XML 30 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
3 Months Ended 9 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Mar. 31, 2015
Mar. 31, 2014
Revenue - Hotel $ 13,983,000us-gaap_RevenueFromLeasedAndOwnedHotels $ 11,849,000us-gaap_RevenueFromLeasedAndOwnedHotels $ 42,857,000us-gaap_RevenueFromLeasedAndOwnedHotels $ 37,428,000us-gaap_RevenueFromLeasedAndOwnedHotels
Costs and operating expenses        
Hotel operating expenses (11,997,000)us-gaap_DirectCostsOfHotels (10,620,000)us-gaap_DirectCostsOfHotels (35,868,000)us-gaap_DirectCostsOfHotels (29,645,000)us-gaap_DirectCostsOfHotels
Hotel restructuring adjustment 0us-gaap_RestructuringCosts 300,000us-gaap_RestructuringCosts 0us-gaap_RestructuringCosts (6,995,000)us-gaap_RestructuringCosts
Hotel occupancy tax - penalty fees     0prsi_PenaltyFeesForHotelOccupancyTax (1,084,000)prsi_PenaltyFeesForHotelOccupancyTax
Hotel depreciation and amortization expense (696,000)us-gaap_DepreciationAndAmortization (441,000)us-gaap_DepreciationAndAmortization (2,002,000)us-gaap_DepreciationAndAmortization (1,739,000)us-gaap_DepreciationAndAmortization
General and administrative expense (159,000)us-gaap_GeneralAndAdministrativeExpense (179,000)us-gaap_GeneralAndAdministrativeExpense (504,000)us-gaap_GeneralAndAdministrativeExpense (522,000)us-gaap_GeneralAndAdministrativeExpense
Total costs and operating expenses (12,852,000)us-gaap_CostsAndExpenses (10,940,000)us-gaap_CostsAndExpenses (38,374,000)us-gaap_CostsAndExpenses (39,985,000)us-gaap_CostsAndExpenses
Income from operations 1,131,000us-gaap_OperatingIncomeLoss 909,000us-gaap_OperatingIncomeLoss 4,483,000us-gaap_OperatingIncomeLoss (2,557,000)us-gaap_OperatingIncomeLoss
Other income (expense)        
Interest expense - mortgage (1,913,000)us-gaap_InterestExpenseDebt (1,766,000)us-gaap_InterestExpenseDebt (5,876,000)us-gaap_InterestExpenseDebt (3,168,000)us-gaap_InterestExpenseDebt
Interest expense - occupancy tax     0prsi_InterestExpensesForOccupancyTax (328,000)prsi_InterestExpensesForOccupancyTax
Loss on extinguishment of debt     0us-gaap_GainsLossesOnExtinguishmentOfDebt (3,910,000)us-gaap_GainsLossesOnExtinguishmentOfDebt
Loss on disposal of assets     (51,000)us-gaap_GainLossOnDispositionOfAssets1 (1,092,000)us-gaap_GainLossOnDispositionOfAssets1
Net (loss) gain on marketable securities (244,000)us-gaap_MarketableSecuritiesGainLoss 24,000us-gaap_MarketableSecuritiesGainLoss (1,277,000)us-gaap_MarketableSecuritiesGainLoss 231,000us-gaap_MarketableSecuritiesGainLoss
Impairment loss on other investments (145,000)prsi_ImpairmentLossOnOtherInvestments 0prsi_ImpairmentLossOnOtherInvestments (145,000)prsi_ImpairmentLossOnOtherInvestments 0prsi_ImpairmentLossOnOtherInvestments
Net unrealized (loss) gain on other investments (18,000)prsi_NetUnrealizedLossOnOtherInvestments 34,000prsi_NetUnrealizedLossOnOtherInvestments (39,000)prsi_NetUnrealizedLossOnOtherInvestments 31,000prsi_NetUnrealizedLossOnOtherInvestments
Dividend and interest income     169,000us-gaap_InvestmentIncomeInterestAndDividend 171,000us-gaap_InvestmentIncomeInterestAndDividend
Trading and margin interest expense (72,000)prsi_TradingAndMarginInterestExpense (75,000)prsi_TradingAndMarginInterestExpense (233,000)prsi_TradingAndMarginInterestExpense (198,000)prsi_TradingAndMarginInterestExpense
Other expense, net (2,392,000)us-gaap_NonoperatingIncomeExpense (1,783,000)us-gaap_NonoperatingIncomeExpense (7,452,000)us-gaap_NonoperatingIncomeExpense (8,263,000)us-gaap_NonoperatingIncomeExpense
Loss before income taxes (1,261,000)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (874,000)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (2,969,000)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest (10,820,000)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
Income tax benefit 503,000us-gaap_IncomeTaxExpenseBenefit 332,000us-gaap_IncomeTaxExpenseBenefit 1,232,000us-gaap_IncomeTaxExpenseBenefit 2,593,000us-gaap_IncomeTaxExpenseBenefit
Net loss (758,000)us-gaap_ProfitLoss (542,000)us-gaap_ProfitLoss (1,737,000)us-gaap_ProfitLoss (8,227,000)us-gaap_ProfitLoss
Less: Net loss attributable to the noncontrolling interest 53,000us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 55,000us-gaap_NetIncomeLossAttributableToNoncontrollingInterest 94,000us-gaap_NetIncomeLossAttributableToNoncontrollingInterest (202,000)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net loss attributable to Portsmouth $ (705,000)us-gaap_NetIncomeLoss $ (487,000)us-gaap_NetIncomeLoss $ (1,643,000)us-gaap_NetIncomeLoss $ (8,429,000)us-gaap_NetIncomeLoss
Basic and diluted net loss per share attributable to Portsmouth (in dollars per share) $ (0.96)us-gaap_EarningsPerShareBasicAndDiluted $ (0.66)us-gaap_EarningsPerShareBasicAndDiluted $ (2.24)us-gaap_EarningsPerShareBasicAndDiluted $ (11.48)us-gaap_EarningsPerShareBasicAndDiluted
Weighted average number of common shares outstanding - basic and diluted (in shares) 734,183us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 734,183us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 734,183us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted 734,183us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted