Trump Hotels & Casino Resorts Reports 2004 First Quarter Results.Business Editors NEW YORK--(BUSINESS WIRE)--April 30, 2004 Trump Hotels & 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. Resorts, Inc. ("THCR THCR Trump Hotels and Casino Resorts, Inc. " or the "Company") (NYSE NYSE See: New York Stock Exchange :DJT DJT Dow Jones Transportation DJT Don Juan Triumphant (play supposedly written by the Phantom of the Opera) ) today reported its first quarter operating results. THCR reported consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net revenues (defined as gross revenues less promotional allowances) for the quarter ended March 31, 2004 of $276.2 million, compared to $278.8 million for the quarter ended March 31, 2003. Consolidated income from operations for the quarter ended March 31, 2004 was $27.8 million, compared to $27.3 million for the quarter ended March 31, 2003. Consolidated net loss for the quarter ended March 31, 2004 was $48.8 million, or $1.63 per share (included in net loss is a provision for Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). state income taxes of $19.1 million or $0.64 per share, reflecting additional Indiana state taxes for the period beginning with the commencement of gaming in 1996 through the first quarter of 2004 as a result of a recent tax court ruling to an Indiana gaming company concerning the deductibility of the Riverboat riv·er·boat n. A boat suitable for use on a river. wagering wa·ger n. 1. a. An agreement under which each bettor pledges a certain amount to the other depending on the outcome of an unsettled matter. b. A matter bet on; a gamble. 2. tax in calculating state income taxes), compared to a net loss of $24.0 million, or $1.09 per share, net of minority interest of $5.1 million, for the quarter ended March 31, 2003. 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 (defined as income from operations before depreciation, amortization, non-cash CRDA CRDA Christian Relief and Development Association (Ethiopia) CRDA Centre de Recherche et de Développement sur les Aliments (French: Food Research Centre, Canada) write-downs, non-recurring debt renegotiation costs and corporate expenses) for the quarter ended March 31, 2004 was $56.7 million, compared to EBITDA of $56.8 million reported for the quarter ended March 31, 2003. Readers are advised that the term "EBITDA" is not a measure of financial performance under generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . The Company uses EBITDA because it believes that it is used by certain investors in measuring an entity's operating performance. A reconciliation of EBITDA to income from operations is included in the attached schedules. Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. J. Trump, Chairman, President and Chief Executive Officer, commented, "The Atlantic City Atlantic City, city (1990 pop. 37,986), Atlantic co., SE N.J., an Atlantic resort and convention center; settled c.1790, inc. 1854. Situated on Absecon Island, a barrier island 10 mi (16. market has become increasingly more competitive. However, the more favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. weather conditions this year helped offset the effects of this increased competition. The Trump brand is as strong as it's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have ever been. The success of 'The Apprentice' has generated significant exposure for our Company's largest asset, the Trump Taj Mahal Taj Mahal (täzh məhäl`, täj məhŭl`), mausoleum, Agra, Uttar Pradesh state, N India, on the Yamuna River. It is considered one of the most beautiful buildings in the world and the finest example of the late style of Indian . We continue to work on a recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. of the Company as contemplated by the proposed $400 million investment by DLJ Merchant Banking Partners DLJ Merchant Banking Partners (DLJMB) is a LBO-focused private equity firm of Credit Suisse. DLJMB has offices in New York, London and Los Angeles. External links
Butera is a chain of supermarkets in the Chicago area. Originally known as "Butera Finer Foods," then "Butera Market", and now it goes by the simple "Butera" moniker now. (Please Note:They still go by Butera Market. , Executive Vice President, Director of Corporate & Strategic Development, commented further, "We are making progress in moving this recapitalization process forward. Various stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. have selected legal and financial advisors to review proposals and have been engaged with the Company in constructive (mathematics) constructive - A proof that something exists is "constructive" if it provides a method for actually constructing it. Cantor's proof that the real numbers are uncountable can be thought of as a *non-constructive* proof that irrational numbers exist. discussions. We look forward to providing further details on this process as soon as it's appropriate to release such information." Trump Taj Mahal Associates reported net revenues of $112.7 million for the quarter ended March 31, 2004, compared to $118.5 million for the quarter ended March 31, 2003. Income from operations for the quarter ended March 31, 2004 was $12.1 million, compared to $16.0 million for the quarter ended March 31, 2003. EBITDA