 Residential mortgage 2.6 0.8 0.5 0.8 0.1 PCLC 2.0 1.8 0.8 0.5 0.2 Commercial 1.5 1.1 1.9 1.2 1.1 Consumer 1.3 1.2 1.2 0.9 0.6 Indirect auto 0.9 0.7 1.0 0.8 0.8 Total $16.0 $6.0 $6.4 $5.7 $4.0 Net loan charge-offs to average loans (annualized) 0.44% 0.16% 0.18% 0.16% 0.11%People's United Financial, Inc.
CONTACT: Investors, Jared Shaw, Investor Relations, +1-203-338-4130,
email@example.com, or Media, Brent DiGiorgio, Corporate Communications,
Web Site: http://www.peoples.com/
SOUTH BURLINGTON, Vt., Oct. 15 /PRNewswire-FirstCall/ -- Merchants Bancshares, Inc. , the parent company of Merchants Bank, announced today that its Board of Directors declared a dividend of 28 cents per share, payable November 12, 2009, to shareholders of record as of October 29, 2009. Merchants plans to release earnings on or about October 29, 2009.
Michael R. Tuttle, Merchants' President and Chief Executive Officer; and Janet P. Spitler, Merchants' Chief Financial Officer, will host a conference call to discuss these earnings results at 9:30 a.m. Eastern Time on Friday, October 30, 2009. Interested parties may participate in the conference call by dialing (888) 423-3273; the title of the call is "Earnings Release Conference Call for Merchants Bancshares, Inc." Participants are asked to call a few minutes prior to register. A replay will be available until noon on Friday, November 6, 2009. The U.S. replay dial-in telephone number is (800) 475-6701. The international replay telephone number is (320) 365-3844. The replay access code for both replay telephone numbers is 967739.
In addition, Merchants announced today the election of Raymond C. "Trey" Pecor III to the board of directors of Merchants Bank. Mr. Pecor is president of Lake Champlain Transportation Company in Burlington, Vermont, and serves on the boards of Champlain College and the Champlain Valley Expo.
"Trey has deep, long-standing ties to Vermont and a unique understanding of our community. We are also delighted to have the benefit of Trey's business experience," commented Mr. Tuttle.
Michael G. Furlong, Chairman of Merchants Bank added, "The Board is very excited to welcome Trey, and we look forward to working together to guide the future of Vermont's only statewide independent bank."
Vermont Matters. Merchants Bank strives to fulfill its role as the state's leading independent community bank through a wide range of initiatives. The bank supports organizations throughout Vermont in addressing essential needs, sustaining community programs, providing small business and job start capital, funding financial literacy education and delivering enrichment through local sports activities.
Merchants Bank was established in 1849 in Burlington, Vermont. Its continuing mission is to provide Vermonters with a statewide community bank that combines a strong technology platform with a genuine appreciation for local markets. Merchants Bank delivers this commitment through a branch-based system that includes: 34 community bank offices and 42 ATMs throughout Vermont; local branch presidents and personal bankers dedicated to high-quality customer service; free online banking, phone banking, and electronic bill payment services; high-value depositing programs that feature Free Checking for Life®, Cash Rewards Checking, Rewards Checking for Business, business cash management, money market accounts, health savings accounts, certificates of deposit, Flexible CD, IRAs, and overdraft assurance; feature-rich loan programs including mortgages, home equity credit, vehicle loans, personal and small business loans and lines of credit; and merchant card processing. Merchants Bank offers a strong set of commercial and government banking solutions, delivered by experienced banking officers in markets throughout the state; these teams provide customized financing for medium-to-large companies, non-profits, cities, towns and school districts. Merchants Trust Company, a division of Merchants Bank, provides investment management, financial planning and trustee services. Please visit http://www.mbvt.com/ for access to Merchants Bank information, programs and services. Merchants' stock is traded on the NASDAQ National Market system under the symbol MBVT. Member FDIC. Equal Housing Lender.
Some of the statements contained in this press release may constitute forward-looking statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. The forward-looking statements reflect Merchants' current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause Merchants' actual results to differ significantly from those expressed in any forward-looking statement. Forward-looking statements should not be relied on since they involve known and unknown risks, uncertainties and other factors that are, in some cases, beyond Merchants' control and which could materially affect actual results. The factors that could cause actual results to differ materially from current expectations include changes in general economic conditions in Vermont, changes in interest rates, changes in competitive product and pricing pressures among financial institutions within Merchants' markets, and changes in the financial condition of Merchants' borrowers. The forward-looking statements contained herein represent Merchants' judgment as of the date of this release, and Merchants cautions readers not to place undue reliance on such statements. For further information, please refer to Merchants' reports filed with the Securities and Exchange Commission.Merchants Bancshares, Inc.
CONTACT: Lisa Razo of Merchants Bancshares, Inc., +1-802-865-1838
Web Site: http://www.mbvt.com/
SAN DIEGO, Oct. 15 /PRNewswire-FirstCall/ -- LifeVantage Corporation (OTC Bulletin Board: LFVN), the maker of Protandim® and TrueScience(TM) Anti-Aging Cream, science-based solutions to oxidative stress, announced preliminary unaudited net revenue for the first fiscal quarter of 2010. The Company anticipates net revenue of approximately $1.9 million for the three month period ended September 30, 2009, compared to net revenue of $1.6 million for the three month period ended June 30, 2009. This continued growth in revenue demonstrates the success of the Company's on-going expansion into the network marketing distribution model.
Total operating expenses in the first fiscal quarter of 2010 decreased by approximately 25% from total operating expenses of $6.1 million in the fourth fiscal quarter of 2009. This decline is primarily attributable to reductions of approximately 80% in total legal expenses. In the first fiscal quarter of 2010, legal expenses decreased by approximately $1 million and other operating expenses decreased by approximately $0.5 million. These decreases are directly attributable to the Company's efforts in expense reductions and greatly reduced activity in litigation in which the Company has been a party.
"We are pleased to announce that the Company anticipates its second consecutive quarter of double digit percentage increases in net revenue," stated Carrie E. Carlander, Chief Financial Officer of LifeVantage, "especially since both quarters of revenue increases occurred during a traditionally slower time of year for MLM companies. Moving forward, as we continue to grow and expand our network marketing business model and make progress on the scientific front, we will continue to look for ways to decrease expenditures as appropriate as we move towards profitability."
The Company will hold a conference call today at 1:30pm Pacific time (4:30pm Eastern time) during which it will provide an update on its business and discuss fourth quarter and fiscal year 2009 financial and operating results as well as preliminary unaudited financial results for the first fiscal quarter of 2010. David W. Brown, President & Chief Executive Officer, is scheduled to lead the call and will be joined by Carrie E. Carlander, Chief Financial Officer.
The conference call may be accessed by dialing (888) 857-6930 for domestic callers and entering the pass code 5862542. The webcast will be available live via the Internet by accessing the Investors section of LifeVantage's website at http://www.lifevantage.com/investor-profile.aspx. Replays of the webcast will be available on LifeVantage's website for 30 days and a phone replay will be available through October 20th, 2009 by dialing (888) 203-1112 and entering the pass code 5862542.
About LifeVantage Corporation
LifeVantage Corporation is a publicly traded (OTCBB: LFVN), science-based, nutraceutical company dedicated to helping people reach their health and wellness goals. Founded in 2003 and based in San Diego, CA, LifeVantage develops products, including Protandim®, that deliver significant health benefits to consumers. For more information, visit http://www.lifevantage.com/.
