The Boca Raton-based owner-operator of luxury resort properties announced late Friday evening it anticipated lower-than-expected operating results for the three-month periods ending Sept. 30 and Dec. 31.
Announcement of the revised internal forecast comes just a month or so after the company reported a strong yearend performance in an industry already affected by the soft economy.
The company closed the fourth quarter ended June 30 with an 8.1% increase in total revenue per available room and a 3.1% increase in hotel room occupancy.
Excluding extraordinary expenses and income taxes, the company also exceeded a fourth-quarter earnings forecast of four cents per share by one cent, as tracked by Thomson/First Call. It met the yearend consensus estimate of eight cents a share.
The company currently is forecast to earn 22 cents per share for the quarter ending Sept. 30, compared with earnings per share of 68 cents for the same period a year ago.
Stock market analysts tracked by First Call forecast EPS of seven cents for the quarter ending Dec. 31, compared with EPS of three cents for the same period a year ago.
"Because of a change in travel patterns resulting from the tragic events of Sept. 11, we expect volatility in the lodging sector over the near-term with leisure travelers and corporate groups curtailing trips," says Richard C. Rochon, Boca Resorts' president.
"While it is difficult to forecast the impact on our future operations given the current uncertainties, our resorts remains fundamentally strong, and we believe the company is well positioned over the longer-term."
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