Century Casinos, Inc. Announces Fourth Quarter 2012 Results

COLORADO SPRINGS, Colo., March 28, 2013 /CNW/ - 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  Ended December 31,       Ended December 31,
share data

Consolidated Results: 2012    2011    % Change 2012    2011    % Change

Net operating revenue $17,745 $17,603 1%       $71,828 $70,866 1%

Earnings from         894     984     (9%)     5,776   4,265   35%
operations

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%

*Amounts presented are rounded. As such, rounding differences could occur in 
period over period changes and percentages reported.

** The Company defines book value per share as total shareholders' equity 
divided by outstanding common shares.

***Adjusted EBITDA is a Non-GAAP financial measure. See discussion and 
reconciliation of Non-GAAP financial measures in Supplemental Information 
below.

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,         $0.4                 $0.6
Edmonton

Century Casino, Calgary         (0.1)                (0.3)

Century Casino & Hotel, Central 0.0                  0.5
City

Century Casino & Hotel, Cripple (0.2)                (0.3)
Creek

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,         $0.2                 $0.5
Edmonton

Century Casino, Calgary         (0.2)                (0.5)

Century Casino & Hotel, Central (0.1)                1.0
City

Century Casino & Hotel, Cripple 0.0                  0.1
Creek

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,         $0.4                 $0.4
Edmonton

Century Casino, Calgary         (0.1)                (0.4)

Century Casino & Hotel, Central (0.1)                0.6
City

Century Casino & Hotel, Cripple 0.0                  0.1
Creek

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   Adjusted
             Revenue         EBITDA**        Revenue         EBITDA**
             For the Three   For the Three   For the Year    For the Year
             Months          Months
             Ended December  Ended December  Ended December  Ended December
             31,             31,             31,             31,
             2012    2011    2012    2011    2012    2011    2012    2011

Century
Casino &     $6,499  $6,116  $2,141  $1,963  $24,536 $23,906 $7,959  $7,899
Hotel,
Edmonton

Century
Casino,      2,594   2,703   159     302     9,929   10,206  228     620
Calgary

Century
Casino &     4,354   4,306   714     858     18,501  17,980  3,875   3,779
Hotel,
Central City

Century
Casino &
Hotel,       2,524   2,682   261     277     11,931  12,236  2,385   2,296
Cripple
Creek

Cruise Ships 1,766   1,796   157     261     6,923   6,538   929     1,027
& Other

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/.

*Amounts presented are rounded. As such, rounding differences could occur in 
period over period changes and percentages reported.

CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION – US GAAP BASIS
                                For the Three Months For the Year Ended
                                Ended December 31,   December 31,



Amounts in thousands, except    2012    2011         2012    2011
for per share information

Operating revenue:

Gaming                          $15,125 $15,081      $62,871 $62,070

Hotel, bowling, food and        3,545   3,410        13,190  12,946
beverage

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        2,670   2,465        10,061  10,094
beverage

General and administrative      5,443   5,158        21,452  21,587

Depreciation                    1,221   1,312        4,757   6,144

Total operating costs and       16,896  16,485       66,478  67,190
expenses

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           (5)     25           (24)    187

& other

Non-operating (expense) income, (74)    (123)        (657)   (577)
net

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, net                99,526       99,605

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 shareholders' equity $137,336     $136,727

 _____________________________________________________________________
|                                                                     |
|_____________________________________________________________________|
|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,         33%  32%             32%  33%
Edmonton

Century Casino, Calgary         6%   11%             2%   6%

Century Casino & Hotel, Central 16%  20%             21%  21%
City

Century Casino & Hotel, Cripple 10%  10%             20%  19%
Creek

Cruise Ships & Other            9%   15%             13%  16%

Consolidated Adjusted EBITDA    12%  13%             15%  15%
Margin

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 31, 2012
                              Central Cripple Cruise
             Edmonton Calgary City    Creek   Ships & Corporate Total
                                              Other

