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Annual Reports/Company Information
28.03.2013
Colorado Springs, Colorado - March 28, 2013 - Century Casinos, Inc. (NASDAQ
Capital Market® and Vienna Stock Exchange: CNTY) today announced its financial
results for the three months and year ended December 31, 2012.
_
2012_Highlights*
_
* Net operating revenue was $71.8 million, a 1% increase from the year ended
December 31, 2011.
* Net earnings were $4.1 million, a 35% increase from the year ended December
31, 2011.
* Earnings per share were $0.17
* Book value per share** at December 31, 2012 was $4.90.
Fourth_Quarter_2012_Highlights*
_
* Net operating revenue was $17.7 million, a 1% increase from the three months
ended December 31, 2011.
* Net earnings were $0.6 million, a 6% increase from the three months ended
December 31, 2011.
* Earnings per share were $0.03
For the Three Months For the Year
Amounts in
thousands,
except share
and per
share data Ended December 31, Ended December 31,
Consolidated
Results: 2012 2011 % Change 2012 2011 % Change
Net
operating
revenue $17,745 $17,603 1% $71,828 $70,866 1%
Earnings
from
operations 894 984 (9%) 5,776 4,265 35%
Net earnings 624 590 6% 4,091 3,021 35%
Adjusted
EBITDA*** $2,123 $2,329 (9%) $10,563 $10,692 (1%)
Earnings per
share:
Basic $0.03 $0.03 0% $0.17 $0.13 31%
Diluted $0.03 $0.03 0% $0.17 $0.13 31%
Weighted-
average
common
shares:
Basic 24,126,727 23,877,362 24,004,166 23,891,874
Dilutive 24,144,772 24,044,231 24,104,616 24,070,634
"We are pleased to report another quarter with growth in revenue and net
earnings, even though business levels softened a bit in the latter part of the
year. We expect to close the Casinos Poland transaction, which we expect will be
immediately accretive, in April and are very excited about the growth potential
it brings for our company," said Erwin Haitzmann and Peter Hoetzinger, Co Chief
Executive Officers of Century Casinos. "During 2012, we made significant
progress on the implementation of our strategy to increase shareholder value and
improve our financial flexibility and we successfully executed this strategy
against a backdrop of ongoing macroeconomic uncertainty," they continued.
Three_Months__and_Year_Ended_December_31,_2012_Results*
Net operating revenue increased by $0.1 million, or 0.8%, and $1.0 million, or
1.4%, for the three months and year ended December 31, 2012 compared to the
three months and year ended December 31, 2011. Following is a summary of net
operating revenue changes by property or category for the three months and year
ended December 31, 2012 compared to the three months and year ended December 31,
2011, respectively:
Net Operating Revenue
For the Three Months For the Year
Ended December 31, Ended December 31,
2012/2011 2012/2011
Amounts in millions Change Change
Century Casino & Hotel,
Edmonton $0.4 $0.6
Century Casino, Calgary (0.1) (0.3)
Century Casino & Hotel,
Central City 0.0 0.5
Century Casino & Hotel,
Cripple Creek (0.2) (0.3)
Cruise Ships & Other 0.0 0.4
Total $0.1 $1.0
Earnings from operations decreased by ($0.1) million, or (9.1%), and increased
by $1.5 million, or 35.4%, for the three months and year ended December 31, 2012
compared to the three months and year ended December 31, 2011. The increase in
earnings from operations was due to increased efforts to attract customers,
generate additional revenue and control costs. Following is a summary of
earnings from operations changes by property or category for the three months
and year ended December 31, 2012 compared to the three months and year ended
December 31, 2011, respectively:
Earnings from Operations
For the Three Months For the Year
Ended December 31, Ended December 31,
2012/2011 2012/2011
Amounts in millions Change Change
Century Casino & Hotel,
Edmonton $0.2 $0.5
Century Casino, Calgary (0.2) (0.5)
Century Casino & Hotel,
Central City (0.1) 1.0
Century Casino & Hotel,
Cripple Creek 0.0 0.1
Cruise Ships & Other (0.1) 0.0
Corporate Other 0.1 0.5
Total ($0.1) $1.5
Net earnings increased by less than $0.1 million, or 5.8%, and $1.1 million, or
35.4%, for the three months and year ended December 31, 2012 compared to the
three months and year ended December 31, 2011. Following is a summary of net
earnings changes by property or category for the three months and year ended
December 31, 2012 compared to the three months and year ended December 31,
2011:
Net Earnings
For the Three Months For the Year
Ended December 31, Ended December 31,
2012/2011 2012/2011
Amounts in millions Change Change
Century Casino & Hotel,
Edmonton $0.4 $0.4
Century Casino, Calgary (0.1) (0.4)
Century Casino & Hotel,
Central City (0.1) 0.6
Century Casino & Hotel,
Cripple Creek 0.0 0.1
Cruise Ships & Other (0.1) 0.0
Corporate Other (0.1) 0.4
Total $0.0 $1.1
Items deducted from or added to earnings from operations to arrive at net
earnings include interest income, interest expense, gains or losses on foreign
currency transactions and income tax expense or benefit.
_
Property_and_Category_Results*
(in_thousands)
_
The following table shows net operating revenue and Adjusted EBITDA** by
property or category for the three months and year ended December 31, 2012 and
December 31, 2011.
Net Operating Adjusted Net Operating
Revenue EBITDA** Revenue Adjusted
EBITDA**
For the Three For the Three
Months Months For the Year For the Year
Ended December Ended December Ended December Ended December
31, 31, 31, 31,
2012 2011 2012 2011 2012 2011 2012 2011
Century
Casino &
Hotel,
Edmonton $6,499 $6,116 $2,141 $1,963 $24,536 $23,906 $7,959 $7,899
Century
Casino,
Calgary 2,594 2,703 159 302 9,929 10,206 228 620
Century
Casino &
Hotel,
Central City 4,354 4,306 714 858 18,501 17,980 3,875 3,779
Century
Casino &
Hotel,
Cripple
Creek 2,524 2,682 261 277 11,931 12,236 2,385 2,296
Cruise Ships
& Other 1,766 1,796 157 261 6,923 6,538 929 1,027
Corporate 8 0 (1,309) (1,332) 8 0 (4,813)(4,929)
Consolidated $17,745 $17,603 $2,123 $2,329 $71,828 $70,866 $10,563 $10,692
_
Balance_Sheet_and_Liquidity
As of December 31, 2012, the Company had $24.8 million in cash and cash
equivalents and $3.6 million in debt obligations on its balance sheet compared
to $25.2 million in cash and cash equivalents and $9.1 million in debt
obligations at December 31, 2011.
Conference_Call_Information
Today the Company will post a copy of the Annual Report on Form 10-K filed with
the SEC for the year ended December 31, 2012 on its website at
http://corporate.cnty.com/investor-relations/sec-filings
.
Century Casinos will host its fourth quarter 2012 earnings conference call
today, March 28, 2013 at 8:00 am MDT; 3:00 pm CET, respectively. U.S. domestic
participants should dial 1-866-952-1906. For all other international
participants, please use +1-785-424-1825 to dial-in. Participants may also
listen to the call live or obtain a recording of the call on the Company's
website until April 3, 2013 at http://corporate.cnty.com/investor-relations/
financial-results/.
(continued)
CENTURY CASINOS, INC. AND SUBSIDIARIES
FINANCIAL INFORMATION - US GAAP BASIS
For the Three For the Year
Months Ended
Ended December 31, December 31,
Amounts in
thousands,
except for per
share
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March 28, 2013 04:00 ET (08:00 GMT)
