BILOXI, Miss., Aug. 12 /PRNewswire/ -- Casino America, Inc. (Nasdaq: CSNO)
today announced its results for the first quarter ended July 27, 1997.
For the quarter, the Company reported net income of $2,948,000 or $0.13
per share on 23,366,000 weighted average common shares. There were no pre-
opening expenses in the quarter. Consolidated revenue for the first quarter
was $111,737,000 of which $99,147,000 was casino revenue, and the balance
consisted of hotel revenue, pari-mutuel commissions, food, beverage and other.
John M. Gallaway, President and Chief Operating Officer remarked, "We are
pleased with the continued quarterly EBITDA improvement at our properties.
This is a result of our emphasis on efficient marketing combined with
streamlining and standardizing our operations to offer a consistent, quality
product."
For the quarter ended July 31, 1996, the Company had net income of
$2,917,000 or $0.14 per share on 20,666,000 weighted average common shares.
There were $1,984,000 in pre-tax, pre-opening expenses during that quarter.
Consolidated revenue for that quarter was $48,120,000, of which $37,474,000
was casino revenue, and the balance consisted of hotel revenues, pari-mutuel
commissions, management fees, food, beverage and other. Revenue from the
Isle-Bossier City and the Isle-Lake Charles were not consolidated during this
quarter as these properties were accounted for using the equity method of
accounting prior to August 6, 1996.
Casino America, Inc. owns and operates five riverboat and dockside casinos
at four locations. The Company currently operates the Isle of Capri Casino in
Biloxi, Mississippi; the Isle of Capri Casino in Vicksburg, Mississippi; the
Isle of Capri Casino in Bossier City, Louisiana; and two riverboats operating
as the Isle of Capri Casino in Lake Charles, Louisiana. The Company also
operates Pompano Park Harness-Racing Track in Pompano Beach, Florida.
NOTE: OTHER CASINO AMERICA, INC. PRESS RELEASES AND A CORPORATE PROFILE
ARE AVAILABLE BY FAX AT NO CHARGE. FOR A MENU OF AVAILABLE CASINO AMERICA
PRESS RELEASES, CALL 800/758-5804, EXTENSION 145913 OR AT
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http://www.casinoamerica.com.
Casino America, Inc.
Consolidated Statements of Income
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended
July 27, July 31,
1997 1996
Revenues:
Casino $99,147 $37,474
Pari-mutuel commissions
and fees 4,487 3,386
Management fees, hotel, food,
beverage & other 8,103 7,260
Total Revenue 111,737 48,120
Operating and other expenses:
Corporate and new
development (A) 2,832 2,424
Properties 84,666 36,161
Depreciation and
amortization 8,279 3,373
Preopening expenses 0 1,984
Total Operating and
other expenses 95,777 43,942
Operating income 15,960 4,178
Equity in income of
unconsolidated joint ventures
(exclusive of preopening
expenses) (B) 0 4,279
Other 67 0
Net interest expenses (C)(11,113) (4,311)
Income before income taxes4,914 4,146
Income tax provision (A) 1,966 1,229
Net income $2,948 $2,917
Net income per share $0.13 $0.14
Weighted average common
shares 23,366 20,666
(A) Corporate and new development operating expenses include franchise
taxes of $386 and $394, respectively, which were classified as income
taxes in previous periods.
(B) The operations of the Company's Bossier City and Lake Charles casinos
were consolidated after August 6, 1996.
(C) Net of capitalized interest of $94 and $0 respectively.
Casino America, Inc.
Comparative Financial Highlights by Casino Property
(Unaudited)
(In thousands)
Three Months Ended
July 27, July 31, April 27,
1997 1996 1997
BILOXI
Gaming Revenue $19,771 $19,057 $18,923
Total Revenue (A) 23,566 23,115 22,269
EBITDA (B) 6,122 5,667 5,081
EBITDA as % of
Total Revenue 26.0% 24.5% 22.8%
Operating
Income (F) $4,150 $3,667 $3,093
VICKSBURG
Gaming Revenue $12,727 $13,905 $11,832
Total Revenue (A) 13,334 14,673 12,423
EBITDA (B) 3,847 3,120 4,121
EBITDA as % of
Total Revenue 28.9% 21.3% 33.2%
Operating
Income (F) $2,852 $2,146 $3,276
BOSSIER CITY (D)
Gaming Revenue $32,083 $37,366 $30,959
Total Revenue (A) 34,378 40,357 32,864
Adjusted EBITDA
(B) (E) 8,051 10,110 7,805
Adj. EBITDA as %
of Total Revenue 23.4% 25.1% 23.7%
Operating Income (F)$6,529 $8,681 $6,215
LAKE CHARLES (C) (D)
Gaming Revenue $34,474 $27,771 $32,856
Total Revenue (A) 35,336 28,799 33,725
Adjusted EBITDA
(B) (E) 8,940 7,099 8,162
EBITDA as %
of Total Revenue25.3% 24.7% 24.2%
Operating Income (F)$6,132 $5,376 $5,521
Footnotes:
(A) - Total Revenues are presented net of complimentaries.
(B) - EBITDA is presented before preopening charges, intercompany
management fees, and the fourth quarter fiscal 1997 double jackpot
settlement expense.
(C) - Grand Palais opened at Isle of Capri-Lake Charles on July 12, 1996.
(D) - The operations of the Company's Bossier City and Lake Charles
casinos are consolidated after August 6, 1996.
(E) - Bossier City's EBITDA, for fiscal 1997, has been adjusted for the
intraperiod effects of the Boarding Fee decision.
(F) - Operating Income is presented before preopening charges,
intercompany management fees, and the fiscal 1997 double jackpot
settlement expense.
SOURCE Casino America, Inc.
CONTACT: Allan Solomon, Executive Vice President, 561-995-6660, or Rex Yeisley, Chief Financial Officer, 601-436-7052, both of Casino America
