FORM 10-Q
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Mark One)
[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the Quarterly period ended March 31, 1997
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
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)
NEW YORK 13-5648107
-------- ----------
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
200 Clarendon Street, Boston, MA 02116
- -------------------------------------------------------------------------------
(Address of principal executive offices)
(Zip Code)
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 X No
--- ---
APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
PROCEEDINGS DURING THE PRECEDING FIVE YEARS:
Indicate by check mark whether the registrant has filed all documents
and reports required to be filed by Section 12, 13 or 15 (d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.
Yes ___ No ___
APPLICABLE ONLY TO CORPORATE ISSUERS:
Number of Shares of Common Stock Outstanding
as of May 13, 1997 -- $.80 par value,
Class A -- 2,068,215
<PAGE>
AMENDED
FORM 10-Q
SONESTA INTERNATIONAL HOTELS CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited)
Increase (Decrease) in Cash
<TABLE>
<CAPTION>
(in thousands)
---------------------------
Three Months Ended March 31
1997 1996
------ ------
<S> <C> <C>
Cash provided (used) by operating activities
Net loss $ (359) $ (630)
Items not (providing) requiring cash
Foreign exchange gain -- 1
Pension expense 189 151
Depreciation and amortization 1,141 1,000
Amortization of loan costs 20 3
Deferred federal income tax provision (benefit) (38) 39
Gain on sales of assets (6) (183)
Provision for doubtful accounts 10 9
Equity in net loss of hotel and casino -- 16
Changes in assets and liabilities
Accounts and notes receivable 956 281
Inventories 38 (105)
Prepaid expenses (279) (916)
Accounts payable (3,074) (1,317)
Advance deposits (587) (19)
Federal, foreign and state income taxes (193) (19)
Accrued liabilities (2,967) 1,131
-------- --------
Cash used by operating activities (5,149) (558)
Cash provided (used) by investing activities
Proceeds from sales of assets 9 8
Expenditures for property and equipment (2,082) (941)
Cash in escrow (1,883) --
Cash reimbursed from escrow 840
Investments in hotels -- (91)
New loans and advances (1,106) (89)
Payments received on long-term receivables
and advances 413 594
-------- --------
Cash used by investing activities (3,809) (519)
Cash provided (used) by financing activities
Changes in notes payable -- (273)
Proceeds from issuance of long-term debt 24,580 --
Cost of financing (423) --
Payments on long-term debt (17,400) (350)
Payments on capitalized lease obligations (13) (27)
Cash dividends paid (313) (314)
-------- --------
Cash provided (used) by financing activities 6,431 (964)
Loss from effect of exchange rate
changes on cash -- (1)
-------- --------
Net decrease in cash (2,527) (2,042)
Cash and cash equivalents at beginning of period 3,692 3,370
-------- --------
Cash and cash equivalents at end of period $ 1,165 $ 1,328
======== ========
</TABLE>
4
<PAGE>
FORM 10-Q
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.
SONESTA INTERNATIONAL HOTELS CORPORATION
By: _____________________________________________
Boy van Riel
Vice President and Treasurer
(Authorized to sign on behalf of the Registrant as
Principal Financial Officer)
DATE: May 13, 1997
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