Printer Friendly

CIRCUS CIRCUS REPORTS RESULTS FOR FIRST QUARTER

 CIRCUS CIRCUS REPORTS RESULTS FOR FIRST QUARTER
 LAS VEGAS, May 28 /PRNewswire/ -- Circus Circus Enterprises


(NYSE: CIR) today announced its results for the first quarter ended April 30, 1992.
 On the same operating basis, the company reported earnings per share of $.52 compared with $.48 in the corresponding quarter last year. In the first quarter, Circus redeemed its $100 million 10 1/8 percent senior subordinated notes at a call premium, which, as previously announced, resulted in a $.06 extraordinary charge against income. Earnings per share in the quarter, after this extraordinary charge, were $.46.
 Net income, before the extraordinary charge, was $29,481,000 compared with $26,340,000 in last year's first quarter. After the charge, net income was $25,820,000. The redemption of the notes will significantly reduce the company's interest expense (by approximately $5 million per year, at current rates), thus benefiting both earnings and free cash flow, beginning in the current quarter.
 Revenues in the first quarter were $205,914,000 against $197,087,000 in the prior year's quarter.
 The company's growth in operating income in the quarter derived principally from its two Laughlin properties, with the Edgewater being the major contributor.
 In Las Vegas, the Excalibur posted operating results that were slightly above last year's first-quarter results, while Circus Circus compared mildly below its results for the same quarter a year ago. During the quarter, the company began the refurbishment of 486 rooms at the Circus Circus Manor, which was completed in May and temporarily lowered the available number of rooms at Circus Circus-Las Vegas. The remaining 324 rooms at the Manor are being similarly refurbished in the current quarter, with completion slated for the first of July.
 Circus Circus-Reno, for its part, posted results that were basically flat with the year-ago first quarter.
 Interest expense was approximately $3 million lower than in the first quarter last year. Lower average outstanding debt was the chief factor for the decline in interest expense, reflecting the company's substantial paydown of debt from its free cash flow during the past year. As the current fiscal year progresses, the lower average rate on outstanding debt (as a result of the redemption of the 10 1/8 percent notes) and the effect of capitalized interest related to the construction of Luxor will further improve year-to-year comparisons in interest expense.
 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 Slots-A-Fun and Silver City in Las Vegas. Construction of its eighth property, Luxor, began in April and the property is scheduled to open in October 1993.
 CIRCUS CIRCUS ENTERPRISES INC. AND SUBSIDIARIES
 Condensed Consolidated Statements of Income
 (Dollars in thousands, except share data)
 (Unaudited)
 Three months ended April 30,
 1992 1991
 Revenues $205,914 $197,087
 Costs and expenses 149,170 142,369
 Operating profit before
 corporate expense 56,744 54,718
 Corporate expense 3,298 3,088
 Income from operations 53,446 51,630
 Other income (expense):
 Interest, dividend and
 other income 100 163
 Interest expense (8,878) (11,884)
 Total (8,778) (11,721)
 Income before income tax
 and extraordinary loss 44,668 39,909
 Income tax 15,187 13,569
 Income before extraordinary loss 29,481 26,340
 Extraordinary loss on early
 extinguishment of debt, net
 of income tax benefit (3,661) ---
 Net income $25,820 $26,340
 Earnings per share:
 Income before
 extraordinary loss $0.52 $0.48
 Extraordinary loss (0.06) ---
 Net income $0.46 $0.48
 Average shares outstanding 56,746,391 55,050,816
 -0- 5/28/92
 /CONTACT: Glenn Schaeffer of Circus Circus Enterprises, 702-734-0410, ext. 3189/
 (CIR) CO: Circus Circus Enterprises Inc. ST: Nevada IN: CNO SU: ERN


CH -- LA018 -- 4643 05/28/92 10:27 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 28, 1992
Words:635
Previous Article:GLOBAL OCEAN CARRIERS ANNOUNCES PROFITABLE FIRST QUARTER RESULTS ALSO DECLARES DIVIDEND
Next Article:MOBIL'S U.K. CORYTON REFINERY LATEST TO ACHIEVE INTERNATIONAL QUALITY CERTIFICATION
Topics:


Related Articles
CIRCUS CIRCUS ANNOUNCES SECOND QUARTER RESULTS
CIRCUS ANNOUNCES THIRD QUARTER RESULTS
CIRCUS CIRCUS ENTERPRISES ANNOUNCES RESULTS
CIRCUS CIRCUS ENTERPRISES INC. ANNOUNCES RESULTS
CIRCUS CIRCUS ENTERPRISES INC.
CIRCUS CIRCUS ENTERPRISES INC. REPORTS FIRST QUARTER RESULTS
CIRCUS CIRCUS ENTERPRISES TODAY ANNOUNCED RECORD OPERATING RESULTS FOR THE FOURTH QUARTER ENDED JAN. 31, 1995; ANNUAL REVENUES TOP $1 BILLION
CIRCUS CIRCUS ENTERPRISES, INC. ANNOUNCES SECOND QUARTER RESULTS
CIRCUS CIRCUS ENTERPRISES, INC. ANNOUNCES THIRD QUARTER RESULTS
CIRCUS CIRCUS ANNOUNCES FIRST QUARTER RESULTS

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