Colonial Holdings, Inc. Announces 4th Quarter and 2000 Results.Business Editors NEW KENT, Va.--(BUSINESS WIRE)--April 2, 2001 Colonial Holdings, 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 : OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : CHLD) which through its subsidiaries holds the only licenses to own and operate a pari-mutuel pari-mutuel Betting pool in which those who bet on competitors finishing in the first three places share the total amount bet minus a percentage for the management. First introduced in France c. horseracing course and satellite racing centers in Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). , today reported results of operations for the fourth quarter and fiscal year ended December December: see month. 31, 2000. The Company announced revenues of $29,202,000 for the year ended December 31, 2000 compared with revenues of $29,351,000 for the year ended December 31, 1999, a decrease of one half of one percent. Direct operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased from $20,982,000 in 1999 to $ 23,703,000 in 2000, an increase of 13%, primarily due to increases in purse PURSE. In Turkey the sum of five hundred dollars is called a purse. Merch. Dict. h.t. expenses. This increase in direct operating expenses was partially offset by a reduction in selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. from $4,829,000 in 1999 to $3,969,000 in 2000 due to reductions in professional expenses. Professional expenses were significantly higher in 1999 due to the Norglass 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. and the Company's unsuccessful attempt to obtain a racetrack license in Dumfries, Virginia Dumfries is a town in Prince William County, Virginia, United States. The population was 4,937 at the 2000 census. Geography Dumfries is located at (38.567853, -77.324591)GR1. . The combination of the increase in purse and other direct operating expenses offset by the reductions in professional expenses resulted in an increase in the loss for the year from $1,139,000, or $.16 per share in 1999 to $2,869,000, or $.39 per share in 2000. Revenues for the fourth quarter of 2000 were $7,671,000 compared with $7,313,000 for the same period in 1999. This increase was due to the live standardbred Standardbred Breed of light horse developed in the U.S., primarily for harness racing. The foundation sire was an English Thoroughbred imported in 1788; his progeny were bred with other breeds, especially the Morgan, to produce speedy trotters and pacers. meet being held in the fourth quarter of 2000 instead of from May through August as it was in 1999. Direct operating expenses increased from $5,188,000 in 1999 to $6,884,000 in 2000, an increase of 33%, primarily due to the change in the schedule for the standardbred meet and the increase in purse expenses. The Company reported a net loss for the fourth quarter of 2000 of $1,523,000 or $0.20 per share compared to a profit of $24,000 for the corresponding period of 1999. This earnings release contains certain 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. that inherently involve risks and uncertainties. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors. Statements regarding results of operations and certain other statements contained in this release are forward-looking statements and, as such, involve known and unknown risks, and uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance, or achievements, expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such forward-looking statements. Such potential risks, uncertainties, and factors include, but are not limited to, acts by parties outside the control of the Company, including the Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). Jockey
In sport, a jockey is one who rides horses in thoroughbred horse racing or steeplechase racing, primarily as a profession. Club and the Virginia Racing Commission, political trends, the effects of adverse general economic conditions, and governmental regulation, including licensing of additional racing centers. The forward-looking statements contained herein speak only as of the date of this release.
Colonial Holdings, Inc. and Subsidiaries
Consolidated Statements of Earnings (Loss)
Dollars in thousands, except
per share Quarter Year
Ended Ended
Amounts (unaudited) December 31, December 31,
2000 1999 2000 1999
---- ---- ---- ----
Revenues: $7,671 $7,313 $29,202 $29,351
Expenses:
Direct operating expenses 6,884 5,188 23,703 20,982
General and administrative
expenses 1,225 997 3,969 4,829
Depreciation and amortization 431 450 1,696 1,839
Total expenses 8,540 6,635 29,368 27,650
Earnings (loss) from operations (869) 678 (166) 1,701
Interest expense, Net (654) (654) (2,703) (2,840)
Earnings (loss) before income
taxes (1,523) 24 (2,869) (1,139)
Provision for (benefit from)
income taxes - - - -
Net earnings (loss) $(1,523) $ 24 $(2,869) $(1,139)
Earnings (loss) per common
share
Basic and diluted earnings
(loss) per share $ (0.20) $ 0.01 $ (0.39) $ (0.16)
Weighted avg. number of
shares outstanding 7,267 7,260 7,267 7,260
Colonial Holdings, Inc. and Subsidiaries
Consolidated Balance Sheets: December 31, December 31,
Dollars in thousands, (unaudited) 2000 1999
Assets:
Current assets:
Cash and equivalents $1,119 $1,313
Horseman's deposits 602 659
Other current assets 448 367
Total current assets 2,169 2,339
Property, plant and equipment, net 62,889 64,186
Other assets, net 795 880
Total Assets $65,853 $67,405
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $2,967 $2,764
Accrued liabilities and other 2,089 1,184
Purses due horsemen 306 182
Long-term debt, current portion 936 15,974
Notes payable - related parties - 8,800
Total current liabilities 6,298 28,904
Long-term debt 1,160 1,750
Notes payable - related parties 25,738 1,225
Total liabilities 33,196 31,879
Stockholders' equity 32,657 35,526
Total liabilities and stockholders' equity $65,853 $67,405
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