Welcome!

Microsoft Cloud Authors: Pat Romanski, Jnan Dash, Andreas Grabner, Lori MacVittie, Jim Kaskade

News Feed Item

Northampton Q2 Sales Steady While Costs Rise

TORONTO, ONTARIO -- (Marketwire) -- 11/20/12 -- Northampton Group Inc. (TSX VENTURE:NHG), an integrated Canadian hotelier, today reported its financial results for fiscal 2013's second quarter and six months ended September 30, 2012. The company posted a 0.8% increase in sales for the six-month period, and an equal decrease in the quarter, reflecting the positive impact of the new aloft(TM) Vaughan Mills (from May, 2012) and the negative impact of the sale of the Park Inn Montreal Airport (in July, 2012) as well as a drop in revenue in several areas as a result of local market conditions.

Industry analysts, Pannell Kerr Forster Consulting (PKF), have confirmed that Canada's overall occupancy rates should rise very modestly in 2012 in Toronto and Montreal and drop slightly in Ottawa. Thus far in 2012, Northampton's major markets saw improvements in revenue per available room (RevPAR) of 0.5% in the Greater Toronto Area, 0.8% in Montreal, and 7.6% in Ottawa. Average daily rates in Northampton's markets are likely to remain on par with last year.

"Overall, we are cautiously pleased with our results this quarter," said Vinod Patel, president and CEO of Northampton Group. "Getting a new hotel up to speed always takes an injection of time and energy. Despite this, and despite the sale of one of our older hotels, we still posted a slight improvement in sales in the six months, and we will continue to control our expenses as the aloft Vaughan Mills ramps up. We also experienced non-cash charges with reference to a onetime expense for officers' and directors' stock-based compensation and a loss on sale of the Park Inn & Suites Montreal Airport as well as amortization related to the new hotel, which added to our expenses."

Highlights of the Quarter:


--  On July 23, 2012, paid down a corporate debenture of $2,000,000, bearing
    interest at 10%; 
--  Consolidated revenues for the six months ended September 30, 2012 were
    up 0.8% to $16,387,967 from $16,251,484. For the three months ended
    September 30, 2012, consolidated revenues were off 0.8% to $8,930,460
    from $9,001,539 a year ago; 
--  For the six months ended September 30, 2012, the cost of sales was
    $8,201,156, up by 5.2% from $7,797,020 in the prior year. For the three
    months ended September 30, 2012, the cost of sales was $4,296,487, up
    2.6% from $4,185,603 in the corresponding period in the prior year; 
--  Gross profit for the six months ended September 30, 2012 was $8,186,811,
    off 3.2% from $8,454,464 in the prior period. Gross profit was off 3.8%
    in the quarter to $4,633,973 from $4,815,936 in the prior year; 
--  For the six months ended September 30, 2012, earnings before income tax
    and amortization (EBITA) decreased 13.2% to $4,182,086 from $4,820,691
    in the prior year. For the quarter ended September 30, 2012, EBITA was
    $2,401,128, down 15.3% from $2,835,988 in the corresponding period in
    the previous year; 
--  Net income was $415,772 in the first six months of fiscal 2013, down
    from $1,162,438 for the same period in the previous year. Net income in
    the second quarter decreased to $348,033 from $822,667 for the same
    quarter in fiscal 2012. These drops reflect increased expenses, non-cash
    charges referred to above, and amortization costs related to the new
    aloft hotel; 
--  Earnings per share in the six months were $0.016 per share compared to
    $0.045 in the same period in the previous year. In the quarter, earnings
    per share were $0.013 compared to $0.032 for the second quarter of the
    previous fiscal year; 
--  Cash flow, or net profit plus amortization, in the six months was
    $1,978,676 or $0.076 per share, down from $2,449,272 or $0.094 per share
    in the previous year. In the quarter, cash flow was $1,093,863 or $0.042
    per share, down from $1,494,488 or $0.057 per share in the same period
    in fiscal 2012.

Northampton today announced the payment of a dividend of $0.02 per common share payable to shareholders of record on December 4, 2012, to be disbursed on December 18, 2012.

The following is a tabulated summary of Northampton's results from continuing operations:


----------------------------------------------------------------------------
             Three months ended September 30  Six months ended September 30 
----------------------------------------------------------------------------
                    2012       2011 % change       2012        2011 % change
----------------------------------------------------------------------------
Revenues       8,930,460  9,001,539     -0.8 16,387,967  16,251,484      0.8
----------------------------------------------------------------------------
Gross profit   4,633,973  4,815,936     -3.8  8,186,811   8,454,464     -3.2
----------------------------------------------------------------------------
Net income       348,033    822,667    -57.7    415,772   1,162,438    -64.2
----------------------------------------------------------------------------
Earnings per                                                                
 share             0.013      0.032    -57.7      0.016       0.045    -64.2
----------------------------------------------------------------------------
Cash flow      1,093,863  1,494,488    -26.8  1,978,676   2,449,272    -19.2
----------------------------------------------------------------------------
Cash flow                                                                   
 per share         0.042      0.057    -26.8      0.076       0.094    -19.2
----------------------------------------------------------------------------
EBITDA         2,401,128  2,835,988    -15.3  4,182,086   4,820,691    -13.2
----------------------------------------------------------------------------

For a more complete discussion of the Company's results, please see Northampton's quarterly filings on www.sedar.com, or the quarterly MD&A, financials, and notes to the financial statements on the Company's website at www.nhgi.com.

About Northampton

Northampton Group Inc. is an integrated Canadian hotelier with ownership and management interests in 1,943 rooms in 16 hotels, with a selective strategic development program in place. Focused on creating the best return for all stakeholders, Northampton's proven, market-sensitive strategy is to acquire or build hotels that provide superior overnight accommodation in the mid-price market. Northampton has consistently excelled in this sector, offering services that exceed expectations while still posting industry-leading margins.

Disclaimer:

This news release contains forward-looking statements within the meaning of the "safe harbour" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties and other factors that may cause Northampton's results to differ materially from expectations. Such risks may relate to hotel performance, market fluctuations, investee performance, and other risks more fully described in the Company's annual report, posted on the Company's website and on SEDAR. These forward-looking statements speak only as of the date hereof. Northampton Group disclaims any intent or obligation to update these forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
Northampton Group Inc.
Vinod Patel
President and CEO
905-629-9992
www.nhgi.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
The security needs of IoT environments require a strong, proven approach to maintain security, trust and privacy in their ecosystem. Assurance and protection of device identity, secure data encryption and authentication are the key security challenges organizations are trying to address when integrating IoT devices. This holds true for IoT applications in a wide range of industries, for example, healthcare, consumer devices, and manufacturing. In his session at @ThingsExpo, Lancen LaChance, vic...
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
WebRTC is bringing significant change to the communications landscape that will bridge the worlds of web and telephony, making the Internet the new standard for communications. Cloud9 took the road less traveled and used WebRTC to create a downloadable enterprise-grade communications platform that is changing the communication dynamic in the financial sector. In his session at @ThingsExpo, Leo Papadopoulos, CTO of Cloud9, discussed the importance of WebRTC and how it enables companies to focus o...
Big Data engines are powering a lot of service businesses right now. Data is collected from users from wearable technologies, web behaviors, purchase behavior as well as several arbitrary data points we’d never think of. The demand for faster and bigger engines to crunch and serve up the data to services is growing exponentially. You see a LOT of correlation between “Cloud” and “Big Data” but on Big Data and “Hybrid,” where hybrid hosting is the sanest approach to the Big Data Infrastructure pro...
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.