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TheStreet Open House

Full House Resorts Announces Three Month And Full Year Results For The Period Ended December 31, 2012

Stocks in this article: FLL

Liquidity and Capital Resources

As of December 31, 2012, Full House had $20.6 million in cash and $68.8 million in outstanding debt on its balance sheet.

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 888-244-2414 or for international callers by dialing 1-913-312-0733. 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 6452562. The replay will be available until Wednesday, March 13, 2013. 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 December 31 (in thousands),

                 
Casino Operations
2012         Nevada   Midwest   Gulf Coast    

Development/

Management

    Corporate     Consolidated
Revenues $ 4,805   $ 19,147   $ 12,861 $ 646 $ - $ 37,459
Selling, general & administrative expense 1,631 4,651 4,669 - 1,888 12,839
Depreciation & amortization 202 733 1,211 - 2 2,148
Operating gains (losses)* - - - (11 ) - (11 )
Operating income (loss) 388 555 663 (790 ) (1,949 ) (1,133 )
Net income (loss) attributable to the Company 256 245 456 185 (1,973 ) (831 )
 
Casino Operations
2011         Nevada   Midwest   Gulf Coast    

Development/

Management

    Corporate     Consolidated
Revenues $ 4,971 $ 21,706 $ - $ 5,843 $ - $ 32,520
Selling, general & administrative expense 1,699 5,326 - 164 1,350 8,539
Depreciation & amortization 327 1,092 - 593 3 2,015
Operating gains - - - - - -
Operating income (loss) 175 1,091 - 4,356 (690 ) 4,932
Net income (loss) attributable to the Company 116 37 - 1,534 (1,208 ) 479
 
 

Selected unaudited Statements of Operations data for the full year ended December 31 (in thousands),

         
Casino Operations
2012       Nevada   Midwest   Gulf Coast  

Development/

Management

  Corporate   Consolidated
Revenues $ 22,313   $ 86,291   $ 12,861 $ 7,295 $ - $ 128,760
Selling, general & administrative expense 6,292 19,398 4,670 136 6,507 37,003
Depreciation & amortization 909 4,163 1,211 592 9 6,884
Operating gains* - - - 41,189 - 41,189
Operating income (loss) 3,851 5,746 663 46,196 (6,818 ) 49,638
Net income (loss) attributable to the Company 2,539 2,158 456 30,108 (7,427 ) 27,834
 
Casino Operations
2011       Nevada   Midwest   Gulf Coast  

Development/

Management

  Corporate   Consolidated
Revenues $ 12,313 $ 68,957 $ - $ 24,186 $ 5 $ 105,461
Selling, general & administrative expense 3,541 16,378 - 610 4,900 25,429
Depreciation & amortization 1,051 3,550 - 2,372 28 7,001
Operating gains (losses)* (4,500 ) - - 2,878 - (1,622 )
Operating income (loss) (3,433 ) 4,240 - 23,556 (5,190 ) 19,173
Net income (loss) attributable to the Company (2,266 ) 1,250 - 9,079 (5,720 ) 2,343
 
*Operating gains (losses) include impairment losses.
 
 
 

Reconciliation of adjusted EBITDA before unrealized gains/losses on notes receivable from tribal governments, and other items for the three months ended December 31 (in thousands),

                   

(in thousands)

 

Net of Non-Controlling Interest

   2012

 

Casino Operations

Nevada

 

Casino Operations

Midwest

 

Casino Operations

Gulf Coast

 

Development/

Management

  Corporate   Consolidated GEM   50%  

Development/

Management

  Consolidated
 
Operating income (loss) $ 388 $ 555 $ 663 $ (790 ) $ (1,949 ) $ (1,133 ) $ - $ - $ (790 ) $ (1,133 )
 
Add Back:
Stock Compensation - - - - 310 310 - - - 310
Severance - - - - 330 330 - - - 330
Silver Slipper acquisition costs expensed - - - 1,425 - 1,425 - - 1,425 1,425
Depreciation and amortization 202 733 1,211 - 2 2,148 - - - 2,148
Gain (Loss) on sale of joint venture   -     -       -     11       -       11     -     -     11       11  
Adjusted EBITDA $ 590   $ 1,288     $ 1,874   $ 646     $ (1,307 )   $ 3,091   $ -   $ -   $ 646     $ 3,091  
 

Net of Non-Controlling Interest

2011*  

Casino Operations

Nevada

 

Casino Operations

Midwest

 

Casino Operations

Gulf Coast

 

Development/

Management

  Corporate   Consolidated GEM   50%  

Development/

Management

  Consolidated
 
Operating income (loss) $ 175 $ 1,091 $ - $ 4,356 $ (690 ) $ 4,932 $ 4,385 $ 2,192 $ 2,165 $ 2,740
 
Add Back:
Rising Star re-branding costs - (3 ) - - - (3 ) - - - (3 )
Rising Star acquisition costs - - - 0 - 0 - - 0 0
Grand Lodge acquisition costs expensed - - - 0 - 0 - - 0 0
Stock Compensation - - - - 310 310 - - - 310
Depreciation and amortization   328     1,092       -     593       3       2,016     431     216     377       1,800  
Adjusted EBITDA $ 503   $ 2,180     $ -   $ 4,949     $ (377 )   $ 7,255   $ 4,816   $ 2,408   $ 2,542     $ 4,847  

*Certain minor reclassifications in prior year balances have been made to conform to the current presentation, which had no effect on previously reported net income.

