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TheStreet Open House

Lakes Entertainment Announces Results For Fourth Quarter And Full Year 2012

Stocks in this article: LACO

Lakes recognized impairments and other losses of $0.1 million during the fourth quarter of 2012 compared to $5.9 million during the fourth quarter of 2011. Impairments and other losses for the fourth quarter of 2011 included losses of $3.3 million related to the early termination of Lakes’ airplane lease. Also included were impairments of $1.3 million due to declines in the estimated fair value of land owned by Lakes in Vicksburg, Mississippi and impairments of $1.3 million due to the continued uncertainty surrounding the completion of the project with the Jamul Indian Village (“Jamul Tribe”) near San Diego, California. Due to Lakes’ corporate strategic objectives, during March 2012, Lakes determined that it would not continue to move forward with the Jamul casino project and terminated its agreement with the Jamul Tribe.

Amortization of intangible assets related to the operating casinos was $0.3 million for the fourth quarter of 2012 and for the fourth quarter of 2011.

There were no net unrealized losses on notes receivable during the fourth quarter of 2012. The net unrealized losses of $9.8 million in the fourth quarter of 2011 were primarily due to the termination of the agreement with the Jamul Tribe.

Other income, net, was $3.6 million for the fourth quarter of 2012 compared to $1.3 million for the fourth quarter of 2011. The increase in other income, net, during the fourth quarter of 2012 related to a favorable legal settlement of $2.2 million. A significant portion of the remaining other income, net, in both periods relates to non-cash accretion of interest on the Company’s notes receivable.

The income tax benefit for the fourth quarter of 2012 was $0.2 million compared to a benefit of $2.7 million for the fourth quarter of 2011. Lakes’ income tax benefit in the fourth quarters of 2012 and 2011 resulted from the Company’s ability to carry back its taxable losses to a prior year and receive a refund of taxes previously paid.

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