Sonesta Announces 2009 First Quarter Earnings

• Press Release
• Source: Sonesta International Hotels Corporation
• On 3:18 pm EDT, Thursday May 14, 2009

BOSTON, May 14, 2009 (GLOBE NEWSWIRE) -- Sonesta International Hotels Corporation (Nasdaq:SNSTA - News) today reported a net loss for the quarter ended March 31, 2009 of $2,212,000, or $(0.60) per share, compared to net income of $90,000, or $0.02 per share, for the quarter ended March 31, 2008. Revenues, excluding other revenues from managed and affiliated properties, were $13,103,000 in the first quarter of 2009, compared to $17,798,000 in the same period in 2008.

Related Quotes

Symbol	Price	Change
SNSTA	9.05	0.00

{"s" : "snsta","k" : "c10,l10,p20,t10","o" : "","j" : ""}

The economic recession had a severe negative impact on the Company's business in the 2009 first quarter. Both of the Company's Royal Sonesta Hotels, in Boston and New Orleans, experienced much lower demand, in particular from the corporate group and convention market segments. Income from management activities also decreased in the 2009 first quarter due to reductions in revenues and profits at the Company's managed hotels in Miami and Egypt.

For full details on our results for the first quarter of 2009 please refer to our Quarterly Report on Form 10-Q which was filed on May 13, 2009. This report may be accessed through our website, www.Sonesta.com.

 SONESTA INTERNATIONAL HOTELS CORPORATION

 Financial Summary

 (000 omitted except for per share data)            Three months ended
                                                         March 31
                                                       2009      2008

 Operating revenues                                  $13,103   $17,798
  Other revenues from managed and
   affiliated properties                               1,221     5,117
                                                     -------   -------
 Total revenues                                       14,324    22,915

 Costs and expenses, including depreciation
  and amortization                                   (15,503)  (17,718)
  Other expenses from managed
   and affiliated properties                          (1,221)   (5,117)
                                                     -------   -------
 Total expenses                                      (16,724)  (22,835)

 Operating income (loss)                              (2,400)       80

 Other income (deductions):
  Interest expense                                      (716)     (747)
  Interest income                                        123       371
  Gain on sales of assets                                  2       422
  Foreign exchange gain (loss)                           (11)        7
                                                     -------   -------
                                                        (602)       53

 Income (loss) before income taxes                    (3,002)      133

  Federal, foreign and state income
   tax expense (benefit)                                (790)       43
                                                     -------   -------

 Net income (loss)                                   ($2,212)      $90


 Income (loss) per share of common stock              ($0.60)    $0.02

 Average number of common shares outstanding           3,698     3,698

Sonesta International Hotels Corporation
Boy van Riel
(617) 421-5444