Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the
Company”) today reported operating results for the fourth quarter
and full year ended December 31, 2019, as summarized below:
($ in thousands, except per share data and percentages)
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2019 |
|
|
2018 |
|
Increase |
|
|
2019 |
|
|
2018 |
|
Increase |
|
|
|
|
|
(Decrease) |
|
|
|
|
|
(Decrease) |
Net
revenue |
$ |
62,080 |
|
$ |
59,779 |
|
3.8 |
% |
|
$ |
249,166 |
|
$ |
240,315 |
|
3.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(1) |
|
14,142 |
|
|
13,435 |
|
5.3 |
% |
|
|
61,687 |
|
|
60,586 |
|
1.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (2) |
$ |
6,196 |
|
$ |
7,259 |
|
(14.6 |
%) |
|
$ |
31,816 |
|
$ |
34,098 |
|
(6.7 |
%) |
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS |
$ |
0.34 |
|
$ |
0.40 |
|
(15.0 |
%) |
|
$ |
1.77 |
|
$ |
1.91 |
|
(7.3 |
%) |
Diluted EPS(2) |
$ |
0.33 |
|
$ |
0.39 |
|
(15.4 |
%) |
|
$ |
1.70 |
|
$ |
1.83 |
|
(7.1 |
%) |
(1) |
Definitions, disclosures and
reconciliations of non-GAAP financial information are included
later in the release. |
(2) |
The pre-opening expenses, and
construction litigation and acquisition-opportunity-related
professional services fees, incurred in the 2019 fourth quarter and
fiscal year, had a $1.4 million and $3.1 million, respectively,
negative effect on Net income, and a $0.07 and $0.17, respectively,
negative effect on Diluted EPS. |
|
|
CEO Comment John Farahi, Co-Chairman and
Chief Executive Officer of Monarch, commented: “2019 was an active
and productive year for Monarch as we made significant progress
toward completing construction in Black Hawk, thus setting the
foundation for an exciting 2020 and beyond. We generated net
revenue and EBITDA growth in both Reno and Black Hawk. In Black
Hawk, we focused on preserving the player experience by effectively
managing construction disruption.
“Net revenue for the 2019 fourth quarter grew
3.8% over the prior year and adjusted EBITDA increased 5.3%
year-over-year as a result of our disciplined operating strategies.
Net income for the quarter declined 14.6% and was impacted by
Monarch Black Hawk pre-opening expenses, and professional services
fees related to construction litigation and due diligence for an
acquisition opportunity, which we ultimately decided not to
pursue.
“Reno remains a very healthy locals-oriented
market. While many companies attract headlines for driving job
growth in Reno, the market’s employment growth is broad-based
across several industries, and we expect this positive indicator
will support the continued strength of our business at Atlantis. At
the same time, the tight employment environment, with the local
unemployment rate below the national average, has created labor
challenges, including wage inflation, which we continue to actively
manage. We expect this to be a recurring trend for the market and
Atlantis in the years ahead, but we remain confident that our
operating strategies will allow Atlantis to grow revenue and profit
as our market share continues to expand.
“In Colorado, we continue to grow revenue and
adjusted EBITDA as we minimize the impact of ongoing construction.
Hiring for key positions and training the new employees to ensure
that we provide industry-leading service from the opening day of
our expanded resort operation is naturally driving higher labor and
related expenses. Despite the ongoing construction disruption, our
Black Hawk team continues to drive increased market share.
Furthermore, we were the first casino operator to receive our
Master Sports Betting license from the state of Colorado on
February 20, 2020, and we expect to debut our in-person sports
book, as well as our Monarch-branded mobile sports app, on May 1,
2020, the first day sports betting will become legal in
Colorado.
“With respect to COVID-19, Monarch’s first
quarter results had not been impacted through early March though
this has changed over the past several days. At this time, our
priorities are the health and safety of both our guests and team
members and we have taken prudent precautions throughout our
facilities and work spaces. We continue to monitor the situation
and are prepared to quickly make operational changes should they be
required.
“As we begin to welcome guests to the new
Monarch Casino Resort Spa Black Hawk, we believe they will find our
expanded property to be the premier casino resort destination in
Colorado. We now expect gross leverage to peak at approximately
3.5x, and we plan to de-lever rapidly once cash flow increases and
spending on the project tails off. We remain in an enviable
position with a strong balance sheet and healthy cash flow which we
expect will allow us to evaluate and pursue a range of new business
opportunities while managing through turbulence in the broader
economy.”
