COLORADO SPRINGS, Colo., Nov. 8, 2011 /CNW/ -- Century Casinos,
Inc. today announced its financial results for the three and nine
months ended September 30, 2011. Third Quarter 2011 Highlights --
Net operating revenue was $18.1 million, a 14% increase compared to
the three months ended September 30, 2010. -- Adjusted EBITDA* was
$3.1 million, a 27% increase from the three months ended September
30, 2010. -- Net earnings per share was $0.06 compared to $0.01 for
the three months ended September 30, 2010. For the Three Months For
the Nine Months -------------------- ------------------- Amounts in
thousands, except share and per share data Ended September 30,
Ended September 30, ------------------ -------------------
------------------- Consolidated Results: 2011 2010% 2011 2010%
------------ ---- ---- Change ---- ---- Change ------ ------ Net
operating revenue $18,146 $15,984 14% $53,263 $45,061 18%
------------- ------- ------- --- ------- ------- --- Earnings from
operations 1,548 744 108% 3,281 1,433 129% ------------- ----- ---
--- ----- ----- --- Net earnings 1,423 321 343% 2,431 191 1173%
------------ ----- --- --- ----- --- ---- Adjusted EBITDA* $3,081
$2,424 27% $8,364 $6,528 28% ---------------- ------ ------ ---
------ ------ --- Earnings per share: ------------------- Basic
$0.06 $0.01 500% $0.10 $0.01 900% ----- ----- ----- --- ----- -----
--- Diluted $0.06 $0.01 500% $0.10 $0.01 900% ------- ----- -----
--- ----- ----- --- Weighted-average common shares:
---------------- Basic 23,877,362 23,678,795 23,715,224 23,584,079
----- ---------- ---------- ---------- ---------- Dilutive
24,191,252 23,851,110 24,015,139 23,771,930 -------- ----------
---------- ---------- ---------- "We are very pleased to report
another quarter with growth in revenue, adjusted EBITDA and net
earnings. Our strategies to continuously elevate the guest
experience at our properties and to improve operating efficiencies
are generating positive results. By leveraging management expertise
across multiple properties in Colorado, USA and Alberta, Canada, we
are starting to create synergies that should drive even higher
levels of operational performance," said Erwin Haitzmann and Peter
Hoetzinger, Co Chief Executive Officers of Century Casinos. "We
remain focused on operational improvements and the pursuit of
potential new opportunities to create additional value for
shareholders," they continued. Three and Nine Months Ended
September 30, 2011 Results Net operating revenue increased by $2.2
million, or 13.5%, and $8.2 million, or 18.2%, for the three and
nine months ended September 30, 2011 compared to the three and nine
months ended September 30, 2010, respectively. Net operating
revenue increased at all properties except Central City for the
three months ended September 30, 2011 compared to the three months
ended September 30, 2010. Net operating revenue increased at all
properties for the nine months ended September 30, 2011 compared to
the nine months ended September 30, 2010. Following is a summary of
net operating revenue increases and decreases by property for the
three and nine months ended September 30, 2011 compared to the
three and nine months ended September 30, 2010, respectively: Net
Operating Revenue For the three For the nine months months ended
September ended September 30, 30, Amounts in millions Change %
Change Change % Change Century Casino & Hotel, Edmonton $0.6
10.6% $1.6 10.2% ----------------------- ---- ---- ---- ----
Century Casino, Calgary 0.5 24.5% 1.7 29.3% -----------------------
--- ---- --- ---- Century Casino & Hotel, Central City (0.1)
(2.0%) 0.4 3.3% ----------------------- ---- ------ --- --- Century
Casino & Hotel, Cripple Creek 0.5 16.5% 1.7 21.0%
----------------------- --- ---- --- ---- Cruise Ships & Other
0.7 82.5% 2.8 138.8% -------------------- --- ---- --- ----- Total
operating costs and expenses increased by $1.6 million, or 10.8%,
and $6.8 million, or 15.4%, for the three and nine months ended
September 30, 2011 compared to the three and nine months ended
September 30, 2010, respectively. Total operating costs increased
