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TheStreet Open House

Hotel Outsource Management International, Inc. Presents Q3 2013 Results

Financial Results for Q3 2013:

Revenues for the three months ended September 30, 2013 reached US$754,000, a decrease of 3.3% compared to US$780,000 in the three months ended September 30, 2012. The revenues arise primarily from the sale of refreshments in the minibars. The decrease is mainly due to a decrease in the quantity of minibars operated, as agreements with some hotels in the United States reached the end of their terms.

For the three months ended September 30, 2013, HOMI's three largest customers accounted for approximately 24.5% of the total revenues, compared to 27.5% in the same period in 2012.

Gross Profit in the three months ended September 30, 2013, after consideration of depreciation expense, was US$92,000, compared to US$130,000 in the three months ended September 30, 2012. Gross profit margin in the three months ended September 30, 2013 was 12.2%, compared to 16.7% in the three months ended September 30, 2012. The decrease is mainly due to a decrease in the quantity of minibars operated in hotels in the Unites States, as agreements with some hotels in the United States reached the end of their terms.

Operating Loss in the three months ended September 30, 2013 was US$380,000, compared to an operating loss of US$323,000 in the in the three months ended September 30, 2012.

The research and development of the new generation HOMI® 226 was completed in 2012, and began productions. Total research and development expenses in the three months ended September 30, 2013 were US$10,000, compared to US$44,000 in the three months ended September 30, 2012. Selling and Marketing expenses were US$97,000 for the quarter ended September 30, 2013, as compared to US$70,000 for the similar quarter in 2012. The increase is mainly due to a renewed effort in sales and marketing in the United States. General and administrative expenses were US$365,000 for the quarter ending September 30, 2013.

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