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Pinnacle Entertainment Reports 2012 Fourth Quarter And Record Full Year Results

Operating income was $11.9 million in the 2012 fourth quarter versus $37.1 million in the prior year period. Loss from continuing operations was $42.0 million in the 2012 fourth quarter versus income of $17.7 million in the prior year period. The year over year decrease in both Operating income and Income from continuing operations was driven principally by increased depreciation and amortization associated with the opening of L'Auberge Baton Rouge, accelerated River Downs depreciation, and the St. Louis redevelopment agreement charge. Income from continuing operations was further impacted by the non-cash write-down of the Company's investment in ACDL and by increased interest expense from the financing completed in March 2012 and due to the opening of L'Auberge Baton Rouge, as the Company was capitalizing interest expense on its investment while the property was under construction in the prior year period.

Adjusted income per share, which normalizes for the effect of non-recurring and one-time items in both periods, was $0.03 in the 2012 fourth quarter versus $0.25 in the prior year period. Adjusted income per share was a record $0.99 in the full year 2012 versus $0.69 in the prior year period. GAAP net loss per share was $0.72 in the 2012 fourth quarter versus income per share of $0.40 in the prior year period.

Summary of Fourth Quarter Financial Results
($ in thousands, except per share data)  Three Months Ended December 31,
  2012 2011
Net revenues $301,624 $275,785
Consolidated Adjusted EBITDA (1) $63,308 $62,237
Consolidated Adjusted EBITDA margin (1) 21.0% 22.6%
Income (loss) from continuing operations $(42,013) $17,689
Income (loss) from continuing operations margin (13.9)% 6.4%
Operating income (2) $11,859 $37,071
GAAP net income (loss) (3) $(42,396) $24,968
GAAP net income (loss) per share (3) $(0.72) $0.40
Adjusted income per share (1) $0.03 $0.25
     
(1) For a further description of Consolidated Adjusted EBITDA, Consolidated Adjusted EBITDA margin, and Adjusted income per share please see the section entitled "Non-GAAP Financial Measures" and the reconciliations below.
(2) Operating income in the 2012 fourth quarter includes $3.1 million in pre-opening and development costs versus $1.6 million in the prior year period, and a $10.9 million net negative impact related to write-downs, reserves and recoveries versus a benefit of $3.8 million in the prior year period.
(3) GAAP net (loss) and GAAP net (loss) per share in the 2012 fourth quarter include a loss of $0.4 million, or $0.01 per share, net of taxes, from discontinued operations. GAAP net income and GAAP net income per share in the 2011 fourth quarter include a gain of $7.3 million, or $0.12 per share, net of taxes, from discontinued operations.

Anthony Sanfilippo, President and Chief Executive Officer of Pinnacle Entertainment, commented, "2012 was another year of significant operational, financial and strategic accomplishments for Pinnacle Entertainment and we are very pleased with the progress made by our Company in the year.

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