Inn of the Mountain Gods Resort and Casino Announces Fourth Quarter and Full Year Results.MESCALERO Mes·ca·le·ro n. pl. Mescalero or Mes·ca·le·ros 1. An Apache tribe formerly inhabiting southern New Mexico, western Texas, and north-central Mexico, with a present-day population in southern New Mexico. 2. , N.M. -- Inn of the Mountain Gods Resort and 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. ("IMGRC"), a business enterprise of the Mescalero Apache Apache (əpăch`ē), Native North Americans of the Southwest composed of six culturally related groups. They speak a language that has various dialects and belongs to the Athabascan branch of the Nadene linguistic stock (see Native American Tribe tribe [Lat., tribus: the tripartite division of Romans into Latins, Sabines, and Etruscans], a social group bound by common ancestry and ties of consanguinity and affinity; a common language and territory; and characterized by a political and economic (the "Tribe"), reported today that net revenues for fiscal 2004 were $81.0 million, an increase of $14.7 million, or 22.2%, from $66.3 million for fiscal 2003. For the fourth quarter ended April 30, 2004, net revenues were a record $22.1 million, an increase of $6.9 million, or 45.4%, from $15.2 million for the comparable period in the prior year. Increases in net revenues in both periods were primarily attributable to increased gaming, food and beverage F&B is a common abbreviation in the United States and Commonwealth countries, including Hong Kong. F&B is typically the widely accepted abbreviation for "Food and Beverage," which is the sector/industry that specializes in the conceptualization, the making of, and delivery of foods. and retail, recreational and other revenues due to the effect of the opening of IMGRC's new gaming and travel center facility, The Travel Center, in May 2003, together with results from our increased marketing and promotional activities during fiscal 2004. Michael French
Michael French is a Traditionalist Roman Catholic bishop, residing at Ashford, Kent, England. , Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of IMGRC, stated: "We are particularly pleased with the continued growth in our gaming revenues, which reached another record performance for the fourth quarter of 2004. Average gross slot win per unit per day for the full year and fourth quarter was $140 and $134 (compared to $155 and $176 for fiscal 2003 and the fourth quarter of 2003) and the average table game win per unit per day was $580 and $550 (compared to $632 for fiscal 2003 and $628 for the fourth quarter of 2003). While there was a decline in the average per unit per day win, there was a significant increase in the number of slots and table games between periods as a result of the opening of the Travel Center. The weighted average number of slot machines for full year and the fourth quarter increased 46.0% and 88.7% over the comparable periods in 2003; the weighted average number of table games increased 52.0% for the year and fourth quarter over 2003. In addition to focusing on improving our operations, we remain focused on preparation for the transition of our gaming and resort operations to our new resort project in less than a year." IMGRC experienced healthy revenue gains in each of the gaming, food and beverage and retail, recreational and other segments for both the 2004 fiscal year and fourth fiscal quarter. Gaming revenues increased 28.6%, from $46.9 million to $60.3 million, in fiscal 2004, when compared to fiscal 2003, and 44.2%, from $10.4 million to $15.0 million, in the fourth quarter 2004 when compared to the fourth quarter fiscal 2003. Food and beverage revenues were $5.6 million in fiscal 2004 and $4.9 million in fiscal 2003. Fourth quarter food and beverage revenues were $1.6 million in 2004 compared to $1.0 million in 2003. The 2004 results represent a 14.3% and 60.0% increase in food and beverage revenues for the annual and quarterly 2004 periods. Retail, recreational and other revenues experienced a 37.5% and 51.2% increase for the 2004 fiscal year and 2004 fourth fiscal quarter, when compared with the comparable prior periods. Retail, recreational and other revenues for the 2004 and 2003 fiscal years were $16.5 million and $12.0 million, respectively. For the fourth quarters, retail, recreational and other revenues were $6.2 million and $4.1 million, respectively. The current year includes revenue from the smoke shop, convenience store and refueling stations at the Travel Center. When compared with the prior year, these added revenues during 2004 were partially offset by a decline in lift tickets at Ski Apache Ski Apache is a ski resort in southern New Mexico, on the slopes of Sierra Blanca. It is owned and operated, since 1963, by the Mescalero Apache Tribe. The resort is home to Ross Anderson, an acclaimed speed skier of Native American descent, who is the resort's marketing manager. related to below-normal snowfall. Revenue gains in the gaming, food and beverage and retail and other segments were partially offset by a revenue decline in the rooms revenue resulting from the demolition Demolition is the opposite of construction: the tearing-down of buildings and other structures. It contrasts with deconstruction, which is the taking down of a building while carefully preserving valuable elements for re-use. of IMGRC's old hotel in the third quarter of fiscal 2003. The new resort hotel is currently scheduled to open in April 2005. Adjusted 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 (1) for fiscal 2004 was $29.1 million as compared to $29.2 million for fiscal 2003. For the fourth quarter, adjusted EBITDA was $6.8 million for the 2004 quarter as compared to $7.5 million for the 2003 quarter. During the fourth quarter of fiscal 2004, the Mescalero Apache Tribe and the State of New Mexico New Mexico, state in the SW United States. At its northwestern corner are the so-called Four Corners, where Colorado, New Mexico, Arizona, and Utah meet at right angles; New Mexico is also bordered by Oklahoma (NE), Texas (E, S), and Mexico (S). settled their outstanding disputes over the computation Computation is a general term for any type of information processing that can be represented mathematically. This includes phenomena ranging from simple calculations to human thinking. and payment of revenue sharing revenue sharing Funding arrangement in which one government unit grants a portion of its tax income to another government unit. For example, provinces or states may share revenue with local governments, or national governments may share revenue with provinces or states. and regulatory fees. Under the settlement, the tribe agreed to pay the state $25 million, and also agreed to sign a gaming compact calling for the Tribe to pay to the State 8% of the "net win" from gaming machines See video game console. operated by IMGRC. IMGRC will fund these payments out of cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. established for this purpose. The fiscal 2004 and fourth quarter of 2004 operating results reflect the reversal reversal n. the decision of a court of appeal ruling that the judgment of a lower court was incorrect and is reversed. The result is that the lower court which tried the case is instructed to dismiss the original action, retry the case, or is ordered to change its of accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. fees that were the subject of the dispute. This non-cash item is excluded from the computation of adjusted EBITDA. Construction of IMGRC's new resort project is on schedule with the enclosure enclosure (inclosure) n. land bounded by a fence, wall, hedge, ditch or other physical evidence of boundary. Unfortunately, too often these creations are not included among the actual legally-described boundaries and cause legal problems. ENCLOSURE. of the structure completed. Construction costs incurred through April 30, 2004, were $102.1 million with another $33.1 million construction-related expenditures expected to be incurred to complete the project by its expected opening in April 2005. About Inn of the Mountain Gods Resort and Casino IMGRC is a business enterprise of the Tribe, a federally recognized Indian tribe INDIAN TRIBE. A separate and distinct community or body of the aboriginal Indian race of men found in the United States. 2. Such a tribe, situated within the boundaries of a state, and exercising the powers of government and, sovereignty, under the national with an approximately 725-square-mile reservation situated in the Sacramento Mountains Sacramento Mountains A range of south-central New Mexico extending north and south to the Texas border and rising to 3,660.9 m (12,003 ft) at Sierra Blanca Peak. Noun 1. in south-central Adj. 1. south-central - situated in the southern part of a centrally located area in some geographical region; "south-central London" south - situated in or facing or moving toward or coming from the south; "the south entrance" 2. New Mexico. IMGRC includes all of the resort enterprises of the Tribe, including Casino Apache, Casino Apache Travel Center, Ski Apache and a new resort project currently under construction, which, upon completion, will include a 273-room hotel, a new 38,000-square-foot casino (replacing the existing Casino Apache), a fitness center and indoor swimming pool and a 37,000-square-foot convention and special events center, which will include capacity for 17,000 square feet of divisible DIVISIBLE. The susceptibility of being divided. 2. A contract cannot, in general, be divided in such a manner that an action may be brought, or a right accrue, on a part of it. 2 Penna. R. 454. meeting room space. Non-GAAP Financial Measures In this press release, we make references to adjusted EBITDA. We define adjusted EBITDA as 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.
As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with our definition of adjusted EBITDA may not be comparable to similar measures disclosed by other issuers because not all issuers and analysts calculate adjusted EBITDA in the same manner. Adjusted EBITDA provides an additional way to view the enterprise's operations and, when viewed with both the GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). results and reconciliation to net income, IMGRC believes provides a more complete understanding of its business than could be obtained absent this disclosure. Adjusted EBITDA is presented solely as a supplemental disclosure because (1) IMGRC believes it enhances an overall understanding of IMGRC's past and current financial performance; (2) IMGRC believes it is a useful tool for investors to assess the operating performance of the business in comparison to other operators within the gaming industry because adjusted EBITDA excludes certain items that may not be indicative of IMGRC's operating results; (3) measures that are comparable to adjusted EBITDA are often used as an important basis for the valuation of gaming companies; and (4) IMGRC adjusted EBITDA internally to evaluate the performance of its operating personnel and also as a benchmark A performance test of hardware and/or software. There are various programs that very accurately test the raw power of a single machine, the interaction in a single client/server system (one server/multiple clients) and the transactions per second in a transaction processing system. to evaluate its operating performance in comparison to its competitors. The use of adjusted EBITDA has certain limitations. Adjusted EBITDA should be considered in addition to, not as a substitute for or superior to, any GAAP financial measure, including net income (as an indicator of IMGRC's performance) or cash flows provided by operating activities (as an indicator of IMGRC's liquidity), nor should it be considered as an indicator of IMGRC's overall financial performance. Adjusted EBITDA eliminates certain substantial recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. items from net income, such as depreciation and amortization and interest expense. Each of these items has been incurred in the past, will continue to be incurred in the future and should be considered in the overall evaluation of IMGRC's results. IMGRC compensates for these limitations by providing the relevant disclosure of depreciation and amortization, interest expense and other items excluded in the calculation of adjusted EBITDA both in its reconciliation to the GAAP financial measure of net income and in its consolidated financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge , all of which should be considered when evaluating its results. IMGRC strongly encourages investors to review its financial information in its entirety The whole, in contradistinction to a moiety or part only. When land is conveyed to Husband and Wife, they do not take by moieties, but both are seised of the entirety. and not to rely on a single financial measure. A reconciliation of adjusted EBITDA to net income is included in the selected financial information that accompanies this press release. CONFERENCE CALL IMGRC will discuss its fourth quarter and fiscal year end results during a conference call on July July: see month. 1, 2004, at 11:00 a.m. (EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ). The call can be accessed via telephone by dialing 800-314-7867 and providing the confirmation code 152111. Interested parties should call at least ten minutes prior to the start of the conference call to register. 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. Some information included in this press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such statements include information relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc business activities and project development. These statements can sometimes be identified by our use of forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. words such as "may," "will," "anticipate," "estimate," "except," "scheduled," or "intend" and similar expressions. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of IMGRC. Additional information concerning these potential factors is included in our Registration Statement on Form S-4 filed with the Securities and Exchange Commission ("SEC") on February February: see month. 27, 2004, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. by Amendment Nos. 1, 2 and 3 to Form S-4 filed with the SEC on April 22, May 18 and June June: see month. 10, 2004, respectively. The forward-looking statements included in this press release are made only as of the date of this release. IMGRC does not undertake any obligation to update or supplement any forward-looking statements to reflect subsequent events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or . IMGRC cannot assure you that projected results or events will be achieved. (1) Adjusted EBITDA is a non-GAAP financial measure. See notes to financial schedules below for a reconciliation of adjusted EBITDA to net income for each of the applicable periods. See "Non-GAAP Financial Measure" above for a discussion of this non-GAAP financial measure.
Inn of the Mountain Gods Resort and Casino
(An unincorporated enterprise of the Mescalero Apache Tribe)
SELECTED FINANCIAL INFORMATION
($ in thousands, except win per unit per day)
(unaudited)
Quarter Ended Twelve Months Ended
April 30, April 30, April 30, April 30,
2004 2003 2004 2003
Operating Results
Gross revenues $22,663 $15,468 $82,364 $67,183
Net revenues 22,127 15,248 80,927 66,252
Income from operations 32,785 (2,831) 43,940 14,244
Net income 29,367 (2,625) 39,747 14,605
Other Data
Adjusted EBITDA(1) $6,787 $7,508 $29,148 $29,208
Property Data (as of the
end of period except win
per day data)
Gross slot win per day $134 $176 $140 $155
Table games win per day $550 $628 $580 $632
Number of slot machines 1,180 626 1,180 803
Number of table games 38 25 38 25
April 30, April 30,
2004 2003
(unaudited)
Balance Sheet Data:
Cash and cash equivalents $15,795 $9,332
Restricted cash 133,297 475
Other current assets 5,758 1,321
Property and equipment, net 141,224 48,256
Other non-current assets 19,608 37,211
Total $315,682 $96,595
Current liabilities $41,650 $43,732
Construction payable 13,082 7,156
Current portion long-term debt 252 5,765
Long-term loans 201,695 1,688
Equity 59,003 38,254
Total $315,682 $96,595
(1) See "Use of Non-GAAP Financial Measure" in the text of the release
for a discussion of how we define and use adjusted EBITDA. Below
is a quantitative reconciliation of adjusted EBITDA to the most
directly comparable GAAP financial performance measure, which is
net income:
Quarter Ended Twelve Months Ended
April 30, April 30, April 30, April 30,
2004 2003 2004 2003
(unaudited) (unaudited) (unaudited) (unaudited)
Net income $29,367 $(2,625) $39,747 $14,605
Depreciation and
amortization 1,138 6,355 4,930 9,213
Non-operating expense,
net of other income 3,418 (207) 4,192 (361)
EBITDA $33,923 $ 3,523 $48,868 $23,457
Pre-opening costs and
expenses 613 1,390 3,072 1,390
Adjustments for
revenue sharing/
regulatory fees(2) 2,595 4,343 4,361
Reversal of disputed
revenue sharing and
regulatory fees(2) (27,136) (27,136)
Adjusted EBITDA $ 6,787 $ 7,508 $29,148 $29,208
(2) During the fourth quarter of fiscal 2004, the Mescalero Apache
Tribe and the State of New Mexico settled their outstanding
disputes over the computation and payment of revenue sharing and
regulatory fees. Under the settlement, the Tribe agreed to pay the
State $25 million, and also agreed to sign a gaming compact
calling for the Tribe to pay the State 8% of the "net win" from
gaming machines operated by IMGRC. IMGRC will fund these payments
out of cash reserves established for this purpose. Adjusted EBITDA
adjusts results prior to the fourth quarter of 2004 to reflect
revenue sharing and regulatory fees at the levels agreed to in the
settlement. The fourth quarter operating results reflect the
reversal of accrued revenue sharing and regulatory fees subject to
dispute in excess of that reflected in the settlement. These
reversals have been excluded when computing adjusted EBITDA.
Inn of the Mountain Gods Resort and Casino
(An unincorporated enterprise of the Mescalero Apache Tribe)
CONSOLIDATED STATEMENT OF INCOME
($ in thousands)
(unaudited)
Quarter Ended Twelve Months Ended
April 30, April 30, April 30, April 30,
2004 2003 2004 2003
Revenues
Gaming $14,913 $10,401 $60,277 $46,942
Food and beverage 1,559 1,011 5,615 4,894
Rooms - 39 - 3,394
Recreation, retail, &
other 6,191 4,017 16,472 11,953
Gross revenues 22,663 15,468 82,364 67,183
Less - promotional
allowances 536 220 1,437 931
Net revenue 22,127 15,248 80,927 66,252
Operating expenses (10,657) 18,079 36,987 52,009
Income (loss) from
operations 32,785 (2,831) 43,940 14,243
Other income (expense):
Interest income 472 29 801 190
Interest expense (3,955) (114) (5,252)
Other income 64 63 258 171
Total other income (3,419) 92 (4,193) 361
Net income (loss) $29,366 $(2,625) $39,747 $14,604
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