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Century Casinos Reports Q1 2000 Results11 May 2000CRIPPLE CREEK, Colo., May 11(Press Release) -- Century Casinos, Inc. (Nasdaq: CNTY - news) today reported net income of $979,000 or $0.07 per share for the first quarter 2000 compared to net income of $190,000 or $0.01 per share in the same 1999 period. EBITDA (earnings before interest, taxes, depreciation and amortization) for the period increased to $2,847,000 from $1,444,000 in 1999. Both the net income and EBITDA figures for the period include a non-recurring final payment of $1,380,000 received from the 1995 sale of the Company's interest in an Indiana gaming development project. Excluding this non-recurring item, one-time operational charges, and their tax effects, net income for the period was $307,000 or $0.02 per share, a 62% year-over-year increase for the quarter, and EBITDA was $1,770,000 for the quarter, a 23% increase. Net operating revenue for the period increased 12.3% to $5,834,000 as compared to $5,193,000 reported during the same period last year. The Company also reported pretax income before goodwill amortization and non-operating items of $938,000 for the first quarter of 2000 as compared to $979,000 reported during the same period in 1999. Excluding one-time operational charges, this figure was $1,240,000 for the period, a 27% increase year-over-year. ``We are very pleased with our first quarter results and with the steady growth we are seeing in our core market -- Cripple Creek, Colorado'' said Erwin Haitzmann, Chairman and CEO of Century Casinos, Inc. ``The first several months of this year have been perhaps the most exciting months of Century's existence as we have solidified and built upon our financial success, we recognized $1.38 million from efforts on past projects and we have ensured further potential growth in other markets through our new development in Caledon, South Africa.'' Mr. Haitzmann added, ``As we move forward, we will continue make improvements to our existing operations and will evaluate new growth opportunities both domestically and abroad. At the same time, we will, when deemed prudent, continue to repurchase our common stock from time-to-time on the open market. For example, during the month of April Century repurchased an additional 110,000 shares.'' Casino gross margin for Womacks Casino for the quarter increased to 60.7% from 58.3% during the same period last year. The Company attributes a portion of this increase to increased operating efficiencies at the casino level. As a percentage of net operating revenue, general and administrative expense increased to 34.8% as compared to 28.1% during the same period in 1999. The Company attributes most of this increase to certain one-time operational charges incurred during the period. Depreciation for the quarter increased to $529,000 from $467,000 last year, while amortization of goodwill remained unchanged at $335,000 for both periods. The increase in depreciation expense is primarily attributable to equipment purchases and ongoing property improvements at Womacks Casino. During the quarter ended March 31, 2000, the Company released the following significant announcements: Mar 28, 2000 CENTURY CASINOS EXTENDS CONTROL OF STRATEGIC PROPERTY IN CRIPPLE CREEK Mar 16, 2000 CENTURY CASINOS ANNOUNCES ADDITIONAL $3 MILLION STOCK REPURCHASE AUTHORITY Mar 15, 2000 CENTURY CASINOS ANNOUNCES AGREEMENT WITH COMPETING APPLICANT FOR CASINO LICENSE NEAR JOHANNESBURG, SOUTH AFRICA Mar 9, 2000 CENTURY CASINOS REPORTS RECORD RESULTS FOR 1999 Mar 1, 2000 CENTURY CASINOS ACQUIRES ADDITIONAL PROPERTY IN CRIPPLE CREEK Feb 23, 2000 CENTURY CASINOS BUILDING NEW EVENTS CENTER IN CRIPPLE CREEK, COLORADO Feb 17, 2000 CENTURY CASINOS RECEIVES 'SUCCESSFUL APPLICANT' STATUS IN CALEDON, SOUTH AFRICA Jan 25, 2000 CENTURY CASINOS RECEIVES $1.38 MILLION PAYMENT FROM INDIANA PROJECT About Century Casinos, Inc. Century Casinos is an international casino company led by a team of gaming industry professionals who have developed and operated more than 100 casinos in 25 different countries. The Company owns and operates Womacks Casino in Cripple Creek, Colorado and manages the Millennium Casino in Prague, Czech Republic, located in Prague's new Marriott Hotel. The Company recently announced the receipt of a gaming license in Caledon, South Africa (located one driving hour east of Capetown), where it is currently developing a casino/hotel resort scheduled to open during the fourth quarter of 2000. The Company is also pursuing other international projects in various stages of development. The address for corporate headquarters is 200 E. Bennett Ave (P.O. Box 1006), Cripple Creek, CO 80813. Telephone: (719) 689-9100. Fax: (719) 689-9700. For more information about Century Casinos, visit the Company's web site at http://www.cnty.com or listen to the March 16, 2000 conference call via at www.vcall.com. Century Casinos' common stock trades on The Nasdaq Stock Market® under the symbol CNTY. This release may contain forward-looking statements that involve risks and uncertainties. Among the other important factors which could cause actual results to differ materially from those in the forward-looking statements are economic, competitive, and governmental factors affecting the company's operations, markets, services and prices, as well as other factors detailed in the Company's filings with the Securities and Exchange Commission, including its recent filings on Forms 10-KSB, 10-QSB and 8K. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf. CENTURY CASINOS, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) For the Three Months Ended March 31, 2000 1999 Operating Revenue: Casino $5,658,000 $5,086,000 Food and beverage 228,000 211,000 Hotel 20,000 38,000 Other 94,000 18,000 6,000,000 5,353,000 Less promotional allowances 166,000 160,000 Net operating revenue 5,834,000 5,193,000 Operating Costs and Expenses: Casino 2,222,000 2,123,000 Food and beverage 99,000 114,000 Hotel 14,000 50,000 General and administrative 2,032,000 1,460,000 Depreciation and amortization 864,000 802,000 Total operating costs and expenses 5,231,000 4,549,000 Income from Operations 603,000 644,000 Other Income (expense), net 1,149,000 (271,000) Pretax Income 1,752,000 373,000 Provision for income taxes 773,000 183,000 Net Income $979,000 $190,000 Earnings Per Share, Basic and Diluted: $0.07 $0.01 CENTURY CASINOS, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (UNAUDITED) March 31, 2000 ASSETS Current Assets $8,438,000 Other Assets 30,240,000 Total Assets $38,678,000 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities $3,133,000 Long-Term Liabilities 13,455,000 Total Liabilities 16,588,000 Shareholders' Equity 22,090,000 Total Liabilities and Shareholders' Equity $38,678,000 |