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

08/nov/2011 16.48.48 PR Newswire Turismo Contatta l'autore

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Century Casinos, Inc. Announces Third Quarter 2011 Results

 
[08-November-2011]
 

COLORADO SPRINGS, Colorado, November 8, 2011 /PRNewswire/ --


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

Third Quarter 2011 Highlights

  • Net operating revenue was $18.1 million, a 14% increase compared to the three months ended September 30, 2010.
  • Adjusted EBITDA* was $3.1 million, a 27% increase from the three months ended September 30, 2010.
  • Net earnings per share was $0.06 compared to $0.01 for the three months ended September 30, 2010.
                                               For the Three Months     Amounts in thousands, except     share and per share data                 Ended September 30,     Consolidated                                               %     Results:                             2011       2010    Change      Net operating       revenue                          $18,146    $15,984     14%      Earnings from       operations                         1,548        744    108%      Net earnings                        1,423        321    343%       Adjusted EBITDA*                    $3,081     $2,424     27%       Earnings per     share:      Basic                               $0.06      $0.01    500%      Diluted                             $0.06      $0.01    500%      Weighted-average       common shares:      Basic                          23,877,362 23,678,795      Dilutive                       24,191,252 23,851,110   


                                               For the Nine Months     Amounts in thousands, except     share and per share data                 Ended September 30,     Consolidated                                               %     Results:                             2011       2010    Change      Net operating       revenue                          $53,263    $45,061    18%      Earnings from       operations                         3,281      1,433   129%      Net earnings                        2,431        191  1173%       Adjusted EBITDA*                    $8,364     $6,528    28%       Earnings per     share:      Basic                               $0.10      $0.01   900%      Diluted                             $0.10      $0.01   900%      Weighted-average       common shares:      Basic                          23,715,224 23,584,079      Dilutive                       24,015,139 23,771,930   


"We are very pleased to report another quarter with growth in revenue, adjusted EBITDA and net earnings. Our strategies to continuously elevate the guest experience at our properties and to improve operating efficiencies are generating positive results. By leveraging management expertise across multiple properties in Colorado, USA and Alberta, Canada, we are starting to create synergies that should drive even higher levels of operational performance," said Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive Officers of Century Casinos. "We remain focused on operational improvements and the pursuit of potential new opportunities to create additional value for shareholders," they continued.

Three and Nine Months Ended September 30, 2011 Results

Net operating revenue increased by $2.2 million, or 13.5%, and $8.2 million, or 18.2%, for the three and nine months ended September 30, 2011 compared to the three and nine months ended September 30, 2010, respectively. Net operating revenue increased at all properties except Central City for the three months ended September 30, 2011 compared to the three months ended September 30, 2010. Net operating revenue increased at all properties for the nine months ended September 30, 2011 compared to the nine months ended September 30, 2010. Following is a summary of net operating revenue increases and decreases by property for the three and nine months ended September 30, 2011 comp! ared to the three and nine months ended September 30, 2010, respectively:

                                         Net Operating Revenue                                  For the three       For the nine                                     months              months                                 ended September     ended September                                       30,                 30,     Amounts in millions        Change   % Change   Change   % Change     Century Casino & Hotel,      Edmonton                    $0.6      10.6%     $1.6      10.2%     Century Casino, Calgary       0.5      24.5%      1.7      29.3%     Century Casino & Hotel,      Central City               (0.1)     (2.0%)      0.4       3.3%     Century Casino & Hotel,      Cripple Creek                0.5      16.5%      1.7      21.0%     Cruise Ships & Other          0.7      82.5%      2.8     138.8%   


Total operating costs and expenses increased by $1.6 million, or 10.8%, and $6.8 million, or 15.4%, for the three and nine months ended September 30, 2011 compared to the three and nine months ended September 30, 2010, respectively. Total operating costs increased at all of our properties for both the three and nine months ended September 30, 2011 compared to the three and nine months ended September 30, 2010. Following is a summary of total operating costs and expenses increases by property for the three and nine months ended September 30, 2011 compared to the three and nine months ended September 30, 2010, respectively:  

                                         Total Operating Costs                                  For the three       For the nine                                     months              months                                 ended September     ended September                                       30,                 30,     Amounts in millions        Change   % Change   Change   % Change     Century Casino & Hotel,      Edmonton                    $0.3       8.4%     $0.9       7.2%     Century Casino, Calgary       0.4      19.4%      1.8      31.0%     Century Casino & Hotel,      Central City                 0.1       0.8%      0.5       4.3%     Century Casino & Hotel,      Cripple Creek                0.3      11.2%      0.9      11.5%     Cruise Ships & Other          0.6      75.8%      2.5     130.2%     Corporate                   (0.1)     (5.8%)      0.2       4.9%   


Net earnings increased by $1.1 million, or 343%, and $2.2 million, or 1173%, for the three and nine months ended September 30, 2011 compared to the three and nine months ended September 30, 2010, respectively. Net earnings increased at all of our properties except Central City for the three months ended September 30, 2011 compared to the three months ended September 30, 2010. Net earnings increased at all of our properties except for Central City and Calgary for the nine months ended September 30, 2011 compared to the nine months ended September 30, 2010. Following is a summary of net earnings increases and decreases by property for the th! ree and nine months ended September 30, 2011 compared to the three and nine months ended September 30, 2010, respectively:  

                                             Net Earnings                                  For the three       For the nine                                     months              months                                 ended September     ended September                                       30,                 30,     Amounts in millions        Change   % Change   Change   % Change     Century Casino & Hotel,      Edmonton                    $0.4      49.4%     $0.9      38.5%     Century Casino, Calgary       0.2     162.2%    (0.1)    (74.7%)     Century Casino & Hotel,      Central City               (0.1)    (19.9%)    (0.0)     (6.0%)     Century Casino & Hotel,      Cripple Creek                0.1      57.1%      0.5     178.5%     Cruise Ships & Other          0.1     275.9%      0.3     311.7%   


                                 Property Results                                (in thousands)                         Net Operating                          Revenue      Adjusted EBITDA*                       For the Three     For the Three                           Months           Months                      Ended September   Ended September                            30,               30,                        2011    2010     2011     2010     Century Casino      & Hotel,      Edmonton         5,852   5,291    1,936    1,693     Century      Casino,      Calgary          2,446   1,964       96     (90)     Century Casino      & Hotel,      Central City     4,754   4,849    1,010    1,283     Century Casino      & Hotel,      Cripple Creek    3,506   3,010      804      639     Cruise Ships &      Other            1,588     870      223      113     Corporate             -       -    (988)  (1,214)     Consolidated     18,146  15,984    3,081    2,424   


                       Net Operating                          Revenue      Adjusted EBITDA*                        For the Nine     For the Nine                           Months           Months                      Ended September   Ended September                            30,               30,                       2011    2010     2011     2010     Century Casino      & Hotel,      Edmonton        17,791  16,147    5,939    5,107     Century      Casino,      Calgary          7,503   5,804      318       62     Century Casino      & Hotel,      Central City    13,674  13,231    2,919    3,152     Century Casino      & Hotel,      Cripple Creek    9,554   7,893    2,019    1,322     Cruise Ships &      Other            4,741   1,986      768      350     Corporate             -       -  (3,599)  (3,465)     Consolidated     53,263  45,061    8,364    6,528   


Balance Sheet and Liquidity

As of September 30, 2011, the Company had $21.3 million in cash and cash equivalents and $9.4 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 third quarter of 2011 on its website at http://corporate.cnty.com/investor-relations/sec-filings/

