Choctaw Resort Development Enterprise Announces 2002 Annual Results.Business Editors CHOCTAW Choctaw (chŏk`tô), Native North Americans whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). RESERVATION A clause in a deed of real property whereby the grantor, one who transfers property, creates and retains for the grantor some right or interest in the estate granted, such as rent or an Easement ,a right of use over the land of another. , Miss.--(BUSINESS WIRE)--Dec. 23, 2002 The Choctaw Resort Development Enterprise (CRDE CRDE Certified Rooms Division Executive (American Hotel & Motel Association certification) CRDE Centre de Recherche et Developpement en Economique (University of Montreal) CRDE Common Rail Diesel Engine ) today announced revenues and results for its fiscal year, which ended September September: see month. 30, 2002. Net revenues for the year were $248.2 million compared to $237.6 million for the fiscal year ended September 30, 2001. The $10.6 million, or 4.5%, increase in net revenues was primarily due to an increase in gaming revenues attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to the opening of the Golden Moon on August 26, 2002. "With the grand opening of the Golden Moon, we have taken another step towards our goal of creating a world-class world-class adj. 1. Ranking among the foremost in the world; of an international standard of excellence; of the highest order: a world-class figure skater. 2. resort and destination and furthering the economic development in the region," said Jay Dorris Dorris may refer to:
All revenue sources increased for the year, including 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 increasing $6.4 million or 2.9%, food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. increasing by $1.6 million or 7.6%, room revenues by $0.9 million or 10.6% and other revenues by $1.8 million or 19.0%. Costs and expenses increased to $151.2 million for 2002 compared to $128.3 million for 2001 for an increase of $22.9 million or 17.9% primarily attributable to pre-opening costs related to the Golden Moon and Geyser Falls. The Enterprise plans to file its Annual Report on form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for its fiscal year ended September 30, 2002 on or about December December: see month. 27, 2002. 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 $97 million for the fiscal year ended September 30, 2002 compared to operating income of $109.3 million for the fiscal year ended September 30, 2001, a decrease of $12.3 million. The decrease was due primarily to pre-opening costs incurred related to the Golden Moon. 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 for fiscal year ended September 30, 2002 was $121.7 million compared to $122.1 million for the fiscal year ended September 30, 2001, a decrease of $0.4 million or 0.3%. "EBITDA" means earnings before interest, taxes, depreciation, amortization, certain non-cash expenses Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) and certain non-recurring items. EBITDA is presented because management believes it is widely used as a measure of operating performance in the gaming industry. EBITDA is not a measure under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting ("GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ") and should not be construed as an alternative to operating income (as determined in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with GAAP) as an indicator Indicator Anything used to predict future financial or economic trends. Notes: In the context of technical analysis, an indicator is a mathematical calculation based on a securities price and/or volume. The result is used to predict future prices. of cash flows or a measure of liquidity. All companies do not calculate EBITDA in the same manner. As a result, EBITDA as presented here may not be comparable to a similarly titled measure presented by other companies.
EBITDA is calculated as follows:
Year Ended Year Ended Year Ended
September 30, September 30, September 30,
2002 2001 2000
------------- ------------- -------------
Net Income $ 90,261,667 $ 98,041,535 $ 36,893,638
Depreciation 14,236,527 12,368,395 12,212,702
Other income (expense) 6,752,349 11,273,482 3,156,426
Preopening expense 10,498,580 375,206 -
------------- ------------- -------------
EBITDA $ 121,749,123 $ 122,058,618 $ 52,262,766
============= ============= =============
Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. Certain information included in this release and other materials filed or to be filed by the Enterprise with the Securities and Exchange Commission contains forward-looking statements, within the meaning of Section 21E of the Securities Exchange Act of 1934. Such statements include information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc plans for future expansion and other business development activities as well as other capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. , financing sources and the effects of regulation (including gaming and tax regulation) and competition. Such forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Enterprise. These risks and uncertainties include, but are not limited to, those relating to development and construction activities, dependence on existing management, leverage and debt service, domestic or global economic conditions, pending litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , changes in federal tax laws or the administration of such laws and changes in gaming laws Gaming law can be described as the set of rules and regulations that apply to the gaming or gambling industry. Gaming law is not exactly a branch of law in the traditional sense but rather a transversal gathering of a range of legal topics related to gaming which encompasses or regulations (including the legalization LEGALIZATION. The act of making lawful. 2. By legalization, is also understood the act by which a judge or competent officer authenticates a record, or other matter, in order that the same may be lawfully read in evidence. Vide Authentication. of gaming in certain jurisdictions). -0-
CHOCTAW RESORT DEVELOPMENT ENTERPRISE
BALANCE SHEETS
September 30, 2002 and 2001
September 30, September 30,
Assets 2002 2001
------------- -------------
Current assets:
Cash and cash equivalents $72,783,499 $81,822,543
Short term investments - 81,949,037
Accounts receivable (net of allowance of
$2,411,237 and $1,685,009) 3,961,599 3,085,106
Inventories 2,120,422 1,517,052
Prepaid expenses and other 1,403,550 1,784,209
------------- -------------
Total current assets 80,269,070 170,157,947
Property and equipment, net 410,892,145 206,222,932
Restricted cash 2,617,915 2,568,256
Deferred loan costs, net 5,617,005 6,595,249
Other assets 2,631,964 1,302,131
------------- -------------
Total assets $502,028,099 $386,846,515
------------- -------------
Liabilities and Owner's Equity
Current liabilities:
Current maturities of long-term debt $300,000 $300,000
Accounts payable 8,209,279 2,519,767
Construction accounts payable 17,375,937 15,883,132
Due to Tribe 3,875,465 81,401
Accrued liabilities:
Accrued payroll and related 8,195,759 5,247,757
Accrued expenses and other liabilities 9,047,224 7,991,053
Accrued interest expense 9,808,719 9,597,633
------------- -------------
Total current liabilities 56,812,383 41,620,743
Long-term debt, less current maturities 275,000,000 200,000,000
Commitments and contingencies - -
Owner's equity:
Contributed capital 199,888,916 181,552,126
Retained earnings (deficit) (29,439,139) (35,932,309)
Accumulated other comprehensive loss (234,061) (394,045)
------------- -------------
Total owner's equity 170,215,716 145,225,772
------------- -------------
Total liabilities and owner's equity $502,028,099 $386,846,515
------------- -------------
CHOCTAW RESORT DEVELOPMENT ENTERPRISE
STATEMENTS OF OPERATIONS
For the Years Ended September 30, 2002, 2001 and 2000
Year Ended Year Ended Year Ended
September 30, September 30, September 30,
2002 2001 2000
------------- ------------- -------------
Revenue:
Casino $227,725,191 $221,262,983 $231,764,213
Food and beverage 22,622,518 20,983,807 19,566,492
Rooms 9,435,982 8,463,478 8,763,236
Other 11,253,652 9,521,734 8,340,032
------------- ------------- -------------
Gross revenue 271,037,343 260,232,002 268,433,973
Less promotional allowances (22,789,333) (22,612,559) (20,206,918)
------------- ------------- -------------
Net revenue 248,248,010 237,619,443 248,227,055
------------- ------------- -------------
Costs and expenses:
Casino 61,000,541 60,086,718 58,990,590
Food and beverage 8,289,854 7,680,105 6,912,038
Rooms 1,769,729 1,500,193 1,404,184
Other 9,156,762 7,363,497 7,170,758
