Orient-Express Hotels reports fourth quarter and full year 2007 results.
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Orient-Express Hotels reports fourth quarter and full year 2007 results.
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2008-02-26
Fourth Quarter 2007 highlights
Fourth quarter total revenues of $151.2 million, up 12% over prior year
Fourth quarter net earnings from continuing operations of $10.2 million, up 53% over prior year
EPS from continuing operations of $0.24. Adjusted EPS of $0.25
World-wide same store RevPAR up 10% in local currency, 14% in U.S. dollars
Completed acquisition of land to develop a new ‘21’ hotel in New York
Completed takeover of Hotel das Cataratas, Iguaçu Falls, Brazil
Full-Year highlights
Full-year total revenues of $599.6 million, up 21% over prior year
Full-year net earnings from continuing operations of $50.3 million, up 37% over prior year
EPS from continuing operations of $1.19. Adjusted EPS of $1.25
Full-year EBITDA of $154.1 million up 13%, adjusted EBITDA up 19% over prior year
World-wide same store RevPAR up 11% in local currency, 15% in U.S. dollars
Accelerated acquisitions of The Royal Scotsman and Afloat in France businesses in Europe
Acquired land to build a hotel in Buzios, Brazil
Orient-Express Hotels Ltd. (NYSE: OEH, www.orient-express.com), owners or part-owners and managers of 51 luxury hotels, restaurants, tourist trains and river cruise properties operating in 25 countries, today announced its results for the fourth quarter and full year ended December 31, 2007.
For the fourth quarter, Orient-Express realized a GAAP net loss of $4.9 million (loss of $0.12 per common share) on revenue of $151.2 million compared with net earnings of $6.7 million ($0.16 per common share) on revenue of $135.2 million in the prior year period. Adjusted net earnings from continuing operations which exclude certain items, including an impairment charge related to a strategic review of Bora Bora Lagoon Resort, were $10.4 million ($0.25 per common share) for the quarter, compared to adjusted net earnings from continuing operations of $9.2 million ($0.22 per common share) the previous year. Revenue was up 12% over the fourth quarter of 2006.
For the year ended December 31, 2007 net earnings were $33.6 million ($0.79 per common share) compared with net earnings of $39.8 million ($0.98 per common share) in 2006. Revenue increased 21% from $497.1 million in 2006 to $599.6 million in 2007. Same store RevPAR increased 15% (11% in local currency) and EBITDA rose 13% from $136.7 million to $154.1 million. Adjusted net earnings from continuing operations were $53.0 million ($1.25 per common share) compared to adjusted net earnings from continuing operations of $41.4 million ($1.02 per common share) in 2006. Adjusted EBITDA was $155.2 million, an increase of 19% over 2006.
Adjusted EBITDA for the quarter was $31.0 million compared with $32.9 million for the same period in 2006. The 2007 results were impacted by the unforeseen conflict in Burma which resulted in EBITDA $1.9 million lower than for the same period in 2006. Additionally, the 2006 EBITDA included asset sales of $1.1 million and insurance credits of $2.7 million.
“We are extremely pleased to see that the luxury market continues to show strength, as reflected in Orient-Express’ year-end and fourth quarter results,” said Orient-Express Hotels President and CEO, Paul White. “We believe that there will continue to be numerous opportunities for growth through acquisitions of properties, as well as through strategic organic expansion into key geographic markets.”
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