Six Month 2012 Results
For the six months ended June 30, 2012, Full House reported casino, food and beverage, hotel and other revenue (other than management fees) of $55.0 million, compared to revenue of $27.2 million in the prior-year period, primarily as a result of the addition of the Rising Star Casino Resort on April 1, 2011, and the Grand Lodge Casino and Buffalo Thunder management agreement in September 2011. In addition, during the six months ended June 30, 2012, Full House recorded GEM management fees of $5.3 million for FireKeepers Casino, compared to management fees of $12.3 million for the prior-year period. The Company also recorded equity in net income from the Delaware operation in the prior-year period of $2.2 million.
Operating expenses for the six months ended June 30, 2012 were $54.6 million compared to $29.0 million in the prior-year period, primarily due to the addition of the Rising Star Casino Resort and Grand Lodge Casino. The Company also recorded $0.6 million of stock compensation expense for the six-month period ended June 30, 2012, compared to $0.1 million in the six months ended June 30, 2011.
Operating income for the six months ended June 30, 2012 was $47.7 million, compared to operating income of $12.7 million in the prior-year period, due to a $41.2 million gain on sale of joint venture, related to the sale of the Company’s interest in GEM and the FireKeepers management agreement. Excluding the gain on sale, operating income for the six months ended June 30, 2012 was $6.5 million. Adjusted EBITDA, as defined below, was $8.1 million versus $10.2 million in the prior-year period.The Company reported net income attributable to the Company per common share of $1.42 and $0.17 for the six months ended June 30, 2012 and 2011, respectively. Excluding the $41.2 million gain on sale of joint venture, a $1.7 million pre-tax loss on debt extinguishment and $0.4 million of transaction costs for the six months ended June 30, 2012, and $0.8 million in acquisition costs and a non-cash loss on financing swap derivatives for the six months ended June 30, 2011, net income attributable to the Company per common share would have been $0.06 and $0.20 for the six months ended June 30, 2012 and 2011, respectively.
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