Morgans Hotel Group Co. (MHGC) [Rocket]

In millions, except per share items	Dec-31-15	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11	Dec-31-10	Dec-31-09	Dec-31-08
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
The Light Group					9.9
Other					197.4
Revenues [+]	220.0	234.1	235.6	189.9	207.3	236.4	225.1	300.7
Food & beverage	78.4	82.6	84.6	57.7	66.3	69.5	73.3
Hotels	205.7	211.3	208.9	165.3	193.0	218.0	210.0
Room / occupancy	119.0	123.5	120.5	102.5	120.4	139.3	127.2
Other hotel	8.2	5.2	3.8	5.0	6.4	9.3	9.5
Revenue growth	-6.0%	-0.7%	24.1%	-8.4%	-12.3%	5.0%	-25.2%	-6.9%
Cost of goods sold [+]	97.0	99.8	100.3	81.5	97.2	106.2	104.3	160.5
Food and beverage costs	55.4	59.9	61.1	46.7	55.5	58.2	56.5
Direct hotel costs	154.4	158.5	162.1	135.6	157.3	170.6	169.6
Occupancy costs	37.4	36.8	36.2	31.2	37.6	42.6	41.6
Other direct hotel costs	4.3	3.0	3.0	3.6	4.1	5.3	6.2
Gross profit	122.9	134.2	135.4	108.4	110.2	130.2	120.8	140.1
Gross margin	55.9%	57.3%	57.4%	57.1%	53.1%	55.1%	53.7%	46.6%
Selling, general and administrative	40.3	43.0	45.3	38.3	43.6	48.2	47.7	24.9
Research and development	0.7	4.7	3.0	5.8	5.7	2.7
Equity in earnings				6.4	29.5	16.2	33.1	-56.6
Other operating expenses	39.7	49.7	58.2	55.9	50.1	56.3	51.1	59.8
EBITDA [+]	42.2	36.8	28.9	14.9	40.3	39.2	55.1	-1.9
EBITDA growth	14.6%	27.5%	93.8%	-63.0%	2.8%	-28.9%	-3055.2%	-104.6%
EBITDA margin	19.2%	15.7%	12.3%	7.9%	19.4%	16.6%	24.5%	-0.6%
Depreciation	19.3	19.9	20.3	17.6	20.0	29.9	28.9	24.2
EBITA	23.0	17.0	8.6	-2.7	20.2	9.2	26.1	-26.1
EBITA margin	10.4%	7.3%	3.6%	-1.4%	9.8%	3.9%	11.6%	-8.7%
Amortization of intangibles	3.2	9.0	7.1	6.3	2.2	2.2	0.7
EBIT [+]	19.8	8.0	1.5	-9.1	18.1	7.0	25.4	-26.1
EBIT growth	148.5%	423.5%	-116.8%	-150.2%	157.6%	-72.4%	-197.6%	-217.8%
EBIT margin	9.0%	3.4%	0.6%	-4.8%	8.7%	3.0%	11.3%	-8.7%
Non-recurring items [+]	7.9	6.5	3.4	-1.1	9.5	1.2	6.1
Asset impairment	6.6	14.5	11.5	6.9	8.6	1.2	6.1
Loss (gain) on sale of assets	-10.0	-8.0	-8.0	-8.0	-3.2
Interest expense	48.1	54.3	46.0	39.0	35.5	41.3	48.6	43.2
Interest expense	48.1	54.3	46.0	39.0	35.5	41.3	48.6	43.2
Other income (expense), net [+]	8.1	4.3	4.5	-8.8	-60.5	-65.1	-63.7	-0.4
Other	2.0	-3.7	-2.7	3.9	4.6	32.7	-2.4
Pre-tax income	-28.1	-48.6	-43.4	-55.7	-87.5	-100.7	-92.9	-69.7
Income taxes	-50.2	1.5	0.7	0.8	0.9	-0.7	-11.5	-25.2
Tax rate	178.3%					0.7%	12.4%	36.2%
Minority interest	0.0	-0.7	0.0	0.8	2.6	2.2	1.9	-2.1
Earnings from continuing ops	5.5	-66.6	-58.5	-66.8	-95.8	-106.2	-101.5	-44.4
Earnings from discontinued ops					0.5	16.3		-10.1
Net income	5.5	-66.6	-58.5	-66.8	-95.3	-90.0	-101.5	-54.6
Net margin	2.5%	-28.4%	-24.8%	-35.2%	-46.0%	-38.1%	-45.1%	-18.1%

Basic EPS [+]	$0.16	($1.95)	($1.78)	($2.13)	($3.05)	($3.48)	($3.38)	($1.41)
Growth	-108.1%	9.6%	-16.3%	-30.2%	-12.3%	2.8%	139.0%	211.9%
Diluted EPS [+]	$0.16	($1.95)	($1.78)	($2.13)	($3.05)	($3.48)	($3.38)	($1.41)
Growth	-108.1%	9.6%	-16.3%	-30.2%	-12.3%	2.8%	139.0%	211.9%

Shares outstanding (basic) [+]	34.6	34.1	32.9	31.4	31.5	30.6	30.0	31.4
Growth	1.2%	3.9%	4.5%	-0.1%	2.9%	1.8%	-4.4%	94406.5%
Shares outstanding (diluted) [+]	34.6	34.1	32.9	31.4	31.5	30.6	30.0	31.4
Growth	1.5%	3.9%	4.5%	-0.1%	2.9%	1.8%	-4.4%	94406.5%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.