Forward Looking Statements
This document contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Words and expressions reflecting optimism, satisfaction or disappointment with current prospects, as well as words such as "believe," "hopes," "intends," "estimates," "expects," "projects," "plans," "anticipates" and variations thereof, identify forward-looking statements, but their absence does not mean that a statement is not forward-looking. Such forward-looking statements are not guarantees of performance and the Company's actual results could differ materially from those contained in such statements. These forward-looking statements are based on the Company's current expectations and beliefs concerning future events affecting the Company and involve known and unknown risks and uncertainties that may cause the Company's actual results or outcomes to be materially different from those anticipated and discussed herein. These risks and uncertainties include, among others, the potential failure or unintended negative consequences of the implementation of our network marketing sales channel; our ability to retain independent distributors or to attract new independent distributors on an ongoing basis; the potential for third party and governmental actions involving our network marketing sales channel; the potential for product liability claims against the Company; the risk that government regulators and regulations could adversely affect our business; future laws or regulations may hinder or prohibit the production or sale of our existing product and any future products; unfavorable publicity could materially hurt our business; and the Company's ability to protect our intellectual property rights and the value of our product. These and other risk factors are discussed in greater detail in the Company's Annual Report on Form 10-K and Quarterly Report on Form 10-Q under the caption "Risk Factors", and in other documents filed by the Company from time to time with the Securities and Exchange Commission. The Company cautions investors not to place undue reliance on the forward-looking statements contained in this document. All forward-looking statements are based on information currently available to the Company on the date hereof, and the Company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances after the date of this document, except as required by law.
*These statements have not been evaluated by the Food and Drug Administration. This product is not intended to diagnose, treat, cure or prevent any disease.
Investor Relations Contact: Ioana C. Hone (858) 312-8000 Ext. 4Photo: http://www.newscom.com/cgi-bin/prnh/20090930/LIFEVANTAGELOGO
CONTACT: Investor Relations, Ioana C. Hone of LifeVantage Corporation,
+1-858-312-8000, Ext. 4
Web Site: http://www.lifevantage.com/
SAN CLEMENTE, Calif., Oct. 15 /PRNewswire-FirstCall/ -- Sunstone Hotel Investors, Inc. (the "Company") announced today that it intends to issue 14,000,000 shares of its common stock. The underwriters will be granted a 30-day option to purchase up to an additional 2,100,000 shares of common stock to cover over-allotments, if any.
The joint bookrunners for this offering are BofA Merrill Lynch and Wells Fargo Securities.
The Company expects to contribute the net proceeds from this offering to Sunstone Hotel Partnership, LLC, its wholly owned subsidiary (the "Operating Partnership"), in exchange for additional membership interests in the Operating Partnership. The Operating Partnership will subsequently use the net proceeds from this offering for working capital and other general corporate purposes, which could include one or more hotel acquisitions.
The shares of common stock are being offered pursuant to an effective registration statement filed with the Securities and Exchange Commission and may be made only by means of a prospectus. A copy of the prospectus relating to the offering will be filed with the Securities and Exchange Commission and, when available, can be obtained from the offices of BofA Merrill Lynch, at Attn: Prospectus Department, 4 World Financial Center, New York, NY 10080 or Wells Fargo Securities, at Attn: Equity Syndicate Department, 375 Park Avenue, New York, New York 10152, telephone: (800) 326-5897, email: firstname.lastname@example.org.
This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that state or jurisdiction.
About Sunstone Hotel Investors, Inc.
Sunstone Hotel Investors, Inc. is a lodging real estate investment trust ("REIT") that, as of the date hereof, has interests in 40 hotels comprised of 14,006 rooms primarily in the upper-upscale segment operated under nationally recognized brands, such as Marriott, Hyatt, Fairmont, Hilton, and Starwood.
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements are identified by their use of terms and phrases such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "predict," "project," "should," "will" and other similar terms and phrases, including references to assumptions and forecasts of future results. Forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially from those anticipated at the time the forward-looking statements are made. These risks include, but are not limited to: general economic and business conditions affecting the lodging and travel industry, both nationally and locally, including a prolonged U.S. recession; our need to operate as a REIT and comply with other applicable laws and regulations; rising operating expenses; relationships with and requirements of franchisors and hotel brands; relationships with and the performance of the managers of our hotels; the unaffiliated ground or air leases for eight of our hotels; performance of hotels after they are acquired; competition for the acquisition of hotels; competition in the operation of our hotels; our ability to complete acquisitions and dispositions; the need for renovations and other capital expenditures for our hotels; the impact of renovations on hotel operations and delays in renovations or other developments; changes in business strategy or acquisition or disposition plans; our level of outstanding debt, including secured, unsecured, fixed and variable rate debt; financial and other covenants in our debt and preferred stock; volatility in the credit or equity markets and the effect on lodging demand or our ability to obtain financing on favorable terms or at all; and other events beyond our control. Although we believe the expectations reflected in such forward-looking statements are based upon reasonable assumptions, we can give no assurance that the expectations will be attained or that any deviation will not be material. All forward-looking information in this release is as of the date hereof, and we undertake no obligation to update any forward-looking statement to conform the statement to actual results or changes in our expectations.
For Additional Information: Bryan Giglia Vice President - Corporate Finance Sunstone Hotel Investors, Inc. (949) 369-4236Sunstone Hotel Investors, Inc.
CONTACT: Bryan Giglia, Vice President - Corporate Finance of Sunstone
Hotel Investors, Inc., +1-949-369-4236
-- Revenue Grew 50% -- Net Income Grew 68%
HARBIN, China, Oct. 15 /PRNewswire-Asia-FirstCall/-- SOKO Fitness & Spa Group, Inc. (BULLETIN BOARD: SOKF) ("the Company"), today reported the operating results for the first quarter of financial year 2010 ended August 31, 2009. The Company's revenue grew 50% to $6.43 million from $4.28 million in the same quarter last year. Net income of the first quarter grew 68% to $2.43 million and fully diluted earnings per share were $0.13, as compared to net income of $1.44 million and fully diluted earnings per share of $0.08 in first quarter fiscal year 2009.
SOKO currently operates 13 facilities in Northeastern China, including nine beauty salons and spas, three fitness centers, and one beauty school. In addition, SOKO currently has four facilities under construction -- the Da Qing beauty salon and spa, one fitness center, a yoga center and beauty salon in the Long Dian building in Harbin.
SOKO's management reported that its growth quarter to quarter was due to the following factors:
-- professional services revenue increased as a result of the introduction of new services and increase in customer base; -- product sales revenue increase was driven by introduction of new branded products and higher consumption of products by our customers; -- membership fee revenue increase was driven by opening a new fitness center Yoga Wave II in Shenyang and membership increases in our facilities; and -- the decrease in school tuition revenue was as a result of the company's reallocation of certain school resources to internal program for company employee training. About SOKO Fitness & Spa Group, Inc.:
SOKO Fitness & Spa Group, Inc., is a leading operator of fitness clubs and spas in Northeast China. The Company provides programs, services, and products uniquely combined with exercise, education, and nutrition to help their members lead a healthy life and achieve their fitness goals. For further information, please go to http://www.sokofitness.com/ .
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by words or phrases such as "will," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates" and similar statements. Among other things, the business outlook and quotations from management in this press release contain forward-looking statements. Statements that are not historical facts, including statements about SOKO's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any Forward-looking statement. SOKO does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For more information, please contact: Judy Jiang Tel: +86-451-8770-2280 Email: email@example.com Yu Xia Tel: +86-451-8770-2255 Email: firstname.lastname@example.org SOKO FITNESS & SPA GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (IN US DOLLARS) AUGUST 31, MAY 31, 2009 2009 (UNAUDITED) ASSETS Current assets: Cash & cash equivalents $3,564,218.92 $1,907,640.50 Restricted cash -- 7,233 Accounts receivable, net 258,658 110,541 Inventories 1,416,436 1,391,302 Advances to suppliers 1,404,028 993,084 Employee advance 129,444 54,783 Prepaid expense 112,568 146,959 Total Current Assets 6,885,353 4,611,542 Property, plant and equipment, net of accumulated depreciation 25,076,229 19,674,394 Other Assets Security Deposit 140,957 47,853 Deferred Rent 773,693 589,188 Deposit to suppliers 1,464,150 1,464,530 Investment advance -- 399,750 Goodwill 2,792,278 2,525,778 Total Other Assets 5,171,078 5,027,099 Total Assets 37,132,660 29,313,035 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Short-term loans 2,576,723 2,196,795 Accounts payable, accrued expenses and other payable 893,539 471,457 Unearned revenue 6,605,375 1,909,755 Taxes payable 363,674 360,229 Contingent Liability 200,000 200,000 Total Current Liabilities 10,639,311 5,138,236 Stockholders' Equity Preferred Stock, $.001 par value; 10,000,000 shares authorized; - 0 - shares issued and outstanding at August 31 and May 31,2009 -- -- Common stock, $0.001 Par value; 500,000,000 shares authorized; 17,000,000 shares issued and outstanding at August 31 and May 31, 2009 17,000 17,000 Additional paid-in-capital 2,354,056 2,346,397 Additional paid-in-capital - warrants 639,253 639,253 Accumulated other comprehensive income 1,889,470 1,910,752 Retained earnings 21,642,718 19,215,114 Total Stockholders' Equity 26,542,498 24,128,516 No controlling interest (49,149) 46,283 Total Equity 26,493,349 24,174,799 Total Liabilities and Stockholders' Equity $37,132,660 $29,313,035 SOKO FITNESS & SPA GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF INCOME (IN US DOLLARS) (UNAUDITED) FOR THE THREE MONTHS ENDED AUGUST 31, 2009 2008 (RESTATED) Net Sales $6,430,503 $4,276,867 Cost of Sales (2,188,938) (1,425,156) Gross Profit 4,241,566 2,851,711 Selling, General and Administrative Expenses: 1,898,374 1,342,184 Operating income 2,343,191 1,509,527 Other Income and Expenses Interest expenses (32,525) (50,008) Other income 15,523 2,415 Other expenses (471) (69,341) Total Other Income and (Expense) (17,474) (116,934) Income Before Income Taxes 2,325,718 1,392,593 Provision for Income Taxes 23,880 25,132 Net Income 2,301,836 1,367,461 Less: net income (loss) attributable to the no controlling interest (125,767) (75,880) Net Income Attributable to SOKO Fitness & Spa Group, Inc. $2,427,604 $1,443,341 Other Comprehensive Income Foreign currency translation adjustment (21,282) 242,960 Comprehensive Income $2,406,322 $1,686,301 Basic and Diluted Income per common share Basic $0.14 $0.08 Diluted $0.13 $0.08 Weighted average common share outstanding Basic 17,000,000 17,000,000 Diluted 18,168,443 17,000,000 SOKO FITNESS & SPA GROUP, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (IN US DOLLARS) (UNAUDITED) FOR THE THREE MONTHS ENDED AUGUST 31, 2009 2008 (RESTATED) Cash Flows From Operating Activities: Net income $2,427,604 $1,443,341 Adjustments to reconcile net income to net cash provided by operating activities: Stock based compensation 7,660 18,651 Depreciation and amortization 564,191 340,255 Minority interest (125,767) (75,880) Liquidated damage penalty -- 55,610 Changes in operating assets and liabilities: Restricted cash 7,228 -- Accounts receivable (100,774) 225,752 Inventories (16,752) (71,190) Advances to suppliers 1,469 (418,253) Employee advance 48,436 27,741 Other receivables 96,856 38,592 Prepaid expense 50,901 101,098 Security deposit (93,087) (111,113) Deferred Rent (84,250) -- Deposit to suppliers -- (131) Accounts payable (1,102) -- Unearned revenue 4,303,014 1,129,713 Taxes payable (5,476) 58,600 Accrued expenses and other payables 36,360 (299,881) Cash provided by operating activities 7,116,513 2,462,905 Cash Flows From Investing Activities: Addition in construction in progress (5,709,094) (1,356,563) Purchase of property and equipment (184,055) (193,854) Cash acquired from acquisition 65,265 97,325 Cash used in investing activities (5,827,884) (1,453,092) Cash Flows From Financing Activities: Proceeds from short-term loan 380,522 -- Repayment of short-term loan -- (536,126) Cash provided by (used in) financing activities 380,522 (536,126) Effect of exchange rate changes on cash and cash equivalents (12,573) 21,334 Increase in cash and cash equivalents 1,656,578 495,020 Cash and Cash Equivalents - Beginning of the period 1,907,641 1,563,709 Cash and Cash Equivalents - Ending of the period $3,564,219 $2,058,729 Supplemental disclosures of cash flow information: Interest paid $-- $38,861 Income Taxes paid $2,790 $417SOKO Fitness & Spa Group, Inc.
CONTACT: Judy Jiang, +86-451-8770-2280, email@example.com, or Yu
Xia, +86-451-8770-2255, firstname.lastname@example.org, both of SOKO Fitness & Spa
Web site: http://www.sokofitness.com/
EXTON, Pa., Oct. 15 /PRNewswire-FirstCall/ -- ViroPharma Incorporated's third quarter financial results for 2009 are expected to be released on Wednesday, October 28, 2009 before the open of the U.S. financial markets.
The company will host a conference call and live audio webcast at 9:00 a.m. Eastern Time on the same day. During the conference call, ViroPharma management will discuss the 2009 third quarter and other business.
The press release and the live webcast of the conference call will be accessible via ViroPharma's corporate website at http://www.viropharma.com/. An audio archive will be available at the same address until November 21, 2009. To participate in the conference call, please dial (888) 299-4099 (domestic) and (302) 709-8337 (international). After placing the call, please tell the operator you wish to join the ViroPharma investor conference call.
About ViroPharma Incorporated
ViroPharma Incorporated is a biopharmaceutical company dedicated to the development and commercialization of products that address serious diseases treated by physician specialists and in hospital settings. ViroPharma commercializes Vancocin®, approved for oral administration for treatment of antibiotic-associated pseudomembranous colitis caused by Clostridium difficile and enterocolitis caused by Staphylococcus aureus, including methicillin-resistant strains. ViroPharma commercializes Cinryze(TM) (C1 esterase inhibitor (human)) for routine prophylaxis against angioedema attacks in adolescent and adult patients with hereditary angioedema (HAE), also known as C1 inhibitor deficiency (for prescribing information on ViroPharma's commercial products, please download the package inserts at http://www.viropharma.com/Products.aspx). ViroPharma currently focuses its drug development activities in diseases including cytomegalovirus (CMV), HAE and C. difficile.
ViroPharma routinely posts information, including press releases, which may be important to investors in the investor relations and media sections of our company's web site, http://www.viropharma.com/. The company encourages investors to consult these sections for more information on ViroPharma and our business.ViroPharma Incorporated
CONTACT: William C. Roberts, Vice President, Corporate Communications,
+1-610-321-6288, or Robert A. Doody, Assistant Director, Investor Relations,
Web Site: http://www.viropharma.com/
LOS ANGELES and VANCOUVER, British Columbia, Oct. 15 /PRNewswire-FirstCall/ -- Odd Lot Entertainment, Lionsgate , the leading next generation studio, and Videocine announced today the start of pre-production on an English-language Mexican-US co-production film, entitled From Prada To Nada.
Cannes Golden Camera-winner and Alma-nominated director Fina Torres (Woman on Top, Oriana) will helm a contemporary, Latina version of Jane Austen's classic novel Sense and Sensibility. Academy Award and Golden Globe nominated actress Adriana Barraza (Babel, Drag Me to Hell, Amores Perros), Camilla Belle (When A Stranger Calls, 10,000 B.C., The Ballad of Jack and Rose), Alexa Vega (Spy Kids trilogy, ABC Family's Ruby and the Rockits), Wilmer Valderrama (The Dry Land, That 70's Show) and Kuno Becker (Goal! trilogy) are set to star in this ensemble romantic comedy.
A whimsical spin on Austen's original, From Prada to Nada follows two spoiled sisters when they are left penniless after the sudden death of their father. Forced to move in with their estranged aunt in East Los Angeles, this is a fish-out-of-water story where the girls ultimately find romance, as well as a love for their culture. Torres co-wrote the script with Chicano dramatist Luis Alfaro (Electricidad).