Summary of 2019 Fourth Quarter Operating
ResultsFor the 2019 fourth quarter, consolidated net
revenue of $62.1 million increased 3.8% from $59.8 million in the
prior year. Casino, food and beverage, and hotel revenues increased
2.5%, 1.6%, and 16.9% year-over-year, respectively. The increase in
casino revenue was driven by an increase in gaming volume,
partially offset by an increase in promotional allowances,
recognized at the standalone selling price and recorded as casino
contra revenue. The increase in food and beverage revenue was due
to an increase in covers and an increase in average check. The
hotel revenue increase was driven by an increase in complimentary
revenue.
Selling, general and administrative (“SG&A”)
expenses for the fourth quarter of 2019 were $18.5 million compared
to $17.7 million in the prior-year period, driven primarily by an
increase in labor expenses, due to hiring in preparation for the
opening of the Monarch Casino Black Hawk expansion, and an increase
in employee acquisition and retention expenses as a result of our
competitive labor markets. As a percentage of net revenue, SG&A
expense increased to 29.8% compared to 29.6% in the prior year
period. Casino operating expense as a percentage of casino revenue
increased to 35.7% during the fourth quarter of 2019 from 34.5% in
the prior-year period primarily as a result of an increase in labor
expense and promotional expenses. Food and beverage operating
expense as a percentage of food and beverage revenue increased to
78.1% during the fourth quarter of 2019 from 76.7% in the prior
year period primarily as a result of an increase in labor expense,
partially offset by an improvement in cost of sales. Hotel
operating expense as a percentage of hotel revenue decreased to
38.7% in the fourth quarter of 2019 compared to 46.4% in the same
period a year ago, primarily as a result of the increase in
complimentary revenue during the quarter.
The Company generated consolidated adjusted
EBITDA of $14.1 million in the fourth quarter of 2019, an increase
of $0.7 million, or 5.3%, over the same period a year ago.
Net income for the fourth quarter of 2019 decreased 14.6% and
diluted EPS declined 15.4%. The decline in net income and diluted
EPS in the quarter is primarily a result of pre-opening expenses,
as well as professional services fees for construction litigation
relating to our Black Hawk property and due diligence on an
acquisition opportunity. These expenses, collectively, had a $1.4
million impact on Net income and a $0.07 impact on Diluted EPS. The
acquisition opportunity expenses have been discontinued and there
are no other opportunities being pursued at this time.
Monarch Black Hawk
ExpansionSummarized below is an update on the Company’s
ongoing upgrade and expansion of Monarch Casino Black
Hawk:
$
in millions |
Budget Cost |
|
Total Spent Through December 31, 2019 |
|
Left to Spend |
|
Estimated Completion Date |
I. Existing Facility |
|
|
|
|
|
|
|
Monarch Casino Black Hawk (1) |
$76 |
|
$76 |
|
- |
|
Completed |
Existing Facility Upgrade (2)(3) |
$34 - $36 |
|
$32 |
|
$2 -
$4 |
|
Exterior 2Q20
Interior 4Q20 |
Total Existing Facility |
$110 - $112 |
|
$108 |
|
$2- $4 |
|
|
|
|
|
|
|
|
|
|
II. Expansion |
|
|
|
|
|
|
|
Acquired Land Parcels |
$10 |
|
$10 |
|
- |
|
Completed |
Parking Structure |
$38 - $41 |
|
$41 |
|
- |
|
Completed |
Hotel Tower & Casino (3) |
$264 - $269 |
|
$246 |
|
$18 -
$23 |
|
2Q20 |
Other |
$8 - $10 |
|
$10 |
|
- |
|
|
Total Expansion |
$320 - $330 |
|
$307 |
|
$18 - $23 |
|
|
Total Cost |
$430 - $442 |
|
$415 |
|
$20 - $27 |
|
|
|
|
|
|
|
|
|
|
(1) The Company paid $76.0 million cash or $69.2
million net of acquired working capital and NOLs when it acquired
Monarch Casino Black Hawk (formerly Riviera Black Hawk Casino) in
2012. |
(2) Includes upgrades to the interior, which were
completed in August 2015, additional work to tie the two buildings
together, completed in the fourth quarter of 2019, demolition of
the original garage, and upgrades to the exterior of the existing
facility to match the design of the master planned expansion. |
(3) The Company anticipates funding the hotel
tower and casino expansion, as well as the existing facility
exterior upgrades, from a combination of operating cash flow and
the amended and restated credit facility (the “Amended Credit
Facility”). |
|
Monarch is currently wrapping up construction of
its all-new Monarch Casino Resort Spa Black Hawk and working with
the general contractor and the City of Black Hawk to secure a
temporary certificate of occupancy for floors one through five in
the building’s podium as well as some floors in the hotel tower.
The Company expects to begin its soft opening of these portions of
the resort in the second quarter of 2020 with additional hotel
tower floors to follow over the course of the quarter. Monarch
expects to announce the grand opening date for the hotel and casino
tower project by the end of the second quarter.
Following the podium opening, the Company will
begin work on converting the existing buffet to a specialty
restaurant, and adding a poker room and a sports lounge in the
existing facility. Monarch expects this work to be completed in the
fourth quarter of 2020.
Credit Facility and
LiquidityCapital expenditures of $24.3 million in the
fourth quarter of 2019 include construction costs related to the
Monarch Casino Black Hawk expansion as well as ongoing capital
maintenance spending at the Company’s properties. Capital
expenditures during the quarter were funded from the Company’s
operating cash flows as well as borrowings against Monarch’s
Amended Credit Facility. The amount of borrowings outstanding on
Monarch’s $250.0 million Amended Credit Facility as of December 31,
2019 was $196.3 million. At December 31, 2019, the $250 million
Amended Credit Facility was converted to a $200 million term loan
and a $50 million line of credit. Prior to the conversion, the
Company drew the available balance up to $200 million and deposited
$27.5 million in an interest-bearing money market fund to be used
for the remaining construction spending and payment of retainage
for the Monarch Black Hawk Expansion.
The Company capitalized $1.6 million of interest
expense in the fourth quarter of 2019 and $0.9 million of interest
expense in the fourth quarter of 2018.
Monarch continues to believe that its operating
cash flows, cash in its interest-bearing money market fund, and the
$50.0 million available under its Amended Credit Facility will be
sufficient to fund all remaining costs related to both the
completion of the Monarch Casino Resort Spa Black Hawk Expansion
and the Company’s ongoing capital expenditures for the Atlantis in
Reno.
Forward-Looking StatementsThis
press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended, including, but not limited to, statements relating to (i)
our plans, objectives, near- and long-term outlook, opportunities,
expectations, growth prospects, future operations and anticipated
financial results (including pre-opening expenses, cash flow,
liquidity and leverage) with respect to Atlantis Casino Resort Spa
and Monarch Casino Black Hawk and the markets in their respective
regions; (ii) our plans, costs, financing, and additional expenses
and revenue opportunities as a result of project and budget
modifications, construction, completion and opening timelines of
upgraded, redesigned and/or expanded facilities at Monarch Casino
Black Hawk (including the soft opening and announcement of the
grand opening of the expanded property as well as the launch of a
new retail sports book and mobile sports wagering app); and (iii)
our expectations regarding our future position in, and share of,
the market and the quality of service we provide to our guests.
Actual results and future events and conditions may differ
materially from those described in any forward-looking statements.
Important factors that could cause actual results to differ
materially from estimates or projections contained in the
forward-looking statements include, without limitation:
- construction factors, including
delays, disruptions, increased costs of labor and materials,
contractor disagreements, availability of labor and materials,
zoning issues, environmental restrictions, soil and water
conditions, weather and other hazards, site access matters,
building permit issues and other regulatory approvals or
issues;
- ongoing disagreements over costs of
and responsibility for delays and other construction related
matters with our Monarch Casino Black Hawk general contractor,
including, as previously reported, the initiation of litigation
against us by such contractor;
- our filing of affirmative defenses
and extensive counterclaims against the Monarch Casino Black Hawk
contractor in the above-mentioned litigation;
- risks related to development and
construction activities (including disputes with and defaults by
contractors and subcontractors; construction, equipment or staffing
problems and delays; shortages of materials or skilled labor;
environmental, health and safety issues; weather and other hazards,
site access matters, and unanticipated cost increases);
- disruptions in our operations and
loss of revenue due to the coronavirus outbreak in Wuhan,
China;
- access to available and reasonable
financing on a timely basis;
- our ability to generate sufficient
operating cash flow to help finance our expansion plans and
subsequent debt reduction;
- our ability to effectively manage
expenses to optimize its margins and operating results;
- changes in laws mandating increases
in minimum wages and employee benefits;
- changes in laws and regulations
permitting expanded and other forms of gaming in our key
markets;
- the effects of local and national
economic, credit and capital market conditions on the economy in
general and on the gaming industry and our business in
particular;
- the effects of labor shortages on
our market position, growth and financial results;
- guest acceptance of our expanded
facilities once completed and the resulting impact on our market
position, growth and financial results; and
- competition in our target market
areas.
Additional information concerning potential
factors that could adversely affect all forward-looking statements,
including the Company's financial results, is included in our
Securities and Exchange Commission filings, including our most
recent annual report on Form 10-K and quarterly reports on Form
10-Q, which are available on our website at
www.monarchcasino.com.
About Monarch Casino &
Resort, Inc.Monarch Casino & Resort, Inc.,
through its subsidiaries, owns and operates the Atlantis Casino
Resort Spa, a hotel/casino facility in Reno, Nevada, and the
Monarch Casino Black Hawk in Black Hawk, Colorado, approximately 40
miles west of Denver. For additional information on Monarch, visit
Monarch's website at www.monarchcasino.com.
The Atlantis features approximately 61,000
square feet of casino space; 818 guest rooms; eight food outlets;
two espresso and pastry bars; a 30,000 square-foot health spa and
salon with an enclosed year-round pool; two retail outlets offering
clothing and traditional gift shop merchandise; an 8,000
square-foot family entertainment center; and approximately 52,000
square feet of banquet, convention and meeting room space. The
casino features approximately 1,450 slot and video poker machines;
approximately 37 table games, including blackjack, craps, roulette,
and others; a race and sports book; a 24-hour live keno lounge; and
a poker room.
The Monarch Casino Black Hawk features
approximately 30,000 square feet of casino space; approximately 740
slot machines; 14 table games; a 250-seat buffet-style restaurant;
a snack bar and a new nine-story parking structure with
approximately 1,350 spaces, plus additional existing valet parking
bringing total parking capacity to 1,500 spaces. Once completed,
the Monarch Casino Black Hawk expansion will nearly double the
casino space and will add a 23-story hotel tower with approximately
500 guest rooms and suites, an upscale year-around spa and pool
facility, three restaurants (bringing the total to four
restaurants), additional bars, and associated support
facilities.
Contacts:David FarahiChief
Operating Officer775/825-4700 or dfarahi@monarchcasino.com
Joseph Jaffoni, Richard Land, James
LeahyJCIR212/835-8500 or mcri@jcir.com
- financial tables follow -
|
MONARCH
CASINO & RESORT, INC. AND SUBSIDIARIES |
CONSOLIDATED
STATEMENTS OF INCOME |
(In thousands,
except per share data) |
|
|
|
|
|
|
|
Three months ended December 31, |
|
Twelve months ended December 31, |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
|
Revenues |
|
|
|
|
|
|
|
|
Casino |
|
$ |
32,029 |
|
|
$ |
31,253 |
|
|
$ |
128,010 |
|
|
$ |
125,844 |
|
Food and beverage |
|
|
18,552 |
|
|
|
18,261 |
|
|
|
72,578 |
|
|
|
71,212 |
|
Hotel |
|
|
8,030 |
|
|
|
6,870 |
|
|
|
35,222 |
|
|
|
30,497 |
|
Other |
|
|
3,469 |
|
|
|
3,395 |
|
|
|
13,356 |
|
|
|
12,762 |
|
Net revenues |
|
|
62,080 |
|
|
|
59,779 |
|
|
|
249,166 |
|
|
|
240,315 |
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Casino |
|
|
11,428 |
|
|
|
10,784 |
|
|
|
45,259 |
|
|
|
43,791 |
|
Food and beverage |
|
|
14,482 |
|
|
|
14,012 |
|
|
|
57,367 |
|
|
|
54,002 |
|
Hotel |
|
|
3,109 |
|
|
|
3,189 |
|
|
|
13,123 |
|
|
|
13,059 |
|
Other |
|
|
1,630 |
|
|
|
1,525 |
|
|
|
6,543 |
|
|
|
6,206 |
|
Selling, general and administrative |
|
|
18,469 |
|
|
|
17,672 |
|
|
|
69,312 |
|
|
|
65,802 |
|
Depreciation and amortization |
