Elsinore Reports First-Quarter Results.LAS VEGAS--(BUSINESS WIRE)--May 13, 1998--Elsinore Corp. reported net revenues of $14.3 million for the first quarter ended March 31, 1998, compared with $14.9 million for the first quarter of 1997. The $693,000, or 4.6 percent decrease, was primarily due to continued competition and increased casino and hotel capacity in the general Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. market which has adversely affected hotel/casinos in the downtown area. In March 1998, the company opened the Nickel nickel, metallic chemical element; symbol Ni; at. no. 28; at. wt. 58.69; m.p. about 1,453°C;; b.p. about 2,732°C;; sp. gr. 8.902 at 25°C;; valence 0, +1, +2, +3, or +4. Palace area which it targeted to attract the nickel-slot customer. The company has also implemented casino and slot marketing promotions in an effort to stabilize stabilize See peg. revenues and increase its customer base. 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 (earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
The company operated at a net loss of $270,000 in the first quarter of 1998 compared with a net profit of $362,000 in the first quarter of 1997. The net loss per share was $.05 for the 1998 quarter based on 4.9 million reorganized re·or·gan·ize v. re·or·gan·ized, re·or·gan·iz·ing, re·or·gan·iz·es v.tr. To organize again or anew. v.intr. To undergo or effect changes in organization. shares outstanding compared with a net loss per share of $.11 for the period March 1 to March 31, 1997, based on 4.9 million reorganized shares outstanding and net earnings per share of $2.25 for the period Jan. 1 to Feb. 28, 1997, based on 15.9 million shares outstanding. Elsinore ended the quarter with cash and cash equivalents of approximately $4.5 million, total assets of $48 million, and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $2.8 million. Elsinore owns the Four Quees Hotel and Casino in downtown Las Vegas Downtown Las Vegas can have several meanings depending on how it is used. It can mean:
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. of Riviera Holdings Riviera Holdings Corporation (AMEX:RIV) is a gaming management and casino operator located in Las Vegas, Nevada. History As of October, 2005 the company had $200 million in annual revenues and 1,600 employees. Corp., which operates the Riviera Hotel and Casino of the Las Vegas Strip The Las Vegas Strip (also known as The Strip) is a 4 mi (6.7 km) section of Las Vegas Boulevard South, most of which has been designated an All-American Road. . -0- This news release contains 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. , including statements regarding the company's business strategies and plans for future development and upgrading, which are subject to change. The actual results may differ materially from those expressed in any forward-looking statements. Additional information concerning potential factors that could affect the company's financial results are included in the company's 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 the year ended Dec. 31, 1997, and subsequent filings with the Securities and Exchange Commission. -0-
ELSINORE CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per-share amounts)
(unaudited)
Three months ended
March 31, 1998 March 31, 1997
(000s) % (000s) %
Revenues, net:
Casino 10,235 71.8 10,471 70.1
Hotel 2,375 16.7 2,600 17.4
Food & beverage 2,657 18.6 2,640 17.7
Other 565 4.0 315 2.1
Gross revenue 15,832 111.1 16,026 107.2
Less promotional
allowances (1,579) (11.1) (1,080) (7.2)
Revenues, net 14,253 100.0 14,946 100.0
Costs and expenses:
Casino 4,068 39.8 3,874 37.0
Hotel 1,771 74.6 2,104 80.9
Food & beverage 1,446 54.4 1,652 62.6
Taxes and licenses 1,761 12.4 1,487 10.0
Selling, general &
administrative 2,459 17.3 2,596 17.4
Rents 964 6.8 1,008 6.7
Total costs and
expenses 12,469 87.5 12,721 85.1
Earnings before interest,
taxes, depreciation and
amortization (EBITDA) 1,784 12.5 2,225 14.9
Depreciation and
amortization 567 4.0 698 4.7
Interest 1,332 9.4 1,165 7.8
Merger costs 155 1.1 -- --
Net income (loss) (270) (1.9) 362 2.4
-0-
ELSINORE CORP. AND SUBSIDIARIES
BALANCE SHEET SUMMARY
(in 000s)
March 31, 1998 Dec. 31, 1997
(unaudited)
Cash and cash equivalents $ 4,529 $ 6,822
Total current assets $ 7,414 $ 9,673
Property and equipment, net $39,581 $39,042
Total assets $48,049 $49,823
Total current liabilities $ 7,305 $ 8,596
Total liabilities $45,233 $46,737
Total shareholders' equity $ 2,816 $ 3,086
CONTACT: Elsinore Corp., Las Vegas 702/385-4011 |
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