Printer Friendly

THE SANDS REGENT ANNOUNCES 1993 THIRD QUARTER EARNINGS

 RENO, Nev., May 21 /PRNewswire/ -- The Sands Regent (NASDAQ: SNDS) announced today that net income for the quarter ended March 31, 1993, has increased to $619,000, compared to $579,000 in the like prior-year quarter, and earnings per share have increased from $.13 to $.14. Revenue for the three months ended March 31, 1993, of $9.4 million, was slightly less than in the comparable prior-year quarter. Such decrease in revenue was because of lower occupancy as a result of unusually poor weather conditions in January and February 1993. The increase in net income is because of a reduction in interest expense.
 In the nine months ended March 31, 1993, revenues increased from $30.1 million to $32 million, and income from operations increased by 15 percent from $5.1 million to $5.9 million. Net income also increased from $3.3 million to $3.7 million, and net income per share increased from $.62 to $.86. The significant increase in net income per share was because of the improved earnings and the antidilutive effect of the company's stock repurchase in October 1991.
 Pete Cladianos Jr., president of The Sands Regent, said, "We are pleased with our operating results for the nine months ended March 31, 1993. Our operating results in the third quarter were only slightly down despite the unusually poor weather in January and February 1993.
 "This three months has been a very exciting time for our company. We took our first step into gaming outside of Nevada by entering into a partnership to develop a casino in Gulfport, Miss. Construction of this facility, which is to be called the `Copa Casino,' is nearing completion and will include 700 slot machines, 45 table games, three cocktail lounges, a gift shop and a self-service deli-style restaurant. We are now awaiting the completion of the Mississippi licensing process and estimate that this facility would be in operation in the near future. We own 40 percent of the project and will be the operations manager.
 "We also effected, during the quarter, a 2-for-1 stock split. The objective was to provide a broader and more liquid market for our stock. We feel that we have been successful in that our daily trading volume has increased dramatically.
 "We look forward to the future and to the opening of the Copa Casino."
 THE SANDS REGENT
 Financial Highlights
 (In thousands, except per share data)
 Three Months Nine Months
 Ended March 31, Ended March 31,
 1993 1992 1993 1992
 Revenues $9,380 $9,422 $32,039 $30,142
 Income from operations 1,037 1,116 5,891 5,138
 Net income 619 579 3,721 3,283
 Net income per share .14 .13 .86 .62
 Weighted number of
 share outstanding 4,328,491 4,304,534 4,324,253 5,294,886
 -0- 5/21/93
 /CONTACT: David R. Wood of The Sands Regent, 702-348-2298/
 (SNDS)


CO: The Sands Regent ST: Nevada IN: CNO SU: ERN

LS-JL -- LA011 -- 1093 05/21/93 09:01 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:May 21, 1993
Words:500
Previous Article:SCEcorp SENIOR VP & CHIEF FINANCIAL OFFICER ALAN FOHRER NAMED INTERIM VICE CHAIRMAN AND CEO OF MISSION ENERGY CO.
Next Article:PRUDENTIAL INSURANCE BUYS CORPORATE LICENSE FOR JETFORM FORMS AUTOMATION SOFTWARE
Topics:


Related Articles
THE SANDS REGENT ANNOUNCES 1992 SECOND QUARTER EARNINGS
THE SANDS REGENT ANNOUNCES 1992 ANNUAL EARNINGS
THE SANDS REGENT ANNOUNCES 1993 SECOND QUARTER RECORD EARNINGS
THE SANDS REGENT ANNOUNCES RECORD ANNUAL EARNINGS FOR 1993
THE SANDS REGENT ANNOUNCES 1994 SECOND QUARTER RECORD EARNINGS
THE SANDS REGENT ANNOUNCES 1994 THIRD QUARTER EARNINGS
THE SANDS REGENT ANNOUNCES 1995 FIRST QUARTER EARNINGS
THE SANDS REGENT ANNOUNCES 1995 THIRD QUARTER RECORD EARNINGS
THE SANDS REGENT ANNOUNCES INCREASED 1995 FIRST QUARTER EARNINGS
THE SANDS REGENT ANNOUNCES 1996 SECOND QUARTER EARNINGS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters