Colorado Casino Resorts Inc. announces fourth quarter and year end results.COLORADO SPRINGS Colorado Springs, city (1990 pop. 281,140), seat of El Paso co., central Colo., on Monument and Fountain creeks, at the foot of Pikes Peak; inc. 1886. It is a year-round resort and a booming military, technological, and commercial city. , Colo.--(BUSINESS WIRE)--Jan. 20, 1997-- Colorado Colorado, state, United States Colorado (kŏlərăd`ə, –răd`ō, –rä`dō), state, W central United States, one of the Rocky Mt. states. 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. Resorts 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 :CCRI CCRI Community College of Rhode Island CCRI California Civil Rights Initiative CCRI Central Cotton Research Institute (Pakistan) CCRI Columbus Children's Research Institute CCRi Children's Clinical Research Institute ) Monday Monday: see week. announced results for the fourth quarter and fiscal year ended Oct. 31, 1996. The company reported record fourth quarter revenues of $4,074,360 and year end revenues of $9,115,318, increases of 193.4% and 116.7% respectively, compared to the same periods last year. During the fourth quarter, revenues increased by 82.7% over the previous quarter, primarily due to the opening of the company's newest property, the Double Eagle Hotel & Casino, located in Cripple Creek Cripple Creek, village (1990 pop. 584), alt. 9,375 ft (2,858 m), seat of Teller co., central Colo.; inc. 1892. Primarily a summer resort, it was once a gold-mining boomtown. , Colo. The Double Eagle -- a $45 million six-story complex, encompassing a 159 room hotel, a 45,000 square foot casino with over 750 gaming devices, two bars, a restaurant, and a gift shop -- generated revenues of $4,178,450, of which $3,459,012 resulted from its casino operations for the two months it was open during the fourth quarter. Gaming revenues were offset by the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. initial progressive jackpot A progressive jackpot is a jackpot (highest payoff) for a gaming machine (usually a slot machine or video poker machine) where the value of the jackpot increases a small amount for every game played. liability reserve of ($1,730,914), netting $1,728,098 in casino revenues and $719,438 in revenues from hotel, restaurant, bar and gift shop operations. For the fiscal year ended Oct. 31, 1996, the company reported a consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net loss of ($3,330,761) or ($0.1035) per share compared to a consolidated net loss of ($462,059) or ($0.0150) per share in fiscal year 1995. The largest component of the loss was due to the construction and opening costs associated with the Double Eagle Hotel and Casino. Pre-opening expenses, interest, and other one time charges amounted to ($4,431,000). "Overall, we are pleased with the company's performance during the fourth quarter and believe we are poised to produce significant revenues in the next year with expectations to exceed our previous projections," said Rudy Saenz Saenz (pronounced sigh-nz) is a Spanish surname originating from the Castile region of Spain, now known as La Rioja. [1] History "Saenz", a modification of "Santo", which is a modification of the Italian form of the Late Latin name Sanctius meaning , president and chief executive officer. "Starting with the Double Eagle, and continuing with an aggressive growth strategy for expansion of Creeker's, our other property, we believe that CCRI is on a path of establishing a significant and dominant presence in the Colorado gaming market. Our number one goal is to maximize shareholder value," emphasized Saenz. Colorado Casino Resorts Inc., through its two wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , owns and operates the Double Eagle Hotel & Casino and Creeker's Casino, both located in Cripple Creek, Colo. The Double Eagle is the largest "Las Vegas-style" hotel and casino in the State of Colorado. -0-
COLORADO CASINO RESORTS INC.
Consolidated Statements of Income
(in thousands, except per share amounts)
Fiscal Quarter Ended Fiscal Year Ended
Oct. 31, Oct. 31, Oct. 31, Oct. 31,
1996 1995 1996 1995
Revenues:
Casino $ 5,192 $ 1,300 $ 9,916 $ 4,007
Less: Initial
prog. jackpot
liability (1) (1,731) -- (1,731) --
Hotel and gift shop 508 -- 508 --
Restaurant and
bar (2) 72 89 363 200
Miscellaneous 34 -- 59 --
Total revenue 4,075 1,389 9,115 4,207
Operating Expenses:
Casino 1,320 839 3,517 2,085
Hotel and gift shop 477 -- 477 --
Restaurant and bar 532 2 1,304 560
General &
administrative (3) 2,171 152 3,833 1,117
Depreciation &
amortization 665 155 1,077 351
Total operating
expenses 5,164 1,148 10,208 4,113
Income (Loss) from
operations (1,089) 241 (1,093) 93
Nonoperating Income
(Expenses)
Interest income 174 -- 174 --
Interest expense (1,217) (97) (2,412) (555)
Total nonoperating
income (expense) (1,043) (97) (2,238) (555)
Net Loss (2,350) 144 (3,331) (462)
Net Loss per Common
Share (0.0731) 0.0047 (0.1035) (0.0150)
Weighted Avg. Common
Shares Outstanding 32,170,990 30,747,582 32,170,990 30,747,582
(1) One time charge to earnings (posted as liability on Balance
Sheet).
(2) Net of adjustment for annual promotional allowance of $214,518
and $217,192 in 1995 and 1996, respectively.
(3) Includes one time charge for pre-opening expense of $900,273.
For further information contact: FMMG Inc. 561/487-2622 561/852-4561 Fax CONTACT: Colorado Casino Resorts Inc. Fran Dragone, 719/635-7047 |
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