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Full House Resorts Announces Three And Nine Months Results For The Period Ended September 30, 2011

The Company reported net income attributable to the Company per common share of $0.10 and $0.32 for the nine months ended September 30, 2011 and 2010, respectively. Exclusive of the impairment charges, acquisition costs and other unusual charges in 2011, net income attributable to the Company per common share for the nine months ended September 30, 2011 would have been $0.29.

Liquidity and Capital Resources

As of September 30, 2011, Full House had $16.5 million in cash, $30.3 million in outstanding debt (inclusive of swap agreement liability) and $4.5 million of availability on its revolving credit line with Wells Fargo.

Conference Call Information

The Company will host a conference call and webcast today at 2:00 PM EST. Both the call and webcast are open to the general public.

The conference call number is 800-259-2693; international callers can access the call by dialing 1-913-312-1298. Please call five minutes in advance to ensure that you are connected prior to the presentation. Interested parties may also access the live call on the Internet at www.fullhouseresorts.com (select Investors and then Upcoming Events). Please log on fifteen minutes in advance to ensure that you are connected prior to the call's initiation. Questions and answers will be reserved for call-in analysts and institutional investors. Following its completion, a replay of the call can be accessed for one week on the Internet at the above link or by calling either 877-870-5176 or 1-858-384-5517 and providing passcode 4703856.

 

Selected unaudited Statements of Operations data for the three months ended September 30,

                   
2011    

Casino Operations - Nevada

   

Casino Operations - Midwest

   

Development/ Management

    Corporate     Consolidated
Revenues $ 3,340,887 $ 24,060,931 $ 6,066,093

$

-- $ 33,467,911
Selling, general and administrative expense 895,864 5,848,882 163,077 1,339,296 8,247,119
Depreciation and amortization 248,928 1,238,588 593,052 2,726 2,083,294
Operating gains (losses) (4,500,000) -- 702,301 -- (3,797,699)
Operating income (loss) (4,148,282) 1,164,480 5,969,188 (1,405,713) 1,579,673
Net income (loss) attributable to Company (2,737,802) 743,425 2,509,532 (1,654,648) (1,139,493)
 
 

Casino Operations - Nevada

Casino Operations - Midwest

2010            

Development/ Management

   

Corporate

    Consolidated
Revenues $ 2,032,056

$

-- $ 6,604,204 $

--

$ 8,636,260
Selling, general and administrative expense 428,937 -- 191,985 926,933 1,547,855
Depreciation and amortization 237,302 -- 593,197 25,374 855,873
Operating gains -- -- 1,531,900 -- 1,531,900
Operating income (loss) 309,666 -- 7,350,922 (1,100,617) 6,559,971
Net income (loss) attributable to Company 206,600 -- 2,758,909 (728,547) 2,236,962
 
                   

Selected unaudited Statements of Operations data for the nine months ended September 30,

 
2011    

Casino Operations - Nevada

   

Casino Operations - Midwest

   

Development/ Management

    Corporate     Consolidated
Revenues $ 7,341,965 $ 47,251,568 $ 18,347,774

$

-- $ 72,941,307
Selling, general and administrative expense 1,841,926 11,052,326 446,275 3,549,750 16,890,277
Depreciation and amortization 723,878 2,458,771 1,779,395 25,135 4,987,179
Operating gains (losses) (4,500,000 ) -- 2,878,468 -- (1,621,532 )
Operating income (loss) (3,608,860 ) 3,149,266 18,475,417 (3,774,366 ) 14,241,457
Net income (loss) attributable to Company (2,381,619 ) 1,213,457 7,226,438 (4,193,805 ) 1,864,471
 
 

Casino Operations - Nevada

Casino Operations - Midwest

2010            

Development/ Management

    Corporate     Consolidated
Revenues $ 6,221,049 $

--

$ 18,784,908 $

--

$ 25,005,957
Selling, general and administrative expense 1,289,763 -- 593,200 2,946,947 4,829,910
Depreciation and amortization 723,375 -- 1,779,586 73,888 2,576,849
Operating gains -- -- 3,592,332 -- 3,592,332
Operating income (loss) 1,085,475 -- 20,003,113 (3,303,217 ) 17,785,371
Net income (loss) attributable to Company 719,436 -- 7,177,779 (2,180,521 ) 5,716,694
 
 

Reconciliation of EBITDA before unrealized gains/losses on notes receivable from tribal governments, and other items for the three months ended September 30,

                               

Casino Operations Nevada

Casino Operations Mid-West

Net of Non-Controlling Interest

2011          

Development/ Management

    Corporate     Consolidated GEM    

50%

   

Development/ Management

    Consolidated
   
Operating income (loss) $ (4,148,282 ) $ 1,164,480 $ 5,969,188 $ (1,405,713 ) $ 1,579,673 $ 5,412,062 $ 2,706,031 $ 3,263,157 $ (1,126,358 )
 
Add Back:
Rising Star re-branding costs - 196,101 - - 196,101 - - - 196,101
Grand Lodge acquisition costs expensed - - 43,077 - 43,077 - - 43,077 43,077
Stockman's Goodwill Impairment 4,500,000 - - - 4,500,000 - - - 4,500,000
Depreciation and amortization 248,928 1,238,588 593,052 2,726 2,083,294 431,025 215,513 377,539 1,867,781
Nambé Note Impairment - - 419,703 - 419,703 - - 419,703 419,703
                                             
$ 600,646       $ 2,599,169     $ 7,025,020     $ (1,402,987 )     $ 8,821,848 $ 5,843,087     $ 2,921,544       $ 4,103,476     $ 5,900,304  
 
 

Casino Operations Nevada

Casino Operations Mid-West

Net of Non-Controlling Interest

2010          

Development/ Management

    Corporate     Consolidated GEM     50%    

Development/ Management

    Consolidated
 
Operating income (loss) $ 309,666 $ - $ 7,350,922 $ (1,100,617 ) $ 6,559,971 $ 5,948,862 $ 2,974,431 $ 4,376,491 $ 3,585,540
 
Add Back:
Rising Star acquisition costs expensed - - 84,072 - 84,072 - - 84,072 84,072
Depreciation and amortization   237,302         -       593,197       25,374         855,873   431,168       215,584         377,613       640,289  
$ 546,968       $ -     $ 8,028,191     $ (1,075,243 )     $ 7,499,916 $ 6,380,030     $ 3,190,015       $ 4,838,176     $ 4,309,901  
 
 

Reconciliation of EBITDA before unrealized gains/losses on notes receivable from tribal governments, and other items for the nine months ended September 30,

 

                               

Casino Operations Nevada

Casino Operations Mid-West

Net of Non-Controlling Interest

2011          

Development/ Management

    Corporate     Consolidated GEM     50%    

Development/ Management

    Consolidated
   
Operating income (loss) $ (3,608,860 ) $ 3,149,266 $ 18,475,417 $ (3,774,366 ) $ 14,241,457 $ 16,545,151 $ 8,272,576 $ 10,202,841 $ 5,968,881
 
Add Back:
Rising Star acquisition costs expensed - - 482,079 - 482,079 - - 482,079 482,079
Rising Star re-branding costs - 211,849 - - 211,849 - - - 211,849
Grand Lodge acquisition costs expensed - - 43,077 - 43,077 - - 43,077 43,077
Stockman's Goodwill Impairment 4,500,000 - - - 4,500,000 - - - 4,500,000
Depreciation and amortization 723,878 2,458,771 1,779,395 25,135 4,987,179 1,293,315 646,658 1,132,737 4,340,521
Nambé Note Impairment - - 419,703 - 419,703 - - 419,703 419,703
Unrealized loss on notes receivable, tribal governments   -         -       7,864       -         7,864   -       -         7,864       7,864
$ 1,615,018       $ 5,819,886     $ 21,207,535     $ (3,749,231 )     $ 24,893,208 $ 17,838,466     $ 8,919,234       $ 12,288,301     $ 15,973,974
 
 

Casino Operations Nevada

Casino Operations Mid-West

Net of Non-Controlling Interest

2010          

Development/ Management

    Corporate     Consolidated GEM     50%    

Development/ Management

    Consolidated
 
Operating income (loss) $ 1,085,475 $ - $ 20,003,113 $ (3,303,217 ) $ 17,785,371 $ 16,995,136

$

8,497,568

$

11,505,545 $ 9,287,803
 
Add Back:
Rising Star acquisition costs expensed - - 84,072 - 84,072 - - 84,072 84,072
Depreciation and amortization 723,375 - 1,779,586 73,888 2,576,849 1,293,506 646,753 1,132,833 1,930,096
Unrealized loss on notes receivable, tribal governments   -         -       31,118       -         31,118   -       -         31,118       31,118
$ 1,808,850       $ -     $ 21,897,889     $ (3,229,329 )     $ 20,477,410 $ 18,288,642     $ 9,144,321       $ 12,753,568     $ 11,333,089
 
     

FULL HOUSE RESORTS, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

 

Three months ended September 30,

Nine months ended September 30,

2011

 

2010

2011

 

2010

Revenues
Casino $ 25,074,330 $ 1,576,780 $ 49,827,965 $ 4,863,779
Food and beverage 1,482,257 437,568 3,268,617 1,300,013
Hotel 226,345 -- 433,518 --
Management fees 6,066,093 6,518,898 18,347,769 18,699,602
Other operations   618,886     103,014     1,063,438     142,563  
  33,467,911     8,636,260     72,941,307     25,005,957  

Operating costs and expenses

Casino

14,664,824 537,719 28,198,738 1,621,101
Food and beverage 1,432,238 518,432 3,271,879 1,501,336
Hotel 199,784 -- 380,491 --
Other operations 1,356,511 -- 2,625,118 --
Project development and acquisition costs 106,769 148,310 724,636 283,722
Selling, general and administrative 8,247,119 1,547,855 16,890,277 4,829,910
Depreciation and amortization   2,083,294     855,873     4,987,179     2,576,849  
  28,090,539     3,608,189     57,078,318     10,812,918  
Operating gains (losses)
Equity in net income of unconsolidated joint venture, and related guaranteed payments

1,122,004

1,531,900

3,306,035 3,623,450
Impairment losses (4,919,703 ) -- (4,919,703 ) --
Unrealized losses on notes receivable, tribal governments   --     --     (7,864 )   (31,118 )
  (3,797,699 )   1,531,900     (1,621,532 )   3,592,332  
Operating income 1,579,673 6,559,971 14,241,457 17,785,371
 

Other income (expense)

Interest expense (887,482 ) (3,655 ) (2,015,961 ) (10,966 )
Loss on derivative instrument (213,850 ) -- (564,193 ) --
Other income (expense), net   8,790     3,776     7,289     118,061  
Income before income taxes 487,131 6,560,092 11,668,592 17,892,466
Income tax expense (benefit)   (996,627 )   1,599,610     1,867,370     4,368,021  
Net income 1,483,758 4,960,482 9,801,222 13,524,445
Income attributable to non-controlling interest in consolidated joint venture   (2,623,251 )   (2,723,520 )   (7,936,751 )   (7,807,751 )
Net income (loss) attributable to the Company $ (1,139,493 ) $ 2,236,962   $ 1,864,471   $ 5,716,694  
 
Net income (loss) attributable to the Company per common share $ (0.06 ) $ 0.12   $ 0.10   $ 0.32  
 
Weighted average number of common shares outstanding   18,673,681     18,007,681     18,304,218     18,004,615  
 

About Full House Resorts, Inc.

Full House owns, develops and manages gaming facilities. The Company owns the Rising Star Casino Resort in Rising Sun, Indiana. The Rising Star Riverboat Casino has 40,000 square feet of gaming space with almost 1,300 slot and video poker machines and 37 table games. The property includes a 201-room hotel, a pavilion with five food and beverage outlets, an 18-hole Scottish links golf course and a large, multi-purpose Grand Theater for concerts and performance events as well as meetings and conventions. In addition, Full House owns Stockman’s Casino in Fallon, Nevada which has 8,400 square feet of gaming space with approximately 260 gaming machines, four table games and a keno game. The Company has also commenced a five-year lease agreement for the Grand Lodge Casino at Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada on the north shore of Lake Tahoe, as well as acquiring the operating assets and certain liabilities related to the Grand Lodge Casino.

Stock quotes in this article: FLL 

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