Boardwalk Casino reports year-end results.LAS VEGAS--(BUSINESS WIRE)--Dec. 19, 1996--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 record net revenues for the fiscal-year and fourth quarter ended Sept. 30, 1996. Total revenue for the year was $27,912,000, representing an increase of 341% from the $6,324,000 generated last year. EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become (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 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 $5,337,000 (91 cents per share) last year. EBITDA for the fourth quarter was $1,741,000, after taking a one time charge of $500,000. The fourth quarter's 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. was $859,000, as compared to a loss of $1,290,000 last year. The net loss for the fourth quarter was $813,000 -- 13 cents per share -- after the one time charge and adjusted depreciation charges. Last year's loss was $2,224,000, or 38 cents per share. 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. commented, "Fiscal 1996 has proved to be a benchmark A performance test of hardware and/or software. There are various programs that very accurately test the raw power of a single machine, the interaction in a single client/server system (one server/multiple clients) and the transactions per second in a transaction processing system. year for the company and operationally we had our best quarter ever. The main thrust of our initial expansion has been completed, and operating income continues to improve as we enter the new year. "We are currently building out our meeting rooms and 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 and look forward to these additions accelerating our revenue and earnings growth rate. Additionally, we have leased adjacent acreage and are in the process of creating a master plan for the further expansion of the property. We anticipate that fiscal 1997 will be a very exciting year." 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.
Condensed Balance Sheets
(dollars in thousands)
Dec. 30, Sept. 30,
1996 1995
Assets
Current assets:
Cash and cash equivalents $ 4,772 $ 3,650
Restricted cash equivalents 0 1,464
Prepaid expenses 574 434
Other current assets 514 97
Total current assets 5,860 5,645
Property and equipment, net 55,486 34,132
Restricted cash equivalents 0 16,459
Deferred costs, net 1,645 1,380
Other assets 180 78
Total assets $ 63,171 $ 57,694
Liabilities and Stockholders'
Equity
Current Liabilities:
Notes payable 0 $ 2,590
Current maturities of long-term
debt 3,115 862
Accounts payable and accrued
expenses 4,001 7,420
Total current liabilities 7,116 10,872
Long-term debt, less current
maturities 44,310 37,205
Total liabilities 51,426 48,077
Stockholders' Equity
Common stock 7 6
Additional paid-in capital 22,435 15,894
Accumulated deficit (10,697) (6,283)
Total stockholders' equity 11,745 9,617
Total liabilities and
stockholders' equity $ 63,171 $ 57,694
Boardwalk Casino Inc.
(all numbers in thousands, except per share data)
FYE: (September 30,) 1996 1995
Casino $ 16,898 $ 2,128
Rooms 7,071 2,825
Food/beverage 3,105 1,233
Rental/other 838 138
Net sales $ 27,912 $ 6,324
Operating Costs:
Casino $ 10,788 $ 2,415
Rooms 3,461 1,676
Food/beverage 4,168 1,746
Other 173 64
SG&A 5,175 2,209
Dep. & Amort. 2,525 840
Operating income (loss) 1,622 (2,626)
Other expense:
Interest income (395) (654)
Interest expense 6,431 2,220
Loss on disposal of
fixed assets -- 1,101
(Loss) before extraordinary item (4,414) (5,293)
Extraordinary loss on early
retirement of debt -- (44)
Net loss $ (4,414) $ (5,337)
EPS before extraordinary item ($0.70) ($0.90)
Extraordinary loss on
early retirement of debt -- ($0.01)
---------- ----------
($0.70) ($0.91)
Weighted average shares 6,292 5,902
QTR: (September 30,) 1996 1995
Casino $ 5,663 $ 663
Rooms 2,655 616
Food/beverage 1,039 304
Rental/other 322 (9)
Net sales $ 9,679 $ 1,574
Operating Costs:
Casino $ 3,308 $ 998
Rooms 1,231 443
Food/beverage 1,267 484
Other 61 18
SG&A 2,071 687
Dep. & Amort. 882 234
Operating income (loss) 859 (1,290)
Other expense:
Interest income (9) (271)
Interest expense 1,681 983
Loss on disposal of
fixed assets -- 222
(Loss) before extraordinary item (813) (2,224)
Extraordinary loss on early
retirement of debt -- 10
Net loss $ (813) $ (2,214)
EPS before extraordinary item ($0.13) ($0.38)
Extraordinary loss on
early retirement of debt -- --
---------- ----------
($0.13) ($0.38)
Weighted average shares 6,292 5,902
CONTACT: Boardwalk Casino Inc., Las Vegas Nan McKown, Investor Relations Investor relations The process by which the corporation communicates with its investors. , 702/730-3108 fax: 702/739-7918 |
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