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Full House Resorts Announces Three Month And Full Year Results For The Period Ended December 31, 2011

Stocks in this article: FLL

Fourth Quarter 2011 Results

For the quarter ended December 31, 2011, Full House reported casino, food and beverage, hotel and other revenue of $26.7 million, up from $2.1 million in the prior-year period, primarily due to the addition of the Rising Star Casino Resort during the second quarter, the Grand Lodge Casino on September 1, 2011, and the Buffalo Thunder management agreement in the fourth quarter of 2011.

Operating expenses for the fourth quarter 2011 were $27.6 million compared to $3.6 million in the prior-year period, primarily due to the addition of the Rising Star Casino Resort and the Grand Lodge Casino. The Company also recorded $0.3 million of stock compensation expense during the fourth quarter of 2011, while there was no stock compensation expense during the prior-year period.

Last year’s fourth quarter included approximately $1.5 million of income related to the Company’s Delaware management agreement which expired in August 2011, resulting in no contribution to income in the fourth quarter of 2011.

Operating income for the fourth quarter 2011 was $4.9 million, compared to operating income of $5.8 million in the prior-year period. Adjusted EBITDA, as defined below, was $4.5 million versus $3.8 million in the prior-year period.

The Company reported net income attributable to the Company per common share of $0.03 and $0.11 for the three months ended December 31, 2011 and 2010 respectively.

Full Year 2011 Results

For the full year ended December 31, 2011, Full House reported casino, food and beverage, hotel and other revenue of $81.3 million, compared to revenue of $8.4 million in the prior year, primarily due to the addition of the Rising Star Casino Resort during the second quarter, the Grand Lodge Casino on September 1, 2011, and the Buffalo Thunder management agreement in the fourth quarter of 2011. In addition, during the full year ended December 31, 2011, Full House recorded GEM management fees of $23.3 million for FireKeepers Casino, compared to management fees of $24.5 million for the prior year. The Company also recorded $0.9 million in management and success fees in 2011 from its management agreement for Buffalo Thunder Casino & Resort.

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