Welcome!

Microsoft Cloud Authors: Liz McMillan, Pat Romanski, John Basso, Elizabeth White, Mihai Corbuleac

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
Early adopters of IoT viewed it mainly as a different term for machine-to-machine connectivity or M2M. This is understandable since a prerequisite for any IoT solution is the ability to collect and aggregate device data, which is most often presented in a dashboard. The problem is that viewing data in a dashboard requires a human to interpret the results and take manual action, which doesn’t scale to the needs of IoT.
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
CenturyLink has announced that application server solutions from GENBAND are now available as part of CenturyLink’s Networx contracts. The General Services Administration (GSA)’s Networx program includes the largest telecommunications contract vehicles ever awarded by the federal government. CenturyLink recently secured an extension through spring 2020 of its offerings available to federal government agencies via GSA’s Networx Universal and Enterprise contracts. GENBAND’s EXPERiUS™ Application...
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Verizon Communications Inc. (NYSE, Nasdaq: VZ) and Yahoo! Inc. (Nasdaq: YHOO) have entered into a definitive agreement under which Verizon will acquire Yahoo's operating business for approximately $4.83 billion in cash, subject to customary closing adjustments. Yahoo informs, connects and entertains a global audience of more than 1 billion monthly active users** -- including 600 million monthly active mobile users*** through its search, communications and digital content products. Yahoo also co...
"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...
"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 best-practices for building IoT applications with Go Code that attendees can use to build their own IoT applications. In his session at @ThingsExpo, Indraneel Mitra, Senior Solutions Architect & Technology Evangelist at Cognizant, provided valuable information and resources for both novice and experienced developers on how to get started with IoT and Golang in a day. He also provided information on how to use Intel Arduino Kit, Go Robotics API and AWS IoT stack to build an application tha...
SYS-CON Events announced today that LeaseWeb USA, a cloud Infrastructure-as-a-Service (IaaS) provider, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LeaseWeb is one of the world's largest hosting brands. The company helps customers define, develop and deploy IT infrastructure tailored to their exact business needs, by combining various kinds cloud solutions.
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
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...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
Large scale deployments present unique planning challenges, system commissioning hurdles between IT and OT and demand careful system hand-off orchestration. In his session at @ThingsExpo, Jeff Smith, Senior Director and a founding member of Incenergy, will discuss some of the key tactics to ensure delivery success based on his experience of the last two years deploying Industrial IoT systems across four continents.
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Machine Learning helps make complex systems more efficient. By applying advanced Machine Learning techniques such as Cognitive Fingerprinting, wind project operators can utilize these tools to learn from collected data, detect regular patterns, and optimize their own operations. In his session at 18th Cloud Expo, Stuart Gillen, Director of Business Development at SparkCognition, discussed how research has demonstrated the value of Machine Learning in delivering next generation analytics to imp...
In addition to all the benefits, IoT is also bringing new kind of customer experience challenges - cars that unlock themselves, thermostats turning houses into saunas and baby video monitors broadcasting over the internet. This list can only increase because while IoT services should be intuitive and simple to use, the delivery ecosystem is a myriad of potential problems as IoT explodes complexity. So finding a performance issue is like finding the proverbial needle in the haystack.
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develo...
SYS-CON Events announced today that MangoApps will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device.
Basho Technologies has announced the latest release of Basho Riak TS, version 1.3. Riak TS is an enterprise-grade NoSQL database optimized for Internet of Things (IoT). The open source version enables developers to download the software for free and use it in production as well as make contributions to the code and develop applications around Riak TS. Enhancements to Riak TS make it quick, easy and cost-effective to spin up an instance to test new ideas and build IoT applications. In addition to...