Choctaw Resort Development Enterprise Announces Second 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)--May 14, 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 second quarter, which ended March 31, 2004. Revenues continued to increase with net revenues at $78.2 million and $75.7 million for the quarters ended March 31, 2004 and 2003. Net revenues were $151.6 million for the six months ended March 31, 2004, compared to $144.2 million for the six months ended March 31, 2003. The $2.5 million and $7.5 million increases, or 3.3% and 5.2% increases for the three and six months ended March 31, 2004, respectively, were primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to increases in 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 room revenue due to the improving overall performance of the gaming properties. 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. "As we begin our second year of operations at the Golden Moon, we continue to build on our expertise and success with continued increases in net revenues," said Jay Dorris Dorris may refer to:
Revenues grew in all areas with gaming revenues increasing $1.8 million, or 2.6%, to $71.9 million for the quarter ended March 31, 2004, from $70.1 million for the quarter ended March 31, 2003. Gaming revenues were $138.9 million for the six months ended March 31, 2004, compared to $132.0 million for the six months ended March 31, 2003, an increase of $6.9 million, or 5.2%. During the same period, food and beverage revenues were $8.5 million, an increase of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.2 million or 2.4% from $8.3 million for the quarter ended March 31, 2003. For the six months ended March 31, 2004, food and beverage revenues were $16.5 million, an increase of approximately $0.9 million, or 5.8%, from $15.6 million for the six months ended March 31, 2003. Room revenues were $4.0 million for the quarter ended March 31, 2004, compared to $3.7 million for the quarter ended March 31, 2003. Room revenues were $8.0 million and $7.5 million for the six months ended March 31, 2004 and 2003, respectively. 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 $24.4 million for the quarter ended March 31, 2004, compared to $20.0 million for the quarter ended March 31, 2003, an increase of $4.4 million, or 22.0%. Operating income was $45.2 million for the six months ended March 31, 2004, compared to $35.3 million for the six months ended March 31, 2003, an increase of $9.9 million, or 28.0%. "As the Pearl River Pearl River, uninc. village (1990 pop. 15,314), Rockland co., SE N.Y., near the N.J. line. It is a residential suburb of New York City, and a computer and telecommunications research and development center. Pearl River River, central Mississippi, U. Resort continues building its regional brand strength, we have managed our revenue growth alongside strong management oversight
Oversight may refer to:
The Enterprise will file its Quarterly Report on form 10-Q Form 10-Q See 10-Q. for its quarter ended March 31, 2004, on or about May 14, 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 the three and six months ended March 31, 2004, was $33.3 million and $62.0 million, respectively, compared to $27.9 million and $50.2 million, respectively, for the three and six months ended March 31, 2003, an increase of $5.4 million and $11.8 million or 19.4% and 23.5%, respectively. Management of the Enterprise uses EBITDA as one measure of financial performance and operational efficiency. 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. During the three and six months ended March 31, 2004, the only non-recurring item was the loss on disposal of the Enterprise's aircraft. 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:
Three Months Ended Six Months Ended
March 31, March 31,
----------------------- ------------------------
2004 2003 2004 2003
----------- ----------- ----------- ------------
Net Income $18,514,828 $13,952,460 $33,337,424 $23,366,062
Depreciation 7,955,761 7,896,868 15,906,204 14,878,932
Other income (expense) 5,869,773 6,032,793 11,852,868 11,942,418
Loss on disposal of
aircraft 944,090 - 944,090 -
----------- ----------- ----------- ------------
EBITDA $33,284,452 $27,882,121 $62,040,586 $50,187,412
----------- ----------- ----------- ------------
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 contain 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
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31, 2004 and September 30, 2003
March 31, September 30,
2004 2003
------------- -------------
Assets
Current assets:
Cash and cash equivalents $60,024,332 $49,712,096
Accounts receivable (net of allowance of
$2,839,155 and $3,092,390) 3,705,413 4,811,952
Inventories 2,258,304 2,251,395
Prepaid expenses and other 3,375,733 1,804,452
------------- -------------
Total current assets 69,363,782 58,579,895
Property and equipment, net 408,277,596 423,192,331
Deferred loan costs, net 4,231,774 4,782,154
Other assets 3,289,885 3,414,389
------------- -------------
Total assets $485,163,037 $489,968,769
------------- -------------
Liabilities and Owner's Equity
Current liabilities:
Current maturities of long-term debt $25,000,000 $20,000,000
Accounts payable 3,754,261 6,094,984
