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

Stocks in this article: FLL

Liquidity and Capital Resources

As of September 30, 2012, Full House had $21.5 million in cash and no outstanding debt on its balance sheet.

In order to complete the $70 million acquisition of the Silver Slipper Casino on October 1, 2012, the Company used $50 million on its first lien credit facility and $20 million on its second lien credit facility.

Conference Call Information

The Company will host a conference call and webcast today at 11:00 AM EST. Both the call and webcast are open to the general public.

The conference call can be accessed live over the phone by dialing 888-224-1164 or for international callers by dialing 1-913-981-5559. A replay will be available two hours after the call and can be accessed by dialing 877-870-5176 or for international callers by dialing 1-858-384-5517; the passcode is 1672984. The replay will be available until Wednesday, November 14, 2012. The conference call can also be accessed live by webcast from the Company’s website at www.fullhouseresorts.com under the investor relations section.

 

Selected unaudited Statements of Operations data for the three months ended September 30,

           
2012      

Casino Operations - Nevada

 

Casino Operations - Midwest

 

Development/ Management

 

Corporate

  Consolidated
Revenues $ 7,442,752 $ 22,252,285 $ 438,569 $ - $ 30,133,606
Selling, general & administrative expense 1,524,595 5,085,082 - 1,281,725 7,891,402
Depreciation & amortization 218,430 1,127,707 - 1,989 1,348,126
Operating gains - - - - -
Operating income (loss) 2,382,096 1,592,428 425,897 (1,376,488 ) 3,023,933
Net income (loss) attributable to the Company 1,573,110 1,500,692 (33,714 ) (955,357 ) 2,084,731
 
2011      

Casino Operations - Nevada

 

Casino Operations - Midwest

 

Development/ Management

  Corporate   Consolidated
Revenues $ 3,340,887 $ 24,060,931 $ 6,066,093 $ - $ 33,467,911
Selling, general & administrative expense 895,864 5,848,882 163,077 1,339,296 8,247,119
Depreciation & amortization 248,928 1,238,588 593,052 2,726 2,083,294
Operating gains (losses) (4,500,000 ) - 702,301 - (3,797,699 )
Operating income (loss) (4,148,282 ) 1,164,480 5,969,188 (1,405,713 ) 1,579,673
Net income (loss) attributable to the Company (2,737,802 ) 743,425 2,509,532 (1,654,648 ) (1,139,493 )
 
           

Selected unaudited Statements of Operations data for the nine months ended September 30,

 
2012      

Casino Operations - Nevada

 

Casino Operations - Midwest

 

Development/ Management

  Corporate   Consolidated
Revenues $ 17,508,229 $

67,143,879

 

$

6,648,337

 

$ - $ 91,300,445
Selling, general & administrative expense 4,661,737 14,746,887 136,386 4,619,399 24,164,409
Depreciation & amortization 706,814 3,429,735 593,052 6,390 4,735,991
Operating gains - - 41,200,089 - 41,200,089
Operating income (loss) 3,462,683 5,191,119 46,985,732 (4,868,921 ) 50,770,613
Net income (loss) attributable to the Company 2,282,395 1,913,151 29,924,892 (5,454,895 ) 28,665,543
 
2011      

Casino Operations - Nevada

 

Casino Operations - Midwest

 

Development/ Management

  Corporate   Consolidated
Revenues $ 7,341,965 $ 47,251,568 $ 18,347,774 $ - $ 72,941,307
Selling, general & administrative expense 1,841,926 11,052,326 446,275 3,549,750 16,890,277
Depreciation & amortization 723,878 2,458,771 1,779,395 25,135 4,987,179
Operating gains (losses) (4,500,000 ) - 2,878,468 - (1,621,532 )
Operating income (loss) (3,608,860 ) 3,149,266 18,475,417 (3,774,366 ) 14,241,457
Net income (loss) attributable to the Company (2,381,619 ) 1,213,457 7,226,438 (4,193,805 ) 1,864,471
 
 

Reconciliation of adjusted EBITDA before unrealized gains/losses on notes receivable from tribal governments, and other items for the three months ended September 30,

                   
Net of Non-Controlling Interest
Casino Operations Casino Operations Development / Development /  
2012 Nevada   Midwest   Management   Corporate   Consolidated GEM    

50%

 

  Management   Consolidated
 
Operating income (loss) $ 2,382,096 $ 1,592,428 $ 425,897 $ (1,376,488 ) $ 3,023,933 $ - $ - $ 425,897 $ 3,023,933
 
Add Back:
Stock Compensation - - - 310,401 310,401 - - - 310,401
Silver Slipper acquisition costs expensed - - 12,672 - 12,672 - - 12,672 12,672
Depreciation and amortization   218,429       1,127,707     -     1,990       1,348,126   -     -       -     1,348,126  
Adjusted EBITDA $ 2,600,525     $ 2,720,135   $ 438,569   $ (1,064,097 )   $ 4,695,132 $ -   $ -     $ 438,569   $ 4,695,132  
 
 
     
Net of Non-Controlling Interest
Casino Operations Casino Operations Development / Development /
2011 Nevada   Midwest   Management   Corporate   Consolidated GEM    

50%

 

  Management   Consolidated
 
Operating income (loss) $ (4,148,282 ) $ 1,164,480 $ 5,969,188 $ (1,405,713 ) $ 1,579,673 $ 5,412,062 $ 2,706,031 $ 3,263,157 $ (1,126,358 )
 
Add Back:
Rising Star re-branding costs - 196,101 - - 196,101 - - - 196,101
Grand Lodge acquisition costs expensed - - 43,077 - 43,077 - - 43,077 43,077
Stockman's goodwill impairment 4,500,000 - - - 4,500,000 - - - 4,500,000
Stock Compensation - - - 310,401 310,401 - - - 310,401
Depreciation and amortization 248,928 1,238,588 593,052 2,726 2,083,294 431,025 215,513 377,539 1,867,781
Nambé note impairment   -       -     419,703     -       419,703   -     -       419,703     419,703  
Adjusted EBITDA $ 600,646     $ 2,599,169   $ 7,025,020   $ (1,092,586 )   $ 9,132,249 $ 5,843,087   $ 2,921,544     $ 4,103,476   $ 6,210,705  
 
 

Reconciliation of adjusted EBITDA before unrealized gains/losses on notes receivable from tribal governments, and other items for the nine months ended September 30,

                   
Net of Non-Controlling Interest
Casino Operations Casino Operations Development / Development /  

 

2012 Nevada   Midwest   Management   Corporate   Consolidated GEM    

50%

 

  Management  

Consolidated

 
Operating income (loss) $ 3,462,683 $ 5,191,119 $ 46,985,732 $ (4,868,921 ) $ 50,770,613 $ 4,773,279 $ 2,386,640 $ 44,599,092 $ 48,383,973
 
Add Back:
Stock Compensation - - - 931,203 931,203 - - - 931,203
Silver Slipper acquisition costs expensed - - 133,255 - 133,255 - - 133,255 133,255
Depreciation and amortization 706,814 3,429,734 593,052 6,392 4,735,992 431,025 215,513 377,539 4,520,479
 
Deduct:
Gain (Loss) on sale of joint venture   -       -     (41,200,089 )     -       (41,200,089 )   -     -       (41,200,089 )     (41,200,089 )
Adjusted EBITDA $ 4,169,497     $ 8,620,853   $ 6,511,950     $ (3,931,326 )   $ 15,370,974   $ 5,204,304   $ 2,602,153     $ 3,909,797     $ 12,768,821  
 
     
Net of Non-Controlling Interest
Casino Operations Casino Operations Development / Development /
2011 Nevada   Midwest   Management   Corporate   Consolidated GEM    

50%

 

  Management   Consolidated
 
Operating income (loss) $ (3,608,860 ) $ 3,149,266 $ 18,475,417 $ (3,774,366 ) $ 14,241,457 $ 16,545,151 8,272,576 $ 10,202,841 $ 5,968,881
 
Add Back:
Rising Star acquisition costs expensed - - 482,079 - 482,079 - - 482,079 482,079
Rising Star re-branding costs - 211,849 - - 211,849 - - - 211,849
Grand Lodge acquisition costs expensed - - 43,077 - 43,077 - - 43,077 43,077
Impairment 4,500,000 - - - 4,500,000 - - - 4,500,000
Stock Compensation - - - 413,871 413,871 - - - 413,871
Depreciation and amortization 723,878 2,458,771 1,779,395 25,135 4,987,179 1,293,315 646,658 1,132,737 4,340,521
Nambé note impairment - - 419,703 - 419,703 - - 419,703 419,703
Unrealized loss on notes receivable, tribal governments   -       -     7,864       -       7,864     -     -       7,864       7,864  
Adjusted EBITDA $ 1,615,018     $ 5,819,886   $ 21,207,535     $ (3,335,360 )   $ 25,307,079   $ 17,838,466   $ 8,919,234     $ 12,288,301     $ 16,387,845  
 
 
   
 

FULL HOUSE RESORTS, INC. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

 
Three months

ended September 30,

Nine months

ended September 30,

2012

 

2011

2012

 

2011

Revenues
Casino $ 27,676,298 $ 25,074,330 $ 78,743,906 $ 49,827,965
Food and beverage 1,332,037 1,482,257 4,073,848 3,268,617
Management fees 338,569 6,066,093 6,548,337 18,347,769
Other operations   786,702     845,231     1,934,354     1,496,956  
  30,133,606     33,467,911     91,300,445     72,941,307  

Operating costs and expenses

Casino

15,105,847 14,664,824 44,427,942 28,198,738
Food and beverage 1,222,519 1,432,238 3,806,988 3,271,879
Other operations 1,436,333 1,556,295 4,218,206 3,005,609
Project development and acquisition costs 105,446 106,769 376,385 724,636
Selling, general and administrative 7,891,402 8,247,119 24,164,409 16,890,277
Depreciation and amortization   1,348,126     2,083,294     4,735,991     4,987,179  
  27,109,673     28,090,539     81,729,921     57,078,318  
Operating gains (losses)
Gain on sale of joint venture -- -- 41,200,089 --
Equity in net income of unconsolidated joint venture, and related guaranteed payments --

1,122,004

-- 3,306,035
Impairment losses -- (4,919,703 ) -- (4,919,703 )
Unrealized losses on notes receivable, tribal governments   --     --     --     (7,864 )
  --     (3,797,699 )   41,200,089     (1,621,532 )

Operating income

  3,023,933    

1,579,673

   

50,770,613

    14,241,457  
Other income (expense)
Interest expense (71,806 ) (887,482 ) (804,956 ) (2,015,961 )
Gain (loss) on derivative instrument -- (213,850 ) 8,472 (564,193 )
Other income 3,119 8,790 8,784 7,289
Loss on extinguishment of debt   --     --     (1,719,269 )   --  
  (68,687 )   (1,092,542 )   (2,506,969 )   (2,572,865 )
Income before income taxes 2,955,246 487,131 48,263,644 11,668,592
Income tax expense (benefit)   870,515     (996,627 )   17,416,929     1,867,370  
Net income 2,084,731 1,483,758 30,846,715 9,801,222
Income attributable to non-controlling interest in consolidated joint venture   --     (2,623,251 )   (2,181,172 )   (7,936,751 )
Net income (loss) attributable to the Company $ 2,084,731   $ (1,139,493 ) $ 28,665,543   $ 1,864,471  
 
Net income (loss) attributable to the Company per common share $ 0.11   $ (0.06 ) $ 1.53   $ 0.10  
 
Weighted-average number of common shares outstanding   18,679,681     18,673,681     18,676,824     18,304,218  
 

About Full House Resorts, Inc.

Full House owns, develops and manages gaming facilities. The Company owns the Rising Star Casino Resort in Rising Sun, Indiana. The Rising Star Riverboat Casino has 40,000 square feet of gaming space with almost 1,300 slot and video poker machines and 37 table games. The property includes a 190-room hotel, a pavilion with five food and beverage outlets, an 18-hole Scottish links golf course and a large, multi-purpose Grand Theater for concerts and performance events as well as meetings and conventions. The Company also owns, as of October 1, 2012, the Silver Slipper Casino in Hancock County, Mississippi, which has 37,000 square feet of gaming space with almost 1,000 slot and video poker machines, 26 table games, a poker room and the only live Keno game on the Gulf Coast. The property includes a fine dining restaurant, buffet, quick service restaurant and two casino bars. In addition, Full House owns Stockman’s Casino in Fallon, Nevada which has 8,400 square feet of gaming space with approximately 260 gaming machines, four table games and a keno game. The Company also operates the Grand Lodge Casino at the Hyatt Regency Lake Tahoe Resort, Spa and Casino in Incline Village, Nevada on the north shore of Lake Tahoe under a five-year lease agreement with the Hyatt organization. The Company also has a management agreement with the Pueblo of Pojoaque for the operations of the Buffalo Thunder Casino and Resort in Santa Fe, New Mexico along with the Pueblo’s Cities of Gold and Sports Bar casino facilities.

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