Nice huge earnings miss wake and sell befre you get killed in this
Reports Q4 (Dec) earnings of $0.23 per share the dual est of $0.42
Full year 2011 reported net loss totaled $178 million compared to reported net income of $67 million in 2010. Full year 2011 adjusted net income on a pro forma basis totaled $20 million, a 17 percent decline from $24 million in 2010
Total North America contract sales declined $16 million
North America adjusted segment results on a pro forma basis declined $18 million to $257 million in 2011
Asia Pacific contract sales increased $2 million in 2011 over 2010. Total revenues in this segment were lower by $4 million in 2011 versus 2010 due primarily to reduced rental revenues occurring after the sale of an operating hotel in late 2010. Adjusted segment results on a pro forma basis were $2 million in 2011, down from $23 million in 2010. Asia Pacific segment reported financial results declined to $3 million in 2011 from $29 million in 2010
As inventory in the Luxury and Europe segments continues to decline, consistent with the strategy stated for these segments, gross contract sales for the full year 2011 declined 14 percent from 2010 levels to $92 million.
Adjusted net income on a pro forma basis declined $9 million to $3 million in the 2011 fourth quarter. Reported net income for the fourth quarter of 2011 totaled $8 million compared to $18 million in 2010