Hotel Outsource Management International, Inc. Presents Q3 2012 Results
Hotel Outsource Management International, Inc. (“
HOUM), a multi-national service provider in the hospitality
industry, supplying computerized minibars that are primarily intended
Hotel Outsource Management International, Inc. (“ HOMI”) (OTC: HOUM), a multi-national service provider in the hospitality industry, supplying computerized minibars that are primarily intended for in-room refreshments, presented its consolidated financial results for the third quarter ended September 30, 2012. Mr. Daniel Cohen, HOMI’s President, stated: "In the third quarter we demonstrated some improvement in gross profit and gross margin, in addition to narrowing operating and net losses, as a result of our continued efforts to reduce selling, marketing, and general and administrative expenses. We will continue with reorganizing activities which we expect to improve gross profit and gross margin. "We have started installations of our new generation open access minibar, the HOMI ® 226. We are also working on developing our direct sales business model, which we consider an additional growth engine. We are renovating HOMI’s website, and adding new marketing collaterals." Mr. Daniel Cohen concluded: "I would like to welcome Mr. Kalman Huber, HOMI's newly appointed Chairman of the Board, and wish him good luck. Mr. Huber has served as a director of our board since 2009 and is the Chairman of HOMI’s Audit Committee. Mr. Huber replaces Mr. Abraham Bahry, who served as Chairman of the Board since 2004 and will continue to serve as a director." Third quarter 2012 results:Revenues for the third quarter of 2012 reached US$780,000, compared to US$885,000 in the third quarter of 2011. The decrease is mainly due to the expiration of agreements with two hotels in the United States, as well as a decrease in occupancy rates in Israel during this period. Revenues arise primarily from the sale of refreshments in the minibars. For the three months ended September 30, 2012, HOMI's three largest customers accounted for approximately 27.5% of the total revenues, compared to 29.6% in the same period of 2011.