was $25.1 million for the quarter ended March 31, 2004, compared to $27.2 million for the quarter ended March 31, 2003. Mark A. Brown, the Company's 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. , commented, "We continue to upgrade our slot product at all our properties. The Taj taj n. A tall conical cap worn by Muslims as a headdress of distinction. [Arabic t , and in fact all of our gaming properties, had year-over-year increases in win per position per day for their respective slot products, as a result of reconfiguring the casino floor, removing older machines and adding new cashless equipment to improve our efficiency. A majority of the $2.1 million decrease in EBITDA year-over-year was caused by the decrease in table game hold percentage, notwithstanding the fact that the Taj Mahal's competitive landscape changed not only by the opening of the Borgata Borgata Hotel Casino & Spa is a hotel, casino, and spa in Atlantic City, New Jersey owned by Marina District Development Corporation, LLC. The name means "little village" in Italian. The Borgata was built to bring high rollers back to Atlantic City. At a cost of $1. , but also by the opening of a 500-room hotel tower next door at the Showboat showboat. In the early 19th cent. entertainment was brought by boat to the pioneers that settled along the western rivers (especially the Mississippi and Ohio) of the United States. At first companies only traveled by boat, performing on land. ." Trump Plaza Trump Plaza is a name associated with several buildings in the Trump Empire
Plaza (IPA /'plaθa/ or /'plasa/ had a similar decrease in table game hold percentage as the Taj and the Marina Marina “a piece of virtue.” [Br. Lit.: Pericles] See : Virtuousness . The scheduled opening of the Rainforest Cafe Rainforest Cafe is a themed restaurant chain owned by Landry's Restaurants, Inc. of Houston, Texas. It was founded and created by entrepreneur Steven Schussler. Description will add a fresh new look to the Boardwalk entrance. Like our sister properties, the Plaza is migrating toward a 100% cashless slot product." Trump Marina Trump Marina Hotel Casino is located in Atlantic City, New Jersey and is managed by Trump Entertainment Resorts. The resort covers a 14.6 acre tract and includes a 74,252 square foot casino; 728 guest rooms (including 571 guest rooms, 60 Bay Tower suites and 97 luxury suites); reported net revenues of $58.2 million for the quarter ended March 31, 2004, compared to $58.5 million for the quarter ended March 31, 2003. Income from operations for the quarter ended March 31, 2004 was $4.0 million, compared to $2.6 million for the quarter ended March 31, 2003. EBITDA was $9.8 million for the quarter ended March 31, 2004, compared to $8.2 million for the quarter ended March 31, 2003. Mr. Brown commented, "Our marketing programs at the Marina and the opening of the return ramp from the Borgata have helped the property show a year-over-year increase in operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. and EBITDA despite the decrease in table game hold percentage." Trump Indiana reported net revenues of $37.4 million for the quarter ended March 31, 2004, compared to $30.8 million for the quarter ended March 31, 2003. Income from operations for the quarter ended March 31, 2004 was $5.5 million, compared to $4.1 million for the quarter ended March 31, 2003. EBITDA was $8.9 million for the quarter ended March 31, 2004, compared to $7.6 million for the quarter ended March 31, 2003. Mr. Brown commented, "Our targeted marketing programs and the introduction of poker poker, card game, believed to have originated in Asia and first played in the United States in the 19th cent. A traditional cutthroat gambling game at first, it is now also an internationally popular social pastime. have helped drive higher revenues, operating income and EBITDA." The ongoing dispute over the deductibility of Indiana gaming taxes for state income tax purposes has resulted in an initial judgment by the Indiana tax court in favor of upon the side of; favorable to; for the advantage of. See also: favor the Indiana Department of Revenue on this matter against another Indiana gaming company. The Company has estimated its obligation will be $19.1 million to cover the assessment of taxes and interest for the period beginning with the commencement of gaming in 1996 through the first quarter 2004 and has recorded a cumulative charge during the quarter ended March 31, 2004. We, along with our industry peers in the Indiana gaming market, intend to continue to vigorously vig·or·ous adj. 1. Strong, energetic, and active in mind or body; robust. See Synonyms at healthy. 