|
|
3,891 |
|
|
|
3,536 |
|
|
|
14,875 |
|
|
|
14,617 |
|
Other operating items, net |
|
|
1,373 |
|
|
|
- |
|
|
|
3,112 |
|
|
|
12 |
|
Total operating expenses |
|
|
54,382 |
|
|
|
50,718 |
|
|
|
209,591 |
|
|
|
197,489 |
|
Income from operations |
|
|
7,698 |
|
|
|
9,061 |
|
|
|
39,575 |
|
|
|
42,826 |
|
|
|
|
|
|
|
|
|
|
Other income (expenses) |
|
|
|
|
|
|
|
|
Interest income (expense),
net of amounts capitalized |
|
|
1 |
|
|
|
- |
|
|
|
1 |
|
|
|
(177 |
) |
Total other expense |
|
|
1 |
|
|
|
- |
|
|
|
1 |
|
|
|
(177 |
) |
|
|
|
|
|
|
|
|
|
Income before income taxes |
|
|
7,699 |
|
|
|
9,061 |
|
|
|
39,576 |
|
|
|
42,649 |
|
Provision for income taxes |
|
|
(1,503 |
) |
|
|
(1,802 |
) |
|
|
(7,760 |
) |
|
|
(8,551 |
) |
Net income |
|
$ |
6,196 |
|
|
$ |
7,259 |
|
|
$ |
31,816 |
|
|
$ |
34,098 |
|
|
|
|
|
|
|
|
|
|
Earnings per share of common
stock |
|
|
|
|
|
|
|
|
Net income |
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.34 |
|
|
$ |
0.40 |
|
|
$ |
1.77 |
|
|
$ |
1.91 |
|
Diluted |
|
$ |
0.33 |
|
|
$ |
0.39 |
|
|
$ |
1.70 |
|
|
$ |
1.83 |
|
|
|
|
|
|
|
|
|
|
Weighted average number of common
shares and potential common shares outstanding |
|
|
|
|
|
|
|
|
Basic |
|
|
18,107 |
|
|
|
17,904 |
|
|
|
18,025 |
|
|
|
17,846 |
|
Diluted |
|
|
18,741 |
|
|
|
18,566 |
|
|
|
18,684 |
|
|
|
18,574 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MONARCH
CASINO & RESORT, INC. AND SUBSIDIARIES |
CONSOLIDATED
BALANCE SHEET |
(In thousands,
except per share data) |
|
|
|
|
|
|
|
December 31, 2019 |
|
December 31, 2018 |
ASSETS |
|
(unaudited) |
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
$ |
60,539 |
|
|
$ |
30,462 |
|
Receivables, net |
|
|
5,458 |
|
|
|
6,740 |
|
Income taxes receivable |
|
|
185 |
|
|
|
279 |
|
Inventories |
|
|
6,735 |
|
|
|
3,692 |
|
Prepaid expenses |
|
|
6,238 |
|
|
|
5,508 |
|
Total current assets |
|
|
79,155 |
|
|
|
46,681 |
|
Property and equipment |
|
|
|
|
Land |
|
|
30,769 |
|
|
|
30,034 |
|
Land improvements |
|
|
7,842 |
|
|
|
7,645 |
|
Buildings |
|
|
193,235 |
|
|
|
193,235 |
|
Buildings improvements |
|
|
31,986 |
|
|
|
25,995 |
|
Furniture and equipment |
|
|
152,461 |
|
|
|
139,772 |
|
Construction in progress |
|
|
285,789 |
|
|
|
180,518 |
|
Right of use assets |
|
|
15,574 |
|
|
|
- |
|
Leasehold improvements |
|
|
3,848 |
|
|
|
3,782 |
|
|
|
|
721,504 |
|
|
|
580,981 |
|
Less accumulated depreciation and amortization |
|
|
(220,021 |
) |
|
|
(206,657 |
) |
Net property and equipment |
|
|
501,483 |
|
|
|
374,324 |
|
Other assets |
|
|
|
|
Goodwill |
|
|
25,111 |
|
|
|
25,111 |
|
Intangible assets, net |
|
|
1,538 |
|
|
|
2,704 |
|
Deferred income taxes |
|
|
2,683 |
|
|
|
4,027 |
|
Other assets, net |
|
|
908 |
|
|
|
2,280 |
|
Total other assets |
|
|
30,240 |
|
|
|
34,122 |
|
Total assets |
|
$ |
610,878 |
|
|
$ |
455,127 |
|
LIABILITIES AND STOCKHOLDERS'
EQUITY |
|
|
|
|
Current liabilities |
|
|
|
|
Current maturities of long-term debt |
|
$ |
20,000 |
|
|
$ |
- |
|
Accounts payable |
|
|
17,037 |
|
|
|
11,182 |
|
Construction accounts payable |
|
|
7,528 |
|
|
|
17,152 |
|
Accrued expenses |
|
|
34,109 |
|
|
|
31,111 |
|
Short-term lease liability |
|
|
791 |
|
|
|
- |
|
Total current liabilities |
|
|
79,465 |
|
|
|
59,445 |
|
Long-term lease liability |
|
|
14,797 |
|
|
|
- |
|
Long-term debt, net |
|
|
175,415 |
|
|
|
94,500 |
|
Total liabilities |
