Boardwalk Casino Inc. reports first-quarter earnings.LAS VEGAS--(BUSINESS WIRE)--Feb. 10, 1997--Boardwalk Casino casino or cassino (both: kəsē`nō). 1 Card game played with a full deck by two to four players. Its origins are obscure though it probably traces back to the Italian game of Scopa. Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :BWLK) Monday Monday: see week. announced results for its first quarter ended Dec. 31, 1996. Revenues for the quarter were $9,806,000 representing an increase of 161 percent from the $3,760,000 generated during the same quarter of the prior year. Earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
The net loss for the quarter was $224,524, or 3 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with a net loss of $2,255,500, or 37 cents per share, in the quarter of the prior year. Forrest For·rest , Nathan Bedford 1821-1877. American Confederate general who was active at the battles of Shiloh (1862) and Chickamauga (1863). He was a founder and the first leader (1866-1869) of the Ku Klux Klan. J. Woodward II, president and chief operating officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Boardwalk Casino commented: "This is the fourth consecutive quarter of improved financial performance at the Boardwalk. As we complete the physical improvements to the Boardwalk, our operating results improve." The company is continuing to build out its physical plant and expects to complete its "WORLD FAMOUS SURF surf: see wave, in oceanography; beach. BUFFET A buffet is a meal serving system where patrons serve themselves. It is a popular method of feeding large numbers of people with minimal staff. The term is also used to describe a sideboard, an antique form of furniture which was sometimes used to offer the dishes of a buffet meal " in March of 1997. The company will then concentrate its development efforts on its meeting room facilities, which are scheduled to be completed in June June: see month. 1997. Boardwalk Casino owns and operates the Holiday Inn Casino Boardwalk located in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. on Las Vegas Boulevard (The "Strip") near Harmon Harmon is a surname, and may refer to:
BOARDWALK CASINO INC.
Condensed Balance Sheets
(Dollars in thousands)
Dec. 31, Sept. 30,
Assets 1996 1996
Current Assets:
Cash and cash equivalents $4,794 $4,772
Prepaid expenses 719 574
Other current assets 888 514
Total current assets 6,401 5,860
Property and equipment, net 55,942 55,486
Deferred costs, net 1,554 1,645
Other assets 179 180
Total Assets $64,076 $63,171
Liabilities and Stockholders'
Equity
Current Liabilities:
Current maturities of long-term
debt 2,922 3,115
Accounts payable and accrued
expenses 5,618 4,001
Total current liabilities 8,540 7,116
Long-term debt, less current
maturities 44,016 44,310
Total liabilities 52,556 51,426
Stockholders' Equity
Common Stock 7 7
Additional paid-in-capital 22,435 22,435
Accumulated deficit (10,922) (10,697)
Total stockholders' equity 11,520 11,745
Total liabilities and stockholders'
equity $64,076 $63,171
-0-
BOARDWALK CASINO INC.
Condensed Balance Sheets
(All numbers in thousands, except per share data)
Quarter Ended
Dec. 31,
1996 1995
Casino $5,081 $2,395
Rooms $3,202 $754
Food/Beverage $1,047 $552
Rental/Other $476 $59
Net Sales $9,806 $3,760
Operating Costs:
Casino $3,007 $1,805
Rooms $1,205 $450
Food/Beverage $1,520 $828
Other $76 $24
S G & A $1,669 $946
Dep. & Amort. $823 $474
Operating Income (Loss) $1,506 $(767)
Other Expense:
Interest Expense $1,772 $1,713
Other Exp. (Income) $(41) $(224)
Pretax Loss $(225) $(2,256)
Taxes -- --
Net Loss $(225) $(2,256)
EPS $(0.03) $(0.37)
Weighted Average Shares 7,179 6,078
CONTACT: Boardwalk Casino Inc., Las Vegas Nan McKown, 702/730-3108 702/739-7918 (fax) NMckown670@aol.com http://www.hiboardwalk.com/invest.htm |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion