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TheStreet Open House

Lakes Entertainment Announces Results For Second Quarter 2011

 
 
LAKES ENTERTAINMENT, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(In thousands)
 
 

 

      July 3, 2011   January 2, 2011  
Assets   (Unaudited)  
Current assets:
  Cash and cash equivalents $ 60,386 $ 45,233
Accounts receivable 20 1,696
Current portion of notes receivable from Indian casino projects 876 2,405
  Other     1,184     1,983  
Total current assets     62,466     51,317  
             
Property and equipment, net     4,998     5,103  
 
Long-term assets related to Indian casino projects:
Notes and interest receivable, net of current portion and allowance 32,583 31,192
Notes receivable at fair value 12,201 11,129
Intangible assets 4,713

15,873

  Management fee receivable and other     7,518     6,155  
Total long-term assets related to Indian casino projects     57,015     64,349  
Other assets:
Investment in unconsolidated investee 8,354 2,367
Land held for development 3,470 3,470
  Other     130     40  
Total other assets     11,954     5,877  
Total assets   $ 136,433   $ 126,646  
 
Liabilities and shareholders' equity
Current liabilities:
Current portion of contract acquisition costs payable, net $ 963 $ 1,326
Income taxes payable 7,545 7,822
  Other     1,607     1,683  
Total current liabilities 10,115 10,831
 
Long-term contract acquisition costs payable, net     5,119     5,830  
 
Total liabilities     15,234     16,661  
             
Total shareholders' equity     121,199     109,985  
 
Total liabilities and shareholders' equity   $ 136,433   $ 126,646  
 
 

 

LAKES ENTERTAINMENT, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Earnings (Loss)
(In thousands, except per share data)
 
 
  Three months ended   Six months ended
July 3, 2011   July 4, 2010 July 3, 2011   July 4, 2010
Revenues:    
  Management fees $ 28,085 $ 4,784 $ 33,920 $ 11,721
  License fees and other     72       18     130       35  
    Total revenues     28,157       4,802     34,050       11,756  
 
Costs and expenses:
Selling, general and administrative 2,286 3,253 4,942 6,488
Impairment losses - other 635 707 1,509 3,371
Amortization of intangible assets related to operating casinos 9,217 2,785 11,160 5,570
  Depreciation     55       66     112       131  
    Total costs and expenses     12,193       6,811     17,723       15,560  
 
Net unrealized gains (losses) on notes receivable     (124 )     (1,458 )   618       312  
 
Earnings (loss) from operations     15,840       (3,467 )   16,945       (3,492 )
 
Other income (expense):
Interest income 1,513 1,847 2,981 4,094
Interest expense (321 ) (545 ) (642 ) (1,232 )
Equity in loss of unconsolidated investee - (37 ) - (64 )
  Other     120       560     240       488  
    Total other income, net     1,312       1,825     2,579       3,286  
 
Earnings (loss) before income taxes 17,152 (1,642 ) 19,524 (206 )
  Income taxes (benefit)     7,667       (5,551 )   8,659       572  
 
Net earnings (loss)   $ 9,485     $ 3,909   $ 10,865     $ (778 )
 
Weighted-average common shares outstanding
Basic 26,406 26,369 26,404 26,367
  Diluted     26,431       26,426     26,429       26,367  
Earnings (loss) per share
Basic $ 0.36 $ 0.15 $ 0.41 $ (0.03 )
Diluted $ 0.36 $ 0.15 $ 0.41 $ (0.03 )
 




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