FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE |
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SECURITIES EXCHANGE ACT OF 1934 |
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For the Quarterly period ended June 30, 2002
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE |
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SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to
Commission file number 0-9032
SONESTA INTERNATIONAL HOTELS CORPORATION
(Exact name of registrant as specified in its charter)
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NEW YORK |
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13-5648107 |
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(State or other jurisdiction |
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(I.R.S. Employer |
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or incorporation or organization) |
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Identification No.) |
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116 Huntington Avenue, Boston, MA 02116 |
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(Address of principal executive offices) |
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(Zip Code) |
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617-421-5400 |
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(Registrant’s telephone number, including area code) |
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(Former name, former address and former fiscal year, |
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if changed since last report) |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes ý No o
APPLICABLE ONLY TO CORPORATE ISSUERS:
Number of Shares of Common Stock Outstanding
As of August 8, 2002 – $.80 par value,
Class A – 3,698,230
INDEX
SONESTA INTERNATIONAL HOTELS CORPORATION
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Page |
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Financial Statements (Unaudited) |
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Condensed consolidated balance sheets—June 30, 2002 and December 31, 2001 |
1 |
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3 |
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Condensed consolidated statements of cash flows—Six month periods ended June 30, 2002 and 2001 |
4 |
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Notes to condensed consolidated financial statements—June 30, 2002 and 2001 |
6 |
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Management’s Discussion and Analysis of Results of Operations and Financial Condition—June 30, 2002 |
12 |
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17 |
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18 |
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Exhibit |
18 U.S.C. Section 1350 Certificate by Company Officers |
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FORM 10Q
SONESTA INTERNATIONAL HOTELS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2002 (unaudited) and December 31, 2001
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June 30 |
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December 31 |
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(in thousands) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
10,894 |
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$ |
14,256 |
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Accounts and notes receivable: |
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Trade, less allowance
of $282 |
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6,111 |
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6,190 |
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Other, including current portion of long-term receivables and advances |
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536 |
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753 |
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Total accounts and notes receivable |
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6,647 |
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6,943 |
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Refundable income taxes |
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1,218 |
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1,499 |
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Current portion of deferred taxes |
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387 |
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391 |
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Inventories |
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1,142 |
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1,413 |
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Prepaid expenses and other |
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4,600 |
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3,964 |
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Total current assets |
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24,888 |
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28,466 |
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Long-term receivables and advances |
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5,254 |
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3,690 |
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Property and equipment, at cost: |
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Land and land improvements |
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9,940 |
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9,940 |
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Buildings |
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75,089 |
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73,418 |
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Furniture and equipment |
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45,252 |
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42,878 |
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Leasehold improvements |
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4,566 |
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4,605 |
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Projects in progress |
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796 |
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706 |
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135,643 |
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131,547 |
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Less accumulated depreciation and amortization |
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40,794 |
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36,418 |
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Net property and equipment |
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94,849 |
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95,129 |
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Other long-term assets |
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1,412 |
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1,532 |
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$ |
126,403 |
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$ |
128,817 |
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See accompanying notes to condensed consolidated financial statements.
1
SONESTA INTERNATIONAL HOTELS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
June 30, 2002 (unaudited) and December 31, 2001
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June 30 |
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December
31 |
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(in thousands) |
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LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Current portion of long-term debt |
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$ |
1,177 |
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$ |
1,139 |
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Accounts payable |
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3,668 |
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3,955 |
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Advance deposits |
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2,835 |
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4,576 |
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Federal, foreign and state income taxes |
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1,018 |
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969 |
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Accrued liabilities: |
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Salaries and wages |
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1,607 |
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1,577 |
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Rentals |
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3,979 |
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5,827 |
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Interest |
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516 |
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527 |
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Other |
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2,138 |
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1,645 |
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Total accrued liabilities |
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8,240 |
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9,576 |
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Total current liabilities |
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16,938 |
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20,215 |
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Long-term debt |
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73,516 |
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74,123 |
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Deferred federal and state income taxes |
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5,841 |
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5,324 |
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Other non-current liabilities |
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2,619 |
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1,937 |
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Commitments and contingencies |
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Common stockholders’ equity: |
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Common stock: |
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Class A, $.80 par value: |
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Authorized – 10,000
shares |
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4,882 |
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4,882 |
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Retained earnings |
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34,660 |
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34,389 |
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Treasury shares–2,404, at cost |
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