EANS-Adhoc: Century Casinos, Inc. Announces Fourth Quarter 2012 Results (with document)

PR Newswire/euro adhoc/
EANS-Adhoc: Century Casinos, Inc. Announces Fourth Quarter 2012 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. 
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
information         2012                2011                2012        2011
Operating
revenue:                                                              
  Gaming            $15,125           $15,081             $62,871     $62,070
  Hotel,
bowling, food
and beverage          3,545             3,410              13,190      12,946
  Other               1,119             1,138               4,206       4,033 
       Gross
revenue              19,789            19,629              80,267      79,049
Less:
Promotional
allowances          (2,044)            (2,026)             (8,439)     (8,183)
Net operating
revenue              17,745            17,603              71,828      70,866
Operating costs
and expenses:                                                                   
Gaming              7,562             7,550              30,208      29,365
  Hotel,
bowling, food
and beverage          2,670             2,465              10,061      10,094
  General and
administrative        5,443             5,158              21,452      21,587
  Depreciation        1,221             1,312               4,757       6,144
Total operating
costs and
expenses             16,896            16,485              66,478      67,190
Earnings from
equity
investment               45              (134)                426         589
Earnings from
operations             894                984               5,776       4,265 
Non-operating
income
(expense):                                                                      
Interest
income                    1               25                   37          38
  Interest
expense                (70)              (173)               (670)       (802)
  (Losses) gains
on foreign
currency
transactions 
 
  & other               (5)                25                (24)         187
Non-operating
(expense)
income, net            (74)              (123)              (657)       (577)
Earnings before
income taxes           820                861               5,119       3,688 
Income tax
provision              196                271               1,028         667
Net earnings           $624              $590              $4,091      $3,021 
                                                                            
Earnings per
share:                                                                
  Basic               $0.03             $0.03               $0.17       $0.13
  Diluted             $0.03             $0.03               $0.17       $0.13 
CENTURY CASINOS, INC. AND
SUBSIDIARIES                                                                    
FINANCIAL INFORMATION - US GAAP BASIS 
                                                 
Century Casinos, Inc.                                
Condensed Consolidated                               
Balance Sheets
(Amounts in thousands)                                
                           December 31,                December 31, 
                               2012                        2011
Assets                                               
Current assets                   $26,535                     $27,286
Property and equipment,           99,526                      99,605
net
Other assets                      11,275                       9,836
Total assets                    $137,336                    $136,727 
                                                                           
Liabilities and                                                                
Shareholders' Equity
Current liabilities              $13,071                     $21,359
Non-current liabilities            6,109                       2,828
Shareholders' equity             118,156                     112,540
Total liabilities and           $137,336                    $136,727
shareholders' equity 
CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION 
The following tables show Adjusted EBITDA margins and Adjusted EBITDA to net
earnings reconciliations by property or category. 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. A discussion of Adjusted EBITDA follows the
tables. 
Century Casinos, Inc.
Adjusted EBITDA Margins by Property or Category 


                                                                    
                     For the Three Months                 For the Year
                      Ended December 31,               Ended December 31,


                 2012            2011            2012             2011
Century Casino
& Hotel,
Edmonton              33%             32%             32%              33%
Century Casino,
Calgary                6%             11%              2%               6%
Century Casino
& Hotel,
Central City          16%             20%             21%              21%
Century Casino
& Hotel,
Cripple Creek         10%             10%             20%              19%
Cruise Ships &
Other                  9%             15%             13%              16%
Consolidated
Adjusted EBITDA
Margin                12%             13%             15%              15% 
 
Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) by Property or
Category
For the three months ended December 31, 2012 
Amounts in thousands 


                                                                           
                             Three Months Ended December , 2012
                                                    Cruise
                                Central   Cripple   Ships &


         Edmonton Calgary    City      Creek     Other   Corporate   Total
Net earnings
(loss)         $1,407    ($45)      $236        $7       $30  ($1,011)    $624
Interest
income              0        0         0         0         0       (1)     (1)
Interest
expense            57        0         0         0        11         2      70
Income taxes
(benefit)         417     (35)       145         5         5     (341)     196
Depreciation      264      230       329       247       113        38   1,221
Non-cash
stock based
compensation        0        0         0         0         0       (4)     (4)
Foreign
currency
losses
(gains)           (4)        5         0         0       (1)                 5
(Gain) loss
on
disposition
of fixed
assets              0        4         4         2       (1)         1      10
Other write-offs                0        0         0         0         0         2       2
Adjusted
EBITDA**       $2,141     $159      $714      $261      $157  ($1,309)  $2,123 
CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION 
Century Casinos, Inc.
Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) by Property or
Category
For the three months ended December 31, 2011
Amounts in thousands 


    
                                                                        
                            Three Months Ended December 31, 2011
                                                    Cruise
                                Central   Cripple   Ships &


