Boardwalk Casino reports second-quarter and six-month results.LAS VEGAS--(BUSINESS WIRE)--May 16, 1995--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) today announced results for its second quarter and six months ended March 31, 1995. Total revenues for the quarter ($1,603,998) declined 2% from the year-ago quarter. The contraction contraction, in physics contraction, in physics: see expansion. contraction, in grammar contraction, in writing: see abbreviation. contraction - reduction in total revenue was the result of a 26% decrease in casino revenue directly attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the continued construction disruptions impeding im·pede tr.v. im·ped·ed, im·ped·ing, im·pedes To retard or obstruct the progress of. See Synonyms at hinder1. [Latin imped the access of patrons, and a 12% reduction in the number of slot machines in service on the casino floor. This decline was partially offset by a 28% year-to-year increase in hotel revenues. Higher fixed costs fixed costs, n.pl the costs that do not change to meet fluctuations in enrollment or in use of services (e.g., salaries, rent, business license fees, and depreciation). associated with the nearly completed expanded facility contributed to the second-quarter net loss of $259,664 or 4 cents a share, vs. a net loss of $65,466 or 1 cent a share in the year-ago period. Total revenues for the six-month period ($3,187,280) declined 3% from last year. Net loss was $525,414 (9 cents a share) compared with net income of $39,488 (1 cent a share). The company opened a slightly expanded temporary casino at the end of April and expects to complete Phase II -- consisting of the construction of a 400-foot long Coney coney or cony (both: kō`nē), name used for the rabbit (Oryctolagus) and for its fur; more often, for the pika, a small rodent found at high altitudes in both hemispheres; and for the hyrax, a small herbivorous, Island-styled boardwalk, 7,000 square feet of retail space running along the Strip, and a casino expansion to 33,000 square feet -- in the third quarter. Boardwalk secured financing for 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 of its expansion program on April 12, 1995, with the placement of $40 million of First Mortgage Notes. This phase will include the construction of a 472-room hotel tower, a parking structure, and further expansion of the new casino. The new rooms will bring the total number of rooms to 675. Boardwalk plans to partially open the tower by December December: see month. 31, 1995 with full completion anticipated in the first calendar quarter of 1996. Chief Executive Officer and gaming veteran 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. commented, "I believe that the next two quarters will provide Boardwalk with some very important milestones. We look forward to the Grand Opening of the new casino and are very happy with the current room tower construction." Boardwalk Casino Inc. 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 boulevard Broad landscaped avenue that typically permits several lanes of vehicular traffic as well as pedestrian walkways. The earliest boulevards originally followed the city walls (the word originally meant “bulwark”) and were built in the ancient Middle (The "Strip") near Harmon Harmon is a surname, and may refer to:
Boardwalk Casino Inc.
Balance Sheets
ASSETS
March 31, 1995 Sept. 30, 1994
Current assets:
Cash and equivalents $ 527,317 $ 4,860,967
Receivables, net of
allowance for doubtful
accounts of $8,926
and $3,025 13,827 49,824
Inventory 31,312 36,402
Prepaid expenses 239,372 330,803
Total current assets 811,828 5,277,996
Property and equipment, net of accumulated depreciation of $3,537,688 and $3,186,238 16,207,952 10,368,508
Other assets:
Deferred costs, net of
accumulated amortization
of $306,313 and $283,614 129,867 152,566
Receivable from related
party 46,780 56,780
Other 64,541 39,453
Total other assets 241,188 248,799
Total assets $17,260,968 $15,895,303
Liabilities and Shareholders' Equity
Current liabilities: Current maturities of long-term debt $ 418,007 $ 382,359 Current maturities of contracts and notes payable 1,287,712 281,837 Accounts payable 304,105 237,477 Construction accounts payable 1,002,482 - Accrued expenses and current liabilities 364,941 487,668 Total current liabilities 3,377,247 1,389,341 Long-term debt, less current portion 4,720,846 4,898,555
Contracts and notes payable
less current portion - 19,118
Total liabilities 8,098,093 6,307,014
Commitments and contingencies
Shareholders' equity:
Preferred stock, $.001 par
value; 15,000,000 shares
authorized, none issued
Common stock, $.001 par
value per share;
15,000,000 shares
authorized; 5,915,000
issued and outstanding 5,915 5,915
Capital in excess of par 10,628,901 10,528,901
Accumulated deficit (1,471,941) (946,527)
Total shareholders'
equity 9,162,875 9,588,289
Total liabilities and
shareholders' equity $17,260,968 $15,895,303
-0-
Boardwalk Casino Inc.
Statements of Income
For the periods ended March 31
Three months Six months
1995 1994 1995 1994
Revenues:
Casino $505,149 $685,285 $949,921 $1,335,742
Rooms 732,833 570,832 1,520,426 1,173,073
Food and beverage 315,239 362,775 612,552 714,644
Other 50,777 22,000 104,381 46,676
1,603,998 1,640,892 3,187,280 3,270,135
Costs and expenses:
Casino 509,388 370,894 902,898 766,289
Rooms 402,395 273,825 826,465 592,002
Food and beverage 416,520 438,453 849,900 778,211
Other 10,567 32,058 25,190 39,755
Selling, general and
administrative 334,556 313,271 648,210 540,903
Depreciation and
amortization 190,428 113,432 374,149 204,472
1,863,854 1,541,933 3,626,812 2,921,632
Income (loss) from operations (259,856) 98,959 (439,532) 348,503
Other (income) expense:
Interest income (20,086) -- (68,921) --
Interest expense 19,894 199,675 154,803 287,813
(192) 199,675 85,882 287,813
Income (loss) before income taxes (259,664) (100,716) (525,414) 60,690 Income tax provision (benefit) -- (35,250) -- 21,242 Income (loss) before extraordinary item (259,664) (65,466) (525,414) 39,448 Extraordinary item -- loss on early retirement of debt, net of applicable income tax benefit -- (232,329) -- (232,329) Net income (loss) $(259,664) $(297,795) $(525,414) $(192,881)
Income (loss) per share
of common stock
Income (loss) before
extraordinary item $(.04) $(.01) $(.09) $.01
Extraordinary item --
loss on early
retirement of debt,
net of applicable
income tax benefit -- (.04) -- (.05)
$(.04) $(.05) $(.09) $(.04)
Weighted Average Common Shares Outstanding 5,915,000 5,435,130 5,915,000 4,747,658 CONTACT: Boardwalk Casino Inc. Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. Sposato, Chief Financial Officer 702/739-8481 Fax: 702/739-7918 |
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