2. Marked by or done with force and energy. See Synonyms at active. defend our position. It is possible that the Company's estimates related to this matter may change based upon the ultimate findings of the tax court related to the proposed assessments. THCR Management Services during the quarter ended March 31, 2004, earned $2.3 million, compared to $1.0 million for the quarter ended March 31, 2003, in management fees under its five-year management agreement with the Twenty-Nine Palms Band of Luiseno Lui·se·ño n. pl. Luiseño or Lui·se·ños 1. a. A Native American people inhabiting the coastal area of California south of Los Angeles, associated during Spanish times with the missions of San Luis Rey and San Mission Indians Mission Indians, Native Americans of S and central California; so called because they were under the jurisdiction of some 21 Spanish missions that were established between 1769 and 1823. of California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). for Trump 29 Casino and incurred $0.1 million in associated general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. for each of the quarters ended March 31, 2004 and March 31, 2003. Mr. Brown said, "Our higher management fee is reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of the higher operating results at Trump 29 resulting from our successful marketing programs which have increased our customer base." For the quarter ended March 31, 2004, Trump Atlantic City Associates ("TACA TACA Talk About Curing Autism TACA Tennessee Association of Craft Artists TACA Turkish American Cultural Alliance TACA Texas Aggregates and Concrete Association (Austin, Texas) TACA Transportes Aereos Centro-Américanos ") reported combined net revenues of Trump Plaza and Trump Taj Mahal of $178.3 million, compared to net revenues of $188.5 million for the quarter ended March 31, 2003. Income from operations for the quarter ended March 31, 2004 was $16.6 million, compared to $23.2 million for the quarter ended March 31, 2003. EBITDA was $35.8 million for the quarter ended March 31, 2004, compared to $40.1 million for the quarter ended March 31, 2003. TACA anticipates making the next interest payment on its 11-1/4% First Mortgage Notes due 2006 before May 30, 2004, as permitted by the indentures governing gov·ern v. gov·erned, gov·ern·ing, gov·erns v.tr. 1. To make and administer the public policy and affairs of; exercise sovereign authority in. 2. such indebtedness INDEBTEDNESS. The state, of being in debt, without regard to the ability or inability of the party to pay the same. See 1 Story, Eq. 343; 2 Hill. Ab. 421. 2. . For the quarter ended March 31, 2004, Trump Casino Holdings, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("TCH TCH Trans-Canada Highway TCH Texas Children's Hospital (Houston, TX) TCH The Children's Hospital TCH Traffic Channel TCH Threshold Crossing Height TCH Toyota Camry Hybrid TCH Taurocholic Acid ") reported combined net revenues of Trump Marina and Trump Indiana and for Trump 29 of $97.9 million, compared to net revenues of $90.3 million for the quarter ended March 31, 2003. Income from operations for the quarter ended March 31, 2004 was $12.9 million, compared to $7.3 million for the quarter ended March 31, 2003. EBITDA was $20.9 million for the quarter ended March 31, 2004, compared to $16.7 million for the quarter ended March 31, 2003. About Our Company: THCR is a leading gaming company that owns and operates four properties and manages one property under the Trump brand name. THCR's owned assets include Trump Taj Mahal Casino Resort The Trump Taj Mahal Casino Resort is located at 1000 Boardwalk Avenue, in Atlantic City, New Jersey, in the bustling casino area. The casino is owned by Trump Entertainment Resorts. and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey “Atlantic City” redirects here. For other uses, see Atlantic City (disambiguation). Atlantic City is a city in Atlantic County, New Jersey, USA. Famous for its boardwalk and casino gambling, it is a resort community located on Absecon Island on the coast of the , Trump Marina Hotel Casino, located in Atlantic City's Marina District, and the Trump Casino Hotel, a riverboat casino A Riverboat casino is a type of casino unique to several areas of the United States which use a riverboat as a casino. Several states authorized this type of casino to limit the areas where casinos could be constructed. located in Gary Gary, city (1990 pop. 116,646), Lake co., NW Ind., a port of entry on Lake Michigan; inc. 1909. Gary was founded by the U.S. Steel Corporation, which purchased the land in 1905 and landscaped it for a city. , Indiana. In addition, the Company manages Trump 29 Casino, a Native American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of owned facility located near Palms Springs, California. Together, the properties comprise To embrace, cover, or include; to confine within; to consist of. In the law governing patents—grants of an exclusive right or privilege to make, use, or sell an invention or product for a term of years—the term comprise approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 451,280 square feet of gaming space and 3,180 hotel rooms and suites. The Company is the sole vehicle through which Donald J. Trump conducts gaming activities and strives to provide customers with outstanding casino resort and entertainment experiences consistent with the Donald J. Trump standard of excellence. THCR is separate and distinct from Mr. Trump's real estate and other holdings. PSLRA PSLRA Private Securities Litigation Reform Act PSLRA Public Service Labour Relations Act (Canada) 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. for 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. and Additional Available Information 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 provides a "safe harbor" for forward-looking statements so long as those statements are identified