This Day On The Street
Continue to site
ADVERTISEMENT
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

Full House Resorts Announces Three And Nine Months Results For The Period Ended September 30, 2012

Nine Month 2012 Results

For the nine months ended September 30, 2012, the Company reported casino, food and beverage, hotel and other revenue (other than management fees) of $84.8 million, compared to revenue of $54.6 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 in September 2011. In addition, during the nine months ended September 30, 2012, the Company recorded GEM management fees of $5.3 million for FireKeepers Casino, compared to management fees of $18.3 million for the prior-year period. The Company also recorded equity in net income from the Delaware operation in the prior-year period of $3.3 million.

Operating expenses for the nine months ended September 30, 2012 were $81.7 million compared to $57.1 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 $0.9 million of stock compensation expense for the nine-month period ended September 30, 2012, compared to $0.4 million in the nine months ended September 30, 2011.

Operating income for the nine months ended September 30, 2012 was $50.8 million, compared to operating income of $14.2 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 nine months ended September 30, 2012 was $9.6 million. Adjusted EBITDA, as defined below, was $12.8 million versus $16.4 million in the prior-year period.

The Company reported net income attributable to the Company per common share of $1.53 and $0.10 for the nine months ended September 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 nine months ended September 30, 2012, and $4.9 million in non-cash impairment charges and $1.0 million in acquisition costs and other one-time expenses for the nine months ended September 30, 2011, net income attributable to the Company per common share would have been $0.17 and $0.29 for the nine months ended September 30, 2012 and 2011, respectively.

3 of 5

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
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,080.14 +21.45 0.12%
S&P 500 2,117.69 +4.76 0.23%
NASDAQ 5,092.0850 +36.0220 0.71%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs