Boyd Gaming Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Raised Earnings Guidance for the Year 2015; Provides Revenue Guidance for the Second Half of 2015
Jul 23 15
Boyd Gaming Corporation reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. For the quarter, the company's gross revenues were $619,463,000 compared to $840,802,000 a year ago. Net revenues were $559,867,000 compared to $722,534,000 a year ago. Operating income was $98,182,000 compared to $86,979,000 a year ago. Income before income taxes was $172,000 compared to $10,579,000 a year ago. Net loss was $6,425,000 compared to net income of $5,338,000 a year ago. Net loss attributable to Boyd Gaming Corporation was $6,425,000 compared to net income of $669,000 a year ago. Diluted net loss per common share was $0.06 compared to income per share of $0.01 a year ago. Adjusted EBITDA was $162,910,000 compared to $160,586,000 a year ago. Adjusted earnings was $26,878,000 compared to $5,207,000 a year ago. Adjusted earnings per share was $0.24 compared to $0.05 a year ago. In terms of capital expenditures, during the quarter, the company have invested $39 million, including $5 million at Peninsula.
For the six months, the company's gross revenues were $1,229,554,000 compared to $1,659,542,000 a year ago. Net revenues were $1,110,445,000 compared to $1,430,883,000 a year ago. Operating income was $181,740,000 compared to $155,495,000 a year ago. Income before income taxes was $18,479,000 compared to $4,202,000 a year ago. Net income was $28,678,000 compared to net loss of $5,887,000 a year ago. Net income attributable to Boyd Gaming Corporation was $28,678,000 compared to loss of $5,513,000 a year ago. Diluted net income per common share was $0.25 compared to loss per share of $0.05 a year ago. Adjusted EBITDA was $312,081,000 compared to $305,055,000 a year ago. Adjusted earnings was $41,127,000 compared to $1,105,000 a year ago. Adjusted earnings per share was $0.36 compared to $0.01 a year ago. In terms of capital expenditures, the company have invested $58 million between Boyd and Peninsula.
Based on second-quarter results, and to reflect positive trends in the business, the Company is raising its previously provided guidance for the full year 2015. The company now projects total Adjusted EBITDA, including Peninsula and 50% of Borgata's adjusted EBITDA, of $575 million to $595 million. The company announced a $45 million expansion project at Delta Downs. The company expects to spend about $10 million of their -- $10 million this year on the project and the remaining portion of the budget in 2016. This project is slated to be completed by year-end 2016.
This guidance incorporates the following expectations. Wholly-owned net revenues are expected to grow in the second half of the year consistent with the first half, with EBITDA benefiting from a 65% to 70% flow-through.