as 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. and are accompanied ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements. All statements, trend analysis and other information contained in this release relative to THCR's or its subsidiaries' performance, trends in THCR's or its subsidiaries' operations or financial results, plans, expectations, estimates and beliefs, as well as other statements including words such as "anticipate," "believe," "plan," "estimate," "expect," "intend," "will," "could" and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. In connection with certain forward-looking statements contained in this release and those that may be made in the future by or on behalf of THCR, THCR notes that there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements. The forward-looking statements contained in this release were prepared by management and are qualified by, and subject to, significant business, economic, competitive, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. and other uncertainties and contingencies Contingencies (ISSN 1048-9851) is the bimonthly magazine of the American Academy of Actuaries, providing a large and diverse readership with general interest and technical articles on a wide range of issues related to the actuarial profession. (including those pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to the currently proposed restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). ), all of which are difficult or impossible to predict and many of which are beyond the control of THCR. Accordingly, there can be no assurance that the forward-looking statements contained in this release will be realized or that actual results will not be significantly higher or lower. The forward-looking statements in this release reflect the opinion of the Company's management as of the date of this release. Readers are hereby advised that developments subsequent to this release are likely to cause these statements to become outdated out·dat·ed adj. Out-of-date; old-fashioned. outdated Adjective old-fashioned or obsolete Adj. 1. with the passage of time or other factors beyond the control of the Company. This Company does not intend, however, to update the guidance provided herein prior to its next release or unless otherwise required to do so. Readers of this release should consider these facts in evaluating the information contained herein. In addition, the business and operations of THCR are subject to substantial risks, including, but not limited to risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc liquidity and cash flows, which increase the uncertainty inherent in the forward-looking statements contained in this release. The inclusion of the forward-looking statements contained in this release should not be regarded as a representation by THCR or any other person that the forward-looking statements contained in the release will be achieved. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements contained herein. Additional information concerning the potential risk factors that could affect the Company's future performance are described from time to time in the Company's periodic reports filed with the SEC, including, but not limited to, the Company's Annual Reports on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. . These reports may be viewed free of charge on the SEC's website, www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. , or on the Company's website, www.trump.com.
TRUMP HOTELS & CASINO RESORTS, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share data)
3 MONTHS
31-Mar-04 31-Mar-03
------------------------
REVENUES
CASINO $290,699 $293,708
ROOMS 17,277 17,915
FOOD & BEVERAGE 28,774 28,693
MANAGEMENT FEE 2,285 964
OTHER 9,203 7,573
PROMOTIONAL ALLOWANCES (72,033) (70,079)
------------------------
NET REVENUES $276,205 $278,774
------------------------
COSTS & EXPENSES
GAMING $138,107 $140,716
ROOMS 6,864 7,436
FOOD & BEVERAGE 9,876 10,232
GENERAL & ADMIN 64,665 63,632
------------------------
TOTAL EXPENSES $219,512 $222,016
------------------------
EBITDA (a) $56,693 $56,758
Less:
CRDA 1,077 1,429
DEPRECIATION & AMORTIZATION 25,476 22,686
CORPORATE EXPENSES 2,294 2,719
DEBT RENEGOTIATION COSTS - 2,628
------------------------
INCOME FROM OPERATIONS $27,846 $27,296
------------------------
INTEREST INCOME (85) (633)
INTEREST EXPENSE 55,948 58,053
GAIN ON DEBT RETIREMENT, NET (b) - (2,892)
OTHER NON-OPERATING (INCOME)EXPENSE, NET (39) 20
------------------------
TOTAL NON-OPERATING EXPENSE, NET $55,824 $54,548
------------------------
INCOME(LOSS) BEFORE LOSS IN JOINT VENTURE,
INCOME TAXES & MINORITY INTEREST ($27,978) ($27,252)
LOSS IN JOINT VENTURE (613) (615)
PROVISION FOR INCOME TAXES (c) (20,199) (1,159)
------------------------
INCOME(LOSS) BEFORE MINORITY INTEREST ($48,790) ($29,026)
MINORITY INTEREST (d) - 5,061
------------------------
NET LOSS ($48,790) ($23,965)
========================
WEIGHTED AVERAGE # SHARES-BASIC 29,904,764 22,010,027
========================
WEIGHTED AVERAGE # SHARES-DILUTED 29,904,764 22,010,027
========================
BASIC AND DILUTED EARNINGS (LOSS) PER SHARE ($1.63) ($1.09)
========================
Note: Certain prior year reclassifications have been made to conform
to current year presentation.
(a) EBITDA (Earnings before interest, taxes, depreciation and
amortization, valuation allowances on casino reinvestment obligations,
corporate expenses and debt renegotiation costs) is a measure of
financial performance commonly used in the casino hotel industry. We
provide EBITDA results to enhance an investor's understanding of our
operating results. EBITDA is a non-GAAP financial statement measure
and should not be construed as an alternative to operating income as
determined under generally accepted accounting principles as an
indicator of operating performance. All companies do not calculate
EBITDA in the same manner; accordingly, the EBITDA results presented
above may not be comparable to EBITDA results as reported by other
companies. Corporate expenses include administrative expenses
associated with the operation of THCR Holdings and lobbying and
developmental costs in other gaming jurisdictions. Debt renegotiation
costs include the costs associated with debt refinancing no longer
pursued and transactional fees earned upon the successful completion
of debt refinancing in 2003.
(b) Includes a net gain of $10.4 million of the Trump Marina PIK Notes
and First Mortgage Notes, which is offset by the $2.8 million call
premium on the retirement of THCR Holdings 15.5% Senior Notes, Trump
Indiana's interest rate swap of approximately $.9 million and
unamortized loan costs of approximately $3.8 million. All of these
transactions occurred on March 25, 2003 in connection with the
Company's issuance of Priority Mortgage Notes and the related use of
proceeds.
(c) Represents New Jersey state income taxes due under the Business
Tax Reform Act passed in July 2002 and the New Jersey Profits Tax
passed in July 2003. 2004 includes $19.1 million due to Indiana state
waging tax add back adjustment, as a result of a ruling in the Indiana
tax court for the period from commencement of operations in June 1996
through the quarter ended March 31, 2004.
(d) Minority interest credit is limited to the Balance Sheet amount at
December 31, 2002.
TRUMP ATLANTIC CITY ASSOCIATES
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands)
3 MONTHS
31-Mar-04 31-Mar-03
------------------------
REVENUES
CASINO $190,154 $198,663
ROOMS 12,504 13,073
FOOD & BEVERAGE 21,023 21,038
OTHER 6,575 5,579
PROMOTIONAL ALLOWANCES (51,941) (49,852)
------------------------
NET REVENUES $178,315 $188,501
------------------------
COSTS & EXPENSES
GAMING $89,615 $93,889
ROOMS 5,382 6,006
FOOD & BEVERAGE 6,783 7,215
GENERAL & ADMIN 40,699 41,329
------------------------
TOTAL EXPENSES $142,479 $148,439
------------------------
EBITDA (a) $35,836 $40,062
Less:
CRDA $816 $1,171
DEPRECIATION & AMORTIZATION 18,217 15,447
CORPORATE EXPENSES 208 201
------------------------
INCOME FROM OPERATIONS $16,595 $23,243
------------------------
INTEREST INCOME (81) (223)
INTEREST EXPENSE 38,616 38,642
OTHER NON-OPERATING (INCOME)EXPENSE, NET (39) 6
------------------------
TOTAL NON-OPERATING EXPENSE, NET $38,496 $38,425
------------------------
INCOME(LOSS) BEFORE INCOME TAXES (21,901) (15,182)
PROVISION FOR INCOME TAXES (b) (1,003) (859)
------------------------
NET LOSS ($22,904) ($16,041)
========================
(a) EBITDA (Earnings before interest, taxes, depreciation and
amortization, valuation allowances on casino reinvestment obligations,
corporate expenses and debt renegotiation costs) is a measure of
financial performance commonly used in the casino hotel industry. We
provide EBITDA results to enhance an investor's understanding of our
operating results. EBITDA is a non-GAAP financial statement measure
and should not be construed as an alternative to operating income as
determined under generally accepted accounting principles as an
indicator of operating performance. All companies do not calculate
EBITDA in the same manner; accordingly, the EBITDA results presented
above may not be comparable to EBITDA results as reported by other
companies.
(b) Represents New Jersey state income taxes due under the Business
Tax Reform Act passed in July 2002 and the New Jersey Profits Tax
passed in July 2003.
TRUMP CASINO HOLDINGS, LLC
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands)
3 MONTHS
31-Mar-04 31-Mar-03
------------------------
REVENUES
CASINO $100,545 $95,045
ROOMS 4,773 4,842
FOOD & BEVERAGE 7,751 7,655
MANAGEMENT FEE 2,285 964
OTHER 2,628 1,994
PROMOTIONAL ALLOWANCES (20,092) (20,227)
------------------------
NET REVENUES $97,890 $90,273
------------------------
COSTS & EXPENSES
GAMING $48,492 $46,827
ROOMS 1,482 1,430
FOOD & BEVERAGE 3,093 3,017
GENERAL & ADMIN 23,966 22,303
------------------------
TOTAL EXPENSES $77,033 $73,577
------------------------
EBITDA (a) $20,857 $16,696
Less:
CRDA 261 258
DEPRECIATION & AMORTIZATION 7,252 7,233
CORPORATE EXPENSES 414 1,513
DEBT RENEGOTIATION COSTS - 378
------------------------
INCOME FROM OPERATIONS $12,930 $7,314
------------------------
INTEREST INCOME (3) (401)
INTEREST EXPENSE 17,332 21,160
GAIN ON DEBT RETIREMENT, NET (b) - (7,931)
OTHER NON-OPERATING EXPENSE - 14
------------------------
TOTAL NON-OPERATING EXPENSE, NET $17,329 $12,842
------------------------
INCOME(LOSS) BEFORE LOSS IN JOINT VENTURE
& INCOME TAXES (4,399) (5,528)
LOSS IN JOINT VENTURE (613) (615)
PROVISION FOR INCOME TAXES (c) (19,196) (300)
------------------------
NET LOSS ($24,208) ($6,443)
========================
Note: Certain prior year reclassifications have been made to conform
to current year presentation.
(a) EBITDA (Earnings before interest, taxes, depreciation and
amortization, valuation allowances on casino reinvestment obligations,
corporate expenses and debt renegotiation costs) is a measure of
financial performance commonly used in the casino hotel industry. We
provide EBITDA results to enhance an investor's understanding of our
operating results. EBITDA is a non-GAAP financial statement measure
and should not be construed as an alternative to operating income as
determined under generally accepted accounting principles as an
indicator of operating performance. All companies do not calculate
EBITDA in the same manner; accordingly, the EBITDA results presented
above may not be comparable to EBITDA results as reported by other
companies.
(b) Includes a net gain of $10.4 million of the Trump Marina PIK Notes
and First Mortgage Notes, which is offset by Trump Indiana's interest
rate swap of approximately $.9 million and unamortized loan costs of
approximately $1.6 million. All of these transactions occurred on
March 25, 2003 in connection with the Company's issuance of Priority
Mortgage Notes and the related use of proceeds.
(c) Represents New Jersey state income taxes due under the Business
Tax Reform Act passed in July 2002 and the New Jersey Profits Tax
passed in July 2003. 2004 includes $19.1 million due to Indiana state
waging tax add back adjustment, as a result of a ruling in the Indiana
tax court for the period from commencement of operations in June 1996
through the quarter ended March 31, 2004.
TRUMP TAJ MAHAL ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS
31-Mar-04 31-Mar-03
------------------------
REVENUES
CASINO $117,723 $123,232
# of Slots 4,368 4,842
Win per Slot/Day $193 $180
Slot Win $76,785 $78,226
# of Tables 127 126
Win per Table/Day $3,052 $3,517
Table Win $35,272 $39,887
Table Drop $206,029 $223,710
Hold % 17.1% 17.8%
Poker, Keno, Race Win $5,666 $5,119
ROOMS $7,220 $7,653
# of Rooms Sold 102,190 103,833
Avg Room Rates $70.65 $73.70
Occupancy % 89.8% 92.3%
FOOD & BEVERAGE $12,578 $12,829
OTHER 4,660 3,595
PROMOTIONAL ALLOWANCES (29,454) (28,774)
------------------------
NET REVENUES $112,727 $118,535
------------------------
COSTS & EXPENSES
GAMING $54,665 $57,158
ROOMS 3,275 3,740
FOOD & BEVERAGE 4,164 4,687
GENERAL & ADMIN 25,535 25,763
------------------------
TOTAL EXPENSES $87,639 $91,348
------------------------
EBITDA (a) $25,088 $27,187
========================
A reconciliation of EBITDA to income from
operations for each of the periods is as follows:
EBITDA $25,088 $27,187
Depreciation and amortization (12,490) (10,359)
Non-cash write-downs and charges related to
required regulatory obligations (CRDA) (496) (850)
------------------------
Income from operations $12,102 $15,978
========================
(a) EBITDA (Earnings before interest, taxes, depreciation and
amortization, valuation allowances on casino reinvestment obligations,
corporate expenses and debt renegotiation costs) is a measure of
financial performance commonly used in the casino hotel industry. We
provide EBITDA results to enhance an investor's understanding of our
operating results. EBITDA is a non-GAAP financial statement measure
and should not be construed as an alternative to operating income as
determined under generally accepted accounting principles as an
indicator of operating performance. All companies do not calculate
EBITDA in the same manner; accordingly, the EBITDA results presented
above may not be comparable to EBITDA results as reported by other
companies.
TRUMP PLAZA ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS
31-Mar-04 31-Mar-03
------------------------
REVENUES
CASINO $72,431 $75,431
# of Slots 2,837 2,962
Win per Slot/Day $202 $198
Slot Win $52,079 $52,819
# of Tables 91 90
Win per Table/Day $2,458 $2,792
Table Win $20,352 $22,612
Table Drop $135,918 $143,924
Hold % 15.0% 15.7%
ROOMS $5,284 $5,420
# of Rooms Sold 70,260 71,499
Room Rates $75.31 $75.95
Occupancy % 85.4% 87.9%
FOOD & BEVERAGE $8,445 $8,209
OTHER 1,915 1,984
PROMOTIONAL ALLOWANCES (22,487) (21,078)
------------------------
NET REVENUES $65,588 $69,966
------------------------
COSTS & EXPENSES
GAMING $34,950 $36,731
ROOMS 2,107 2,266
FOOD & BEVERAGE 2,619 2,528
GENERAL & ADMIN 15,164 15,566
------------------------
TOTAL EXPENSES $54,840 $57,091
------------------------
EBITDA (a) $10,748 $12,875
========================
A reconciliation of EBITDA to income from
operations for each of the periods is as follows:
EBITDA $10,748 $12,875
Depreciation and amortization (5,727) (5,088)
Non-cash write-downs and charges related to
required regulatory obligations(CRDA) (320) (321)
Corporate charges (175) (180)
------------------------
Income from operations $4,526 $7,286
========================
(a) EBITDA (Earnings before interest, taxes, depreciation and
amortization, valuation allowances on casino reinvestment obligations,
corporate expenses and debt renegotiation costs) is a measure of
financial performance commonly used in the casino hotel industry. We
provide EBITDA results to enhance an investor's understanding of our
operating results. EBITDA is a non-GAAP financial statement measure
and should not be construed as an alternative to operating income as
determined under generally accepted accounting principles as an
indicator of operating performance. All companies do not calculate
EBITDA in the same manner; accordingly, the EBITDA results presented
above may not be comparable to EBITDA results as reported by other
companies.
TRUMP MARINA ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS
31-Mar-04 31-Mar-03
------------------------
REVENUES
CASINO $62,069 $62,220
# of Slots 2,501 2,510
Win per Slot/Day $214 $211
Slot Win $48,624 $47,690
# of Tables 75 81
Win per Table/Day $1,952 $1,973
Table Win $13,320 $14,386
Table Drop $82,568 $85,666
Hold % 16.1% 16.8%
Poker, Keno, Race Win $125 $144
ROOMS $4,045 $4,112
# of Rooms Sold 51,075 55,687
Avg Room Rates $79.20 $73.84
Occupancy % 77.1% 85.0%
FOOD & BEVERAGE $6,920 $6,960
OTHER 2,156 1,578
PROMOTIONAL ALLOWANCES (16,961) (16,347)
------------------------
NET REVENUES $58,229 $58,523
------------------------
COSTS & EXPENSES
GAMING $29,473 $30,485
ROOMS 989 955
FOOD & BEVERAGE 1,898 1,952
GENERAL & ADMIN 16,099 16,901
------------------------
TOTAL EXPENSES $48,459 $50,293
------------------------
EBITDA (a) $9,770 $8,230
========================
A reconciliation of EBITDA to income from
operations for each of the periods is as follows:
EBITDA $9,770 $8,230
Depreciation and amortization (5,523) (5,395)
Non-cash write-downs and charges related to
required regulatory obligations (261) (258)
Debt renegotiation costs - 47
------------------------
Income from operations $3,986 $2,624
========================
Note: Certain prior year reclassifications have been made to conform
to current year presentation.
(a) EBITDA (Earnings before interest, taxes, depreciation and
amortization, valuation allowances on casino reinvestment obligations,
corporate expenses and debt renegotiation costs) is a measure of
financial performance commonly used in the casino hotel industry. We
provide EBITDA results to enhance an investor's understanding of our
operating results. EBITDA is a non-GAAP financial statement measure
and should not be construed as an alternative to operating income as
determined under generally accepted accounting principles as an
indicator of operating performance. All companies do not calculate
EBITDA in the same manner; accordingly, the EBITDA results presented
above may not be comparable to EBITDA results as reported by other
companies.
TRUMP INDIANA, INC.