at all of our properties for both the three and nine months ended
September 30, 2011 compared to the three and nine months ended
September 30, 2010. Following is a summary of total operating costs
and expenses increases by property for the three and nine months
ended September 30, 2011 compared to the three and nine months
ended September 30, 2010, respectively: Total Operating Costs For
the three For the nine months months ended September ended
September 30, 30, Amounts in millions Change % Change Change %
Change Century Casino & Hotel, Edmonton $0.3 8.4% $0.9 7.2%
----------------------- ---- --- ---- --- Century Casino, Calgary
0.4 19.4% 1.8 31.0% ----------------------- --- ---- --- ----
Century Casino & Hotel, Central City 0.1 0.8% 0.5 4.3%
----------------------- --- --- --- --- Century Casino & Hotel,
Cripple Creek 0.3 11.2% 0.9 11.5% ----------------------- --- ----
--- ---- Cruise Ships & Other 0.6 75.8% 2.5 130.2%
-------------------- --- ---- --- ----- Corporate (0.1) (5.8%) 0.2
4.9% --------- ---- ------ --- --- Net earnings increased by $1.1
million, or 343%, and $2.2 million, or 1173%, for the three and
nine months ended September 30, 2011 compared to the three and nine
months ended September 30, 2010, respectively. Net earnings
increased at all of our properties except Central City for the
three months ended September 30, 2011 compared to the three months
ended September 30, 2010. Net earnings increased at all of our
properties except for Central City and Calgary for the nine months
ended September 30, 2011 compared to the nine months ended
September 30, 2010. Following is a summary of net earnings
increases and decreases by property for the three and nine months
ended September 30, 2011 compared to the three and nine months
ended September 30, 2010, respectively: Net Earnings For the three
For the nine months months ended September ended September 30, 30,
Amounts in millions Change % Change Change % Change Century Casino
& Hotel, Edmonton $0.4 49.4% $0.9 38.5% -----------------------
---- ---- ---- ---- Century Casino, Calgary 0.2 162.2% (0.1)
(74.7%) ----------------------- --- ----- ---- ------- Century
Casino & Hotel, Central City (0.1) (19.9%) (0.0) (6.0%)
----------------------- ---- ------- ---- ------ Century Casino
& Hotel, Cripple Creek 0.1 57.1% 0.5 178.5%
----------------------- --- ---- --- ----- Cruise Ships & Other
0.1 275.9% 0.3 311.7% -------------------- --- ----- --- -----
Property Results (in thousands) -------------- Adjusted Adjusted
Net Operating EBITDA* Net Operating EBITDA* Revenue ---------
Revenue --------- ------- ------- For the Three For the Three For
the Nine For the Nine Months Months Months Months Ended Ended Ended
Ended September September September September 30, 30, 30, 30, -- --
-- -- 2011 2010 2011 2010 2011 2010 2011 2010 ---- ---- ---- ----
---- ---- ---- ---- Century Casino & Hotel, Edmonton 5,852
5,291 1,936 1,693 17,791 16,147 5,939 5,107 Century Casino, Calgary
2,446 1,964 96 (90) 7,503 5,804 318 62 Century Casino & Hotel,
Central City 4,754 4,849 1,010 1,283 13,674 13,231 2,919 3,152
Century Casino & Hotel, Cripple Creek 3,506 3,010 804 639 9,554
7,893 2,019 1,322 Cruise Ships & Other 1,588 870 223 113 4,741
1,986 768 350 Corporate - - (988) (1,214) - - (3,599) (3,465)
Consolidated 18,146 15,984 3,081 2,424 53,263 45,061 8,364 6,528
====== ====== ===== ===== ====== ====== ===== ===== Balance Sheet
and Liquidity As of September 30, 2011, the Company had $21.3
million in cash and cash equivalents and $9.4 million in debt
obligations on its balance sheet compared to $21.5 million in cash
and cash equivalents and $13.5 million in debt obligations at
December 31, 2010. Conference Call Information Today the Company
will post a copy of the Form 10-Q filed with the SEC for the third
quarter of 2011 on its website at
http://corporate.cnty.com/investor-relations/sec-filings/ Century
Casinos will host its third quarter 2011 earnings conference call
today at 10:00 am MST; 6:00 pm CET, respectively. U.S. domestic
participants should dial 1-800-862-9098. For all other
international participants please use +1-785-424-1051 to dial in.