Selling, general and
administrative 40,192,773 33,559,800 28,272,380
Maintenance and utilities 6,089,228 5,370,512 4,800,747
Preopening expense 10,498,580 375,206 -
Management fee - - 16,413,592
Depreciation 14,236,527 12,368,395 12,212,702
Management agreement
termination fee - - 72,000,000
------------- ------------- -------------
Total 151,233,994 128,304,426 208,176,991
------------- ------------- -------------
Operating income 97,014,016 109,315,017 40,050,064
------------- ------------- -------------
Other income (expense):
Interest income 1,718,595 3,682,974 796,614
Interest expense (12,387,369) (13,117,655) (3,953,040)
Other income (expense) 3,916,425 (1,838,801) -
------------- ------------- -------------
Total (6,752,349) (11,273,482) (3,156,426)
------------- ------------- -------------
Net income 90,261,667 98,041,535 36,893,638
Other comprehensive
income (loss) 159,984 (394,045) -
------------- ------------- -------------
Comprehensive income $90,421,651 $97,647,490 $36,893,638
------------- ------------- -------------
CHOCTAW RESORT DEVELOPMENT ENTERPRISE
STATEMENTS OF CASH FLOWS
For The Years Ended September 30, 2002, 2001 and 2000
Year Ended Year Ended Year Ended
September 30, September 30, September 30,
2002 2001 2000
------------- ------------- ------------
Cash flows from operating
activities:
Net income $90,261,667 $98,041,535 $36,893,638
Adjustments to reconcile net
income to net cash provided
by operating activities:
Cumulative effect of
accounting change - (541,847) -
Depreciation and
amortization 14,850,104 13,806,760 12,272,518
(Gain) loss on disposal of
property and equipment (425,778) 102,454 71,634
Change in operating assets
and liabilities:
Accounts receivable, net (876,493) 177,415 295,087
Inventories (603,370) (99,731) (405,058)
Prepaid expenses and other 380,659 (869,535) 561,548
Other assets (1,329,833) (656,790) (41,764)
Accounts payable and due
to Tribe 4,982,361 (5,229,254) (253,613)
Accrued liabilities 4,215,259 12,462,857 (2,909,774)
------------- ------------- ------------
Net cash provided by operating
activities 111,454,576 117,193,864 46,484,216
------------- ------------- ------------
Cash flows from investing
activities:
Acquisitions of property and
equipment, net of amounts in
construction accounts
payable (201,770,447) (47,610,281) (5,926,546)
Proceeds from disposal of
property and equipment 689,915 50,709
Proceeds from sale of short
term investments 82,513,481 21,392,039 -
Purchase of short term
investments - (103,391,616) -
Restricted cash (49,659) (124,912) (148,295)
------------- ------------- ------------
Net cash used in investing
activities (118,616,710) (129,734,770) (6,024,132)
------------- ------------- ------------
Cash flows from financing
activities:
Borrowings on credit
facility 75,000,000 - -
Proceeds from issuance of
long-term debt - 200,000,000 75,000,000
Repayment of long-term debt (62,500,000) (12,500,000)
Contribution of cash from
Tribe 6,931,380 24,707,375 2,128,224
Distributions to the Tribe (83,768,497) (96,905,012) (89,902,518)
Repayment of note payable to
Boyd - - (1,333,240)
Loan fees paid (39,793) (5,718,834) (358,898)
------------- ------------- ------------
Net cash provided by (used in)
financing activities (1,876,910) 59,583,529 (26,966,432)
------------- ------------- ------------
Net increase in cash and cash
equivalents (9,039,044) 47,042,623 13,493,652
Cash and cash equivalents at
beginning of period 81,822,543 34,779,920 21,286,268
------------- ------------- ------------
Cash and cash equivalents at
end of period $72,783,499 $81,822,543 $34,779,920
------------- ------------- ------------
Supplemental disclosure of
cash flow information:
Cash paid for interest $21,176,781 $3,596,449 $3,863,151
------------- ------------- ------------
Cash received for interest $2,414,678 $2,986,891 $ -
------------- ------------- ------------
Supplemental disclosure of
non-cash investing and
financing activities:
Contributions of property
and equipment from the
Tribe $11,405,410 $3,156,740 $7,308,914
------------- ------------- ------------
Write-off of fully
depreciated property and
equipment $ - $ 78,983 $ 18,493
------------- ------------- ------------
Disposals of equipment $ - $312,553 $ -
------------- ------------- ------------
Due to Tribe for property
and equipment $ - $ 81,401 $5,562,108
------------- ------------- ------------
Contributions of other
assets from the Tribe $ - $1,843,927 $ -
------------- ------------- ------------
Accounts payable for
construction $17,375,937 $15,883,132 $ -
------------- ------------- ------------
Exchange of property and
equipment for a note due
to the tribe $4,501,215 $ - $ -
------------- ------------- ------------
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