PRN: Century Casinos, Inc. Announces Second Quarter 2011 Results

12/ago/2011 16.01.02 PR Newswire Turismo Contatta l'autore

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Century Casinos, Inc. Announces Second Quarter 2011 Results

 
[12-August-2011]
 

COLORADO SPRINGS, Colorado, August 12, 2011 /PRNewswire/ --


Century Casinos, Inc. (NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) today announced its financial results for the three and six months ended June 30, 2011.

Second Quarter 2011 Highlights

  • Net operating revenue was $18.0 million, a 21% increase compared to the three months ended June 30, 2010.
  • Adjusted EBITDA* was $2.8 million, a 38% increase from the three months ended June 30, 2010.
  • Net earnings per share was $0.03 compared to a net loss of $0.01 for the three months ended June 30, 2010.

                                                                           Amounts in       thousands, except          share and per           For the Three Months             share                --------------------              data                Ended June 30, 2011              ----                -------------------                                                                  Consolidated                                   %            Results:               2011         2010  Change          ------------             ----         ----  ------          Net operating              revenue           $18,002      $14,940      21%          -------------         -------      -------     ---          Earnings from            operations              977          344     184%          -------------             ---          ---     ---       Net earnings (loss)          644         (259)    349%       -------------------          ---         ----     ---              Adjusted EBITDA*         $2,760       $2,005      38%        ----------------         ------       ------     ---            Earnings per share:      -------------------              Basic               $0.03       ($0.01)    400%              -----               -----       ------     ---             Diluted              $0.03       ($0.01)    400%             -------              -----       ------     ---        Weighted-average          common shares:        ----------------              Basic          23,717,165   23,815,936              -----          ----------   ----------             Dilutive        24,026,095   23,815,936             --------        ----------   ---------- 


                                                                                Amounts in       thousands, except          share and per           For the Six Months             share                -------------------              data                Ended June 30, 2011              ----                -------------------                                                                  Consolidated                                   %            Results:               2011         2010  Change          ------------             ----         ----  ------          Net operating              revenue           $35,117      $29,077      21%          -------------         -------      -------     ---          Earnings from            operations            1,733          694     150%          -------------           -----          ---     ---       Net earnings (loss)        1,008         (129)    881%       -------------------        -----         ----     ---              Adjusted EBITDA*         $5,284       $3,989      33%        ----------------         ------       ------     ---            Earnings per share:      -------------------              Basic               $0.04       ($0.01)    500%              -----               -----       ------     ---             Diluted              $0.04       ($0.01)    500%             -------              -----       ------     ---        Weighted-average          common shares:        ----------------              Basic          23,714,215   23,815,936              -----          ----------   ----------             Dilutive        24,015,947   23,815,936             --------        ----------   ---------- 


"We are very pleased with our performance for the second quarter, especially when considering that each of our operations posted increases in revenue as well as Adjusted EBITDA and overall earnings from operations almost tripled," said Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos. "Initial results for the first half of the third quarter indicate further improvement," they continued.

Second Quarter and Six Month 2011 Results

Net operating revenue increased by $3.1 million or 21% and $6.0 million or 21% for the three and six months ended June 30, 2011 compared to the three and six months ended June 30, 2010, respectively, due to increased revenue from all properties. The increase in net operating revenue at our Canadian properties is due in part to higher customer volumes and an increase in the average exchange rate between the U.S. dollar and Canadian dollar of 5.8% and 5.6% for the three and six months ended June 30, 2011 compared to the three and six months ended June 30, 2010, respectively.

The increase in net operating revenue at our Central City property is due in part to increased table games revenue generated from craps and player banked poker, increased customer volumes, increased revenue from slot machines that were moved from the lower level to the main level and increased video poker play. The increase in net operating revenue at our Cripple Creek property is due in part to increased slot revenue from new slot machines, additional table games revenue generated after moving the table games pit from the back of the casino to the front, improved customer service and new marketing strategies aimed at improving the gaming floor atmosphere and differentiating our casino from competitors.

The increase in net operating revenue from our ship-based casinos and other is primarily due to additional ship-based casinos placed into operation during the three and six months ended June 30, 2011 as compared to the three and six months ended June 30, 2010.

