DJ EANS-Adhoc: Century Casinos, Inc. Announces Second Quarter 2013 Results (with document)
=------------------------------------------------------------------------------- ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide distribution. The issuer is solely responsible for the content of this announcement. =------------------------------------------------------------------------------- Financial Figures/Balance Sheet/quarterly report 14.08.2013 August 14, 2013 Century Casinos, Inc. Announces Second Quarter 2013 Results Colorado Springs, Colorado - August 14, 2013 - Century Casinos, Inc. (NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) today announced its financial results for the three and six months ended June 30, 2013. Second Quarter 2013 Highlights* - Net operating revenue was $28.3 million, a 59% increase compared to the three months ended June 30, 2012. - Adjusted EBITDA** was $3.9 million, a 34% increase from the three months ended June 30, 2012. - Net earnings were $3.7 million, a 219% increase from the three months ended June 30, 2012. - Earnings per share were $0.15, a 200% increase from the three months ended June 30, 2012. The period over period increases relate primarily to the inclusion of operating results from Casinos Poland, Ltd. (CPL) in the second quarter of 2013. In April 2013, the Company completed the purchase of an additional 33.3% ownership interest in CPL. The Company now owns a 66.6% ownership interest in CPL and consolidates CPL financial information as a majority-owned subsidiary for which the Company has a controlling financial interest. Prior to the acquisition of this additional interest in CPL, the Company owned 33.3% of CPL and accounted for the CPL ownership interest as an equity investment. | |For the Three Months |For the Six Months | |Amounts in thousands, |Ended June 30, |Ended June 30, | |except per share data | | | |Consolidated Results: |2013 |2012 |% Chg|2013 |2012 |% Chg| |Net operating revenue |$28,348|$17,791|59% |$46,337|$35,360|31% | |Earnings from operations |2,083 |1,695 |23% |4,129 |3,267 |26% | |Net earnings |3,657 |1,148 |219% |5,319 |2,281 |133% | | | | | | | | | |Adjusted EBITDA** |$3,863 |$2,886 |34% |$7,101 |$5,645 |26% | | | | | | | | | |Earnings per share: | | | | | | | |Basic |$0.15 |$0.05 |200% |$0.22 |$0.10 |120% | |Diluted |$0.15 |$0.05 |200% |$0.22 |$0.09 |144% | |Weighted average common | | | | | | | |shares: | | | | | | | |Basic |24,128 |23,890 | |24,128 |23,884 | | |Diluted |24,209 |24,060 | |24,183 |24,055 | | We posted excellent results in the second quarter. The Casinos Poland acquisition is complete and has been immediately accretive to net operating revenue", said Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive Officers of Century Casinos. "Even when excluding the one-time gain associated with the Casinos Poland acquisition, net earnings increased by 38% and earnings per share increased from 5 cents to 7 cents for the quarter. With a solid balance sheet, a book value per share of $4.98 and borrowing capacity under the credit agreement with the Bank of Montreal we are well positioned for further growth", they continued. Three Months and Six Ended June 30, 2013 Results* Net operating revenue increased by $10.5 million, or 59%, and increased by $10.9 million, or 31.0%, for the three and six months ended June 30, 2013 compared to the three and six months ended June 30, 2012. Following is a summary of the change in net operating revenue by property or category for the three and six months ended June 30, 2013 compared to the three and six months ended June 30, 2012: | |Net Operating Revenue | | |For the Three Months|For the Six Months| | | Ended June 30, |Ended June 30, | | |2013/2012 |2013/2012 | |Amounts in millions |Change |% Change |Change |% Change | |Century