Boardwalk Casino Inc. reports second-quarter and six-month results.LAS VEGAS--(BUSINESS WIRE)--May 8, 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) Thursday Thursday: see week. announced results for its second quarter and six months ended March 31, 1997. Total revenues for the quarter, $10,108,000, increased 67% from the year-ago quarter. The company reported operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the quarter of $1,313,000 vs. $352,000 a year ago. The net loss for the quarter was $464,000, 6 cents a share, on 7,179,429 shares vs. a net loss of $888,000, 15 cents a share, on 6,080,204 shares in last year's quarter. The company unveiled its 370-seat "Surf 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 " at the end of the second quarter. The remaining portion of the Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA expansion, the meeting rooms, is expected to be complete in the third quarter. Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Greathouse, the new chief executive officer of Boardwalk Casino, commented, "This quarter was another important period in our company's development. We continue to build strength in our revenue generating areas, good customer service, and great price/value offerings. A great example is our new buffet. I'm I'm Contraction of I am. Our Living Language Speakers of some scattered varieties of American English sometimes use I'm instead of I've or I have in present perfect constructions, as in excited to be part of the team here at the Boardwalk, and working together we will complete the work our founder and friend Norm Jansen Jan·sen , Cornelis 1585-1638. Dutch theologian and founder of the Jansenist movement, whose adherents included Antoine Arnauld, Blaise Pascal, and Jean Racine. Noun 1. started." Boardwalk Casino currently owns and operates a 653-room hotel, operating as a Holiday Inn franchise, and a 33,000-square foot casino located on 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. Blvd Blvd abbr (= boulevard) → Bd . (the "Strip"). -0-
Boardwalk Casino Inc.
Condensed Balance Sheets
(dollars in thousands)
March 31, Sept. 30,
1997 1996
Assets
Current Assets:
Cash and cash equivalents $ 2,310 $ 4,772
Prepaid expenses 765 574
Other current assets 650 514
Total current assets 3,725 5,860
Property and equipment, net 57,602 55,486
Deferred costs, net 1,460 1,645
Other assets 310 180
Total Assets $63,097 $63,171
Liabilities and Stockholders' Equity
Current Liabilities:
Current maturities of long-term
debt 3,455 3,115
Accounts payable and accrued
expenses 4,937 4,001
Total current liabilities 8,392 7,116
Long-term debt, less current
maturities 43,648 44,310
Total liabilities 52,040 51,426
Stockholders' Equity
Common Stock 7 7
Additional paid-in capital 22,435 22,435
Accumulated deficit (11,385) (10,697)
Total stockholders' equity 11,057 11,745
Total liabilities and stockholders'
equity $63,097 $63,171
-0-
Boardwalk Casino Inc.
(All numbers in thousands, except per share data)
Three Months Ended Six Months Ended
March 31, March 31,
1997 1996 1997 1996
Casino $ 5,507 $ 4,022 $10,588 $ 6,417
Rooms 2,887 1,197 6,089 1,962
Food/Beverage 1,255 669 2,302 1,221
Rental/Other 459 159 935 218
Net Sales $10,108 $ 6,047 $19,914 $ 9,818
Operating Costs:
Casino $ 3,285 $ 2,651 $ 6,292 $ 4,553
Rooms 1,231 653 2,436 1,114
Food/Beverage 1,676 952 3,195 1,779
Other 54 14 130 38
S G & A 1,724 931 3,393 1,781
Dep. & Amort. 825 494 1,648 968
Operating Income (Loss) $ 1,313 $ 352 $ 2,820 $ (415)
Other Expense:
Interest Expense $ 1,813 $ 1,368 $ 3,585 $ 3,080
Other Exp. (Income) (36) (128) (77) (351)
Pretax Loss (464) (888) (688) (3,144)
Taxes - - - -
Net Loss (464) (888) (688) (3,144)
EPS (6 cents) (15 cents) (9 cents) (52 cents)
Weighted Average Shares 7,179 6,080 7,179 6,080
CONTACT: Boardwalk Casino Inc., Las Vegas Nan McKown, 702/730-3108 fax, 702/739-7918 E-mail: NMckown670@aol.com America Online's Internet domain address. When sending e-mail to an AOL subscriber via the Internet, the aol.com is the last part of the address; for example: jjones@aol.com. http://www.hiboardwalk.com/invest.htm |
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