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Pinnacle Entertainment Reports 2013 First Quarter Results

LAS VEGAS, May 1, 2013 (GLOBE NEWSWIRE) -- Pinnacle Entertainment, Inc. (NYSE:PNK) today reported financial results for the first quarter ended March 31, 2013.

2013 First Quarter Financial Highlights:
  • Revenues increased $19.7 million or 6.7% year over year to $312.6 million, and Consolidated Adjusted EBITDA decreased $0.6 million or 0.9% year over year to $73.9 million.
  • Loss from continuing operations was $85.3 million, which included a $92.2 million non-cash impairment charge related to the Company's investment in Asian Coast Development (Canada), Ltd. (ACDL), versus a loss from continuing operations of $0.3 million in the prior year period.
  • Adjusted income per share, which normalizes for the effect of non-recurring and one-time items, was $0.25 versus $0.33 in the prior year period. GAAP net loss per share was $1.46 versus a loss per share of $0.02 in the prior year period.

Additional Highlights:
  • On December 20, 2012, the Company entered into a merger agreement to acquire Ameristar Casinos, Inc. in an all cash transaction valued at $26.50 per Ameristar share. On April 25, 2013, Ameristar stockholders approved the acquisition. The Company continues to expect the transaction to close in the second or third quarter of 2013, subject to closing conditions, including the receipt of required regulatory approvals.
  • On April 2, 2013, Ameristar Casinos successfully completed a consent solicitation relating to its 7.50% Senior Notes due 2021 for a consent fee of $19.00 for each $1,000 in principal amount of notes, 50% of which was paid shortly after the expiration of the consent solicitation. The Company paid $9.8 million for the initial portion of the consent fee payments in April 2013, with the balance expected to be paid to bond holders upon closing the transaction. Following this consent, the Company now expects to complete the Ameristar merger using a simplified structure, which provides for a singular, unified capital structure for the combined companies.

In the 2013 first quarter, revenues increased $19.7 million or 6.7% year over year to $312.6 million. Consolidated Adjusted EBITDA decreased $0.6 million or 0.9% year over year to $73.9 million. Consolidated Adjusted EBITDA margin decreased 181 basis points year over year to 23.6%, principally due to L'Auberge Baton Rouge still being in its operational ramp up period. On a same store basis, Consolidated Adjusted EBITDA margin declined 52 basis points year over year to 24.9%.

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