Lakes Entertainment Announces Results For Third Quarter 2010
Lakes Entertainment, Inc. (NASDAQ: LACO) today announced results for the three months and nine months ended October 3, 2010.
Third Quarter Results
Net earnings for the third quarter of 2010 were $15.1 million, compared to $2.3 million in the third quarter of 2009. Earnings from operations were $2.2 million for the third quarter of 2010, compared to $0.7 million for the third quarter of 2009. Basic and diluted earnings were $0.57 per share for the third quarter of 2010 compared to $0.09 per share for the third quarter of 2009.
Lakes Entertainment reported third quarter 2010 revenues of $8.2 million, compared to prior-year third quarter revenues of $6.6 million. This improvement was primarily related to an increase in management fees earned from the Four Winds Casino Resort during the third quarter of 2010 compared to the prior year period, partially offset by the elimination of management fees from the Cimarron Casino project, due to the termination of that agreement in May 2010.For the third quarter of 2010, Lakes’ selling, general and administrative expenses were $2.9 million compared to $3.5 million in the third quarter of 2009. Selling, general and administrative expenses consisted primarily of payroll and related expenses, travel expenses and professional fees. The decrease in selling, general and administrative expenses during the third quarter of 2010, compared to the third quarter of 2009, resulted primarily from a decrease in professional fees. Net unrealized gains on notes receivable relate to the Company’s notes receivable from Indian tribes for casino projects that are not yet open, which are adjusted to estimated fair value based upon the current status of the related tribal casino projects and evolving market conditions. In the third quarter of 2010, net unrealized gains on notes receivable were $0.5 million, compared to net unrealized gains of $0.9 million in the prior year period. The net unrealized gains in the third quarter of 2010 consisted of gains related to the Jamul Indian Village (“Jamul Tribe”) near San Diego, California due primarily to improvements in the credit markets. The net unrealized gains in the third quarter of 2009 were related to the project with the Jamul Tribe and the Iowa Tribe of Oklahoma (“Iowa Tribe”) due primarily to improvements in the credit markets during that quarter.
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