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS
31-Mar-04 31-Mar-03
------------------------
REVENUES
CASINO $38,476 $32,825
# of Slots 1,663 1,728
Win per Slot/Day $214 $181
Slot Win $32,344 $28,182
# of Tables 42 46
Win per Table/Day $1,308 $1,121
Table Win $5,001 $4,643
Table Drop $33,879 $27,857
Hold % 14.8% 16.7%
Poker (Start 12/16/03) $1,131 N/A
ROOMS $728 $730
# of Rooms Sold 12,752 13,320
Avg Room Rates $57.00 $55.00
Occupancy % 46.7% 49.3%
FOOD & BEVERAGE $831 $695
OTHER 472 416
PROMOTIONAL ALLOWANCES (3,131) (3,880)
------------------------
NET REVENUES $37,376 $30,786
------------------------
COSTS & EXPENSES
GAMING $19,019 $16,342
ROOMS 493 475
FOOD & BEVERAGE 1,195 1,065
GENERAL & ADMIN 7,812 5,293
------------------------
TOTAL EXPENSES $28,519 $23,175
------------------------
EBITDA (a) $8,857 $7,611
========================
A reconciliation of EBITDA to income from
operations for each of the periods is as follows:
EBITDA $8,857 $7,611
Depreciation and amortization (1,729) (1,838)
Management and services agreement (1,601) (1,650)
------------------------
Income from operations $5,527 $4,123
========================
(a) EBITDA (Earnings before interest, taxes, depreciation and
amortization, valuation allowances on casino reinvestment obligations,
corporate expenses and debt renegotiation costs) is a measure of
financial performance commonly used in the casino hotel industry. We
provide EBITDA results to enhance an investor's understanding of our
operating results. EBITDA is a non-GAAP financial statement measure
and should not be construed as an alternative to operating income as
determined under generally accepted accounting principles as an
indicator of operating performance. All companies do not calculate
EBITDA in the same manner; accordingly, the EBITDA results presented
above may not be comparable to EBITDA results as reported by other
companies.
TRUMP HOTELS & CASINO RESORTS, INC.
Supplemental Information
(Unaudited)
(In thousands)
3 MONTHS
31-Mar-04 31-Mar-03
CRDA WRITE-DOWN
TAJ $496 $850
PLAZA 320 321
MARINA 261 258
------------------------
TOTAL CRDA WRITE-DOWN $1,077 $1,429
========================
DEPRECIATION & AMORTIZATION
TAJ $12,490 $10,359
PLAZA 5,727 5,088
THCR HOLDINGS 7 6
MARINA 5,523 5,395
INDIANA 1,729 1,838
------------------------
TOTAL DEPRECIATION/AMORT $25,476 $22,686
========================
INTEREST EXPENSE
TAJ $24,603 $24,553
PLAZA 14,013 14,089
THCR HOLDINGS - 4,477
TRUMP CASINO HOLDINGS 4,242 299
MARINA 10,968 13,857
INDIANA 2,122 537
THCR MGMT - 241
------------------------
TOTAL INTEREST EXPENSE $55,948 $58,053
========================
LOAN COST AMORT/BOND DISC INCL INT EXP
TAJ $581 $651
PLAZA 382 428
THCR HOLDINGS - 192
TRUMP CASINO HOLDINGS 729 38
MARINA 500 2,091
INDIANA 95 90
THCR MGMT - 223
------------------------
TOTAL LOAN COST AMORT/BOND DISC $2,287 $3,713
========================
TRUMP HOTELS & CASINO RESORTS, INC.
Supplemental Information
(Unaudited)
(In thousands)
Cash & Cash Equivalents 31-Mar-04 31-Mar-03
Trump Atlantic City Consolidated $91.4 $106.9
Trump Casino Holdings Consolidated 32.8 32.0
Trump Hotels & Casino Resorts Holdings, L.P. 0.1 2.8
------------------------
Total Cash & Cash Equivalents $124.3 $141.7
========================
Capital Expenditures Purchase Capital Lease/ Total
(in thousands) of Property Financed Capital
& Equipment Additions Expenditures
For the Three Months Ended
March 31, 2004
TAJ $2,981 $11,786 $14,767
PLAZA 1,558 4,573 6,131
MARINA 898 4,752 5,650
INDIANA 1,085 - 1,085
THCR HOLDINGS 29 - 29
--------------------------------------
TOTAL $6,551 $21,111 $27,662
======================================
For the Three Months Ended
March 31, 2003
TAJ $5,525 $- $5,525
PLAZA 887 1,760 2,647
MARINA 1,156 - 1,156
INDIANA 1,705 - 1,705
THCR HOLDINGS 5 - 5
--------------------------------------
TOTAL $9,278 $1,760 $11,038
======================================
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