Trans World Corporation Announces 1st Quarter 2006 Results.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Trans World Corporation Trans World Corporation was the original name of the holding company set up to own Trans World Airlines. When the airline sought to diversify into other areas of business, a key investment was Hilton International Hotels ("TWC TWC The Weather Channel TWC Time-Warner Cable TWC Texas Workforce Commission (also seen as TWFC) TWC The Wellness Community TWC The Washington Center TWC Teachers & Writers Collaborative TWC Trustworthy Computing " or the "Company") (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). : TWOC TWOC Trial Without Catheter TWOC Taken Without Owner's Consent (UK theft) TWOC Training Wing Operations Center .OB), the owner and operator of casinos in Europe, today announces a profit for the quarter ended March 31, 2006. TWC generated a net income of $264,000, or $0.03 per share, for the quarter ended March 31, 2006 versus a net loss of $470,000 for the same quarter in 2005. This significant improvement of $734,000 can be attributed largely to the stabilization Stabilization The action undertakes a country when it buys and sells its own currency to protect its exchange value. Actions registered competitive traders undertake by on the NYSE to meet the exchange requirement that 75% of their traded be stabilizing, meaning that sell orders of Route 55, the Company's newest and largest casino. Route 55 opened at the end of 2004 and incurred substantial marketing and promotional costs throughout 2005, as it was established in the marketplace. In the first quarter of 2006, the casino's revenue doubled versus the same quarter last year, while 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. started to normalize normalize to convert a set of data by, for example, converting them to logarithms or reciprocals so that their previous non-normal distribution is converted to a normal one. . As a result, Route 55 provided a major contribution to the Company's overall results. TWC has also embarked on a $4.5 million capital improvement program that will include product upgrades, expansion of the Route 59 casino, and purchase of new gaming equipment. This program is expected to boost visitation VISITATION. The act of examining into the affairs of a corporation. 2. The power of visitation is applicable only to ecclesiastical and eleemosynary corporations. 1 Bl. Com. 480; 2 Kid on Corp. 174. while improving revenue retention, thereby enhancing the Company's profitability in subsequent quarters of 2006 and beyond. Additional information about TWC and its Czech subsidiary, American Chance Casinos, can be found at www.transwc.com or www.american-chance-casinos.com. "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: The statements contained in this release which are not historical facts contain forward looking information with respect to plans, projections or the future performance of the Company, the occurrence of which involve certain risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission.
TRANS WORLD CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS (Unaudited)
(dollars in thousands, except for per share data)
Selected Information from the Consolidated Statements of Operations
Three Months Ended March 31,
2006 2005
--------------- ---------------
Revenues $ 6,039 $ 5,639
Total Costs and Expenses 5,731 5,988
Income (Loss) From Operations 308 (349)
Other Expense (44) (121)
Income (Loss) Before Income Taxes 264 (470)
Income Taxes - -
Net Income (Loss) $ 264 $ (470)
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Weighted Average Common Shares Outstanding:
Basic 7,840,869 5,031,681
Diluted 7,880,444 5,031,681
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Earnings (Loss) Per Common Share:
Basic $ 0.03 $ (0.09)
Diluted $ 0.03 $ (0.09)
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Selected Balance Sheet Information (Unaudited)
as of March 31, 2006 and December 31, 2005
March 31, December 31,
2006 2005
--------------- ---------------
Total Current Assets $ 5,429 $ 7,179
Total Assets $ 24,773 $ 26,025
Total Current Liabilities $ 5,040 $ 7,018
Long-term Liabilities $ 3,570 $ 3,627
Total Stockholders' Equity $ 16,163 $ 15,380
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