Century Casinos will host its third quarter 2011 earnings conference call today at 10:00 am MST; 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 nine months                                 ended September 30,   ended September 30,     Amounts in thousands,     except for per share     information                    2011       2010       2011      2010     Operating revenue:      Gaming                      $16,236    $14,348    $46,989   $40,169      Hotel, bowling, food and       beverage                     3,152      2,789      9,536     8,311      Other                           956        773      2,895     2,122       Gross revenue               20,344     17,910     59,420    50,602      Less: Promotional       allowances                 (2,198)    (1,926)    (6,157)   (5,541)      Net operating revenue        18,146     15,984     53,263    45,061     Operating costs and     expenses:      Gaming                        7,543      6,289     21,815    17,578      Hotel, bowling, food and       beverage                     2,565      2,404      7,629     6,742      General and       administrative               5,213      4,986     16,429    15,082      Depreciation                  1,526      1,529      4,832     4,542     Total operating costs      and expenses                 16,847     15,208     50,705    43,944     Earnings from equity      investment                      249       (32)        723       316     Earnings from operations       1,548        744      3,281     1,433     Non-operating income     (expense):      Interest income                   6         17         13        39      Interest expense              (186)      (280)      (629)     (861)      (Losses) gains on       foreign currency       transactions & other          (27)         14        162        26     Non-operating income      (expense), net                (207)      (249)      (454)     (796)     Earnings before income      taxes                         1,341        495      2,827       637     Income tax provision            (82)        174        396       446     Net earnings                  $1,423       $321     $2,431      $191       Earnings per share:      Basic                         $0.06      $0.01      $0.10     $0.01      Diluted                       $0.06      $0.01      $0.10     $0.01   


     CENTURY CASINOS, INC. AND SUBSIDIARIES     FINANCIAL INFORMATION - US GAAP BASIS       Century Casinos, Inc.     Condensed Consolidated Balance Sheets     (Amounts in thousands)                                                      September   December                                                       30,         31,                                                      2011        2010     Assets     Current Assets                                 $23,804     $23,467     Property and equipment, net                     99,357     103,956     Other Assets                                     9,339       9,303     Total Assets                                  $132,500    $136,726       Liabilities and Shareholders' Equity     Current Liabilities                            $11,325     $14,057     Non-Current Liabilities                          9,394      11,171     Shareholders' Equity                           111,781     111,498     Total Liabilities and Shareholders' Equity    $132,500    $136,726   


     CENTURY CASINOS, INC. AND SUBSIDIARIES     SUPPLEMENTAL INFORMATION       Century Casinos, Inc.     Adjusted EBITDA Margins ** by Property (Unaudited)                                 For the Three Months   For the Nine Months                                Ended September 30,   Ended September 30,                                    2011       2010       2011       2010     Century Casino & Hotel,      Edmonton                       33%        32%        33%        32%     Century Casino, Calgary          4%        -5%         4%         1%     Century Casino & Hotel,      Central City                   21%        26%        21%        24%     Century Casino & Hotel,      Cripple Creek                  23%        21%        21%        17%     Cruise Ships & Other            14%        13%        16%        18%     Consolidated Adjusted      EBITDA Margin                  17%        15%        16%        14%   


     Century Casinos, Inc.     Reconciliation of Adjusted EBITDA * to Earnings (Loss) by      Property (Unaudited)     For the Three and Nine Months Ended September 30, 2011 and 2010       Amounts In thousands                       Three Months Ended September 30, 2011                                            Central    Cripple                    Edmonton    Calgary       City      Creek       Earnings      (loss)           1,149         74        302        341     Interest      income             (6)          -          -          -     Interest      expense            185          -          -          -     Income taxes      (benefit)          234      (170)        173        208     Depreciation        373        194        535        255     Non-cash      stock based      compensation         -          -          -          -     Foreign      currency      losses      (gains)              1        (2)          -          -     Loss on      disposition      of fixed      assets               -          -          -          -     Adjusted      EBITDA*          1,936         96      1,010        804   


                           Cruise                           Ships &                            Other    Corporate    Total       Earnings      (loss)                 109      (552)      1,423     Interest      income                   -          -        (6)     Interest      expense                  -          1        186     Income taxes      (benefit)                2      (529)       (82)     Depreciation            112         57      1,526     Non-cash      stock based      compensation             -          4          4     Foreign      currency      losses      (gains)                  -         29         28     Loss on      disposition      of fixed      assets                   -          2          2     Adjusted      EBITDA*                223      (988)      3,081   


     CENTURY CASINOS, INC. AND SUBSIDIARIES       SUPPLEMENTAL INFORMATION       Century Casinos, Inc.     Reconciliation of Adjusted EBITDA * to Earnings (Loss) by       Property (Unaudited)     For the Three and Nine Months Ended September 30, 2011 and 2010                           Three Months Ended September 30, 2010                                             Central    Cripple                       Edmonton   Calgary      City      Creek       Earnings      (loss)              769      (119)        377        217     Interest      income              (4)          -          -          -     Interest      expense             280          -          -          -     Income taxes      (benefit)           296       (45)        219        134     Depreciation         350         77        677        288     Non-cash      stock based      compensation          -          -          -          -     Foreign      currency      (gains)             (4)        (3)          -          -     Property      write-down      and other      write offs            -          -         10          -     Loss on      disposition      of fixed      assets                6          -          -          -     Adjusted      EBITDA*           1,693       (90)      1,283        639                           Nine Months Ended September 30, 2011                                             Central    Cripple                      Edmonton   Calgary       City      Creek       Earnings      (loss)            3,242      (152)        673        777     Interest      income             (13)          -          -          -     Interest      expense             626          1          -          -     Income taxes      (benefit)           975      (144)        377        476     Depreciation       1,114        577      1,854        771     Non-cash      stock based      compensation          -          -          -          -     Foreign      currency      (gains)      losses              (5)         36          -          -     Loss (Gain)      on      disposition      of fixed      assets                -          -         15        (5)     Adjusted      EBITDA*           5,939        318      2,919      2,019   


                        Three Months Ended September 30, 2010                            Cruise                           Ships &                            Other   Corporate    Total       Earnings      (loss)                 29      (952)        321     Interest      income                  -       (13)       (17)     Interest      expense                 -          -        280     Income taxes      (benefit)               1      (431)        174     Depreciation            83         54      1,529     Non-cash      stock based      compensation            -         98         98     Foreign      currency      (gains)                 -       (15)       (22)     Property      write-down      and other      write offs              -       (10)          -     Loss on      disposition      of fixed      assets                  -         55         61     Adjusted      EBITDA*               113    (1,214)      2,424                          Nine Months Ended September 30, 2011                           Cruise                          Ships &                           Other    Corporate    Total       Earnings      (loss)                387    (2,496)      2,431     Interest      income                  -          -       (13)     Interest      expense                 -          1        628     Income taxes      (benefit)               7    (1,295)        396     Depreciation           331        185      4,832     Non-cash      stock based      compensation            -        196        196     Foreign      currency      (gains)      losses                  -      (192)      (161)     Loss (Gain)      on      disposition      of fixed      assets                 43          2         55     Adjusted      EBITDA*               768    (3,599)      8,364   


     CENTURY CASINOS, INC. AND SUBSIDIARIES     SUPPLEMENTAL INFORMATION     Century Casinos, Inc.     Reconciliation of Adjusted EBITDA * to Earnings (Loss) by      Property (Unaudited)     For the Three and Nine Months Ended September 30, 2011 and 2010                      Nine Months Ended September 30, 2010                                             Central    Cripple                      Edmonton   Calgary       City      Creek       Earnings      (loss)            2,340       (87)        723        279     Interest      income             (20)        (1)          -          -     Interest      expense             857          -          -          -     Income taxes      (benefit)           856       (33)        405        171     Depreciation       1,047        185      2,023        871     Non-cash      stock based      compensation          -          -          -          -     Foreign      currency      losses      (gains)              18        (2)          -          -     Loss on      disposition      of fixed      assets                9          -          1          1     Adjusted      EBITDA*           5,107         62      3,152      1,322   


                      Nine Months Ended September 30, 2010                        Cruise                       Ships &                        Other    Corporate    Total       Earnings      (loss)             94       (3,158)        191     Interest      income              -          (18)       (39)     Interest      expense             -             4        861     Income taxes      (benefit)           3         (956)        446     Depreciation       253           163      4,542     Non-cash      stock based      compensation        -           386        386     Foreign      currency      losses      (gains)             -            57         73     Loss on      disposition      of fixed      assets              -            57         68     Adjusted      EBITDA*           350       (3,465)      6,528   


*  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 as reported under GAAP. Adjusted EBITDA is not considered a measure of performance recognized under accounting principles generally accepted in the United States of Ameri! ca. Management believes 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) 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 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 Section 27A of the Security Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and 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, statements regarding future results of operations, operational efficiencies, synergies and operational performance, 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 f! orward-looking statements include, among others, the risks described in the section entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K for 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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