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14
May 2008
Century
Casinos Reports Q1 2008
Earnings
Century
Casinos
have reported financial results
for the three months ended March
31, 2008.
For
the first quarter of 2008, net
operating revenue was $20,980,000
and consolidated Adjusted EBITDA
was $4,393,000. This represents a
slight decrease in net operating
revenue over the same quarter of
last year ($21,144,000 in the
first quarter of 2007) and a 16%
decrease in consolidated Adjusted
EBITDA* ($5,220,000 in the first
quarter of 2007). Improvements in
net operating revenue at the
Company's property in Edmonton
were offset by a decline in net
operating revenue at our
properties in Colorado,
particularly at
Womacks.
The
Company reported net earnings of
$541,000, or $0.02 per basic
share for the quarter ended March
31, 2008. Net earnings for the
2007 first quarter were
$1,542,000, or $0.07 per basic
share. In the first quarter of
2008, the Company incurred
increases in depreciation charges
of $246,000, primarily related to
gaming and non-gaming equipment
additions during 2007. In
addition, stock-based
compensation expense increased by
$334,000 primarily due to the
issuance of stock options and
restricted stock in July 2007. In
April 2008, the Company received
a written waiver from its lender
in Central City for a covenant
violation in exchange for a cash
payment of $162,500. This amount
was included in interest expense
during the first quarter of 2008.
Interest expense without the
waiver fee decreased by $522,000
when comparing the quarter ended
March 31, 2008 to the same
quarter in 2007. Finally, general
and administrative expenses
increased at the Company's North
American casinos by approximately
$457,000 due to additional
property tax accruals and utility
charges.
"We
are pleased with the growth at
our Canadian operation, but we
face significant challenges at
our Colorado operations in light
of the economic downturn and the
smoking ban that became effective
on January 1, 2008," said Co CEOs
Erwin Haitzmann and Peter
Hoetzinger. "We expect to see our
short term growth come from
international markets such as
Canada and Poland."
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