Elsinore reports third-quarter results.LAS VEGAS--(BUSINESS WIRE)--Nov. 15, 1996--Elsinore Corp. (ASE/PSE:ELS) Friday reported financial results for the company's third quarter ended Sept. 30, 1996. Elsinore reported revenues of $14,813,000 for the third quarter, compared with $13,756,000 for the comparable period of 1995. The company reported a net loss of $1,604,000, or $0.10 per share on 15,891,793 weighted average shares outstanding, compared with a net loss of $8,921,000, or $0.56 per share on 15,877,849 weighted average shares outstanding, for the third quarter of 1995. For the nine months ended Sept. 30, 1996, the company reported revenues of $45,815,000 compared with $43,049,000 for the same period last year. Net loss for the nine-month period was $920,000, or $0.06 per share on 15,891,793 weighted average shares outstanding, compared with a net loss of $16,198,000, or $1.05 per share on 15,383,988 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 is 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 third-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 $14,813,000 from $13,444,000. 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:
adj. 1. Of or relating to the sky or the heavens: Planets are celestial bodies. 2. Of or relating to heaven; divine: celestial beings. 3. vault" canopy with an electronic light show choreographed to music, that opened on Dec. 13, 1995. 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 protection under Chapter 11 of the U.S. Bankruptcy Code Bankruptcy Code may refer to:
On Aug. 8, 1996 the Bankruptcy Court entered an order confirming a modified plan of reorganization for Elsinore and certain of its subsidiaries that had also filed for Chapter 11 protection. As confirmed, the 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 Corp. ("Elsub") and Palm Springs East Limited Partnership ("PSELP"). The plan calls for a restructuring of the debts of the Elsinore entities, and for a redistribution of equity interests in Elsinore. Creditors of Elsinore, FQI, Elsub and PSELP, as well as Elsinore's shareholders, will receive the distributions provided under the confirmed plan. Distributions will be made out of cash flow generated by the ongoing operations of the businesses, supplemented by a $5 million rights offering provided by the plan. The plan will not be completely effective until all required regulatory approvals are received, including the approval by the Nevada gaming authorities, and sufficient cash is available for distribution. The company currently expects that the plan will be fully effective by the end of March 1997. 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. -0-
ELSINORE CORP. (Debtor in Possession)
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1996 1995 1996 1995
Net revenues $ 14,813 $ 13,756 $ 45,815 $ 43,049
Costs and expenses,
before interest and
reorganization items 14,629 20,013 43,294 51,321
Interest expense
(contractual interest
expense of $1,789 and
$6,490 for the three-
and nine-months periods
ended Sept. 30, 1996,
respectively) 811 2,664 1,326 7,926
15,440 22,677 44,620 59,247
Income (loss) before
reorganization items (627) (8,921) 1,195 (16,198)
Reorganization items 977 -- 2,115 --
Net loss $ (1,604) $ (8,921) $ (920) $ (16,198)
Loss per common share $ (0.10) $ (0.56) $ (0.06) $ (1.05)
Weighted average number
of common shares
outstanding 15,891,793 15,877,849 15,891,793 15,383,988
CONSOLIDATED BALANCE SHEET DATA
(Dollars in thousands)
Sept. 30, 1996 Dec. 31, 1995
(unaudited)
Current assets $ 8,599 $ 5,578
Total assets 37,874 37,101
Current liabilities 8,380 6,182
Long-term debt 61,425 61,327
Shareholders' equity (deficit) $ (44,361) $ (43,441)
CONTACT: Elsinore Corp., Las Vegas 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 Inc., Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Daniel Saks, 310/442-0599 |
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