Choctaw Resort Development Enterprise Announces First Quarter 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)--Feb. 12, 2004 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 first quarter, which ended December December: see month. 31, 2003. Revenues continued to increase with net revenues at $73.4 million and $68.5 million for the quarters ended December 31, 2003 and 2002. The $4.9 million, or 7.2% increase, was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to gaming, 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. and other revenue due to the improving performance of the gaming properties, offset by an increase in promotional allowances. Complimentary revenues are included in gross revenues but are deducted de·duct v. de·duct·ed, de·duct·ing, de·ducts v.tr. 1. To take away (a quantity) from another; subtract. 2. To derive by deduction; deduce. v.intr. as a promotional allowance to arrive at net revenues. "After a full year of operations at the Golden Moon, we are pleased to see continued increases in net revenues, along with reductions in our costs and expenses resulting from increased efficiencies and cost control measures we implemented," said Jay Dorris Dorris may refer to:
Pearl River River, central Mississippi, U. Resort continues to gain regional market share as a must-see must-see n. Informal Something that should or must be seen: a movie that's a must-see. must resort destination." Revenues grew in all areas with gaming revenues increasing $5.1 million, or 8.2%, to $67.0 million for the quarter ended December 31, 2003, from $61.9 million for the quarter ended December 31, 2002. During the same period, food and beverage revenues were $8.0 million, an increase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.6 million, or 8.1%, from $7.4 million for the quarter ended December 31, 2002. Room revenues were $4.0 million for the quarter ended December 31, 2003, compared to $3.8 million for the quarter ended December 31, 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 $20.8 million for the quarter ended December 31, 2003, compared to $15.3 million for the quarter ended December 31, 2002, an increase of $5.5 million, or 35.9%. "Our significant increase in operating income resulted directly from our strong management and cost control efforts at the Golden Moon and Silver Star following a full year of operations with the expanded offerings. We believe we will continue to see improvements as we move ahead with a greater understanding of our customers' experiences with the resort's multiple properties and attractions," Dorris added. The Enterprise will file its Quarterly Report on form 10-Q Form 10-Q See 10-Q. for its quarter ended December 31, 2003 on or about February February: see month. 12, 2004. 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 quarter ended December 31, 2003 was $28.8 million compared to $22.3 million for the quarter ended December 31, 2002, an increase of $6.5 million or 29.1%. EBITDA is presented because management believes it is a widely used 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:
Three Months Ended
December 31, December 31,
2003 2002
---- ----
Net Income $14,822,596 $9,413,602
Depreciation 7,950,443 6,982,064
Other income (expense) 5,983,095 5,909,625
EBITDA $28,756,134 $22,305,291
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).
CHOCTAW RESORT DEVELOPMENT ENTERPRISE
BALANCE SHEETS
December 31, 2003 and September 30, 2003
December 31, September 30,
2003 2003
---- ----
(Unaudited)
Assets
Current assets:
Cash and cash equivalents $53,328,255 $49,712,096
Accounts receivable (net of allowance
of $3,416,778 and $3,092,390) 4,697,589 4,811,952
Inventories 2,430,009 2,251,395
Prepaid expenses and other 1,549,699 1,804,452
Total current assets 62,005,552 58,579,895
Property and equipment, net 417,234,104 423,192,331
Deferred loan costs, net 4,506,964 4,782,154
Other assets 3,441,045 3,414,389
Total assets $487,187,665 $489,968,769
Liabilities and Owner's Equity
Current liabilities:
Current maturities of long-term debt $25,000,000 $20,000,000
Accounts payable 4,237,206 6,094,984
Construction accounts payable 7,112,356 7,167,306
Due to Tribe 782 86
Accrued liabilities:
Accrued payroll and related 10,677,169 8,866,960
Accrued expenses and other liabilities 9,625,651 8,647,980
Accrued interest expense 4,929,519 9,723,473
Total current liabilities 61,582,683 60,500,789
Long term debt, net of current maturities 268,750,000 275,000,000
Commitments and contingencies -- --
Owner's equity:
Contributed capital 155,419,610 154,528,735
Retained earnings 1,450,596 --
Accumulated other comprehensive loss (15,224) (60,755)
Total owner's equity 156,854,982 154,467,980
Total liabilities and
owner's equity $487,187,665 $489,968,769
CHOCTAW RESORT DEVELOPMENT ENTERPRISE
STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
For the three months ended December 31, 2003 and 2002
Three Months Ended
December 31,
2003 2002
---- ----
(Unaudited) (Unaudited)
Revenue:
Casino $66,964,868 $61,910,328
Food & beverage 7,960,565 7,353,637
Rooms 4,017,898 3,756,157
Other 3,315,540 3,612,716
Gross revenue 82,258,871 76,632,838
Less: promotional allowances (8,836,607) (8,092,096)
Net revenue 73,422,264 68,540,742
Costs and expenses:
Casino 19,275,610 21,829,876
Food & beverage 2,887,161 3,390,544
Rooms 707,638 1,013,979
Other 2,073,151 2,563,553
Selling, general, and administrative 17,446,722 15,203,904
Maintenance and utilities 2,275,848 2,233,595
Depreciation 7,950,443 6,982,064
Total 52,616,573 53,217,515
Operating income 20,805,691 15,323,227
Other income (expense):
Interest income 16,292 60,202
Interest expense (6,046,723) (6,222,518)
Other income 47,336 252,691
Total (5,983,095) (5,909,625)
Net income 14,822,596 9,413,602
Other comprehensive income (loss) 45,531 41,999
Comprehensive income $14,868,127 $9,455,601
CHOCTAW RESORT DEVELOPMENT ENTERPRISE
STATEMENTS OF CASH FLOWS
For the three months ended December 31, 2003 and 2002
Three Months Ended
December 31,
2003 2002
---- ----
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net income $14,822,596 $9,413,602
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 8,271,164 7,278,799
Loss on disposal of property and equipment 9,104 2,205
Change in operating assets and liabilities:
Accounts receivable, net 114,363 (733,072)
Inventories (178,614) (171,840)
Prepaid expenses and other 254,753 (2,722)
Other assets (26,656) (1,736,267)
Accounts payable and due to Tribe (1,857,082) (2,793,079)
Accrued liabilities (2,006,074) (4,507,584)
Net cash provided by operating activities 19,403,554 6,750,042
Cash flows from investing activities:
Acquisitions of property and equipment,
net of amounts in construction
accounts payable (2,056,270) (25,652,701)
Restricted cash -- (9,646)
Net cash (used in) provided by
investing activities (2,056,270) (25,662,347)
Cash flows from financing activities:
Borrowing under credit facilities -- 25,000,000
Repayment of long-term debt (1,250,000) --
Contributions of cash from Tribe 890,875 550,965
Distributions to Tribe (13,372,000) (23,866,290)
Net cash (used in) provided by
financing activities (13,731,125) 1,684,675
Net (decrease) increase in cash
and cash equivalents 3,616,159 (17,227,630)
Cash and cash equivalents at beginning
of period 49,712,096 72,783,499
Cash and cash equivalents at end of period $53,328,255 $55,555,869
Supplemental disclosure of cash flow information:
Cash paid for interest $10,565,486 $10,564,382
Supplemental disclosure of non-cash investing
and financing activities:
Accounts payable for construction $7,112,356 $7,730,344
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