Trans World Corporation Announces 3rd Quarter 2005 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 A list of casinos. Antigua and Barbuda
TWC generated a net income of $149,000, or $0.03 per share, for the quarter ended September 30, 2005 versus $24,000 for the same quarter in 2004. This improvement is also significant relative to the prior quarters in 2005; TWC posted gains of $362,000 and $619,000 over the second and first quarter net losses of $213,000 and $470,000 respectively. As TWC launched and marketed its newest 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. , "Route 55", near Linz, Austria, the Company's 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. increased during the first and second quarters of 2005 as expected. The costs associated with the casino establishment are beginning to bear positive returns, as seen in the trend of business and in the improvement of the quarterly results. Furthermore, in addition to the encouraging performances of the other casinos, especially Ceska Kubice, Route 55 is now reaching an operating level which is expected to provide beneficial contributions to the company's results in the future. 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
(dollars in thousands, except for per share data)
Selected Information from the Consolidated Statements of Operations
Nine Months Ended Three Months Ended
September 30, September 30,
2005 2004 2005 2004
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Revenues $ 17,463 $ 13,669 $ 5,979 $ 3,945
Total Costs and Expenses 17,716 12,309 5,777 3,889
Income (Loss) From
Operations (253) 1,360 202 56
Other Income (Expense) (279) (285) (53) (32)
Income (Loss) Before
Income Taxes (532) 1,075 149 24
Income Taxes - - - -
Net Income (Loss) $ (532) $ 1,075 $ 149 $ 24
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Weighted Average Common
Shares Outstanding:
Basic 5,031,681 5,031,652 5,031,681 5,031,660
Diluted 5,031,681 5,043,016 5,037,826 5,043,364
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Earnings (Loss) Per
Common Share:
Basic $ (0.11) $ 0.21 $ 0.03 $ 0.00
Diluted $ (0.11) $ 0.21 $ 0.03 $ 0.00
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Selected Balance Sheet Information
as of September 30, 2005 and December 31, 2004
September 30, 2005 December 31, 2004
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Total Current Assets $ 2,059 $ 3,332
Total Assets $ 20,990 $ 24,043
Total Current Liabilities $ 6,179 $ 8,037
Long-term Debt $ 4,633 $ 3,945
Total Stockholders' Equity $ 10,178 $ 12,061
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