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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For the Quarterly period ended September 30, 2002 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE |
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For the transition period from to |
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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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116 Huntington Avenue, Boston, MA 02116 |
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(Address of principal
executive offices) |
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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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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 November 11, 2002 — $.80 par value,
Class A — 3,698,230
INDEX
SONESTA INTERNATIONAL HOTELS CORPORATION
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Condensed consolidated balance sheets— September 30, 2002 and December 31, 2001 |
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Condensed consolidated statements of cash flows—Nine month periods ended September 30, 2002 and 2001 |
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Notes to condensed consolidated financial statements—September 30, 2002 and 2001 |
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Certifications by the Company’s Chief Executive Officer, Chief Financial Officer and Vice President and Treasurer |
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Exhibit 99.1 |
18 U.S.C. Section 1350 Certification by Company Officers |
Part I - Item 1. Financial Information
SONESTA INTERNATIONAL HOTELS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2002 (unaudited) and December 31, 2001
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September
30 |
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December
31 |
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(in thousands) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
4,534 |
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$ |
14,256 |
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Accounts and notes receivable: |
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Trade, less allowance of $293 ($260 at December 31, 2001) for doubtful accounts |
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5,424 |
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6,190 |
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Current portion of long-term receivables and advances |
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8,476 |
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199 |
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Other |
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425 |
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554 |
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Total accounts and notes receivable |
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14,325 |
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6,943 |
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Refundable income taxes |
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2,913 |
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1,499 |
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Current portion of deferred taxes |
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367 |
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391 |
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Inventories |
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978 |
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1,413 |
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Prepaid expenses and other |
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5,070 |
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3,964 |
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Total current assets |
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28,187 |
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28,466 |
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Long-term receivables and advances |
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5,785 |
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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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9,201 |
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9,940 |
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Buildings |
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63,643 |
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73,418 |
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Furniture and equipment |
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43,720 |
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42,878 |
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Leasehold improvements |
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5,730 |
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4,605 |
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Projects in progress |
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886 |
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706 |
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123,180 |
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131,547 |
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Less accumulated depreciation and amortization |
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39,146 |
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36,418 |
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Net property and equipment |
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84,034 |
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95,129 |
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Other long-term assets |
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1,454 |
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1,532 |
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$ |
119,460 |
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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
September 30, 2002 (unaudited) and December 31, 2001
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September 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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$ |
926 |
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1,139 |
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Accounts payable |
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3,329 |
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3,955 |
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Advance deposits |
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3,704 |
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4,576 |
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Federal, foreign and state income taxes |
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827 |
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969 |
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Accrued liabilities: |
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Salaries and wages |
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1,515 |
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1,577 |
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Rentals |
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3,814 |
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5,827 |
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Interest |
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520 |
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527 |
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Other |
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2,082 |
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1,645 |
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Total accrued liabilities |
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7,931 |
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9,576 |
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Total current liabilities |
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16,717 |
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20,215 |
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Long-term debt |
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69,345 |
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74,123 |
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Deferred federal and state income taxes |
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6,113 |
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5,324 |
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Other non-current liabilities |
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3,075 |
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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: Class A, $.80 par value: Authorized – 10,000 shares Issued–6,102 shares at stated value |
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4,882 |
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4,882 |
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Retained earnings |
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31,381 |
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34,389 |
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Treasury shares–2,404, at cost |
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(12,053 |
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(12,053 |
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Total common stockholders’ equity |
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24,210 |
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27,218 |
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$ |
119,460 |
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$ |
128,817 |
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See accompanying notes to condensed consolidated financial statements.
2
SONESTA INTERNATIONAL HOTELS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
(in thousands except for per share data)
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Three
Months Ended |
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Nine
Months Ended |
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2002 |
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2001 |
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