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GRAND CASINOS EPS REACHES $.69 FOR THE NINE MONTHS ENDED OCT. 3; PERFORMANCE EXCEEDS EXPECTATIONS FOR GAMING COMPANY

 MINNEAPOLIS, Oct. 21 /PRNewswire/ -- Grand Casinos, Inc. (NASDAQ-NMS: GRND) announced today that strong results from its new Gulfport, Miss., casino led to third quarter and nine months earnings exceeding management's earlier expectations.
 Net income for the nine months ended Oct. 3, 1993, rose to $11.1 million, or $.69 per share, compared to $3.0 million, or $.23 per share, for the comparable period in the prior year. Net revenues grew to $74.5 million, an increase of $66.6 million compared to the nine months ended Oct. 4, 1992. Costs and expenses for the nine months ended Oct. 3, 1993, increased by $47.9 million to $51.8 million compared to the comparable period in the prior year. Operating income for the nine months ended Oct. 3, 1993, was $22.7 million, an increase of $18.7 million compared to the comparable period in the prior year.
 Net income for the three months ended Oct. 3, 1993, was $8.4 million, or $.48 per share, compared to $1.6 million, or $.11 per share, for the comparable period in the prior year. Net revenues rose to $49.3 million, an increase of $45.2 million compared to the three months ended Oct. 4, 1992. Costs and expenses for the three months ended Oct. 3, 1993, increased by $32.2 million to $34.0 million compared to the same period in the prior year. Operating income for the three months ended Oct. 3, 1993, was $15.3 million, an increase of $13.0 million compared to the comparable period in the prior year.
 Thomas J. Brosig, president of Grand Casinos said, "With the successful completion of our recent equity offering, the company's $209 million cash balance and $169 million working capital balance position us to compete aggressively in the emerging gaming markets.
 Brosig continued, "These quarterly results, which exceeded the company's expectations, included a write-off of $.02 per share for the costs associated with the pursuit of gaming sites where the company is no longer active such as Windsor, Ontario. Thus far, early revenue trends exceed our initial fourth quarter expectations. We look forward to the Dec. 27 opening of our newest property, Grand Casino Biloxi, and its future contribution to Grand Casinos' earnings stream."
 Grand Casinos develops and manages casino gaming facilities in emerging gaming markets on both Indian and company-owned sites. Grand Casinos, Inc., is traded on the NASDAQ National Market System under the symbol GRND.
 For more information on Grand Casinos via facsimile at no cost, simply dial 800-PRO-INFO and enter company code 079.
 GRAND CASINO, INC. AND SUBSIDIARIES
 Consolidated Statement of Earnings
 (In thousands, except per share amounts)
 Three Months Ended Nine Months Ended
 10/3/93 10/4/92 10/3/93 10/4/92
 Net revenues $49,291 $4,137 $74,457 $7,850
 Operating
 revenues $15,296 $2,321 $22,696 $3,995
 Net earnings $8,387 $1,627 $11,090 $2,997
 Net earnings per
 share $.48 $.11 $.69 $.23
 Weighted average
 shares out-
 standing 17,511 14,669 16,062 13,075
 Condensed Consolidated Balance Sheets
 (In thousands)
 10/3/93 1/3/93
 Current assets:
 Cash and cash equivalents $208,838(a) $7,209
 Total current assets 194,120 18,235
 Total assets 396,024 72,407
 Liabilities
 Total current liabilities 25,617 8,601
 Total liabilities 155,872 17,251
 Shareholders' equity
 Total shareholders' equity 240,152 55,156
 Total liabilities
 and equity $396,024 $72,407
 (a) Includes $28,795 of cash and cash equivalents restricted for
 construction payments for Grand Casinos Biloxi.
 -0- 10/21/30
 /CONTACT: David R. Jackson, vice president of communications and investor relations of Grand Casinos, 612-449-7014; or Michael Rosenbaum, 312-266-7800, or Sue Caulton, 415-986-1591, both of Financial Relations Board, for Grand Casinos/
 (GRND)


CO: Grand Casinos ST: Minnesota IN: CNO SU: ERN

CP-DB -- MN014 -- 5126 10/21/93 11:19 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
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