Odd Lot, Lionsgate and Videocine are production, financing and distribution partners on the film. Odd Lot's Gigi Pritzker and Linda McDonough will produce, along with Rossana Arau and Gary Gilbert.
"Fina's decadent filmic style, combined with a socially relevant and hip story, drew together our exceptional and fresh cast," says McDonough. Continued Prizker, "I believe in telling stories with a cultural basis, and of course I also believe in smart deals - From Prada to Nada does both."
The deal was engineered by Odd Lot COO Bill Lischak, Lionsgate President and co-COO Steve Beeks and Videocine Vice President Fernando Perez Gavilan. "We were intrigued by the prospect of supporting this creative property with our unique strategic distribution relationship with Videocine," Beeks said of the partnership. Lionsgate will distribute in North America and Odd Lot International will handle sales in foreign territories at the upcoming AFM. Lionsgate Executive Vice President, Production Lisa Ellzey spearheaded the film's creative development at Lionsgate.
Barraza is repped by Craig Shapiro at Innovative Artists and Javier Contreras at Magnolia Entertainment; Belle by Brent Morley at WME and attorneys Marcy Morris and Darren Trattner; Vega by Ro Diamond at SDB Partners and John Carrabino at John Carrabino Management; Valderrama by Shani Rosenzweig and Carlos Carreras at UTA; and Becker by Carlos Gonzalez at The Gersh Agency, Ivan De Paz at DePaz Management and Fabiola Pena at Talent on the Road Management.
About Odd Lot Entertainment
Founded in 2001 by producer Gigi Pritzker (The Wedding Planner), Odd Lot Entertainment is a Los Angeles-based company that develops, finances, produces, and arranges distribution for commercial film properties in the $5-$60 million range, both in the domestic and international markets. Current productions include the feature Rabbit Hole, based on the Pulitzer Prize-winning play, starring Nicole Kidman, Aaron Eckhart and Dianne Wiest, and directed by John Cameron Mitchell. Recently completed projects include Frank Miller's The Spirit, starring Samuel L. Jackson, Scarlett Johansson and Eva Mendes; The Open Road, starring Jeff Bridges, Justin Timberlake and Kate Mara; and Green Street 2: Stand Your Ground, the follow-up to the 2005 SXSX Special Jury Award-winner Green Street Hooligans.
Recent projects for Odd Lot International are the ground-breaking dance movie B-Girl; the action-adventure fantasy The Great Ghost Rescue based on the popular children's book by Eva Ibboston; and Good starring Viggo Mortensen. For more information, visit http://www.oddlotentertainment.com/
Lionsgate is the leading next generation studio with a strong and diversified presence in the production and distribution of motion pictures, television programming, home entertainment, family entertainment, video-on-demand and digitally delivered content. The Company has built a strong television presence in production of prime time cable and broadcast network series, distribution and syndication of programming through Debmar-Mercury and an array of channel platform assets, including TV Guide Network in partnership with JPMorgan's One Equity Partners and Allen Shapiro, the Epix multiplatform channel expected to launch in October 2009 with partners Viacom and MGM, the FEARnet branded horror channel with partners Comcast and Sony, and the KIX and Thrill branded action and horror channels in Asia. Its feature film business achieved a number one box office opening weekend in September 2009 with the eighth film in the Tyler Perry franchise, I CAN DO BAD ALL BY MYSELF, with the sixth film in the SAW franchise opening in October 2009. The Company's home entertainment business has grown to more than 7% market share and leads the industry in its box office-to-DVD revenue conversion rate. Lionsgate handles a prestigious and prolific library of approximately 12,000 motion picture and television titles that is an important source of recurring revenue and serves as the foundation for the growth of the Company's core businesses. The Lionsgate brand remains synonymous with original, daring, quality entertainment in markets around the world.
Videocine produces and distributes films through VIDEOCINE Distribution and VIDEOCINE Production.
-- VIDEOCINE Distribution. - Distributes theatrical films across all windows. Videocine distributes films from independent production companies, both national and international titles and also distributes its own productions. Videocine is the most important distributor of Mexican films, Including 8 from the top 20 Mexican films in terms of box office. -- VIDEOCINE Production. - Produces and coproduces Mexican theatrical films.
VIDEOCINE takes active part in the national cinematographic industry, being a member of CANACINE's (National Cinematographic Industry Chamber) distribution area, Videocine is a member to AMPI (Independent Mexican Producers Association) and to the AMPYDPM and RM (Producers and Distributors for Mexican Movies Association).
Odd Lot Media Contact: Andrew Boyd VP Worldwide Marketing & Publicity T. 310-652-0999 email@example.com Lionsgate Media Contact: Peter Wilkes SVP Investor Relations & Executive Communications T. 310-255-3726 firstname.lastname@example.orgLionsgate
CONTACT: Andrew Boyd of Odd Lot Media, +1-310-652-0999,
email@example.com; or Peter Wilkes, SVP Investor Relations & Executive
Communications of Lionsgate, +1-310-255-3726, firstname.lastname@example.org
Web Site: http://lionsgate.com/
SAN DIEGO, Oct. 15 /PRNewswire/ --
Qualcomm Fourth Quarter and Fiscal 2009 Earnings Release -- The fourth quarter and fiscal 2009 earnings release will be issued on Wednesday, November 4, 2009 at approximately 1:00 p.m. Pacific Time (PT). -- After the release has been issued, Qualcomm Investor Relations representatives will not be available to return phone calls until the conclusion of the conference call at approximately 3:00 p.m. PT. Qualcomm Conference Call -- Wednesday, November 4, 2009 from 1:45 p.m. to 2:45 p.m. PT. -- Live web cast available on http://www.qualcomm.com/. -- Questions during the live call will be taken from investment professionals only. Rebroadcast of Conference Call -- Rebroadcast will be available on Qualcomm's web site at http://www.qualcomm.com/ from November 4, 2009 beginning at approximately 5:30 p.m. PT through December 4, 2009 at 9:00 p.m. PT. -- To hear the rebroadcast U.S. callers may dial (800) 642-1687 and international callers may dial (706) 645-9291. -- Please use reservation number 35746873.
Financial and statistical information to be discussed in the conference call will be posted on Qualcomm's Investor Relations web site at http://www.qualcomm.com/ immediately prior to the commencement of the conference call.
The conference call will include a discussion of non-GAAP (Generally Accepted Accounting Principles) financial measures. Information reconciling these non-GAAP financial measures to Qualcomm's financial results prepared in accordance with GAAP will be posted on Qualcomm's Investor Relations web site at http://www.qualcomm.com/ immediately prior to the commencement of the conference call.
Historical news releases and financial documents are available on the Company's web site at http://www.qualcomm.com/
Qualcomm Contact: John Gilbert Vice President, Investor Relations 1-(858) 658-4813 (ph) e-mail: email@example.comQualcomm Incorporated
CONTACT: John Gilbert, Vice President, Investor Relations of Qualcomm
Incorporated, +1-858-658-4813, firstname.lastname@example.org
Web Site: http://www.qualcomm.com/
SILVER SPRING, Md., Oct. 15 /PRNewswire-USNewswire/ -- The U.S. Food and Drug Administration today warned consumers to use extreme care when purchasing any products over the Internet that claim to diagnose, prevent, treat or cure the H1N1 influenza virus. The warning comes after the FDA recently purchased and analyzed several products represented online as Tamiflu (oseltamivir), which may pose risks to patients.
(Logo: http://www.newscom.com/cgi-bin/prnh/20090824/FDALOGO )
One of the orders, which arrived in an unmarked envelope with a postmark from India, consisted of unlabeled, white tablets taped between two pieces of paper. When analyzed by the FDA, the tablets were found to contain talc and acetaminophen, but none of the active ingredient oseltamivir. The Web site disappeared shortly after the FDA placed the order. At the same time, the FDA also purchased four other products purported to diagnose, prevent, treat or cure the H1N1 influenza virus from other Web sites.
These products contained various levels of oseltamivir but were not approved for use in the United States. Several of the products purchased did not require a prescription from a health care professional. Additionally, the products did not arrive in a timely enough fashion to treat someone infected with the H1N1 influenza virus, or with an immediate exposure to the virus.
"Products that are offered for sale online with claims to diagnose, prevent, mitigate, treat or cure the 2009 H1N1 influenza virus must be carefully evaluated," said Commissioner of Food and Drugs Margaret A. Hamburg, M.D. "Medicines purchased from Web sites operating outside the law put consumers at increased risk due to a higher potential that the products will be counterfeit, impure, contaminated, or have too little or too much of the active ingredient."
Consumers may not know exactly what they are getting when buying such antiviral products on the Internet from an unfamiliar company. Patients who buy prescription drugs from Web sites operating outside the law are at increased risk of suffering life-threatening adverse events, such as side effects from inappropriately using prescription medications, dangerous drug interactions, contaminated drugs, and impure or unknown ingredients found in unapproved drugs. This may particularly be the case in the event of a public health emergency, such as an influenza outbreak, where approved treatment options would be in high demand and expensive, and where drug shortages could occur.
Drugs that are in high demand are vulnerable to counterfeiting and diversion because buyers may be desperate to stock the product, and criminals capitalize on the situation.
The FDA urges consumers to only purchase FDA-approved products from licensed pharmacies located in the United States. Consumers should contact their health care provider if they have any questions or concerns about medical products or personal protective equipment.
The two antiviral drugs approved by the FDA for treatment and prophylaxis of the 2009 H1N1 influenza virus are Tamiflu (oseltamivir phosphate) and Relenza (zanamivir).
Tamiflu and Relenza, in addition to their approved label, have Emergency Use Authorizations that describe specific authorized uses during this public health emergency.
The FDA actively monitors the Internet, and where appropriate, will purchase and analyze drug products.
Consumers can also visit FDA's Web site for tips about how to protect themselves when buying medicines online.
Media Inquiries: Christopher Kelly, 301-796-4676 email@example.com
Consumer Inquiries: 888-INFO-FDAPhoto: http://www.newscom.com/cgi-bin/prnh/20090824/FDALOGO
CONTACT: Christopher Kelly of the U.S. Food and Drug Administration,
Web Site: http://www.fda.gov/
NEW YORK, Oct. 15 /PRNewswire/ -- McGraw-Hill School Education Group, a leading provider of print and digital educational materials for students in Grades PreK-12, is helping Texas literature teachers make lesson planning easier and efficient with an all-in-one resource, the Texas Instructional Planner.
The Instructional Planner is a component of Glencoe Literature: Texas Treasures, a comprehensive collection of exceptional literature and engaging nonfiction with integrated skill development and targeted differentiated instruction for Grades 6-12.
Glencoe recognizes that many teachers would like to have more time for planning. The Instructional Planner addresses this need through four comprehensive sections including: Preparing, Differentiating, Teaching the TEKS, and Lesson Plans.
The Preparing section offers teachers mini-lesson activities and graphic organizers to help with teaching specific language arts skills and strategies.
The Differentiating section helps teachers with one of the biggest challenges educators have: reaching all levels of learners in the classroom. This section provides tips and techniques to help teachers provide appropriate instruction for Approaching-level, On-level, Gifted and Talented/Advanced/Pre-AP, and English language learners.
The section, Teaching the TEKS, provides teachers with an easy-to-follow roadmap to ensure the class is covering all the TEKS. The section includes tracking charts, which help teachers easily create reports indicating how each student is progressing toward mastery of the TEKS.
Finally, the Lesson Plans section includes the print and technology resources associated with each lesson. The lesson plans provide teachers with the TEKS coverage at point-of-use and the reading level of the selection.
"We know that teachers are increasingly time challenged," said Steve Mico, senior vice president of the McGraw-Hill Literacy & Humanities Learning Solutions Center. "That's why we built our Instructional Planner with the needs of Texas teachers in mind. Our goal is to help teachers help their students be more successful and this tool is one way we can do that."
Glencoe Literature: Texas Treasures has been specifically designed to help teachers teach and students master the new TEKS, TAKS, EOC, ELPS, and College and Career Readiness Standards. The program connects all Language Arts skills, including writing in a variety of modes, to provide students with the foundation necessary to be successful in the classroom, in college, and in the workforce.
For more information about the Instructional Planner and Glencoe Literature: Texas Treasures, please visit connected.mcgraw-hill.com.
About McGraw-Hill Education
McGraw-Hill Education, a division of The McGraw-Hill Companies, is a leading global provider of print and digital instructional, assessment and reference solutions that empower professionals and students of all ages. McGraw-Hill Education has offices in 33 countries and publishes in more than 65 languages. Additional information is available at http://www.mheducation.com/.McGraw-Hill Education
CONTACT: Tom Stanton, McGraw-Hill Education, +1-212-904-3214,
firstname.lastname@example.org; or Caroline Golon, Paul Werth Associates,
Web Site: http://www.mheducation.com/
LAS VEGAS, Oct. 15 /PRNewswire/ -- Investment in high-quality digital and social media content is key to changing customer perceptions of a brand, as well as in raising brand awareness and consideration levels, according to industry experts at the 2009 J.D. Power and Associates Automotive Internet Roundtable. The conference is currently being held at the Red Rock Casino, Resort and Spa in Las Vegas, Nev., through Friday, Oct.16.
Creating engaging digital content that demonstrates the value of a brand is critical to telling the brand's story and shifting consumer perception.
"At Ford, we have invested heavily in social media and organic marketing and we are achieving unprecedented levels of consideration," said Jim Farley, group vice president of marketing and communications at Ford Motor Company and a keynote speaker at the conference. "Approximately 25 percent of Ford's global media buy is digital, and it is the richness of the digital experience that makes a big difference."
By integrating user-generated content and capturing "real-world" consumer opinions, marketers can improve their brand's credibility among consumers. Strong digital content often spurs discussion among social media users, which can achieve a widely expansive reach among the target audience.
"The customer's voice provides content that customers can talk to other people about," said Farley. "Customers share their personal experiences with the brand, which is then able to be shared on social media sites. It creates a dialog between companies and consumers. For marketers, social media is about getting unique and creative content in the hands of the customers and letting them amplify it."
According to Farley, Ford has successfully relied on digital and social media to build on the brand's global reputation for small, fuel-efficient vehicles--such as the Ford Fiesta--and to revitalize perceptions of existing vehicle models, as well as to elevate its overall brand image. For example, a video focusing on the paint quality of the Ford Taurus has been particularly effective in conveying the high overall vehicle quality of this all-new model.
The 2009 Automotive Internet Roundtable is the most highly attended J.D. Power and Associates conference since the event was first initiated in 1984, with nearly 900 automotive dealers and industry professionals registered.
About J.D. Power and Associates
Headquartered in Westlake Village, Calif., J.D. Power and Associates is a global marketing information services company operating in key business sectors including market research, forecasting, performance improvement, Web intelligence and customer satisfaction. The company's quality and satisfaction measurements are based on responses from millions of consumers annually. For more information on car reviews and ratings, car insurance, health insurance, cell phone ratings, and more, please visit JDPower.com. J.D. Power and Associates is a business unit of The McGraw-Hill Companies.
About The McGraw-Hill Companies
Founded in 1888, The McGraw-Hill Companies is a leading global information services provider meeting worldwide needs in the financial services, education and business information markets through leading brands such as Standard & Poor's, McGraw-Hill Education, BusinessWeek and J.D. Power and Associates. The Corporation has more than 280 offices in 40 countries. Sales in 2008 were $6.4 billion. Additional information is available at http://www.mcgraw-hill.com/.
J.D. Power and Associates Media Relations Contacts: John Tews; Troy, Mich.; (248) 312-4119; email@example.com
Syvetril Perryman; Westlake Village, Calif.; (805) 418-8103; firstname.lastname@example.org
No advertising or other promotional use can be made of the information in this release without the express prior written consent of J.D. Power and Associates. www.jdpower.com/corporatePhoto: http://www.newscom.com/cgi-bin/prnh/20050527/LAF028LOGO-a
CONTACT: John Tews, +1-248-312-4119, email@example.com, or
Syvetril Perryman, +1-805-418-8103; firstname.lastname@example.org, both of J.D.
