This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Penn National Gaming Reports Third Quarter Revenue Of $707.0 Million And Adjusted EBITDA Of $168.6 Million Inclusive Of $19.2 Million Of Lobbying Expense

Penn National Gaming, Inc. (Nasdaq:PENN):

Conference Call:

Today, October 18, 2012 at 10:00 a.m. ET

Dial-in number:



Replay information provided below

Penn National Gaming, Inc. (Nasdaq:PENN) today reported third quarter operating results for the three months ended September 30, 2012, as summarized below:

Summary of Third Quarter Results
(in millions, except per share data)  

Three Months Ended September 30,
    2012 Actual  

2012 Guidance (2)
  2011 Actual
Net revenues   $ 707.0     $ 699.3     $ 710.9  
Adjusted EBITDA (1)     168.6       184.0       206.1  

Less: Impact of stock compensation, insurance recoveries anddeductible charges, depreciation and amortization, gain/loss ondisposal of assets, interest expense - net, income taxes, loss onearly extinguishment of debt, and other expenses
    (122.2 )     (125.5 )     (135.3 )
Net income   $ 46.4     $ 58.5     $ 70.8  
Diluted earnings per common share   $ 0.44     $ 0.55     $ 0.66  
(1) Adjusted EBITDA is income (loss) from operations, excluding the impact of stock compensation, insurance recoveries and deductible charges, depreciation and amortization, and gain or loss on disposal of assets, and is inclusive of gain or loss from unconsolidated affiliates. A reconciliation of net income (loss) per accounting principles generally accepted in the United States of America (“GAAP”) to adjusted EBITDA, as well as income (loss) from operations per GAAP to adjusted EBITDA, is included in the accompanying financial schedules.
(2) The figures in this column present the guidance Penn National Gaming provided on July 24, 2012 for the three months ended September 30, 2012.

Review of Third Quarter 2012 Results vs. Guidance and Third Quarter 2011 Results

Three Months Ended September 30, 2012
    Pre-tax   After-tax
    (in thousands)
Income, per guidance (1)   $ 95,875     $ 58,483  
Property and unconsolidated affiliates results     3,713       2,260  
Maryland lobbying efforts     (19,151 )     (19,151 )
Foreign currency translation loss and other     (2,653 )     (1,661 )
Discrete tax benefits not anticipated in guidance     -       6,515  
Income, as reported   $ 77,784     $ 46,446  

Three Months Ended September 30,

2012 Guidance (1)
Diluted earnings per common share   $ 0.44     $ 0.55     $ 0.66  
Maryland lobbying efforts     0.18       -       -  
Foreign currency translation (loss) gain and other     0.01       -       (0.02 )
Gain on sale of Maryland Jockey Club     -       -       (0.12 )
Loss on early extinguishment of debt     -       -       0.11  
Discrete tax benefits not anticipated in guidance     (0.06 )     -       -  
Tax rate variance from restructuring     -       -       (0.03 )
Diluted earnings per common share excluding items not included in guidance   $ 0.57     $ 0.55     $ 0.60  
(1) The guidance figures in the tables above present the guidance Penn National Gaming provided on July 24, 2012 for the three months ended September 30, 2012.

Peter M. Carlino, Chairman and Chief Executive Officer of Penn National Gaming, commented, “Despite the still challenging economic environment, regional market revenue trends and customer visitation levels remain largely stable and Penn National’s third quarter revenue and adjusted EBITDA exceeded guidance when excluding lobbying expenses. Our results again highlight the benefits of expanding and diversifying our gaming operations as well as the dedication and focus of our corporate and property management teams who continue to enhance operating efficiencies and maintain a disciplined approach to marketing and promotional activities.

1 of 7

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.50 0.54%
FB $102.80 3.30%
GOOG $695.51 2.60%
TSLA $147.66 -0.40%
YHOO $27.60 2.90%


Chart of I:DJI
DOW 16,067.66 +53.28 0.33%
S&P 500 1,874.39 +22.18 1.20%
NASDAQ 4,353.6610 +84.8980 1.99%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs