Key Developments For Home Inns & Hotels Management Inc.
Home Inns & Hotels Management Inc. (HMIN.O) (Nasdaq)
Home Inns & Hotels Management Inc. Issues Q4 2009 Revenue Guidance Above Analysts' Estimates; Raises FY 2009 Revenue Guidance
Home Inns & Hotels Management Inc. announced that it expects total revenues in the fourth quarter of 2009 to be in the range of RMB 675 million (USD98.9 million) to RMB 695 million (USD101.8 million). The Company now expects its total revenues for fiscal 2009 to grow between 37%-39% over fiscal 2008, an increase from the 33%-35% guidance it previously announced, reflecting the impact from the continued improvement in economic and operating environment in China. The Company reported revenues of $259.69 million in fiscal 2008. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of USD87.8 million for the fourth quarter of 2009; and revenue of USD342 million for fiscal 2009.
Home Inns & Hotels Management Inc. Issues Q3 2009 Revenue Outlook Above Analysts' Estimates; Raises FY 2009 Revenue Outlook
Home Inns & Hotels Management Inc. announced that for the third quarter of 2009, it expects total revenues to be in the range of RMB 685 million(USD 100.3 million) to RMB 705 million (USD 103.2 million). For fiscal 2009, the Company expects revenues to grow between 33-35% over 2008, an increase from the 28-33% guidance it previously announced. The Company reported revenues of $259.69 million in fiscal 2008. According to Reuters Estimates, analysts on an average were expecting the Company to report revenue of $92.3 million for the third quarter of 2009; revenue of $338.6 million for fiscal 2009.
Home Inns & Hotels Management Inc. Announces Completion Of Funding Transaction To Ctrip.com International, Ltd
Home Inns & Hotels Management Inc. announced that it has completed the issuance and sale of $50 million in equity, or 7,514,503 ordinary shares, to Ctrip.com International, Ltd. through a private placement. This transaction was completed on the terms originally announced on May 7, 2009.
Home Inns & Hotels Management Inc. Announces Signing Of Definitive Agreement For $50 million Funding Transaction
Home Inns & Hotels Management Inc. announced that it has entered into a definitive purchase agreement to issue $50 million in equity, or 7,514,503 ordinary shares, to Ctrip.com International, Ltd. (Ctrip) through a private placement. The purchase price per ordinary share is set at $6.6538, or $13.3076 per American Depository Share (ADS; each ADS equals two ordinary shares), calculated as the average of the closing prices for the Company's American depository shares on Nasdaq for each trading day within the 30 calendar days preceding the Agreement date, i.e., within the 30 calendar days from and including April 7, 2009 up to and including May 6, 2009. This transaction will increase Ctrip's ownership in the Company by 9.52% to a total of 18.25% of the Company's aggregate basic shares outstanding. Prior to the transaction, Ctrip held 3,443,131 ADSs, representing 6,886,262 ordinary shares of the Company. The transaction is expected to close on or before May 21, 2009. The Company will receive $20 million at closing and the remaining $30 million within 30 days of closing. The funds will be used for general corporate purposes.
Home Inns & Hotels Management Inc. Issues Q1 2009 Revenue Guidance; Issues FY 2009 Revenue Guidance Above Analysts' Estimates
Home Inns & Hotels Management Inc. announced that for first quarter of 2009, it expects total revenues to be in the range of RMB 490 million ($71.8 million) to RMB 510 million ($74.8 million). For fiscal 2009, it expects revenues to grow 28% to 33% over fiscal 2008. The Company reported revenues of $274.3 million in fiscal 2008. According to Reuters Estimates, analysts were expecting the Company to report revenues of $256 million for fiscal 2009.