         Edmonton Calgary    City      Creek     Other   Corporate   Total
Net earnings
(loss)         $1,057      $27      $307       $11      $137    ($949)    $590
Interest
income            (8)        0         0         0         0      (17)    (25)
Interest
expense           168        3         0         0         0         2     173
Income taxes
(benefit)         450       75       177         6        14     (451)     271
Depreciation      308      202       373       260       110        59   1,312
Non-cash
stock based
compensation        0        0         0         0         0         4       4
Foreign
currency
(gains)          (12)      (5)         0         0         0       (8)    (25)
(Gain) loss
on
disposition
of fixed
assets              0        0       (4)         0         0        28      24
Other write-offs                0        0         5         0         0         0       5
Adjusted
EBITDA**       $1,963     $302      $858      $277      $261  ($1,332)  $2,329 
Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) by Property or
Category
For the Year Ended December 31, 2012
Amounts in thousands 


    
                                                                        
                                Year Ended December 31, 2012
                                                    Cruise
                                Central   Cripple   Ships &


         Edmonton Calgary    City      Creek     Other   Corporate   Total
Net earnings
(loss)         $4,688   ($527)    $1,561      $854      $450  ($2,935)  $4,091
Interest
income           (12)      (1)         0         0         0      (24)    (37)
Interest
expense           656        0         0         0        11         3     670
Income taxes
(benefit)       1,595    (117)       956       522        49   (1,977)   1,028
Depreciation    1,010      860     1,350     1,007       404       126   4,757
Non-cash
stock based
compensation        0        0         0         0         0       (4)     (4)
Foreign
currency
(gains)
losses             20        9         0         0         0       (5)      24
(Gain) loss
on
disposition
of fixed
assets              2        4         8         2        15         1      32
Other write-offs                0        0         0         0         0         2       2
Adjusted
EBITDA**       $7,959     $228    $3,875    $2,385      $929  ($4,813) $10,563 
CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION 
Century Casinos, Inc.
Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) by Property or
Category
For the Year Ended December 30, 2011
Amounts in thousands 


    
                                                                        
                                Year Ended December 31, 2011
                                                    Cruise
                                Central   Cripple   Ships &


         Edmonton Calgary    City      Creek     Other   Corporate   Total
Net earnings
(loss)         $4,298   ($126)      $983      $788      $456  ($3,378)  $3,021
Interest
income           (21)        0         0         0         0      (17)    (38)
Interest
expense           794        4         0         0         0         4     802
Income taxes
(benefit)       1,424     (68)       553       482        86   (1,810)     667
Depreciation    1,422      779     2,227     1,031       442       243   6,144
Non-cash
stock based
compensation        0        0         0         0         0       199     199
Foreign
currency
losses
(gains)          (18)       31         0         0         0     (200)   (187)
(Gain) loss
on
disposition
of fixed
assets              0        0        11       (5)        43        30      79
Other write-offs                0        0         5         0         0         0       5
Adjusted
EBITDA**       $7,899     $620    $3,779    $2,296    $1,027  ($4,929) $10,692 
** The Company definesAdjusted EBITDAas net 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 accounting principles generally accepted
in the United States ("US GAAP"). Adjusted EBITDA is not considered a measure of
performance recognized under US GAAP. Management believes that Adjusted EBITDA
is a valuable measure of the relative performance of the Company and its
properties. 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 within the gaming industry. Please see
the reconciliation of Adjusted EBITDA to net earnings (loss) above. 
CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION 
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, Nautica, Marina, Riviera, Mein Schiff 1, Mein Schiff 2, Wind
Surf, Wind Star, Wind Spirit, Seven Seas Voyager, Seven Seas Mariner and Seven
Seas Navigator). 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 nine casinos in Poland. The Company also manages the operations
of 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 Market® 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 Casinos Poland, future results of operations,
operating efficiencies, synergies and operational performance, and plans for our
casinos and our Company. 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, 2012. 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. 
Further inquiry note:
Century Casinos Europe GmbH
Mag. Peter Hötzinger, CO-CEO
Tel.:0664/3553935
mailto:peter.hoetzinger@cnty.com
http://www.cnty.com 
Attachments with Announcement:
----------------------------------------------
http://resources.euroadhoc.com/us/YFzvQpGP
http://resources.euroadhoc.com/us/rwOK28dr 
issuer:      Century Casinos,Inc. 
         c/o Century Casinos Europe GmbH, Untere Viaduktgasse 2 
         A-1030 Wien
phone:       +43/664/3553935
FAX:         +43/1/5336363
mail:        peter.hoetzinger@cnty.com
WWW:         www.cnty.com
sector:      Casinos & Gambling
ISIN:        AT0000499900
indexes:     WBI, ATX Prime
stockmarkets: official market: Wien 
language:   English 
    
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-0- Mar/28/2013 08:01 GMT