Power and Associates
Web Site: http://www.jdpower.com/
ERIE, Pa., Oct. 15 /PRNewswire-FirstCall/ -- Erie Indemnity Company will host an audio Webcast with the financial community to discuss financial results for the third quarter 2009 on Friday, Oct. 30, 2009, at 10:00 a.m. Eastern Time. Erie Indemnity will issue a press release reporting its results after the close of the market on Thursday, Oct. 29, 2009.
The Webcast will be broadcast live via the Company's Investor Relations Web site at http://www.erieinsurance.com/, and will be available as an archive after 12:30 p.m. ET.
To automatically receive Erie Indemnity financial news by email, please visit http://www.erieinsurance.com/ and subscribe to email alerts.
Erie Indemnity Company provides management services to the member companies of the Erie Insurance Group, which includes the Erie Insurance Exchange, Flagship City Insurance Company, Erie Insurance Company, Erie Insurance Property and Casualty Company, Erie Insurance Company of New York and Erie Family Life Insurance Company.
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 16th largest automobile insurer in the United States based on direct premiums written and the 18th largest property/casualty insurer in the United States based on total lines net premium written. The Group, rated A+ (Superior) by A.M. Best Company, has over four million policies in force and operates in 11 states and the District of Columbia.
News releases and more information about Erie Insurance Group are available at http://www.erieinsurance.com/.Erie Indemnity Company
CONTACT: Karen Kraus Phillips, Investor Relations, Erie Indemnity
Company, +1-800-458-0811, ext. 4665 or, +1-814-870-4665
Web Site: http://www.erieinsurance.com/
PARIS, October 15 /PRNewswire-FirstCall/ --
In an economic environment that has seen no significant improvement, - Prepaid Services revenue rose by 3.6% like-for-like despite rising unemployment and the steep decline in interest rates worldwide. - Hotel revenue retreated by 10.7% like-for-like, with the Economy segment showing relatively good resilience, particularly in France.
Consolidated revenue for the first nine months of 2009 totaled EUR5,258 million, down 8.2% like for like and 8.9% on a reported basis from the prior-year period.
(in EUR millions) 2008 2009 (9 months) (9 months) % change % change as reported like-for-like(1) Hotels 4,317 3,891 -9.9% -10.7% Upscale and Midscale 2,554 2,248 -12.0% -12.2% Economy 1,310 1,216 -7.2% -6.8% Economy US 454 427 -5.8% -13.6% Prepaid Services 693 687 -0.8% +3.6% Other businesses 766 681 -11.1% -4.9% Total 5,775 5,258 -8.9% -8.2% (1) At constant scope of consolidation and exchange rates.
(2) Impact of the retrospective application of IFRIC 13 - Customer Loyalty Programs from January 1, 2008.
Consolidated revenue performance for the period was shaped by the following factors:
- The expansion strategy, which increased revenue by EUR251 million (4.3%), of which EUR106 million from the consolidation of Orbis and EUR51 million from the consolidation of 49% of Groupe Lucien Barriere's revenue since July 1, 2009. - The refocusing strategy, which reduced revenue by 3.8% (EUR220 million), reflecting the disposal of the Brazilian foodservice business (EUR71 million), the loss of the onboard train services contract (EUR54 million) and the impact of a number of real estate transactions (EUR76 million). - The 1.3% negative currency effect, which reduced revenue by EUR74 million, primarily due to the euro's appreciation against the British pound, the Brazilian real and the Australian dollar. The euro/US dollar exchange rate had a positive 0.9% impact. - Like-for-like, revenue was down by 8.2% for the period.
Revenue for the third quarter alone totaled EUR1,848 million, a decline of 8.4% as reported and like-for-like.
Prepaid Services revenue up 3.6% like-for-like in the first nine months
Revenue from the Prepaid Services business in the first nine months declined by 0.8% to EUR687 million as reported, reflecting the following factors:
- The currency effect, which reduced revenue by 3.8% (EUR27 million), mainly due to the decline against the euro of the Brazilian real (down 2.1%), the British pound (down 0.6%) and the Mexican peso (down 0.6%). - At constant scope of consolidation and exchange rates, Prepaid Services revenue rose by 3.6% over the period.
Revenue for the third quarter alone totaled EUR222 million, a decline of 4.9% as reported and 0.6% like-for-like. Despite the rise in unemployment, especially in Europe, operating revenue growth held firm at 3.0%, but financial revenue fell by 21.8% due to the decline in interest rates in both Europe and Latin America.
In Europe, revenue stood at EUR116 million, down 1.5% like-for-like. Operating revenue rose by 2.0% during the quarter, while the falloff in financial revenue accelerated to 20.3%, following a 5.1% increase in the first quarter and a 10.8% decline in the second.
In Latin America, revenue totaled EUR90 million, a 0.6% increase like-for-like. Operating revenue, which was less affected than in Europe by the rise in unemployment, rose by 4.5%. However, total revenue growth was considerably dampened by the ongoing decline in financial revenue, which fell by 22.9% in the third quarter, following a 26.3% rise in the first quarter and a 16.5% decline in the second.
Hotels revenue down 10.7% like-for-like in the first nine months
Hotels revenue amounted to EUR3,891 million, a decline of 9.9% on a reported basis compared to the prior-year period. It reflected the following factors:
- The expansion strategy, with in particular the opening of 18,700 rooms during the first nine months attesting to the business' strong growth dynamic and driving a 3.5% increase in revenue for the period, and EUR75 million from the consolidation of Orbis hotels division. - The sale of hotel properties under the asset-right strategy, which reduced growth for the period by 2.0%. - The negative 0.8% currency effect. - At constant scope of consolidation and exchange rates, Hotels revenue was down 10.7% like-for-like.
Revenue for the third quarter alone totaled EUR1,357 million, a decline of 10.4% as reported and 9.3% like-for-like.
Upscale and Midscale Hotels
Revenue in the Upscale and Midscale segment for the first nine months of 2009 declined by 12.0% as reported and 12.2% like-for-like.
Third-quarter revenue was down 10.1% like-for-like. The slower decline in revenue compared with the second quarter was due to the positive impact of changes in the customer mix during the summer, with leisure customers accounting for nearly 54% of the total for the period, versus 36% in the first half.
In France, regions outside Paris (RevPAR down 5.8%) held up better than the Paris area (RevPAR down 17.1%).
In the United Kingdom, unlike in France, business in London (RevPAR down 6.0%) withstood the recession more effectively than in other parts of the country (RevPAR down 16.4%).
Revenue in the Economy segment declined by 7.2% as reported and 6.8% like-for-like.
As during the first two quarters of the year, Economy hotels continued to demonstrate their resilience in the third quarter. Revenue declined 5.8% like-for-like, led by a relatively solid performance in France, where revenue eased just 2.5% like-for-like.
In France, regions outside Paris (RevPAR down 1.9%) held up better than the Paris area (RevPAR down 8.0%).
Economy Hotels in the United States
Motel 6's nine-month revenue contracted by 5.8% on a reported basis and by 13.6% like-for-like.
Third-quarter revenue was down 15.0% like-for-like, reflecting the ongoing decline in business in the US, where RevPAR has trended steadily lower over the past 18 months.
Quarterly Report Financial position and results
In the absence of any visibility in the economic environment, the target for operating profit before tax and non-recurring items has been based on the following assumptions:
In Prepaid Services: - A more than 25% decline in financial revenue in the second half, causing like-for-like revenue to show only a slight gain for the year. - An operating margin of more than 40% for the year. In the Hotels business: - No major improvement in business expected in the second half. - A step-up in the plan to reduce operating costs in the owned/leased hotels to EUR150 million from EUR120 million, to ensure that the response ratio holds steady at 35%. Consolidated earnings: - An EUR80-million reduction in support costs over the year.
