Elsinore Reports Second-Quarter Results.Business Editors LAS VEGAS--(BUSINESS WIRE)--Aug. 21, 2001 Elsinore Elsinore: see Helsingør, Denmark. Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ELSO ELSO European Life Scientist Organization ELSO Extracorporeal Life Support Organization ELSO Elektroninen Sodankäynti (Finnish: Electric Warfare) ) reported net revenues of $14 million for the second quarter ended June June: see month. 30, 2001, compared with $14.5 million for the second quarter of 2000. The $500,000, or 3.4%, decrease was primarily due to payments received in 2000 under a settlement agreement with the Twenty-Nine Palms Band of Mission Indians Mission Indians, Native Americans of S and central California; so called because they were under the jurisdiction of some 21 Spanish missions that were established between 1769 and 1823. . 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, amortization, rents, merger and 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. costs, and undeclared dividends) decreased $560,000, or 18.1%, from $3.1 million in the second quarter of 2000 to $2.5 million in the second quarter of 2001. This decrease was primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to payments received in 2000, of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $850,000, under a settlement agreement with the Twenty-Nine Palms Band of Mission Indians and was offset by a reduction of 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. . The company experienced net income, before provision for income taxes and undeclared dividends on cumulative preferred stock Cumulative preferred stock Preferred stock whose dividends accrue, should the issuer not make timely dividend payments. Related: Non-cumulative preferred stock. , of $24,000 in the second quarter of 2001 vs. $638,000 in the second quarter of 2000. Net loss applicable to the common shares was $294,000 in the second quarter of 2001 vs. a net profit applicable to the common shares of $350,000 in the second quarter of 2000 (after an undeclared dividend on cumulative preferred stock of $303,000 and $288,000 for 2001 and 2000, respectively), or ($0.06) per share for 2001, and $0.07 per share for 2000, based on 4.9 million common shares outstanding, and $0.01 per share for 2000 based on 98 million common and common share equivalents outstanding. For the six months ended June 30, 2001, net revenues decreased $1.5 million, to $28.6 million, or 5.0%, from $30.1 million for the same period in 2000. EBITDA, as defined, decreased $1.2 million, or 16.6%, from $7.2 million for the six months ended June 30, 2000, to $6 million for the six months ended June 30, 2001. This decrease was primarily attributable to payments received in 2000, of approximately $1.6 million, under a settlement agreement with the Twenty-Nine Palms Band of Mission Indians and was offset by a reduction of operating expenses. The company experienced net income, before provision for income taxes and undeclared dividends on cumulative preferred stock, of $850,000 for the six months ended June 30, 2001, compared to $2.4 million for the six months ended June 30, 2000. Net income applicable to the common shares was $228,000 in 2001, and in 2000 the company experienced net income of $1.8 million (after an undeclared dividend on cumulative preferred stock of $607,000 and $573,000 for 2001 and 2000, respectively), or $0.05 per share for 2001 and $0.36 per share for 2000, based on 4.9 million common shares outstanding, and $0.01 per share for 2001 and $0.02 per share for 2000, based on 98 million common and common share equivalents outstanding. "The Four Queens The Four Queens Hotel and Casino is located in downtown Las Vegas on the Fremont Street Experience. Home to the Queen's Machine, the world's largest slot machine, the 690 room hotel and 40,000 square foot casino is owned and operated by TLC Enterprises, which acquired the management and staff members have performed very well in managing our expenses and enhancing guest service levels. We remain focused on the further development of our marketing programs and increasing our database of 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. players and hotel guests," said Philip Philip, tetrarch of Ituraea Philip, d. A.D. 34, tetrarch of Ituraea, son of Herod the Great. He was perhaps the ablest of the Herod dynasty. He is mentioned in the Gospel of St. Luke. W. Madow, president and general manager. "We continue to reinvest re·in·vest tr.v. re·in·vest·ed, re·in·vest·ing, re·in·vests To invest (capital or earnings) again, especially to invest (income from securities or funds) in additional shares. in the design of the property and our physical plant. We look forward to future marketing opportunities increasing in Downtown Las Vegas Downtown Las Vegas can have several meanings depending on how it is used. It can mean:
Elsinore Corp. owns and operates the Four Queens Hotel and Casino in downtown Las Vegas. Elsinore ended the second quarter of 2001 with cash and cash equivalents of approximately $5.2 million, total assets of $46.9 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 $32.4 million. 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. , which are subject to change, including statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's marketing programs and database, capital improvements, marketing opportunities and redevelopment projects. The actual results may differ materially from those expressed in any forward-looking statements. In particular, there can be no assurance that the company's marketing efforts will be successful or that projects will be completed on time, or at all. Additional information concerning potential factors that could affect the company's financial results is 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, 2000.
