Hotel Outsource Management International, Inc. (“
”) (OTCBB:HOUM) presented its consolidated financial results for the year ended December 31, 2009.
Full Year 2009 results
- During 2009, HOMI completed installations of the HOMI ® 336 and the HOMI ® 330 minibar systems in 10 hotels, for a total of 2018 rooms.
- In 2009 HOMI raised a total of ~US$2,200,000 through new subscriptions and the conversion of shareholder loans and issued ~48,500,000 shares of common stock.
- HOMI announced the adoption of a new Business Model. Under the new business model, the Company will sell HOMI minibars, to be installed in various hotels, to third parties. HOMI shall manage and operate these minibars for an agreed upon management fee and profit sharing agreement
for the year ended December 31, 2009 reached US$3,651,000, compared to US$3,700,000 in the year ended December 2008. The decrease in revenues is mainly a result of a decrease in occupancy rates in the hotels in which HOMI operates due to the global economic crisis. In the third quarter there was an improvement in the occupancy rates, but it did not fully compensate for the results of the year. Further, as a result of HOMI selling its interest in HOMI South Africa Pty (“HOMI SA”), HOMI SA is no longer affiliated with HOMI, and HOMI no longer provides outsourcing services to the hotels in South Africa to which it previously provided services. Revenue for 2008, include revenues from such hotels in South Africa, while revenue for 2009 does not.
For the year ended December 31, 2009, HOMI's three largest customers accounted for 25.6% of our total revenues, as compared to 30.3% in 2008.