As a result, the target for operating profit before tax and non-recurring items is confirmed at between EUR400 million and EUR450 million.
Significant transactions and events of the period
Accor has announced to conduct a review of the potential benefits of demerging the businesses
Given the depth and speed of the changes ahead, the transformation and development of the two core businesses will be stepped up.
As part of this process, during its meeting on August 26, the Board of Directors has approved Chairman and CEO Gilles Pelisson's recommendation to conduct a review of the potential benefits of demerging the two businesses into two independent companies, each with their own strategy and resources for growth.
A major real estate transaction in the Budget segment in France
In line with its ongoing asset-right strategy, Accor announced in late September a major real estate transaction in the Budget segment in France, with the sale of 158 hotelF1 properties, representing a total of 12,300 rooms.
This sale and variable leaseback transaction was carried out with a consortium of leading French institutional investors through a property investment trust (OPCI).
With the sale of the hotel units for EUR272 million, Accor signed a 12-year business lease, renewable six times at Accor's option. The variable rents are based on an average 20% of revenue with no guaranteed minimum. Based on 2008 revenue, the variable rent would have been EUR21.3 million.
The transaction will enable Accor to reduce its adjusted net debt by approximately EUR187 million in 2009, of which EUR130 million will be added to the Group's cash reserves. In addition, it will have a positive impact of roughly EUR5 million on profit before tax.
Accor Services gains leadership of the meal voucher market in the Czech Republic with the acquisition of local operator Exit Group
As part of its growth strategy, Accor Services announced in early October that it had acquired Exit Group, the fourth largest provider of meal vouchers in the Czech Republic. With a strong position among small and mid-sized businesses, Exit Group reported issue volume of EUR77 million in 2008.
With this acquisition, Accor Services has widened its share of the meal voucher market and will also gain access to Exit Group's 165,000 end users for its value-added products and services.
The transaction was finalized at a price of EUR15 million. Accor Services Czech Republic's post-acquisition issue volume is estimated at EUR250 million.
Upcoming events - January 19, 2010: Fourth-quarter 2009 revenue
Accor, a major global group and the European leader in hotels, as well as the global leader in services to corporate clients and public institutions, operates in nearly 100 countries with 150,000 employees. It offers to its clients over 40 years of expertise in two core businesses:
- Hotels, with the Sofitel, Pullman, MGallery, Novotel, Mercure, Suitehotel, Ibis, all seasons, Etap Hotel, Formule 1 and Motel 6 brands, representing 4,000 hotels and nearly 500,000 rooms in 90 countries, as well as strategically related activities, such as Lenotre. - Services, with 32 million people in 40 countries benefiting from Accor Services products in employee and public benefits, rewards and loyalty, and expense management. Revenue Quarter 1 Quarter 2 in EUR thousand 2008 2009 2008 2009 HOTELS Up & Midscale 756,767 687,180 914,442 784,760 Economy 388,094 358,017 456,406 422,484 Economy US 137,254 137,235 149,573 143,833 Total HOTELS 1,282,115 1,182,432 1,520,421 1,351,077 PREPAID SERVICES 226,637 231,163 232,368 233,620 Other businesses Casinos 86,253 82,994 83,470 80,513 Restaurants 100,937 22,161 32,605 27,940 On-board train services 69,461 66,802 78,795 57,122 Holdings & Other 21,919 30,816 22,887 43,505 Total OTHER BUSINESSES 278,569 202,773 217,756 209,081 TOTAL 1,787,321 1,616,368 1,970,546 1,793,778 (continued) First-Half 2009 Quarter 3 September end(YTD) in EUR thousand 2008 2009 2008 2009 2008 2009 HOTELS Up & Midscale 1,671,209 1,471,940 882,421 776,235 2,553,629 2,248,175 Economy 844,500 780,501 465,029 435,017 1,309,529 1,215,518 Economy US 286,828 281,068 166,729 146,012 453,557 427,080 Total HOTELS 2,802,536 2,533,509 1,514,179 1,357,264 4,316,715 3,890,773 PREPAID 459,005 464,783 233,571 222,038 692,576 686,821 SERVICES Other businesses 169,723 163,507 87,513 137,576 257,236 301,084 Casinos 133,542 50,101 24,792 19,677 158,334 69,778 Restaurants 148,256 123,924 82,804 65,168 231,059 189,092 On-board 44,805 74,321 74,383 46,537 119,189 120,859 train services Holdings & Other 496,326 411,854 269,492 268,958 765,818 680,812 Total OTHER BUSINESSES 3,757,867 3,410,146 2,017,242 1,848,260 5,775,108 5,258,406 Quarter 1 Quarter 2 in EUR thousand Change Change Change Change reported L/L reported L/L (1) (1) HOTELS Up & Midscale -9.2% -9.2% -14.2% -16.6% Economy -7.7% -6.8% -7.4% -7.7% Economy US 0.0% -11.5% -3.8% -14.1% Total HOTELS -7.8% -8.7% -11.1% -13.7% PREPAID SERVICES 2.0% 8.3% 0.5% 3.2% Other businesses Casinos -3.8% -6.3% -3.5% -5.4% Restaurants -78.0% -7.3% -14.3% -8.0% On-board train services -3.8% 4.7% -27.5% 2.9% Holdings & Other 40.6% -4.7% 90.1% 24.5% Total OTHER BUSINESSES -27.2% -3.8% -4.0% 0.3% TOTAL -9.6% -5.8% -9.0% -10.1% (continued) in EUR thousand First-Half 2009 Quarter September end 3 (YTD) HOTELS Change Change Change Change Change Change reported L/L(1) reported L/L (1) reported L/L(1) Up & Midscale -11.9% -13.3% -12.0% -10.1% -12.0% -12.2% Economy -7.6% -7.3% -6.5% -5.8% -7.2% -6.8% Economy US -2.0% -12.8% -12.4% -15.0% -5.8% -13.6% Total HOTELS -9.6% -11.4% -10.4% -9.3% -9.9% -10.7% PREPAID SERVICES 1.3% 5.7% -4.9% -0.6% -0.8% 3.6% Other businesses Casinos -3.7% -5.9% 57.2% -3.2% 17.0% -5.0% Restaurants -62.5% -7.5% -20.6% -16.9% -55.9% -9.0% On-board train services -16.4% 3.7% -21.3% 0.4% -18.2% 2.5% Holdings & Other 65.9% 10.2% -37.4% -27.8% 1.4% -13.5% Total OTHER BUSINESSES -17.0% -2.0% -0.2% -10.2% -11.1% -4.9% TOTAL -9.3% -8.1% -8.4% -8.4% -8.9% -8.2% (1) At constant scope of consolidation and exchange rates. RevPAR by segment (September YTD 2009) HOTELS : RevPAR by segment Occupancy