Twelve Month ResultsNet earnings for the twelve months ended December 30, 2012 (“2012”) were $3.2 million, compared to net losses of $1.8 million for the twelve months ended January 1, 2012 (“2011”). Loss from operations was $7.1 million for 2012 compared to $10.3 million for 2011. Basic and diluted earnings were $0.12 per share for 2012 compared to losses of $0.07 per share for 2011.Lakes Entertainment reported revenues of $11.0 million for 2012, compared to revenues of $35.6 million in the prior year. The decrease in revenues was primarily due to the buy-out of the management agreement for the Four Winds Casino Resort during June of 2011. Pursuant to the buy-out agreement, the Pokagon Band of Potawatomi Indians paid Lakes a buy-out fee of approximately $24.5 million. The decrease was partially offset by an increase in fees earned from the management of the Red Hawk Casino during 2012, compared to 2011, as well as the addition of $3.2 million in revenues associated with the operation of Rocky Gap.
Lakes Entertainment Announces Results For Fourth Quarter And Full Year 2012
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