SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(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 September 30, 2004 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE |
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SECURITIES EXCHANGE ACT OF 1934 |
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
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year,
if changed since last report)
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
Indicate by check mark whether the registrant is an accelerated filer (as defined in Exchange Act Rule 12b-02) Yes o No ý
APPLICABLE ONLY TO CORPORATE ISSUERS:
Number of Shares of Common Stock Outstanding
As of November 5, 2004 – $.80 par value,
Class A – 3,698,230
INDEX
SONESTA INTERNATIONAL HOTELS CORPORATION
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Condensed consolidated balance sheets— September 30, 2004 and December 31, 2003 |
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Condensed consolidated statements of cash flows—Nine month periods ended September 30, 2004 and 2003 |
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Notes to condensed consolidated financial statements—September 30, 2004 and 2003 |
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Part II. Other Information |
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Exhibits 31.1, 31.2, 31.3 |
Certifications by the Company’s Chief Executive Officers and Vice President and Treasurer |
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Exhibit 32 |
18 U.S.C. Section 1350 Certification by Company Officers |
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SONESTA INTERNATIONAL HOTELS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2004 (unaudited) and December 31, 2003
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(in thousands) |
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September 30 |
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December 31 |
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2004 |
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2003 |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
5,321 |
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$ |
4,327 |
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Restricted cash |
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2,037 |
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— |
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Accounts and notes receivable: |
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Trade, less allowance of $249 ($221 at December 31, 2003) for doubtful accounts |
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6,187 |
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7,844 |
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Other, including current portion of long-term receivables and advances |
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610 |
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494 |
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Total accounts and notes receivable |
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6,797 |
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8,338 |
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Inventories |
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1,073 |
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1,108 |
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Prepaid expenses and other |
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2,253 |
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2,509 |
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Total current assets |
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17,481 |
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16,282 |
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Long-term receivables and advances |
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9,643 |
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10,031 |
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Property and equipment, at cost: |
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Land and land improvements |
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9,102 |
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9,102 |
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Buildings |
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60,542 |
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60,521 |
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Furniture and equipment |
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45,334 |
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42,428 |
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Leasehold improvements |
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7,533 |
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7,201 |
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Projects in progress |
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— |
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60 |
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122,511 |
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119,312 |
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Less: accumulated depreciation and amortization |
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44,639 |
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38,463 |
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Net property and equipment |
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77,872 |
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80,849 |
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Other long-term assets |
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2,727 |
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2,957 |
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$ |
107,723 |
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$ |
110,119 |
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See accompanying notes to condensed consolidated financial statements.
3
SONESTA INTERNATIONAL HOTELS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
September 30, 2004 (unaudited) and December 31, 2003
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September 30 |
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December 31 |
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2004 |
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2003 |
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LIABILITIES AND COMMON STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
2,859 |
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$ |
3,403 |
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Advance deposits |
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2,744 |
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2,972 |
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Federal, foreign and state income taxes |
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610 |
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576 |
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Accrued liabilities: |
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Salaries and wages |
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1,576 |
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1,629 |
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Rentals |
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4,460 |
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5,025 |
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Interest |
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1,643 |
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297 |
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Employee benefits |
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321 |
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180 |
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Other |
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1,338 |
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1,851 |
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Total accrued liabilities |
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9,338 |
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8,982 |
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Total current liabilities |
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15,551 |
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15,933 |
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Long-term debt |
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69,854 |
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69,311 |
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Deferred federal and state income taxes |
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5,091 |
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5,091 |
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Other non-current liabilities |
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5,575 |
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3,918 |
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Commitments and contingencies |
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