Participants may also listen to the call live or obtain a recording
of the call on the Company's website at
http://corporate.cnty.com/investor-relations/financial-results/
*See discussion and reconciliation of Non-GAAP financial measures
in Supplemental Information below. CENTURY CASINOS, INC. AND
SUBSIDIARIES FINANCIAL INFORMATION - US GAAP BASIS
------------------------------------- For the three months For the
nine months ended September 30, ended September 30, Amounts in
thousands, except for per share information 2011 2010 2011 2010
---- ---- ---- ---- Operating revenue: Gaming $16,236 $14,348
$46,989 $40,169 Hotel, bowling, food and beverage 3,152 2,789 9,536
8,311 Other 956 773 2,895 2,122 --- --- ----- ----- Gross revenue
20,344 17,910 59,420 50,602 Less: Promotional allowances (2,198)
(1,926) (6,157) (5,541) Net operating revenue 18,146 15,984 53,263
45,061 ------ ------ ------ ------ Operating costs and expenses:
Gaming 7,543 6,289 21,815 17,578 Hotel, bowling, food and beverage
2,565 2,404 7,629 6,742 General and administrative 5,213 4,986
16,429 15,082 Depreciation 1,526 1,529 4,832 4,542 ----- -----
----- ----- Total operating costs and expenses 16,847 15,208 50,705
43,944 ------ ------ ------ ------ Earnings from equity investment
249 (32) 723 316 Earnings from operations 1,548 744 3,281 1,433
----- --- ----- ----- Non-operating income (expense): Interest
income 6 17 13 39 Interest expense (186) (280) (629) (861) (Losses)
gains on foreign currency transactions & other (27) 14 162 26
Non-operating income (expense), net (207) (249) (454) (796) ----
---- ---- ---- Earnings before income taxes 1,341 495 2,827 637
Income tax provision (82) 174 396 446 Net earnings $1,423 $321
$2,431 $191 ====== ==== ====== ==== Earnings per share: Basic $0.06
$0.01 $0.10 $0.01 ----- ----- ----- ----- Diluted $0.06 $0.01 $0.10
$0.01 ===== ===== ===== ===== CENTURY CASINOS, INC. AND
SUBSIDIARIES FINANCIAL INFORMATION - US GAAP BASIS
------------------------------------- Century Casinos, Inc.
Condensed Consolidated Balance Sheets (Amounts in thousands)
September December 30, 31, 2011 2010 ---- ---- Assets Current
Assets $23,804 $23,467 Property and equipment, net 99,357 103,956
Other Assets 9,339 9,303 Total Assets $132,500 $136,726 ========
======== Liabilities and Shareholders' Equity Current Liabilities
$11,325 $14,057 Non-Current Liabilities 9,394 11,171 Shareholders'
Equity 111,781 111,498 Total Liabilities and Shareholders' Equity
$132,500 $136,726 ======== ======== CENTURY CASINOS, INC. AND
SUBSIDIARIES SUPPLEMENTAL INFORMATION ------------------------
Century Casinos, Inc. Adjusted EBITDA Margins ** by Property
(Unaudited) For the Three For the Nine Months Months Ended
September Ended September 30, 30, ---------------- ----------------
2011 2010 2011 2010 ---- ---- ---- ---- Century Casino & Hotel,
Edmonton 33% 32% 33% 32% Century Casino, Calgary 4% -5% 4% 1%
Century Casino & Hotel, Central City 21% 26% 21% 24% Century
Casino & Hotel, Cripple Creek 23% 21% 21% 17% Cruise Ships
& Other 14% 13% 16% 18% Consolidated Adjusted EBITDA Margin 17%
15% 16% 14% Century Casinos, Inc. Reconciliation of Adjusted EBITDA
* to Earnings (Loss) by Property (Unaudited) For the Three and Nine
Months Ended September 30, 2011 and 2010 Amounts In thousands Three
Months Ended September 30, 2011
------------------------------------- Edmonton Calgary Central
Cripple Cruise Corporate Total -------- ------- City Creek Ships
& --------- ----- ---- Other ----- Earnings (loss) 1,149 74 302
341 109 (552) 1,423 Interest income (6) - - - - - (6) Interest
expense 185 - - - - 1 186 Income taxes (benefit) 234 (170) 173 208