Total operating costs and expenses increased by $2.7 million or 18% and $5.1 million or 18% for the three and six months ended June 30, 2011 compared to the three and six months ended June 30, 2010, respectively, due to increased operating costs at all of our properties. Total operating costs and expenses at our property in Edmonton increased primarily due to the increase in the average exchange rate between the U.S. dollar and Canadian dollar of 5.8% and 5.6% for the three and six months ended June 30, 2011 compared to the three and six months ended June 30, 2010, respectively.

Total operating costs and expenses at our property in Calgary increased due to the addition of a player's club point redemption program and additional staffing costs incurred in order to provide improved customer service for the three and six months ended June 30, 2011 compared to the three and six months ended June 30, 2010. The increase is also attributable to an increase in the average exchange rate between the U.S. dollar and Canadian dollar of 5.8% and 5.6% for the three and six months ended June 30, 2011 compared to the three and six months ended June 30, 2010, respectively.

Total operating costs and expenses at our Colorado properties increased due to increased marketing costs from more aggressive marketing campaigns, increased gaming taxes as a result of higher gaming revenue and increased staffing costs in order to provide improved customer service for the three and six months ended June 30, 2011 compared to the three and six months ended June 30, 2010.

Total operating costs and expenses from our ship-based casinos increased for the three and six months ended June 30, 2011 compared to the three and six months ended June 30, 2010 as a result of increased concession and annual fees paid to cruise ship operators for the ability to operate ship-based casinos.

Net earnings increased by $0.9 million and $1.1 million for the three and six months ended June 30, 2011 compared to the three and six months ended June 30, 2010, respectively. The increase is due to increased earnings from operations at our Edmonton, Central City and Cripple Creek properties offset by losses from operations at our Calgary property. In addition, the increase in the average exchange rate between the U.S. dollar and Canadian dollar of 5.8% and 5.6% for the three and six months ended June 30, 2011 compared to the three and six months ended June 30, 2010, respectively, contributed to the increase in net earnings.

         Property Results     (in thousands)     --------------                              Net Operating      Adjusted                           Revenue           EBITDA*                           -------          --------                        For the Three     For the Three                           Months            Months                          Ended June        Ended June                             30,               30,                       -----------        -----------                        2011    2010      2011      2010                        ----    ----      ----      ----     Century Casino      & Hotel,      Edmonton         6,185   5,497     2,163     1,766     Century Casino,      Calgary          2,467   2,098       120       (26)     Century Casino      & Hotel, Central      City             4,520   4,210       951       947     Century Casino      & Hotel, Cripple      Creek            3,211   2,617       685       490     Cruise Ships      and Other        1,619     518       314        79     Corporate             -       -    (1,473)   (1,251)     Consolidated     18,002  14,940     2,760     2,005                      ======  ======     =====     =====    


                            Net Operating       Adjusted                           Revenue           EBITDA*                           -------          --------                            For the Six       For the Six                            Months            Months                          Ended June        Ended June                             30,               30,                       -----------        -----------                        2011    2010      2011      2010                        ----    ----      ----      ----     Century Casino      & Hotel,      Edmonton        11,938  10,857     4,003     3,415     Century Casino,        Calgary          5,056   3,840       219       153     Century Casino      & Hotel, Central      City             8,920   8,382     1,909     1,868     Century Casino      & Hotel, Cripple      Creek            6,049   4,882     1,216       682     Cruise Ships      and Other        3,154   1,116       546       236     Corporate             -       -    (2,609)   (2,365)     Consolidated     35,117  29,077     5,284     3,989                      ======  ======     =====     ===== 


Balance Sheet and Liquidity

As of June 30, 2011, the Company had $19.8 million in cash and cash equivalents and $10.8 million in debt obligations on its balance sheet compared to $21.5 million in cash and cash equivalents and $13.5 million in debt obligations at December 31, 2010.  

Conference Call Information

Today the Company will post a copy of the Form 10-Q filed with the SEC for the second quarter of 2011 on its website at http://corporate.cnty.com/investor-relations/sec-filings/.

Century Casinos will host its second quarter 2011 earnings conference call today at 10:00 am MDT; 6:00 pm CET, respectively. U.S. domestic participants should dial 1-800-862-9098. For all other international participants please use +1-785-424-1051 to dial in. Participants may also listen to the call live or obtain a recording of the call on the Company's website at http://corporate.cnty.com/investor-relations/financial-results/.

*See discussion and reconciliation of Non-GAAP financial measures in Supplemental Information below.

         CENTURY CASINOS, INC. AND SUBSIDIARIES     FINANCIAL INFORMATION - US GAAP BASIS                                              For the three                                            months         For the six months                                       ended June 30,          ended June 30,     Amounts in thousands, except      for share and per      share information                 2011       2010       2011       2010                                        ----       ----       ----       ----     Operating revenue:       Gaming                        $15,928    $13,239    $30,753    $25,821       Hotel, bowling, food and        beverage                       3,141      2,756      6,384      5,521       Other                           1,004        770      1,939      1,349                                       -----        ---      -----      -----                Gross revenue         20,073     16,765     39,076     32,691     Less: Promotional allowances     (2,071)    (1,825)    (3,959)    (3,614)     Net operating revenue            18,002     14,940     35,117     29,077                                      ------     ------     ------     ------     Operating costs and      expenses:       Gaming                          7,341      5,854     14,272     11,287       Hotel, bowling, food and        beverage                       2,553      2,228      5,064      4,338       General and administrative      5,848      5,150     11,216     10,093       Depreciation                    1,665      1,524      3,306      3,013                                       -----      -----      -----      -----     Total operating costs and      expenses                        17,407     14,756     33,858     28,731                                      ------     ------     ------     ------     Earnings from equity      investment                         382        160        474        348     Earnings from operations            977        344      1,733        694                                         ---        ---      -----        ---     Non-operating income      (expense):       Interest income                     5         14          7         22       Interest expense                 (197)      (281)      (443)      (572)       Gains (losses) on foreign        currency                         114       (244)       189         (1)     transactions and other     Non-operating income      (expense), net                     (78)      (511)      (247)      (551)                                         ---       ----       ----       ----     Earnings (loss) before      income taxes                       899       (167)     1,486        143     Income tax provision                255         92        478        272     Net earnings (loss)                $644      ($259)    $1,008      ($129)                                        ====      =====     ======      =====        Earnings per share:       Basic                           $0.03     ($0.01)     $0.04     ($0.01)                                       -----     ------      -----     ------       Diluted                         $0.03     ($0.01)     $0.04     ($0.01)                                       =====     ======      =====     ====== 


         CENTURY CASINOS, INC. AND SUBSIDIARIES     FINANCIAL INFORMATION - US GAAP BASIS     -------------------------------------        Century Casinos, Inc.     Condensed Consolidated Balance Sheets     (Amounts in thousands)                                                                         December                                                      June 30,          31,                                                            2011         2010                                                          ----         ----     Assets     Current assets                                    $21,981      $23,467     Property and equipment, net                       103,669      103,956     Other assets                                        9,908        9,303     Total assets                                     $135,558     $136,726                                                      ========     ========        Liabilities and Shareholders' Equity     Current liabilities                               $10,803      $14,057     Non-current liabilities                            10,668       11,171     Shareholders' equity                              114,087      111,498     Total liabilities and shareholders' equity       $135,558     $136,726                                                      ========     ======== 


         CENTURY CASINOS, INC. AND SUBSIDIARIES     SUPPLEMENTAL INFORMATION     ------------------------        Century Casinos, Inc.     Adjusted EBITDA Margins ** by Property (Unaudited)                                                  For the Three         For the Six                                                Months               Months                                           Ended June 30,       Ended June 30,                                           --------------       --------------                                            2011      2010     2011      2010                                            ----      ----     ----      ----               Century Casino & Hotel,                Edmonton                      35%       32%      34%       31%               Century Casino, Calgary         5%       (1%)      4%        4%               Century Casino & Hotel,                Central City                  21%       22%      21%       22%               Century Casino & Hotel,                Cripple Creek                 21%       19%      20%       14%               Cruise Ships and Other         19%       15%      17%       21%               Consolidated Adjusted                EBITDA Margin                 15%       13%      15%       14% 


