![]() Newsletter Signup
Stay informed with the
NEW Casino City Times newsletter! |
Gaming News
Sands Regents reports results15 November 2006RENO, Nevada – (PRESS RELEASE) -- The Sands Regent (Nasdaq: SNDS) today announced financial results for its first quarter of fiscal year 2007, ended September 30, 2006. For the first quarter ended September 30, 2006, the Company reported net revenues of $25.9 million, a 7% increase over $24.1 million for the quarter ended September 30, 2005. Net revenues for the first quarter fiscal 2007 included $1.2 million in revenue from Dayton Depot, which was acquired on September 1, 2005. The first quarter fiscal 2006 included $0.4 million in revenue from Dayton Depot. For the first quarter ended September 30, 2006, net income was $1.1 million, or $0.15 per basic share, $0.14 diluted as compared to net income of $1.8 million, or $0.26 per share basic, $0.24 diluted for the first quarter ended September 30, 2005. Decreases in net income were attributable to increased marketing expenditures at Rail City to offset the impact of construction disruption, decreased profitability at Dayton Depot resulting from increased competition in that market and increased corporate expense for merger-related costs. The Company's income from operations declined 25% year over year, from $3.2 million in the first quarter of fiscal 2006 to $2.4 million in the first quarter of fiscal 2007. EBITDAR decreased 10% year over year, from $5.0 million in the first quarter fiscal 2006 to $4.5 million in the first quarter fiscal 2007. Ferenc B. Szony, President and CEO of The Sands Regent, commented, "While the first quarter of fiscal 2007 reflected decreased profitability from Rail City, we believe that the long-term benefit of an expanded and improved Rail City will prove to be beneficial. We continue to work toward completion of the merger with Herbst Gaming of Las Vegas and are awaiting final regulatory approval, which is expected by year-end. Closing of the transaction is expected in early January." |