 
 

Reconciliation of adjusted EBITDA before unrealized gains/losses on notes receivable from tribal governments, and other items for the full year ended December 31 (in thousands),

 

(in thousands)

                     
Net of Non-Controlling Interest

   2012

 

Casino Operations

Nevada

 

Casino Operations

Midwest

 

Casino Operations

Gulf Coast

 

Development/ Management

  Corporate   Consolidated GEM   50%  

Development/ Management

  Consolidated
 
Operating income (loss) $ 3,851 $ 5,746 $ 663 $ 46,196 $ (6,818 ) $ 49,638 $ 4,773 $ 2,387 $ 43,809 $ 47,251
 
Add Back:
Stock Compensation - - - - 1,242 1,242 - - - 1,242
Severance costs - - - - 330 330 - - - 330
Silver Slipper acquisition costs expensed - - - 1,558 - 1,558 - - 1,558 1,558
Depreciation and amortization 909 4,163 1,211 594 8 6,885 431 215 379 6,670
 
Deduct:
Gain (Loss) on sale of joint venture   -       -     -     (41,189 )     -       (41,189 )   -     -     (41,189 )     (41,189 )
Adjusted EBITDA $ 4,760     $ 9,909   $ 1,874   $ 7,159     $ (5,238 )   $ 18,464   $ 5,204   $ 2,602   $ 4,557     $ 15,862  
 
Net of Non-Controlling Interest
2011*  

Casino Operations

Nevada

 

Casino Operations

Midwest

 

Casino Operations

Gulf Coast

 

Development/ Management

  Corporate   Consolidated GEM   50%  

Development/ Management

  Consolidated
 
Operating income (loss) $ (3,433 ) $ 4,240 $ - $ 23,556 $ (5,190 ) $ 19,173 $ 20,930 10,465 $ 13,091 $ 8,708
 
Add Back:
Rising Star acquisition costs expensed - - - 482 - 482 - - 482 482
Rising Star re-branding costs - 209 - - - 209 - - - 209
Grand Lodge acquisition costs expensed - - - 44 - 44 - - 44 44
Impairment 4,500 - - - - 4,500 - - - 4,500
Stock Compensation - - - - 724 724 - - - 724
Depreciation and amortization 1,051 3,551 - 2,372 28 7,002 1,724 862 1,510 6,140
Nambé note impairment - - - 420 - 420 - - 420 420

Unrealized loss on notes receivable, tribal governments

  -       -     -     8       -       8     -     -     8       8  
Adjusted EBITDA $ 2,118     $ 8,000   $ -   $ 26,882     $ (4,438 )   $ 32,562   $ 22,654   $ 11,327   $ 15,555     $ 21,235  

 

*Certain minor reclassifications in prior year balances have been made to conform to the current presentation, which had no effect on previously reported net income.

 
 

FULL HOUSE RESORTS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands)

         
Three months

ended December 31,

Twelve months

ended December 31,

2012

 

2011

2012

 

2011

Revenues
Casino $ 33,905 $ 24,880 $ 112,649 $ 74,708
Food and beverage 2,149 1,249 6,223 4,517
Management fees 631 5,838 7,180 24,186
Other operations   774     553     2,708     2,050  
  37,459     32,520     128,760     105,461  

Operating costs and expenses

Casino

18,548 14,310 62,976 42,509
Food and beverage 2,166 1,198 5,973 4,469
Other operations 1,396 1,459 5,614 4,465
Project development and acquisition costs 1,484 67 1,861 793
Selling, general and administrative 12,839 8,539 37,003 25,429
Depreciation and amortization   2,148     2,015     6,884     7,001  
  38,581     27,588     120,311     84,666  
Operating gain (loss)
Gain on sale of joint venture (11 ) -- 41,189 --
Equity in net income of unconsolidated joint venture, and related guaranteed payments --

--

-- 3,306
Impairment losses -- -- -- (4,920 )
Unrealized losses on notes receivable, tribal governments   --     --     --     (8 )
  (11 )   --     41,189     (1,622 )

Operating income (loss)

  (1,133

)

 

4,932

   

49,638

    19,173  
Other income (expense)
Interest expense (1,926 ) (822 ) (2,731 ) (2,838 )
Gain (loss) on derivative instrument -- 50 8 (513 )
Other income (expense) (15 ) 1 (6 ) 8
Loss on extinguishment of debt   --     --     (1,719 )   --  
  (1,941 )   (771 )   (4,448 )   (3,343 )
Income before income taxes (3,074 ) 4,161 45,190 15,830
Income tax expense (benefit)   (2,243 )   (1,372 )   15,175     3,240  
Net income (loss) (831 ) 2,789 30,015 12,590
Income attributable to non-controlling interest in consolidated joint venture   --     (2,310 )   (2,181 )   (10,247 )
Net income (loss) attributable to the Company $ (831 ) $ 479   $ 27,834   $ 2,343  
 
Net income (loss) attributable to the Company per common share $ (0.04 ) $ 0.03   $ 1.49   $ 0.13  
 
Weighted-average number of common shares outstanding   18,679,681     18,673,681     18,677,544     18,397,599  
 
 

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 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 acquired the Silver Slipper Casino in Hancock County, Mississippi on October 1, 2012, 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. Full House also owns Stockman’s Casino in Fallon, Nevada and 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. In addition, the Company 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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