2 (529) (82) Depreciation 373 194 535 255 112 57 1,526 Non- cash
stock based compensation - - - - - 4 4 Foreign currency losses
(gains) 1 (2) - - - 29 28 Loss on disposition of fixed assets - - -
- - 2 2 Adjusted EBITDA* 1,936 96 1,010 804 223 (988) 3,081 =====
=== ===== === === ==== ===== CENTURY CASINOS, INC. AND SUBSIDIARIES
-------------------------------------- SUPPLEMENTAL INFORMATION
------------------------ Century Casinos, Inc. Reconciliation of
Adjusted EBITDA * to Earnings (Loss) by Property (Unaudited) For
the Three and Nine Months Ended September 30, 2011 and 2010 Three
Months Ended September 30, 2010
------------------------------------- Edmonton Calgary Central
Cripple Cruise Corporate Total -------- ------- City Creek Ships
& --------- ----- ---- Other ----- Earnings (loss) 769 (119)
377 217 29 (952) 321 Interest income (4) - - - - (13) (17) Interest
expense 280 - - - - - 280 Income taxes (benefit) 296 (45) 219 134 1
(431) 174 Depreciation 350 77 677 288 83 54 1,529 Non-cash stock
based compensation - - - - - 98 98 Foreign currency (gains) (4) (3)
- - - (15) (22) Property write-down and other write offs - - 10 - -
(10) - Loss on disposition of fixed assets 6 - - - - 55 61 Adjusted
EBITDA* 1,693 (90) 1,283 639 113 (1,214) 2,424 ===== === ===== ===
=== ====== ===== Nine Months Ended September 30, 2011
------------------------------------ Edmonton Calgary Central
Cripple Cruise Corporate Total -------- ------- City Creek Ships
& --------- ----- ---- Other ----- Earnings (loss) 3,242 (152)
673 777 387 (2,496) 2,431 Interest income (13) - - - - - (13)
Interest expense 626 1 - - - 1 628 Income taxes (benefit) 975 (144)
377 476 7 (1,295) 396 Depreciation 1,114 577 1,854 771 331 185
4,832 Non-cash stock based compensation - - - - - 196 196 Foreign
currency (gains) losses (5) 36 - - - (192) (161) Loss (Gain) on
disposition of fixed assets - - 15 (5) 43 2 55 Adjusted EBITDA*
5,939 318 2,919 2,019 768 (3,599) 8,364 ===== === ===== ===== ===
====== ===== CENTURY CASINOS, INC. AND SUBSIDIARIES SUPPLEMENTAL
INFORMATION ------------------------ Century Casinos, Inc.
Reconciliation of Adjusted EBITDA * to Earnings (Loss) by Property
(Unaudited) For the Three and Nine Months Ended September 30, 2011
and 2010 Nine Months Ended September 30, 2010
------------------------------------ Edmonton Calgary Central
Cripple Cruise Corporate Total -------- ------- City Creek Ships
& --------- ----- ---- Other ----- Earnings (loss) 2,340 (87)
723 279 94 (3,158) 191 Interest income (20) (1) - - - (18) (39)
Interest expense 857 - - - - 4 861 Income taxes (benefit) 856 (33)
405 171 3 (956) 446 Depreciation 1,047 185 2,023 871 253 163 4,542
Non- cash stock based compensation - - - - - 386 386 Foreign
currency losses (gains) 18 (2) - - - 57 73 Loss on disposition of
fixed assets 9 - 1 1 - 57 68 Adjusted EBITDA* 5,107 62 3,152 1,322
350 (3,465) 6,528 ===== === ===== ===== === ====== ===== * The
Company defines Adjusted EBITDA as earnings (loss) before interest,
income taxes, depreciation, amortization, pre-opening expenses,
non-cash stock based compensation charges, asset impairment costs,
gains (losses) on disposition of fixed assets, discontinued
operations, realized foreign currency gains (losses) and certain
other one-time items. Intercompany transactions consisting
primarily of management and royalty fees and interest, along with
their related tax effects, are excluded from the presentation of
net earnings and Adjusted EBITDA reported for each property. Not
all of the aforementioned items occur in each reporting period, but
have been included in the definition based on historical activity.
