This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Lakes Entertainment Announces Results For First Quarter 2011

Lakes Entertainment, Inc. (NASDAQ: LACO) today announced results for the three months ended April 3, 2011.

Net earnings for the first quarter of 2011 were $1.4 million, compared to a net loss of $4.7 million in the first quarter of 2010. Earnings from operations were $1.2 million for the first quarter of 2011 compared to a loss from operations of less than $0.1 million for the first quarter of 2010. Basic and diluted earnings were $0.05 per share for the first quarter of 2011 compared to basic and diluted losses of $0.18 per share for the first quarter of 2010.

Lakes Entertainment reported first quarter 2011 revenues of $5.9 million, compared to prior-year first quarter revenues of $7.0 million. This decline was due to the elimination of management fees from the Cimarron Casino project as a result of the termination of that agreement in May 2010, as well as a decline in management fees associated with the Red Hawk Casino project in Shingle Springs, California. The decline was partially offset by an increase in management fees earned from the Four Winds Casino Resort, in New Buffalo Michigan, during the first quarter of 2011 compared to the prior-year period.

For the first quarter of 2011, Lakes’ selling, general and administrative expenses decreased in comparison to the first quarter of 2010 by approximately $0.6 million to $2.7 million. Selling, general and administrative expenses consisted primarily of payroll and related expenses, travel expenses and professional fees. The decline in selling, general and administrative costs in the first quarter of 2011 compared to the first quarter of 2010 resulted primarily from decreases in payroll and related expenses and travel expenses.

Lakes recognized impairment losses of $0.9 million during the first quarter of 2011 compared to $2.7 million in the prior-year period. Impairment losses in the first quarters of 2011 and 2010 included approximately $0.9 million and $0.6 million, respectively, due to continued uncertainty surrounding the completion of the project with the Jamul Indian Village (“Jamul Tribe”) near San Diego, California. Also included in impairment losses for the first quarter of 2010 were $2.1 million related to the previously announced termination agreement entered into with the Iowa Tribe of Oklahoma in May 2010 related to the Ioway Casino project.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs