Hard Rock International Releases 2005 Mid-Year Earnings Report
September 02 2005 - 8:00AM
PR Newswire (US)
ORLANDO, Fla., Sept. 2 /PRNewswire/ -- Hard Rock International
today announced its mid-year earnings for 2005 as part of a report
issued by its parent company, The Rank Group Plc (NASDAQ:RANKY).
Total revenues for the first half of 2005 were $225.0 million,
increasing by 10% versus $205.4 million for the same period in
2004. Operating profit showed an increase of 44% with $30.6 million
for 2005 versus $21.3 million for the same period in 2004. Cafes
Revenue from company owned cafes rose from $192.7 million to $204.5
million, and operating profit from $20.2 million to $23.6 million.
Sales in same store company owned cafes were up .4% during this
period, with food and beverage sales up 2.2%, and merchandise sales
down 3%. Hotels and Casinos Revenue from hotels/casinos rose from
$4.4 million to $11.4 million and operating profit from $4.4
million to $10.7 million, enhanced by the March and May 2004
openings of the Seminole Hard Rock Hotel & Casino Tampa and the
Seminole Hard Rock Hotel & Casino Hollywood, respectively, as
well as a strong performance by the Hard Rock Hotel Orlando. "We
are pleased with the strong revenue and operating profit
performance in the first half of the year," said Hamish Dodds,
president and CEO of Hard Rock International. "We believe that
continued execution of our new and comprehensive portfolio and
branding strategies will continue to positively influence our
business going forward." Refining the Business and Its Locations As
part of its overall portfolio strategy, Hard Rock International
relocated Hard Rock Cafe New York from its 57th Street location to
the entertainment and tourist capital of the world, Times Square.
In a seamless move, the former location closed its doors on August
11 and the new location opened for business on August 12. After
reevaluating current locations, the decision was made to close the
Choctaw Beach Club, as well as underperforming cafes in both St.
Thomas and Newport Beach. A fire in early July forced the temporary
closing of the London cafe. The location is being refurbished and
is scheduled to reopen in late September. In terms of franchised
cafes, in May, a new cafe opened in Caracas, Venezuela and an
underperforming cafe in Reykjavik closed. During the second half of
the year, cafe openings are planned for Gran Canaria, Belo
Horizonte and Mumbai. In hotels, the refurbishment of Hard Rock
Hotel Madrid is well underway and is expected to reopen in 2006.
The Hard Rock Hotel in San Diego, which is expected to open in
2007, has now been expanded into a 417-room condo/hotel. The
Paramount Hotel in New York is performing well and plans are
complete for its conversion into a flagship Hard Rock Hotel in
Manhattan, just blocks from the new site of the Hard Rock Cafe New
York. Additionally, Hard Rock International has entered into an
agreement with Intrawest Corporation to develop lifestyle Hard Rock
Hotels at select Intrawest resorts. Hard Rock and Intrawest are
finalizing specific locations and will shortly announce the first
lifestyle condominium-hotel. About Hard Rock International With 120
high-energy Hard Rock Cafes and 13 Hard Rock Hotels and Casinos in
more than 40 countries, Hard Rock International is one of the
world's most globally-recognized brands. Beginning with an Eric
Clapton guitar, Hard Rock owns the world's greatest collection of
music memorabilia, which is displayed at its locations around the
globe. Hard Rock is also known for its collectible fashion and
music-related merchandise, Hard Rock Live performance venues and an
award-winning website. Hard Rock International, Inc. is owned by
The Rank Group Plc (NASDAQ:RANKY). For more information on Hard
Rock, visit http://www.hardrock.com/. DATASOURCE: Hard Rock
International CONTACT: John Gogarty, or Deborah Sierchio, both of
Coyne PR, +1-973-316-1665 Web site: http://www.hardrock.com/
Copyright
Rank (NASDAQ:RANKY)
Historical Stock Chart
From Apr 2024 to May 2024
Rank (NASDAQ:RANKY)
Historical Stock Chart
From May 2023 to May 2024