These adjustments have no effect on the consolidated results as
reported under GAAP. Adjusted EBITDA is not considered a measure of
performance recognized under accounting principles generally
accepted in the United States of America. Management believes that
Adjusted EBITDA is a valuable measure of the relative performance
of its properties and the Company. The gaming industry commonly
uses Adjusted EBITDA as a method of arriving at the economic value
of a casino operation. Management uses Adjusted EBITDA to compare
the relative operating performance of separate operating units by
eliminating the above mentioned items associated with the varying
levels of capital expenditures for infrastructure required to
generate revenue, and the often high cost of acquiring existing
operations. EBITDA (Earnings before interest, taxes, depreciation
and amortization) is used by the Company's lending institution to
gauge operating performance. The Company's computation of Adjusted
EBITDA may be different from, and therefore may not be comparable
to, similar measures used by other companies. Please see the
reconciliation of Adjusted EBITDA to earnings (loss) above. ** The
Company defines Adjusted EBITDA margin as Adjusted EBITDA divided
by net operating revenue. Management uses this margin as one of
several measures to evaluate the efficiency of the Company's casino
operations. About Century Casinos, Inc.: Century Casinos, Inc. is
an international casino entertainment company that owns and
operates Century Casino & Hotels in Cripple Creek and Central
City, Colorado, and in Edmonton, Alberta, Canada and the Century
Casino in Calgary, Alberta, Canada. The Company also operates
casinos aboard twelve luxury cruise vessels (Regatta, Insignia,
Nautica, Marina, Mein Schiff 1, Mein Schiff 2, Wind Surf, Wind
Star, Wind Spirit, Seven Seas Voyager, Seven Seas Mariner and Seven
Seas Navigator) and signed a contract for an additional casino on
board Oceania Cruises' Riviera that is expected to start operations
in 2012. Through its Austrian subsidiary, Century Casinos Europe
GmbH, the Company holds a 33.3% ownership interest in Casinos
Poland Ltd., the owner and operator of seven casinos in Poland. The
Company also manages the casino at the Radisson Aruba Resort,
Casino & Spa in Aruba, Caribbean. Century Casinos, Inc.
continues to pursue other international projects in various stages
of development. For more information about Century Casinos, visit
our website at www.centurycasinos.com. Century Casinos' common
stock trades on The NASDAQ Capital MarketĀ® and the Vienna Stock
Exchange under the symbol CNTY. This release may contain
"forward-looking statements" within the meaning of Section 27A of
the Security Act of 1933, as amended, Section 21E of the Securities
Exchange Act of 1934, as amended, and the Private Securities
Litigation Reform Act of 1995. These statements are based on the
beliefs and assumptions of the management of Century Casinos based
on information currently available to management. Such
forward-looking statements include, but are not limited to,
statements regarding future results of operations, operational
efficiencies, synergies and operational performance, expected
competition, the impact of new gaming laws and plans for our
casinos. Such forward-looking statements are subject to risks,
uncertainties and other factors that could cause actual results to
differ materially from future results expressed or implied by such
forward-looking statements. Important factors that could cause
actual results to differ materially from the forward-looking
statements include, among others, the risks described in the
section entitled "Risk Factors" under Item 1A in our Annual Report
on Form 10-K for the year ended December 31, 2010. Century Casinos
disclaims any obligation to revise or update any forward-looking
statement that may be made from time to time by it or on its
behalf. Century Casinos, Inc. CONTACT: Peter Hoetzinger, Co CEO
& President of Century Casinos, Inc.,+1-719-689-5813,
+43-664-355-3935, peter.hoetzinger@cnty.com Web
Site:http://www.centurycasinos.com
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