Construction accounts payable 7,112,356 7,167,306
Due to Tribe 1,647 86
Accrued liabilities:
Accrued payroll and related 9,158,582 8,866,960
Accrued expenses and other liabilities 10,656,308 8,647,980
Accrued interest expense 9,529,849 9,723,473
------------- -------------
Total current liabilities 65,213,003 60,500,789
Long term debt, net of current maturities 262,500,000 275,000,000
Commitments and contingencies
Owner's equity:
Contributed capital 155,419,610 154,528,735
Retained earnings 2,030,424 -
Accumulated other comprehensive loss - (60,755)
------------- -------------
Total owner's equity 157,450,034 154,467,980
------------- -------------
Total liabilities and owner's equity $485,163,037 $489,968,769
------------- -------------
CHOCTAW RESORT DEVELOPMENT ENTERPRISE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
For the Three and Six months ended March 31, 2004 and 2003
Three Months Ended Six Months Ended
March 31, March 31,
------------------------- ---------------------------
2004 2003 2004 2003
------------ ------------ ------------- -------------
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenue:
Casino $71,893,599 $70,069,288 $138,858,467 $131,979,616
Food & beverage 8,506,941 8,278,758 16,467,506 15,632,395
Rooms 3,993,878 3,722,340 8,011,776 7,478,497
Other 2,844,012 3,298,547 6,159,552 6,911,263
------------ ------------ ------------- -------------
Gross revenue 87,238,430 85,368,933 169,497,301 162,001,771
Less: promotional
allowances (9,018,546) (9,686,576) (17,855,153) (17,778,672)
------------ ------------ ------------- -------------
Net revenue 78,219,884 75,682,357 151,642,148 144,223,099
------------ ------------ ------------- -------------
Costs and
expenses:
Casino 20,143,872 21,189,466 39,419,482 43,019,342
Food & beverage 2,944,571 3,164,845 5,831,732 6,555,389
Rooms 877,406 1,086,940 1,585,044 2,100,919
Other 2,435,127 2,125,913 4,508,278 4,689,466
Selling,
general, and
administrative 17,011,982 17,855,644 34,458,704 33,059,548
Maintenance and
utilities 2,466,564 2,377,428 4,742,412 4,611,023
Depreciation 7,955,761 7,896,868 15,906,204 14,878,932
------------ ------------ ------------- -------------
Total 53,835,283 55,697,104 106,451,856 108,914,619
------------ ------------ ------------- -------------
Operating income 24,384,601 19,985,253 45,190,292 35,308,480
------------ ------------ ------------- -------------
Other income
(expense):
Interest income 35,391 48,021 51,683 108,223
Interest
expense, net of
interest
capitalized (5,914,087) (6,315,591) (11,960,810) (12,538,109)
Other income 8,923 234,777 56,259 487,468
------------ ------------ ------------- -------------
Total (5,869,773) (6,032,793) (11,852,868) (11,942,418)
------------ ------------ ------------- -------------
Net income 18,514,828 13,952,460 33,337,424 23,366,062
Other
comprehensive
income 15,224 42,933 60,755 84,932
------------ ------------ ------------- -------------
Comprehensive
income $18,530,052 $13,995,393 $33,398,179 $23,450,994
------------ ------------ ------------- -------------
CHOCTAW RESORT DEVELOPMENT ENTERPRISE
CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Six months ended March 31, 2004 and 2003
Six Months Ended
March 31,
-------------------------
2004 2003
------------ ------------
(Unaudited) (Unaudited)
Cash flows from operating activities:
Net income $33,337,424 $23,366,062
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 16,517,339 15,473,335
Loss on disposal of property and equipment 992,804 2,205
Change in operating assets and liabilities:
Accounts receivable, net 1,106,539 (475,733)
Inventories (6,909) (285,319)
Prepaid expenses and other (1,571,281) (1,998,994)
Other assets 82,004 (751,350)
Accounts payable and due to Tribe (2,339,162) (3,110,967)
Accrued liabilities 2,106,326 29,496
------------ ------------
Net cash provided by operating activities 50,225,084 32,248,735
------------ ------------
Cash flows from investing activities:
Acquisitions of property and equipment, net
of amounts in construction accounts payable (4,775,231) (34,480,521)
Net proceeds from disposal of property and
equipment 2,778,508 -
Restricted cash - 2,617,915
------------ ------------
Net cash (used in) investing activities (1,996,723) (31,862,606)
------------ ------------
Cash flows from financing activities:
Borrowing under credit facilities - 25,000,000
Repayment of long-term debt (7,500,000) -
Contributions of cash from Tribe 890,875 693,387
Distributions to Tribe (31,307,000) (48,864,288)
------------ ------------
Net cash (used in) financing activities (37,916,125) (23,170,901)
------------ ------------
Net increase (decrease) in cash and cash
equivalents 10,312,236 (22,784,772)
Cash and cash equivalents at beginning of
period 49,712,096 72,783,499
------------ ------------
Cash and cash equivalents at end of period $60,024,332 $49,998,727
------------ ------------
Supplemental disclosure of cash flow
information:
Cash paid for interest $11,604,053 $12,000,757
------------ ------------
Supplemental disclosure of non-cash investing
and financing activities:
Contributions of property and equipment from
the Tribe $- $986,162
------------ ------------
Accounts payable for construction $7,112,356 $7,673,889
------------ ------------
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