Hotel Outsource Management International, Inc. Presents Q2 2010 Results
Hotel Outsource Management International, Inc. (“ HOMI”) (OTC BB: HOUM.OB) presented its consolidated financial results for the second quarter ended June 30, 2010.
Second quarter results :
Revenues for the second quarter of 2010 reached US$847,000, compared to US$889,000 in the second quarter of 2009. The decrease in revenues is mainly due to the sale of two of HOMI's subsidiaries in Europe, HOMI - Hotel Outsource Management International (Deutschland) GmbH and HOMI Italia S.R.L on April 30 th, 2010.For the second quarter of 2010, HOMI's three largest customers accounted for approximately 30.1% of total revenues, compared to 27.6% in the second quarter of 2009. Gross Profit in the second quarter of 2010, after consideration of depreciation expense, was US$205,000, compared to US$202,000 in the second quarter of 2009. The increase in gross profit margin (24.2% compared to 22.7% in the second quarter of 2009) is mainly due to the fact that the HOMI® 336 and HOMI® 330 minibars installed are earning increased revenue and profit. Operating Loss in the second quarter of 2010 was US$280,000, compared to an operating loss of US$344,000 in the second quarter of 2009. Research and development expenses for the second quarter of 2010 were US$17,000.
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