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Century Casinos Reports Q1 Results13 May 2003CRIPPLE CREEK, Colorado – (Press Release) -- For the quarter ended March 31, 2003, Century Casinos, Inc. (Nasdaq: CNTY) reported net operating revenue of $7,381,000 in 2003 compared to $6,892,000 in 2002. Net earnings for the Company in the first quarter of 2003 was reported as $755,000, or $0.06 per share, compared to $925,000, or $0.07 per share, for the same period of 2002. EBITDA (earnings before interest expense, income taxes, depreciation and amortization) reported for the first quarter of 2003 was $2,339,000 compared to $2,578,000 reported in 2002. The casino margin for the Company was 61% for this quarter compared to 66% in 2002. General and administrative expense was $1,817,000 compared to $1,793,000 in 2002. The Company reported earnings from operations of $1,698,000 in the first quarter 2003 compared to $1,973,000 for the same year ago period. "The construction project and poor weather conditions at Womacks had an adverse impact on the operating results," said Erwin Haitzmann, Chairman and CEO. "We continue pursuing our commitment for improvement to our existing properties. We control enough real estate both at Womacks and in Caledon to more than double the size of each operation, if and when we feel that the respective markets are ready for such a move." Casino revenue reported by Womacks was $5,293,000 for the quarter compared to $5,825,000 reported for 2002. Casino costs were flat quarter over quarter, but the casino margin decreased to 64% from 68% as a result of lower revenues. The continued distractions from construction and the record setting poor weather conditions in March were the primary reasons for the reduced operating results in Cripple Creek. General and administrative expense decreased $59,000, or 5% in this quarter when compared to 2002. Depreciation was $352,000 compared to $343,000 in the same period 2002. Caledon's casino revenue increased to $1,904,000 compared to $1,281,000 reported in the first quarter 2002. This 49% increase is largely attributable to the fluctuation in the Rand/US Dollar exchange rate. Excluding the effect of the fluctuation of the Rand/US Dollar exchange rate casino revenue increased by 7%, which management attributes to increased traffic to the property through the Company's focus of marketing the resort in a manner that appeals to a broader customer base. The casino margin for this quarter was 57% compared to 61% for the same period last year. General and administrative expense for Caledon decreased $3,000, or less than 1%, in this quarter compared to 2002. Depreciation was $239,000 compared to $187,000 in the same last year period. |