Casino & Hotel, Edmonton |$0.2 |3% |$0.7 |6% | |Century Casino, Calgary |(0.3) |(12%) |(0.6) |(11%) | |Century Casino & Hotel, Central City |(0.2) |(4%) |(0.2) |(3%) | |Century Casino & Hotel, Cripple Creek|0.0 |1% |0.0 |(1%) | |Casinos Poland |10.9 |100% |10.9 |100% | |Cruise Ships & Other |(0.1) |(5%) |0.1 |4% | |Total |$10.5 |59% |$10.9 |31% | Earnings from operations increased by $0.4 million, or 23%, and increased by $0.9 million, or 26.4%, for the three and six months ended June 30, 2013 compared to the three and six months ended June 30, 2012. Following is a summary of the change in earnings from operations by property or category for the three and six months ended June 30, 2013 compared to the three and six months ended June 30, 2012: | |Earnings from Operations | | |For the Three Months|For the Six Months| | | Ended June 30, |Ended June 30, | | |2013/2012 |2013/2012 | |Amounts in millions |Change |% Change |Change |% Change | |Century Casino & Hotel, Edmonton |$0.3 |16% |$0.7 |22% | |Century Casino, Calgary |0.2 |92% |0.2 |178% | |Century Casino & Hotel, Central City |(0.1) |(23%) |(0.2) |(15%) | |Century Casino & Hotel, Cripple Creek|0.1 |26% |0.3 |43% | |Casinos Poland |0.6 |100% |0.6 |100% | |Cruise Ships & Other |0.0 |26% |0.1 |40% | |Corporate Other |(0.6) |(56%) |(0.9) |(40%) | |Total |$0.4 |23% |$0.9 |26% | Net earnings increased by $2.5 million, or 219%, and increased by $3.0 million, or 133.2%, for the three and six months ended June 30, 2013 compared to the three and six months ended June 30, 2012. Following is a summary of the change in net earnings by property or category for the three and six months ended June 30, 2013 compared to the three and six months ended June 30, 2012: | |Net Earnings | | |For the Three Months|For the Six Months| | |Ended June 30, |Ended June 30, | | |2013/2012 |2013/2012 | |Amounts in millions |Change |% Change |Change |% Change | |Century Casino & Hotel, Edmonton |$0.3 |32% |$0.9 |40% | |Century Casino, Calgary |0.1 |150% |0.3 |304% | |Century Casino & Hotel, Central City |(0.1) |(23%) |(0.1) |(15%) | |Century Casino & Hotel, Cripple Creek|0.1 |25% |0.2 |43% | |Casinos Poland |0.3 |100% |0.3 |100% | |Cruise Ships & Other |0.0 |19% |0.1 |40% | |Corporate Other |1.7 |272% |1.4 |113% | |Total |$0.4 |219% |$3.0 |133% | Items deducted from or added to earnings from operations to arrive at net earnings include gain on business combination related to the acquisition of the additional ownership interest in CPL, interest income, interest expense, gains on foreign currency transactions, income tax expense and non-controlling interest. For the three months ended June 30, 2013, the Company recognized a gain of $2.1 million as a result of measuring at fair value its initial 33.3% ownership interest in CPL held prior to the acquisition date. As a result, the Corporate Other category reported net earnings of $1.7 million for the period. Property and Category Results (in thousands) The following are property and category results for net operating revenue and Adjusted EBITDA. | | | | | | |For the Three |For the Three |For the Six |For the Six | |Months |Months |Months |Months | |Ended June 30, |Ended June |Ended June |Ended June | | |30, |30, |30, | |2013 |2012 |2013 |2012 |2013 |2012 |2013 |2012 |Century Casino&| | | | | | | | |Hotel, Edmonton|$6,208 |$6,006 |$ 2,253|$1,969 |$12,661|$11,948|$4,624 |$3,860 |Century Casino,| | | | | | | | |Calgary |2,110 |2,398 |216 |30 |4,466 |4,999 |564 |283 |Century Casino&| | | | | | | | |Hotel, Central | | | | | | | | |City |4,410 |4,581 |826 |986 |8,856 |9,090 |1,723 |1,958 |Century Casino&| | | | | | | | |Hotel, Cripple | | | | | | | | |Creek |3,168 |3,150 |843 |736 |6,060 |6,029 |1,559 |1,261
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August 14, 2013 10:00 ET (14:00 GMT)