         Century Casinos, Inc.     Reconciliation of Adjusted EBITDA * to Earnings (Loss) by Property     (Unaudited)     For the Three and Six Months Ended June 30, 2011 and 2010        Amounts In thousands                                   Three Months Ended June 30, 2011                             --------------------------------                                                    Central   Cripple                             Edmonton  Calgary    City     Creek                             --------  -------    ----     -----           Earnings (loss)            1,182      (73)      177       268     Interest income               (5)       -         -         -        Interest expense             197        1         -         -     Income taxes                 414       (2)       96       164     Depreciation                 377      194       664       258     Non-cash stock based      compensation                  -        -         -         -     Foreign currency      (gains)                      (2)       -         -         -     Loss (gain) on      disposition of fixed          -        -        14        (5)     assets     Adjusted EBITDA*           2,163      120       951       685                                =====      ===       ===       ===                                               Three Months Ended June 30, 2011                             --------------------------------                              Cruise                              Ships &                              Other     Corporate  Total                              -----     ---------  -----           Earnings (loss)              160      (1,070)    644     Interest income                -           -      (5)        Interest expense               -          (1)    197     Income taxes                   3        (420)    255     Depreciation                 108          64   1,665     Non-cash stock based      compensation                  -          96      96     Foreign currency      (gains)                       -        (112)   (114)     Loss (gain) on      disposition of fixed         43         (30)     22     assets     Adjusted EBITDA*             314      (1,473)  2,760                                  ===      ======   ===== 


         CENTURY CASINOS, INC. AND SUBSIDIARIES     SUPPLEMENTAL INFORMATION     ------------------------        Century Casinos, Inc.     Reconciliation of Adjusted EBITDA * to Earnings (Loss) by Property     (Unaudited)     For the Three and Six Months Ended June 30, 2011 and 2010                                    Three Months Ended June 30, 2010                              --------------------------------                                                      Central  Cripple                              Edmonton    Calgary    City    Creek                              --------    -------    ----    -----           Earnings (loss)                855       (62)     176      121     Interest income                (10)       (1)       -        -     Interest expense               288         -        -        -     Income taxes                   280       (26)      97       74     Depreciation                   353        67      674      294     Non-cash stock based      compensation                    -         -        -        -        Foreign currency      (gains) losses                 (3)       (4)       -        -     Loss on disposition of      fixed assets                    3         -        -        1     Adjusted EBITDA*             1,766       (26)     947      490                                  =====       ===      ===      ===                                                Three Months Ended June 30, 2010                              --------------------------------                              Cruise                              Ships &                               Other    Corporate  Total                               -----    ---------  -----           Earnings (loss)               (3)     (1,346)  (259)     Interest income                -          (3)   (14)     Interest expense               -          (7)   281     Income taxes                   -        (333)    92     Depreciation                  82          54  1,524     Non-cash stock based      compensation                  -         145    145        Foreign currency      (gains) losses                -         238    231     Loss on disposition of      fixed assets                  -           1      5     Adjusted EBITDA*              79      (1,251) 2,005                                  ===      ======  =====              Â                                           Six Months Ended June 30, 2011                              ------------------------------                                                      Central  Cripple                              Edmonton    Calgary    City    Creek                              --------    -------    ----    -----           Earnings (loss)              2,080      (236)     372      437     Interest income                 (7)        -        -        -     Interest expense               440         1        -        -     Income taxes                   756        32      203      268     Depreciation                   741       383    1,319      516     Non-cash stock based      compensation                    -         -        -        -        Foreign currency      (gains) losses                 (7)       39        -        -     Loss (gain) on      disposition of fixed            -         -       15       (5)     assets     Adjusted EBITDA*             4,003       219    1,909    1,216                                  =====       ===    =====    =====                                                   Six Months Ended June 30, 2011                              ------------------------------                              Cruise                              Ships &                               Other    Corporate  Total                               -----    ---------  -----           Earnings (loss)              279      (1,924) 1,008     Interest income                -           -     (7)     Interest expense               -           2    443     Income taxes                   5        (786)   478     Depreciation                 219         128  3,306     Non-cash stock based      compensation                  -         192    192        Foreign currency      (gains) losses                -        (221)  (189)     Loss (gain) on      disposition of fixed         43           -     53     assets     Adjusted EBITDA*             546      (2,609) 5,284                                  ===      ======  ===== 