Rate Average room rate Subsidiaries Subsidiaries (in %) (chg in (chg (chg in % (chg pts in reported) in % reported) pts L/L L/L (1)) (1)) Upscale and Midscale Europe (in EUR) 59.0 -7.2 -6.1 96 -8.7 -5.6 Economy Europe (in EUR) 66.2 -6.9 -7.0 57 -0.7 0.9 Economy US (in $) 59.9 -6.4 -6.8 44 -4.3 -4.9 (continued) HOTELS : RevPAR by segment RevPAR Sept YTD 2009 Subsidiaries Subsidiaries Subsidiaries & managed (chg in % (like-for- (reported) reported) like(1)) Upscale and Midscale Europe (in EUR) 57 -18.6 -14.2 -18.6 Economy Europe (in 38 -10.1 -8.7 -10.4 Economy US (in $) 26 -13.6 -14.7 -13.6 (1) at comparable scope of consolidation and exchange rates. RevPAR by segment (Q3 2009) HOTELS : RevPAR by segment Occupancy Rate Average room rate Q3 Subsidiaries Subsidiaries (in %) (chg in (chg (chg in % (chg pts in reported) in % reported) pts L/L L/L (1)) (1)) Upscale and Midscale Europe (in EUR) 63.9 -3.8 -4.0 93 -8.4 -6.7 Economy Europe (in EUR) 70.3 -6.2 -6.3 56 -1.7 -0.4 Economy US (in $) 62.2 -7.6 -8.2 45 -4.7 -5.4 (continued) HOTELS : RevPAR by segment RevPAR Q3 Subsidiaries Subsidiaries Subsidiaries & managed (chg in % (like-for-like(1)) (reported) reported) Upscale and Midscale Europe (in EUR) 59 -13.5 -12.2 -13.7 Economy Europe (in EUR) 40 -9.7 -8.5 -10.3 Economy US (in $) 28 -15.1 -16.6 -15.1 (1) at comparable scope of consolidation and exchange rates. RevPAR by country (September YTD 2009) UPSCALE AND MIDSCALE HOTELS Nb of Occupancy Rate RevPAR by country Sept YTD rooms Subsidiaries 2009 (in %) (chg in (chg in pts L/L pts (1)) (in local currency) reported) France 29.809 60.4 -7.0 -7.1 Germany 19.655 58.6 -5.1 -5.3 Netherlands 3.977 61.0 -6.2 -6.2 Belgium 1.801 64.1 -6.8 -6.8 Spain 2.351 52.5 -12.4 -11.3 Italy 3.583 56.7 -2.4 -2.0 UK ( in GBP) 5.432 75.2 -3.3 -3.6 (continued) UPSCALE AND MIDSCALE HOTELS Average room rate RevPAR by country Sept YTD 2009 Subsidiaries (chg in % (chg in % (in local currency) reported) L/L (1)) France 113 -1.8 -2.1 Germany 89 -6.5 -6.9 Netherlands 93 -14.1 -14.1 Belgium 102 -6.2 -6.2 Spain 81 -18.4 -18.1 Italy 105 -10.9 -9.6 UK ( in GBP) 83 -6.8 -8.0 (continued) UPSCALE AND MIDSCALE HOTELS RevPAR RevPAR by country Sept YTD 2009 Subsidiaries Subsidiaries Subsidiaries & managed (chg in % (like-for-like(1)) (reported) (in local currency) reported) France 68 -12.0 -12.4 -12.5 Germany 52 -13.9 -14.6 -13.8 Netherlands 57 -22.0 -22.0 -22.0 Belgium 65 -15.1 -15.1 -13.5 Spain 43 -34.1 -32.4 -28.3 Italy 60 -14.5 -12.6 -12.2 UK ( in GBP) 62 -10.7 -12.2 -10.9 (1) at comparable scope of consolidation and excahange rates. ECONOMY HOTELS Nb of Occupancy Rate RevPAR by country rooms Subsidiaries Sept YTD 2009 (in %) (chg in pts reported) (chg in pts L/L (in local currency) (1)) France 41.925 68.3 -4.9 -5.6 Germany 15.041 64.5 -6.1 -6.2 Netherlands 2.308 66.4 -9.8 -9.2 Belgium 2.562 69.2 -8.2 -8.2 Spain 4.662 57.2 -16.5 -16.9 Italy 1.550 57.2 -5.8 -5.8 UK ( in GBP) 8.871 67.8 -8.7 -8.0 USA (in $) 77.596 59.9 -6.4 -6.8 ECONOMY HOTELS Average room rate RevPAR by country Subsidiaries (chg in % (chg in % (in local currency) reported) L/L (1)) France 54 6.1 5.3 Germany 59 0.3 0.1 Netherlands 80 -3.6 -4.4 Belgium 67 -2.6 -2.6 Spain 54 -4.2 -5.0 Italy 69 -6.5 -6.5 UK ( in GBP) 53 -6.0 -2.7 USA (in $) 44 -4.3 -4.9 ECONOMY HOTELS RevPAR RevPAR by country Sept YTD 2009 Subsidiaries Subsidiaries Subsidiaries & managed (chg in % (like-for-like(1)) (reported) (in local currency) reported) France 37 -1.0 -2.7 -1.2 Germany 38 -8.3 -8.6 -7.4 Netherlands 53 -16.0 -16.0 -16.0 Belgium 46 -12.9 -12.9 -12.9 Spain 31 -25.7 -26.8 -25.7 Italy 40 -15.1 -15.1 -15.1 UK ( in GBP) 36 -16.6 -12.8 -16.2 USA (in $) 26 -13.6 -14.7 -13.6 (1) at comparable scope of consolidation and excahange rates. RevPAR by country (Q3 2009) UPSCALE AND MIDSCALE HOTELS Nb of Occupancy Rate RevPAR by country Q3 rooms Subsidiaries (in %) (chg in pts (chg in reported) pts L/L (in local currency) (1)) France 29.874 64.7 -4.5 -4.9 Germany 19.634 60.5 -5.1 -5.2 Netherlands 4.011 65.0 -2.8 -2.8 Belgium 1.801 66.7 -6.0 -6.0 Spain 2.385 59.6 -6.9 -5.1 Italy 3.704 61.8 +0.0 -0.4 UK ( in GBP) 5.432 81.0 -0.8 -1.3 (continued) UPSCALE AND MIDSCALE HOTELS Average room rate RevPAR by country Q3 Subsidiaries (chg in % (chg in % L/L (in local currency) reported) (1)) France 108 -3.3 -4.2 Germany 86 -8.4 -8.7 Netherlands 86 -13.4 -13.4 Belgium 92 -7.3 -7.3 Spain 75 -16.5 -16.1 Italy 110 -10.1 -8.5 UK ( in GBP) 80 -8.3 -9.5 (continued) UPSCALE AND MIDSCALE HOTELS RevPAR RevPAR by country Q3 Subsidiaries Subsidiaries Subsidiaries & managed (chg in % (like-for (repor- (in local currency) reported) -like(1)) ted) France 70 -9.7 -11.0 -10.8 Germany 52 -15.6 -15.9 -15.5 Netherlands 56 -17.0 -17.0 -16.5 Belgium 61 -15.0 -15.0 -13.6 Spain 45 -25.2 -22.5 -8.2 Italy 68 -10.1 -9.1 -5.9 UK ( in GBP) 65 -9.2 -10.9 -8.9 (1) at comparable scope of consolidation and excahange rates. ECONOMY HOTELS Nb of Occupancy Rate RevPAR by country rooms Subsidiaries Q3 (in %) (chg in pts (chg in reported) pts L/L (in local currency) (1)) France 41.890 71.0 -5.2 -5.7 Germany 15.019 70.4 -4.5 -4.6 Netherlands 2.410 68.2 -8.5 -8.5 Belgium 2.562 74.6 -4.8 -4.8 Spain 4.731 60.3 -15.0 -15.6 Italy 1.550 62.1 -3.5 -3.5 UK ( in Â£) 8.900 71.3 -8.0 -7.8 USA (in $) 77.125 62.2 -7.6 -8.2 (continued) ECONOMY HOTELS Average room rate RevPAR by country Subsidiaries Q3 (chg in % (chg in % L/L (1)) (in local currency) reported) France 53 3.9 3.3 Germany 58 -0.2 -0.6 Netherlands 79 -1.9 -1.9 Belgium 62 -5.1 -5.1 Spain 54 -4.1 -5.5 Italy 65 -6.6 -6.6 UK ( in GBP) 53 -6.2 -3.0 USA (in $) 45 -4.7 -5.4 (continued) ECONOMY HOTELS RevPAR RevPAR by country Subsidiaries Subsidiaries Subsidiaries Q3 & managed (chg in % (like-for-like(1)) (repo- (in local currency) reported) rted) France 37 -3.2 -4.3 -3.5 Germany 41 -6.2 -6.8 -6.4 Netherlands 54 -12.8 -12.8 -12.8 Belgium 46 -10.8 -10.8 -10.8 Spain 32 -23.2 -25.1 -23.2 Italy 41 -11.6 -11.6 -11.6 UK ( in GBP) 38 -15.6 -12.5 -14.9 USA (in $) 28 -15.1 -16.6 -15.1 (1) at comparable scope of consolidation and excahange rates.Accor
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