Station Casinos Posts Loss, Tops Estimates

On a pro forma basis, the company beats analyst estimates by 4 cents.

Author:: Michael Dunn
Publish date:: Apr 16, 2002 8:50 AM EDT

Station Casinos

reported a loss due to accounting changes, but on a pro forma basis, the company beat analyst estimates by 4 cents.

The casino owner posted a first-quarter net loss of $257,000, or break-even on a per-share basis, including an accounting change relating to goodwill, compared with net income of $6.5 million, or 11 cents a share, in the year-earlier period. On a pro forma basis, the company earned $12.6 million, or 21 cents a share, up from $11.4 million, or 19 cents a share, last year.

Revenue for the quarter was $205.0 million, 1% above the prior year's results.

According to Thomson Financial/First Call, analysts had been expecting the company to earn 17 cents a share on revenue of $203.75 million.

Station also provided guidance for the rest of 2002, saying it expects to see full-year EPS in the range of 59 cents to 64 cents, compared with the First Call estimate of 61 cents. For the second quarter, the company expects 13 cents to 15 cents a share, compared with the analyst estimate of 15 cents.