Elsinore reports second-quarter results.LAS VEGAS--(BUSINESS WIRE)--Aug. 19, 1996--Elsinore Corp. (ASE/PSE:ELS) Monday reported financial results for the company's second quarter ended June 30, 1996. Elsinore reported revenues of $15,116,000 for the second quarter, compared with $14,032,000 for the comparable period of 1995. The company reported net income of $340,000, or $0.02 per share on 15,891,793 weighted average shares outstanding, compared with a net loss of $3,145,000, or $0.20 per share on 15,635,218 weighted average shares outstanding, for the second quarter of 1995. For the six months ended June 30, 1996, the company reported revenues of $31,002,000 compared with $29,293,000 for the same period last year. Net income for the six-month period was $684,000, or $0.04 per share on 15,891,793 weighted average shares outstanding, compared with a net loss of $7,277,000, or $0.48 per share on 15,220,853 weighted average shares outstanding for the same period a year ago. Operating results and cash flows improved because of the increase in patronage, as discussed below, and the protection afforded the company by the bankruptcy laws (contractual interest as reflected in the accompanying condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. table of operations) as reorganization proceedings continued during 1996. The company reported that second-quarter revenues from 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 Hotel and Casino increased to $15,116,000 from $13,654,000. The increase resulted primarily from an overall growth in the number of visitors to 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. and by a greater number of gaming and hotel patrons attracted to the downtown Las Vegas Downtown Las Vegas can have several meanings depending on how it is used. It can mean:
The Fremont Street Experience project has connected the Four Queens and nine other major entertainment venues in a downtown pedestrian mall pedestrian mall pedestrian (US) n → Fußgängerzone f pedestrian mall n (US) → zona pedonale that offers a total of 17,000 slot machines, 650 blackjack blackjack, one of the world's most widely played gambling card games; also known as twenty-one or vingt-et-un. Despite contesting claims between the French and Italians, its origins are unknown. and other table games, 41 restaurants and 8,000 hotel rooms. On March 1, 1996, Elsinore announced that it had filed with the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the District of Nevada, a proposed Plan of Reorganization and an accompanying Disclosure Statement related to the company's filing for Chapter 11 protection on Oct. 31, 1995 under the U.S. Bankruptcy Code Bankruptcy Code may refer to:
In a press release dated Aug. 13, 1996, the company announced that on Aug. 8, 1996, in the Chapter 11 proceedings Chapter 11 Proceedings Provisions of the Bankruptcy Reform Act under which the debtor firm is reorganized by a court because the estimated value of the reorganized firm exceeds the expected proceeds from its liquidation. of Elsinore and a number of subsidiaries pending in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Bankruptcy Court for the District of Nevada, the Bankruptcy Court entered an order (the "Confirmation Order") confirming a modified plan of reorganization for Elsinore and certain of the other debtors. The confirmed plan contemplates the ongoing operation of Elsinore and at least three of its subsidiaries, Four Queens Inc. ("FQI FQI Federal Quality Institute FQI Fuel Quantity Indicator FQI Food Quality Indicator "), Elsub Management Corporation ("Elsub") and Palm Springs East Limited Partnership ("PSELP"). The plan calls for a restructuring of the debts of the Elsinore entities, and it calls for a redistribution of equity interests in the companies. Creditors and former shareholders of Elsinore, FQI, Elsub and PSELP will receive the distributions provided under the plan as modified by the Confirmation Order that was entered by the Bankruptcy Court. Distributions will be made out of cash flow generated by the ongoing operations of the businesses, supplemented by a $5 million rights offering and the issuance of stock in the 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. companies which is called for under the plan. Trading in the company's common stock continues to be halted by the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. . As previously reported, the Exchange intends to review the company's continued listing eligibility concurrently with its progress in the Chapter 11 proceeding. There can be no assurance that the listings on the American Stock Exchange and the Pacific Stock Exchange will be continued. Elsinore owns and operates the Four Queens, a downtown Las Vegas Hotel and Casino offering 690 rooms, meeting facilities, four restaurants, 1050 slot machines, and numerous blackjack, craps craps: see dice. craps Gambling game in which each player in turn throws two dice, attempting to roll a winning combination. The term derives from a Louisiana French word, crabs, which means “losing throw. and other table games. For information on Elsinore via facsimile at no cost, simply call 1-800-PRO-INFO and dial company code 177.
ELSINORE CORP. (Debtor in Possession)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
Net revenues $ 15,116 $ 14,032 $ 31,002 $ 29,293
Costs and expenses,
before interest and
reorganization items 13,921 14,666 28,665 31,308
Interest expense (contractual
interest expense of $2,348
and $4,701 for the three
and six months periods ended
June 30, 1996 respectively) 251 2,511 515 5,262
14,172 17,177 29,180 36,570
Income loss before reorganization items 944 (3,145) 1,822 (7,277) Reorganization items 604 -- 1,138 -- Net income (loss) $ 340 (3,145) 684 (7,277) Income (loss) per common share $0.02 $(0.20) $0.04 $(0.48) Weighted average number of common shares outstanding 15,891,793 15,635,218 15,891,793 15,220,853
CONSOLIDATED BALANCE SHEET DATA
(Dollars in thousands)
(unaudited)
June 30, June 30,
1996 1995
Current assets $ 8,445 $ 6,527 Total assets 38,501 65,828 Current liabilities 7,287 14,175 Long-term debt 62,928 56,663 Shareholders' equity (deficit) $(42,757) $ (5,199) CONTACT: Elsinore Corp. Thomas E. Martin
Thomas Ellsworth Martin (January 18, 1893 - June 27, 1971) was a United States Representative and Senator from Iowa. , 702/387-5110 or The Financial Relations Board Daniel Saks, 310/442-0599 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion