This Day On The Street
Continue to site right-arrow
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
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Pinnacle Entertainment Reports 2012 Fourth Quarter And Record Full Year Results

Stocks in this article: PNK

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.

2 of 15

Select the service that is right for you!

Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
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!


DOW 17,356.87 +288.00 1.69%
S&P 500 2,012.89 +40.15 2.04%
NASDAQ 4,644.3120 +96.4780 2.12%

Brokerage Partners

Rates from

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs