Lakes Entertainment, Inc. (NASDAQ: LACO) today announced results for the three and twelve months ended December 30, 2012.
Fourth Quarter ResultsNet earnings for the fourth quarter of 2012 were $2.0 million, compared to net losses of $12.7 million in the fourth quarter of 2011. Loss from operations was $1.9 million for the fourth quarter of 2012 compared to loss from operations of $16.8 million for the fourth quarter of 2011. Basic and diluted earnings were $0.07 per share for the fourth quarter of 2012 compared to losses of $0.48 per share for the fourth quarter of 2011.
Lakes Entertainment reported fourth quarter 2012 revenues of $2.8 million, compared to prior-year fourth quarter revenues of $1.3 million. The increase in revenues was primarily due to the addition of $1.4 million in revenue related to the operation of the Rocky Gap Lodge and Golf Resort near Cumberland, Maryland (“Rocky Gap”), which Lakes acquired on August 3, 2012.
During the fourth quarter of 2012, property operating expenses for Rocky Gap which primarily related to rooms, food and beverage and golf were $0.8 million. Rocky Gap was acquired on August 3, 2012, therefore, there were no such expenses for the fourth quarter of 2011.For the fourth quarter of 2012, Lakes’ selling, general and administrative expenses were $3.1 million compared to $2.0 million in the fourth quarter of 2011. Included in these amounts were Lakes corporate selling, general and administrative expenses of $1.9 million during the fourth quarters of 2012 and 2011 and Rocky Gap selling, general and administrative expenses of $1.2 million during the fourth quarter of 2012 and administrative costs associated with the acquisition of Rocky Gap of less than $0.1 million during the fourth quarter of 2011. The increase was due to the addition of administrative costs associated with the operation of Rocky Gap after it was acquired on August 3, 2012.
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