Hotel Outsource Management International, Inc. Presents Full Year 2009 Results
Hotel Outsource Management International, Inc. (“ HOMI”) (OTCBB:HOUM) presented its consolidated financial results for the year ended December 31, 2009.
Full Year 2009 results :
Revenues 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.
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