Boyd Restates Quarter Higher on Tax Refund - TheStreet

Boyd Gaming

(BYD) - Get Report

restated fourth-quarter earnings Thursday, citing a tax refund that boosted net income and EPS above originally reported amounts.

In a filing with the

Securities and Exchange Commission

, the casino company said restated fourth-quarter net income is $46.9 million, or 53 cents a share. That compares with an originally reported $40.0 million, or 45 cents a share.

The Borgata casino in Atlantic City, N.J., in which Boyd owns a 50% stake, received a refund notice regarding certain state tax credits and recorded a fourth-quarter benefit for amounts earned in 2003 and 2004. Boyd's share of the adjustment is $11.5 million on a pretax basis.

The Borgata didn't receive the notice until after Boyd reported its fourth-quarter results. The adjustment doesn't affect Boyd's operating income or revenue.

Boyd shares finished Thursday down 71 cents, or 1.3%, at $52.01.