Printer Friendly

CIRCUS CIRCUS ENTERPRISES INC.

 LAS VEGAS, Sept. 8 /PRNewswire/ -- Circus Circus Enterprises Inc. today announced its results for the second quarter and the six months ended July 31, 1993.
 The company reported net income for the second quarter of $37,363,000 or $.43 per share, compared with $35,332,000, or $.41 per share, for the corresponding quarter last year. Net income for the six months ended July 31, 1993, was $70,142,000, or $.80 per share, compared with $61,152,000, or $.72 per share in the prior year. In the first quarter last year, Circus redeemed its $100 million 10 1/8 percent Senior Subordinated Notes at a call premium, which resulted in an extraordinary charge against income of $3.7 million, or $.04 per share. Earnings per share for the six months ended July 31, 1992, before this extraordinary charge, were $.76.
 The most significant factor in this year's improved results for both the quarter and the six months was a reduction in interest expense of $4.2 million and $11.1 million compared to the same periods last year. The reduction in interest expense was due primarily to additional capitalized interest and the retirement of the Subordinated Notes in last year's first quarter.
 The company's operating income in the quarter and for the six months ended July 31, 1993, was down approximately 2 percent compared to the corresponding periods in the prior year. The decrease in operating income for both periods is due primarily to an increase in certain costs, particularly employee health and welfare. Additionally, the construction of Grand Slam Canyon at Circus Circus-Las Vegas continued to disrupt operations at that property. Grand Slam Canyon was completed and opened in August.
 Circus Circus Enterprises Inc. operates seven properties in Nevada: Excalibur; the Circus Circus resorts in Las Vegas and Reno; the Colorado Belle and Edgewater in Laughlin; and Slot-A-Fun and Silver City in Las Vegas. The company's eighth property, Luxor, is scheduled to open on the Las Vegas Strip in October of this year.
 CIRCUS CIRCUS ENTERPRISES INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Income
 (Dollars in thousands, except share data)
 (Unaudited)
 Three Months Ended Six Months Ended
 July 31, July 31,
 1993 1992 1993 1992
 Revenues $228,488 $222,127 $438,274 $428,041
 Costs and
 expenses 167,266 159,641 321,847 308,811
 Operating profit
 before
 corporate
 expense 61,222 62,486 116,427 119,230
 Corporate expense 2,935 3,254 6,368 6,552
 Income from
 operations 58,287 59,232 110,059 112,678
 Other income
 (expense):
 Interest, dividend
 and other income (78) 73 (217) 173
 Interest expense (1,599) (5,773) (3,567) (14,651)
 Total (1,677) (5,700) (3,784) (14,478)
 Income before
 income tax
 and extraordinary
 loss 56,610 53,532 106,275 98,200
 Income tax 19,247 18,200 36,133 33,387
 Income before
 extraordinary
 loss 37,363 35,332 70,142 64,813
 Extraordinary loss
 on early
 extinguishment
 of debt, net of
 income tax
 benefit --- --- --- (3,661)
 Net income $37,363 $35,332 $70,142 $61,152
 Earnings per
 share:
 Income before
 extraordinary
 loss $0.43 $0.41 $0.80 $0.76
 Extraordinary
 loss --- --- --- (0.04)
 Net income $0.43 $0.41 $0.80 $0.72
 Average shares
 outstanding 87,319,075 85,523,812 87,305,940 85,323,921
 -0- 9/8/93
 /CONTACT: Clyde T. Turner of Circus Circus, 702-734-0410, ext. 3189/


CO: Circus Circus Enterprises Inc. ST: Nevada IN: CNO LEI SU: ERN

EH -- LA017 -- 9719 09/08/93 10:24 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 8, 1993
Words:594
Previous Article:CARL KARCHER ENTERPRISES REPORTS SECOND QUARTER RESULTS
Next Article:CIRCUS CIRCUS ANNOUNCES APPOINTMENT
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters