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Exterior Architectural Rendering Of Dreamworld Casino Pailin (Photo: Business Wire)

Stocks in this article: EGT

- financial tables follow -

         
Entertainment Gaming Asia Inc.
Consolidated Statements of Operations
(Unaudited)
 
Old Basis

 

Old Basis

Three Months Ended Nine Months Ended
September 30, September 30,
(amounts in thousands, except per share data) 2011 2010 2011 2010
Revenues:
Gaming $ 4,379 $ 4,108 $ 13,097 $ 10,482
Other products 2,113 2,527 6,348 5,585
Total revenues 6,492 6,635 19,445 16,067
 
Operating costs and expenses:
Cost of gaming machine participation
Electronic gaming machine depreciation 1,253 2,014 3,641 5,871
Casino contract amortization 616 1,841
Other operating costs 240 171 809 603
Cost of other products 1,922 2,066 5,584 5,049
Selling, general and administrative expenses 1,492 1,340 3,860 4,277
Stock-based compensation expenses 215 126 1,237 667
Impairment of assets 54 244
Product development expenses 89 64 302 520
Depreciation and amortization 27 221 86 679
Restructuring charges 63 310
Total operating costs and expenses 5,854 6,119 17,360 18,220
 
Income/(loss) from operations 638 516 2,085 (2,153)
 
Other income/(expense):
Interest expense and finance fees (105) (116) (305) (322)
Interest income 20 28 61 66
Foreign currency (losses)/gains (42) 32 (66) (28)
Loss on dispositions (121) (152) (117)
Other 65 66 192 217
Total other expenses (62) (111) (270) (184)
 
Income/(loss) before income tax 576 405 1,815 (2,337)
 
Income tax benefit/(expense) 71 320 (169) (135)
 
Net income/(loss) $ 647 $ 725 $ 1,646 $ (2,472)
 
Basic and diluted earnings/(loss) per share $ 0.01 $ 0.01 $ 0.01 $ (0.02)
 
Weighted average common shares outstanding
Basic 118,753 115,892 117,401 115,580
Diluted 119,928 117,801 118,524 115,580

As a result of the Quasi-Reorganization, the consolidated statements of operations for the three-month and nine-month periods ended September 30, 2011 and September 30, 2010 are not comparable. The consolidated statements of operations for the three-month and nine-month periods ended September 30, 2011 reflect depreciation and amortization of the assets using the basis from the Quasi-Reorganization, and the consolidated statements of operations for the three-month and nine-month periods ended September 30, 2010 are prepared on the Company’s historical basis of accounting. As such, operations for periods prior to December 31, 2010 are labeled as being under the “Old Basis,” which is defined as accounting policies and estimates prior to the adoption of the Quasi-Reorganization.

   
Entertainment Gaming Asia Inc.
Consolidated Balance Sheets
 
September 30, December 31,
2011 2010
(amounts in thousands, except per share data) (Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 14,308 $ 10,217
Accounts receivable, net 2,259 2,854
Other receivables 164 101
Inventories 1,919 1,064
Assets held for sale 402 422
Prepaid expenses and other current assets 793 1,051
Total current assets 19,845 15,709
 

Electronic gaming machines and systems, net

9,749 12,360
Casino contracts 10,953 12,790
Property and equipment, net 2,394 1,941
Intangible assets, net 122 140
Contract amendment fees 477 558
Prepaids, deposits and other assets 1,567 561
Total assets $ 45,107 $ 44,059
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 1,025 $ 1,062
Amount due to a related party 15 14
Accrued expenses 1,640 2,225
Income tax payable 87
Deferred revenue 75
Notes payable to a related party, current portion 6,134 2,991
Capital lease obligations, current portion 335 164
Customer deposits and other current liabilities 226 251
Total current liabilities 9,537 6,707
 
Notes payable to a related party, net of current portion 1,582 6,211
Capital lease obligations, net of current portion 307
Other liabilities 747 441
Deferred tax liability 71 71
Total liabilities 11,937 13,737
 
Stockholders’ equity:
Common stock, $.001 par value, 300,000,000 shares authorized; 118,759,393 and 116,189,394 shares issued and outstanding 119 116
Additional paid-in-capital 30,901 29,638
Accumulated other comprehensive income 504 568
Retained earnings since January 1, 2011 ($386.1 million accumulated deficit eliminated) 1,646
Total EGT stockholders’ equity 33,170 30,322
Non-controlling interest
Total stockholders’ equity 33,170 30,322
Total liabilities and stockholders’ equity $ 45,107 $ 44,059
   
Entertainment Gaming Asia Inc.
Adjusted EBITDA
(Unaudited)
 
Three Months Ended Nine Months Ended
September 30, September 30,
(amounts in thousands) 2011   2010 2011   2010
Net income/(loss) – GAAP basis $ 647 $ 725 $ 1,646 $ (2,472)
Interest expense and finance fees 105 116 305 322
Interest income (20) (28) (61) (66)
Income tax (benefit)/expense (71) (320) 169 135
Depreciation and amortization 1,958 2,359 5,737 6,905
Stock-based compensation expenses 215 126 1,237 667
Impairment of assets 54 244
Loss on dispositions (1) 121 152 117
EBITDA, as adjusted $ 2,834 $ 3,153 $ 9,185 $ 5,852

(1) Adjusted EBITDA for the three-month and nine-month periods ended September 30, 2010 were restated to include loss on dispositions.

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