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 RENO, Nev., Aug. 4 /PRNewswire/ -- Boomtown Inc. (NASDAQ: BMTN) recorded third quarter net income of $1,492,000, compared to $13,600 in the same period a year ago. The company noted that the prior year results included $1.6 million (net of tax) in non-cash, non-recurring charges. Income for the period before extraordinary and non-recurring charges was $1.55 million compared to $1.62 million in the prior year. Third quarter revenues totaled $15.6 million compared to $15.2 million one year earlier.
 Weighted average common and common equivalent shares outstanding were 7,611,291 in the current quarter and 3,708,177 one year earlier. Shares outstanding more than doubled year-to-year as a result of the company's initial public offering in October 1992 and its most recent secondary offering in June 1993.
 Timothy Parrott, chairman and chief executive officer, commented: "Earnings for the quarter were less than anticipated due to short-term disruption caused by construction activity at Boomtown Reno which slowed results for the highly important month of June. During the quarter, we successfully completed our $18.5 million addition to the property which substantially expanded our casino and importantly added our 35,000 square-foot family entertainment center.
 "We've made a good beginning on the fourth quarter. July revenues from gaming and our new family entertainment center were up 20 percent from the prior year. The family entertainment center has received excellent customer acceptance and is having a very positive impact on results."
 For the nine months, net income was $1,719,000, including a $370,000 (net of tax) charge related to the early extinguishment of debt. Net income applicable to common stock for the first nine months of 1992 was $443,000, including non-cash, non-recurring charges of $1.92 million (net of tax). Revenues amounted to $38.9 million, essentially unchanged from $38.8 million during the prior year. Parrott pointed out that results for the current year were slowed by severe winter weather in 1992-93.
 Boomtown Inc., a public company since October 1992, owns and operates a western-themed casino approximately 7 miles west of Reno. The facilities include a 40,000-square-foot casino, a 35,000-square-foot family entertainment center, a 122-room hotel, a 16-acre truck stop, a 203-space full-service recreational vehicle park and other related amenities.
 Consolidated Statement of Income Data
 (In thousands, except per share data)
 Three Months Ended Nine Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Net revenues
 Casino Inc. FunFlights
 & FunCenter 12,812 11,453 29,080 29,736
 Other 2,802 3,728 9,826 9,075
 Total 15,614 15,181 38,906 38,811
 Other operating expenses 12,078 10,920 31,999 29,751
 Depreciation and
 amortization 1,011 828 2,828 2,508
 Total 13,089 11,748 34,827 32,259
 Income from operations 2,525 3,433 4,079 6,552
 Interest expense, net 41 742 723 2,457
 Provision for income
 taxes 934 1,076 1,267 1,577
 Income before
 extraordinary loss and
 non-recurring charges 1,550 1,615 2,089 2,518
 Extraordinary loss,
 net of tax 58 0 370 0
 Non-recurring charges,
 net of tax --- 1,601 --- 1,925
 Net income $1,492 $14 $1,719 $593
 Income before extra-
 ordinary loss and
 non-cash, non-recurring
 charges applicable to
 common stock $1,550 $1,565 $2,039 $2,368
 Income before extra-
 ordinary loss per share
 of common stock $0.21 $0.42 $0.29 $0.64
 Extraordinary loss
 per share ($0.01) --- ($0.05) ---
 Non-recurring charge
 per share --- ($0.43) --- ($0.52)
 Total $0.20 ($0.01) $0.24 $0.12
 Weighted average shares
 outstanding 7,611 3,708 6,980 3,708
 NOTE: The above table has been adjusted for comparability by reflecting the non-cash and non-recurring charges on a net of tax basis similar to the treatment of extraordinary items.
 The non-cash, non-recurring charges relate to a SARS plan that was discontinued at the initial public offering and environmental remediation expense as discussed in prior filings.
 -0- 8/4/93
 /CONTACT: Timothy Parrott, chairman and CEO of Boomtown, 702-345-8680/

CO: Boomtown Inc. ST: Nevada IN: LEI CNO SU: ERN

MF-EH -- LA042 -- 9532 08/04/93 16:43 EDT
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Publication:PR Newswire
Date:Aug 4, 1993

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