CASINO AMERICA REPORTS SECOND QUARTER AND SIX MONTH RESULTS.BILOXI Biloxi (bĭlŭk`sē), city (1990 pop. 46,319), Harrison co., SE Miss., on a peninsula between Biloxi Bay and Mississippi Sound, on the Gulf of Mexico; inc. as a town 1838, as a city 1896. , Miss.--(BUSINESS WIRE)--Dec. 1, 1994--Casino America, Inc. (Nasdaq:CSNO CSNO California School Nurses Organization ) today announced results for the second quarter and six months of fiscal 1995 ended October 31, 1994. For the three months ended October 31, 1994 net income was $4,685,000 or $0.30 per share. The earnings of the Company were effected by unusually high new development expenses connected with the Company's activities in several states in which referendums for gaming were on the ballets in November. The Company estimated that its new development expenses were higher than previous quarters by approximately $1.2 million or $0.05 per share, tax effected. This compares to net income of $9,043,000 or $0.55 per share for the comparable period last year. Revenues for the quarter ended October 31, 1994 were $32,017,000, of which $29,419,000 were 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. revenues and the balance was for management fees, food, beverages and other. For the quarter ended October 31, 1993, the Company's revenues were $44,915,000, of which $43,836,000 were casino revenues and the balance was for food, beverages and other. For the six months ended October 31, 1994, net income was $8,593,000 or $0.55 per share. This compares to net income of $10,108,000 or $0.62 per share for comparable period last year. Revenues for the first six months of fiscal 1995 were $65,633,000, of which $60,581,000 were casino revenues and the balance was for management fees, food, beverages and other. For the first six months of fiscal 1994, revenues were $67,210,000, of which $65,195,000 were casino revenues and the balance was for consulting fees, food, beverages and other. The results for 1994 are restated to reflect the Company's three for two stock split in April 1994. The Isle of Isle of For names of actual isles, see the specific element of the name; for example, Wight, Isle of. Capri Casino and Hotel - Bossier City Bossier City (bō`zhər), city (1990 pop. 52,721), Bossier parish, NW La., on the Red River, across from Shreveport, with which it is connected by several bridges; inc. 1907. Barksdale Air Force Base, home of the Second U.S. , operated as unconsolidated joint ventures, 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. of $12,816,000 for the second quarter of fiscal 1995 ended October 31, 1994 on revenues of $41,051,000 of which $38,696,000 were casino revenues. For the six month period, operating income was $22,505,000 on revenues of $73,404,000 of which $69,068,000 were casino revenues. Allan B. Solomon, Secretary of Casino America, commented, "The revenues at our Bossier City casino ranks it among the top revenue generating casinos A list of casinos. Antigua and Barbuda
Mississippi (mĭs'əsĭp`ē), one of the Deep South states of the United States. It is bordered by Alabama (E), the Gulf of Mexico (S), Arkansas and Louisiana, with most of the border formed by markets, combined with our unique product and excellent customer service has enabled us to initially capture substantial market share and revenues. As these markets have become more competitive, it was expected that we would experience a decline in our revenue base. We believe that revenues in our Mississippi markets have begun to stabilize stabilize See peg. and we have increased our market share in both Biloxi and Vicksburg, which remain extremely profitable properties for Casino America. For the three months ended October 31, 1994, the Isle of Capri Casino - Biloxi had operating income of $2,598,000 on revenues of $14,452,000. For the same period the Isle of Capri Casino - Vicksburg had operating income of $4,796,000 on revenues of $16,309,000." Mr. Solomon continued, "For the six months ended October 31, 1994, the Isle of Capri Casino - Biloxi had operating income of $5,508,000 on revenues of $30,348,000. For the same period the Isle of Capri Casino - Vicksburg had operating income of $9,396,000 on revenues of $33,049,000." Casino America owns and operates three riverboat riv·er·boat n. A boat suitable for use on a river. and dockside casinos. The Company currently operates the Isle of Capri Casino in Biloxi, the Isle of Capri Casino in Vicksburg, and the Isle of Capri Casino in Bossier City, Louisiana Bossier City is a city in Bossier Parish, Louisiana, United States. [1] [2] As of the 2000 Census, the city had a total population of 56,461. Bossier City is closely tied to its larger sister city Shreveport, located on the western bank of the Red River. . The Isle of Capri Casino in Bossier City, Louisiana is a joint venture between Casino America and Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. Downs, the Downs, The, roadstead, c.8 mi (13 km) long and 6 mi (9.7 km) wide, between North Foreland and South Foreland, off Deal, Kent, SE England, in the English Channel. It is protected, except from strong south winds, by the Goodwin Sands and the coast. owner of the largest horse racing horse racing, trials of speed involving two or more horses. It includes races among harnessed horses with one of two particular gaits, among saddled Thoroughbreds (or, less frequently, quarterhorses) on a flat track, or among saddled horses over a turf course with track in Louisiana and was
opened on May 20, 1994. -0-
CASINO AMERICA, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share amounts)
Three Months Ended Six Months Ended
10/31/94 10/31/93 10/31/94 10/31/93
Revenue:
Casino $29,419 $43,836 $60,581 $65,195
Management fees, food,
beverage & other 2,598 1,079 5,052 2,015
Total $32,017 $44,915 $65,633 $67,210
Expenses:
Operating & other expenses 29,855 30,703 59,864 51,279
Equity in income/(loss) of unconsolidated
joint ventures 5,730 (292) 8,326 (378)
Income before income taxes 7,892 13,920 14,095 15,553
Income taxes 3,207 4,877 5,502 5,445
Net income $4,685 $9,043 $8,593 $10,108
Earnings per share(a):
Fully diluted $0.30 $0.55 $0.55 $0.62
Weighted average number of shares(a):
Fully diluted 15,648 16,330 15,673 16,346
-0-
(a) results reflect the Company's three for two stock split in April 1994. CONTACT: Casino America
Allan B. Solomon, 407/995-6660
or
Morgen-Walke Associates
Investor Contact:
Betsy Brod/Carolyn Sekac
Media Contact:
Helen Spanakos
212/850-5600
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