Net earnings $1,407   ($45)   $236    $7      $30     ($1,011)  $624
(loss)

Interest     0        0       0       0       0       (1)       (1)
income

Interest     57       0       0       0       11      2         70
expense

Income taxes 417      (35)    145     5       5       (341)     196
(benefit)

Depreciation 264      230     329     247     113     38        1,221

Non-cash
stock based  0        0       0       0       0       (4)       (4)
compensation

Foreign
currency     (4)      5       0       0       (1)     5         5
losses
(gains)

(Gain) loss
on
disposition  0        4       4       2       (1)     1         10
of fixed
assets

Other        0        0       0       0       0       2         2
write-offs

Adjusted     $2,141   $159    $714    $261    $157    ($1,309)  $2,123
EBITDA**

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
                              Central Cripple Cruise
             Edmonton Calgary City    Creek   Ships & Corporate Total
                                              Other

Net earnings $1,057   $27     $307    $11     $137    ($949)    $590
(loss)

Interest     (8)      0       0       0       0       (17)      (25)
income

Interest     168      3       0       0       0       2         173
expense

Income taxes 450      75      177     6       14      (451)     271
(benefit)

Depreciation 308      202     373     260     110     59        1,312

Non-cash
stock based  0        0       0       0       0       4         4
compensation

Foreign
currency     (12)     (5)     0       0       0       (8)       (25)
(gains)

(Gain) loss
on
disposition  0        0       (4)     0       0       28        24
of fixed
assets

Other        0        0       5       0       0       0         5
write-offs

Adjusted     $1,963   $302    $858    $277    $261    ($1,332)  $2,329
EBITDA**

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
                              Central Cripple Cruise
             Edmonton Calgary City    Creek   Ships & Corporate Total
                                              Other

Net earnings $4,688   ($527)  $1,561  $854    $450    ($2,935)  $4,091
(loss)

Interest     (12)     (1)     0       0       0       (24)      (37)
income

Interest     656      0       0       0       11      3         670
expense

Income taxes 1,595    (117)   956     522     49      (1,977)   1,028
(benefit)

Depreciation 1,010    860     1,350   1,007   404     126       4,757

Non-cash
stock based  0        0       0       0       0       (4)       (4)
compensation

Foreign
currency     20       9       0       0       0       (5)       24
(gains)
losses

(Gain) loss
on
disposition  2        4       8       2       15      1         32
of fixed
assets

Other        0        0       0       0       0       2         2
write-offs

Adjusted     $7,959   $228    $3,875  $2,385  $929    ($4,813)  $10,563
EBITDA**

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
                              Central Cripple Cruise
             Edmonton Calgary City    Creek   Ships & Corporate Total
                                              Other

Net earnings $4,298   ($126)  $983    $788    $456    ($3,378)  $3,021
(loss)

Interest     (21)     0       0       0       0       (17)      (38)
income

Interest     794      4       0       0       0       4         802
expense

Income taxes 1,424    (68)    553     482     86      (1,810)   667
(benefit)

Depreciation 1,422    779     2,227   1,031   442     243       6,144

Non-cash
stock based  0        0       0       0       0       199       199
compensation

Foreign
currency     (18)     31      0       0       0       (200)     (187)
losses
(gains)

(Gain) loss
on
disposition  0        0       11      (5)     43      30        79
of fixed
assets

Other        0        0       5       0       0       0         5
write-offs

Adjusted     $7,899   $620    $3,779  $2,296  $1,027  ($4,929)  $10,692
EBITDA**

** The Company defines Adjusted EBITDA as 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.

Peter Hoetzinger, Co CEO & President, +1 719 689 5813, +43 664 355 3935, 
peter.hoetzinger@cnty.com

http://www.centurycasinos.com

SOURCE: Century Casinos, Inc.

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CO: Century Casinos, Inc.
ST: Colorado
NI: LEI CNO LEI CONF ERN 

-0- Mar/28/2013 08:08 GMT