This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Hotel Outsource Management International, Inc. Presents Q3 2013 Results

Stocks in this article: HOUM

Hotel Outsource Management International, Inc. (“ HOMI”) (OTC: HOUM), a multi-national service provider in the hospitality industry which supplies computerized minibars that are primarily intended for in-room refreshments, presented its consolidated financial results for the quarter ended September 30, 2013.

Mr. Daniel Cohen, HOMI’s President, stated: "In the third quarter of 2013 we continued the installations of HOMI minibars according to signed agreements with new hotels. We installed only 480 minibars and have more than 600 left to be installed in Q4. All new hotels are first class luxury hotels, in Israel, Europe and the United States, and these new installations will be reflected in future reports. These days we are also engaged in negotiations with new hotels for new installation and outsourcing agreements."

"In September 2013, HOMI completed a rights offering to existing shareholders, who purchased US$904,000 of HOMI common stock. This reflects shareholders' trust in the Company and its operations and will help us further execute on our strategic plan."

"Alongside the decline in revenues, mainly as a result of the early termination of an outsourcing agreement with a major U.S. hotel as reported in the previous quarter, but also as a result of a very poor Q3 in Israel (particularly September due to potential war in Syria), we have decided to drastically reduce on our General and Administrative expenses. On October 2, 2013, we have announced the resignation, on mutual consent, of Mr. Jack Ronnel ,CEO and co-founder of HOMI and Mr. Ariel Almog, CEO of the subsidiary HOMI USA, a director in HOMI and co-founder of HOMI, effective December 31, 2013. Mr. Ronnel and Mr. Almog were among the founders of the company in 1996. Mr. Ronnel will continue to serve as a director at HOMI and both will accompany the company as external advisors and continue contribute to the company with their vast knowledge and experience."

1 of 4

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,711.01 +33.11 0.20%
S&P 500 1,951.69 +0.87 0.04%
NASDAQ 4,459.3610 +6.5690 0.15%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs