Daytrading, Eminis, Forex trading, Swing Trading BREAKING NEWS - 490343
Ronaldinho  |  by www.tradingmarkets.com. All rights reserved. 10.11 | 17:09
Daytrading, Eminis, Forex trading, Swing Trading BREAKING NEWS - 490343

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(RTTNews) - Thursday, Four Seasons Hotels Inc. ( | | | ), manages luxury hotels and resorts, announced financial results for its third quarter, reporting adjusted net earnings increased from last year. The Toronto, Canada-based company posted adjusted net earnings were $10.

9 million or $0.29 per share, in the current quarter, compared to $8.1 million or $0.

22 per share, in the corresponding quarter of 2005. On average, 14 analysts surveyed by First Call/Thomson Financial expected the company to earn $0.29 per share for the third quarter.

Net earnings were $10.9 million or $0.29 per share for the third quarter, compared to a net loss of $11.

4 million $0.31 per share for the third quarter of 2005. Operating earnings before other items increased 41.

9% to $16.6 million for the third quarter compared to last year. The stock based compensation expense was $556 million in the third quarter of 2006 compared to $486 million in the same quarter of 2005.

Revenue per available room increased worldwide Core Hotels by 9.7% and at US Core Hotels by 8.3% for the third quarter compared to last year third quarter.

Revenue per available room improved middle east region by 26.3% and at Europe core Hotels by 19.6% for the third quarter compared to prior year quarter.

During the third quarter, revenue per available room in the Asia Pacific region rose to 1.0%. Gross operating margins increased at worldwide Core Hotels by 120 basis points to 30.

4% and US Core Hotels gross operating margins increased by 140 basis points to 28.5%. Revenues increased in the quarter to $58.

2 million from $52.2 million in the third quarter of the previous year. Revenues under management increased 15.

8% to $699.2 million from $603.8 million in the same quarter of previous year.

Wall Street analysts had a consensus revenue estimate of $58.77 million for the third quarter. Cost of hotel ownership sales and expenses also decreased by $7.

76 million compared to $8.41 million in the same quarter last year. Earnings from hotel ownership operations declined from $1.

3 million in the third quarter of 2005 to $1.0 million in the third quarter of 2006For the nine months period, net earnings were $33.4 million or $0.

89 per share, compared to $9.5 million or $0.25 per share for the same period in 2005.

Adjusted net earnings for the nine months period was $42.2 million or $1.13 per share, up from $29.

3 million or $0.77 per share in the nine months period of last year. Net earnings for the nine months period were $33.

4 million or $0.89 per share, up from $9.5 million or $0.

25 per share in the corresponding period a year ago. Revenue for the nine months period was $183.7 million, lower than $189.

8 million reported in the same period prior year. For the nine months period, revenue per available room increased at worldwide Core Hotels by 11.2% and at US Core Hotels by 10.

9%. Looking ahead to the fourth quarter and the full year 2006 to increase in the range of 10% to 12%, as compared to the corresponding periods in 2005. FS is currently trading at $82.

11, down $0.09 or 0.11%.

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Keywords: Core Hotels, Us Core, Us Core Hotels
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