         CENTURY CASINOS, INC. AND SUBSIDIARIES     SUPPLEMENTAL INFORMATION     ------------------------        Century Casinos, Inc.     Reconciliation of Adjusted EBITDA * to Earnings (Loss) by Property     (Unaudited)     For the Three and Six Months Ended June 30, 2011 and 2010                                    Six Months Ended June 30, 2010                              ------------------------------                                                      Central  Cripple                              Edmonton    Calgary    City    Creek                              --------    -------    ----    -----           Earnings (loss)              1,574        32      338       61     Interest income                (18)       (1)       -        -     Interest expense               577         -        -        -     Income taxes                   561        13      183       37     Depreciation                   696       108    1,346      583     Non-cash stock based      compensation                    -         -        -        -     Foreign currency losses         22         1        -        -     Impairments and other      write-offs                      -         -        -        -     Loss on disposition of      fixed assets                    3         -        1        1     Adjusted EBITDA*             3,415       153    1,868      682                                  =====       ===    =====      ===                                                Six Months Ended June 30, 2010                              ------------------------------                              Cruise                              Ships &                               Other    Corporate  Total                               -----    ---------  -----           Earnings (loss)               64      (2,198)  (129)     Interest income                -          (3)   (22)     Interest expense               -          (5)   572     Income taxes                   2        (524)   272     Depreciation                 170         110  3,013     Non-cash stock based      compensation                  -         288    288     Foreign currency losses        -          73     96     Impairments and other      write-offs                    -        (108)  (108)     Loss on disposition of      fixed assets                  -           2      7     Adjusted EBITDA*             236      (2,365) 3,989                                  ===      ======  ===== 


*  The Company defines Adjusted EBITDA as earnings (loss) before interest, income taxes, depreciation, amortization, pre-opening expenses, non-cash stock based compensation charges, asset impairment costs, gains (losses) on disposition of fixed assets, discontinued operations, realized foreign currency gains (losses) and certain other one-time items. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings and Adjusted EBITDA reported for each property. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results. Adjusted EBITDA is not considered a measure of performance recognized under accounting principles generally accepted in the United States of America. Management b! elieves that Adjusted EBITDA is a valuable measure of the relative performance of its properties and the Company. The gaming industry commonly uses Adjusted EBITDA as a method of arriving at the economic value of a casino operation. Management uses Adjusted EBITDA to compare the relative operating performance of separate operating units by eliminating the above mentioned items associated with the varying levels of capital expenditures for infrastructure required to generate revenue, and the often high cost of acquiring existing operations. EBITDA (Earnings before interest, taxes, depreciation and amortization) is used by the Company's lending institution to gauge operating performance. The Company's computation of Adjusted EBITDA may be different from, and therefore may not be comparable to, similar measures used by other companies. Please see the reconciliation of Adjusted EBITDA to earnings (loss) from continuing operations above.

**  The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by net operating revenue. Management uses this margin as one of several measures to evaluate the efficiency of the Company's casino operations.

About Century Casinos, Inc.:

Century Casinos, Inc. is an international casino entertainment company that owns and operates Century Casino & Hotels in Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada and the Century Casino in Calgary, Alberta, Canada. The Company also operates casinos aboard twelve luxury cruise vessels (Regatta, Insignia, Nautica, Marina, Mein Schiff 1, Mein Schiff 2, Wind Surf, Wind Star, Wind Spirit, Seven Seas Voyager, Seven Seas Mariner and Seven Seas Navigator) and signed a contract for an additional casino on board Oceania Cruises' Riviera that is expected to start operations in 2012. Through its Austrian subsidiary, Century Casinos Europe GmbH, the Company holds a 33.3% ownership interest in Casinos Poland Ltd., the owner and operator of seven full casinos ! in Poland. The Company also manages the casino at the Radisson Aruba Resort, Casino & Spa in Aruba, Caribbean. Century Casinos, Inc. continues to pursue other international projects in various stages of development.

For more information about Century Casinos, visit our website at http://www.centurycasinos.com. Century Casinos' common stock trades on The NASDAQ Capital Market® and the Vienna Stock Exchange under the symbol CNTY.

This release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, future results of operations for the third quarter of 2011 and other periods, expected competition, the impact of new gaming laws and plans for our casinos. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the sections entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K fo! r the year ended December 31, 2010. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.



Company Codes: Bloomberg:CNTY@AV, Bloomberg:CNTY@US, NASDAQ-NMS:CNTY, RICS:CNTYA
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