|
|
269,677 |
|
|
|
153,945 |
|
Stockholders' equity |
|
|
|
|
Preferred stock, $.01 par value, 10,000,000 shares authorized; none
issued |
|
|
- |
|
|
|
- |
|
Common stock, $.01 par value, 30,000,000 shares authorized; |
|
$ |
191 |
|
|
$ |
191 |
|
19,096,300 shares issued; 18,141,383 outstanding at December 31,
2019; |
|
|
|
|
17,919,021 outstanding at December 31, 2018 |
|
|
|
|
Additional paid-in capital |
|
|
35,215 |
|
|
|
30,111 |
|
Treasury stock, 954,917 shares at December 31, 2019; 1,177,279
shares at |
|
|
(12,777 |
) |
|
|
(15,876 |
) |
December 31, 2018 |
|
|
|
|
Retained earnings |
|
|
318,572 |
|
|
|
286,756 |
|
Total stockholders' equity |
|
|
341,201 |
|
|
|
301,182 |
|
Total liabilities and stockholders' equity |
|
$ |
610,878 |
|
|
$ |
455,127 |
|
|
|
|
|
|
|
|
|
|
MONARCH CASINO & RESORT, INC. AND
SUBSIDIARIES RECONCILIATION OF ADJUSTED EBITDA TO
NET INCOME (In thousands, unaudited)
The following table sets forth a reconciliation of Adjusted
EBITDA, a non-GAAP financial measure, to net income, a GAAP
financial measure:
|
Three Months Ended December 31, |
|
Twelve Months Ended December 31, |
|
|
2019 |
|
|
|
2018 |
|
|
|
2019 |
|
|
|
2018 |
|
Adjusted EBITDA (1) |
$ |
14,142 |
|
|
$ |
13,435 |
|
|
$ |
61,687 |
|
|
$ |
60,586 |
|
Expenses: |
|
|
|
|
|
|
|
Stock based compensation |
|
(1,180 |
) |
|
|
(838 |
) |
|
|
(4,125 |
) |
|
|
(3,131 |
) |
Depreciation and amortization |
|
(3,891 |
) |
|
|
(3,536 |
) |
|
|
(14,875 |
) |
|
|
(14,617 |
) |
Interest expense, net of amount capitalized |
|
1 |
|
|
|
- |
|
|
|
1 |
|
|
|
(177 |
) |
Loss on disposition of assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(12 |
) |
Provision for income taxes |
|
(1,503 |
) |
|
|
(1,802 |
) |
|
|
(7,760 |
) |
|
|
(8,551 |
) |
Pre-opening expenses (2) |
|
(937 |
) |
|
|
- |
|
|
|
(2,514 |
) |
|
|
- |
|
Construction litigation expenses (2) |
|
(151 |
) |
|
|
- |
|
|
|
(313 |
) |
|
|
- |
|
Acquisition opportunity expenses (2) |
|
(285 |
) |
|
|
- |
|
|
|
(285 |
) |
|
|
- |
|
Net income |
$ |
6,196 |
|
|
$ |
7,259 |
|
|
$ |
31,816 |
|
|
$ |
34,098 |
|
(1) |
Adjusted EBITDA, a non-GAAP
financial measure, consists of net income plus loss on disposal of
assets, provision for income taxes, stock-based compensation
expense, other one-time charges, pre-opening expenses, construction
litigation expenses, acquisition expenses, interest expense,
depreciation and amortization less interest income, any benefit for
income taxes and gain on disposal of assets. Adjusted EBITDA should
not be construed as an alternative to operating income (as
determined in accordance with US Generally Accepted Accounting
Principles), as an indicator of the Company's operating
performance, as an alternative to cash flows from operating
activities (as determined in accordance with US GAAP) or as a
measure of liquidity. This measure enables comparison of the
Company's performance over multiple periods, as well as against the
performance of other companies in our industry that report Adjusted
EBITDA, although some companies do not calculate this measure in
the same manner and, therefore, the measure as presented may not be
comparable to similarly titled measures presented by other
companies. |
(2) |
Amount included in the “Other
operating items, net” in the Consolidated Statement of Income. |
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