Elsinore Corp. and Subsidiaries
Consolidated Statements of Operations
Three Months Ended Six Months Ended
June 30, June 30,
(In thousands) (In thousands)
2001 2000 2001 2000
Revenues, net:
Casino $ 9,848 $ 9,180 $20,013 $19,320
Hotel 2,262 2,479 4,824 5,050
Food and beverage 2,663 2,562 5,533 5,345
Other 391 1,454 779 2,975
Total revenue 15,164 15,675 31,149 32,690
Promotional allowances (1,133) (1,145) (2,534) (2,581)
Net revenues 14,031 14,530 28,615 30,109
Costs and expenses:
Casino 3,435 3,188 6,708 6,469
Hotel 2,239 2,247 4,409 4,413
Food and beverage 1,808 1,676 3,614 3,473
Taxes and licenses 1,469 1,469 2,976 2,993
Selling, general and
administrative 2,543 2,853 4,927 5,594
Rents 1,075 1,040 2,133 2,077
Depreciation and
amortization 1,027 962 2,035 1,900
Interest 348 449 805 851
Merger and litigation costs 63 8 158 (13)
Total costs and expenses 14,077 13,892 27,765 27,757
Net income before income
taxes and undeclared
dividends on cumulative
convertible Preferred Stock 24 638 850 2,352
Income taxes 15 -- 15 --
Net income before
undeclared dividends on
cumulative convertible
Preferred Stock 9 638 835 2,352
Undeclared dividends on
cumulative convertible
Preferred Stock 303 288 607 573
Net income (loss) applicable
to common shares $ (294) $ 350 $ 228 $ 1,779
Other Data:
Net income (loss) applicable
to common shares $ (294) $ 350 $ 228 $ 1,779
Interest 348 449 805 851
Income taxes 15 -- 15 --
Depreciation and
amortization 1,027 962 2,035 1,900
Rents 1,075 1,040 2,133 2,077
Merger and litigation costs 63 8 158 (13)
Undeclared dividends 303 288 607 573
Earnings before interest, taxes,
depreciation and amortization,
rents, merger and litigation
costs, and undeclared
dividends (EBITDA) $ 2,537 $ 3,097 $ 5,981 $ 7,167
Cash flows provided by
operating activities $ 2,336 $ 2,676
Cash flows used in investing
activities $ 419 $ 792
Cash flows used in financing
activities $ 1,732 $ 1,285
EBITDA consists of earnings before interest, taxes, depreciation and
amortization, rents, merger and litigation costs, and undeclared
dividends. While EBITDA should not be construed as a substitute for
operating income or a better indicator of liquidity than cash flow
from operating activities, which are determined in accordance with
accounting principles generally accepted in the United States of
America ("GAAP"), it is included herein to provide additional
information with respect to the ability of the company to meet its
future debt service, capital expenditure and working capital
requirements. Although EBITDA is not necessarily a measure of the
company's ability to fund its cash needs, management believes that
certain investors find EBITDA to be a useful tool for measuring the
ability of the company to service its debt. EBITDA margin is EBITDA as
a percent of net revenues. The company's definition of EBITDA may not
be comparable to other companies' definitions.
Elsinore Corp. and Subsidiaries
Balance Sheet Summary
(In Thousands)
June 30, Dec. 31,
2001 2000
Cash and cash equivalents $ 5,193 $ 5,008
Total current assets 7,580 7,328
Property and equipment, net 37,188 38,697
Total assets 46,917 47,995
Total current liabilities 5,663 6,294
Total liabilities 14,474 16,387
Total shareholders' equity 32,443 31,608
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