DELAWARE |
84-1271317 |
(State
or jurisdiction of incorporation |
(I.R.S.
Employer |
or
organization) |
Identification
No. |
Page | |||
PART
I |
FINANCIAL
INFORMATION (unaudited) |
Number | |
Item
1. |
Condensed
Consolidated Financial Statements |
||
Condensed
Consolidated Balance Sheets as of March 31, 2005 and December 31,
2004 |
3 | ||
Condensed
Consolidated Statements of Earnings for the Three Months Ended March 31,
2005 and 2004 |
4 | ||
Condensed
Consolidated Statements of Comprehensive (Loss) Earnings for the Three
Months Ended March 31, 2005 and 2004 |
5 | ||
Condensed
Consolidated Statements of Cash Flows for the Three Months Ended March 31,
2005 and 2004 |
6 | ||
Notes
to Condensed Consolidated Financial Statements |
8 | ||
Item
2. |
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations |
22 | |
Item
3. |
Quantitative
and Qualitative Disclosures About Market Risk |
35 | |
Item
4. |
Controls
and Procedures |
36 | |
PART
II |
OTHER
INFORMATION (unaudited) |
||
Item
1. |
Legal
Proceedings |
37 | |
Item
6. |
Exhibits |
37 | |
SIGNATURE |
38 |
Dollar
amounts in thousands, except for share information |
March
31, 2005 |
December
31, 2004 | |||
ASSETS |
|||||
Current
Assets: |
|||||
Cash
and cash equivalents |
$ |
7,061 |
$ |
8,411 | |
Restricted
cash |
847 |
706 | |||
Receivables,
net |
267 |
193 | |||
Prepaid
expenses |
426 |
437 | |||
Inventories |
181 |
215 | |||
Other
current assets |
28 |
28 | |||
Deferred
income taxes - domestic |
97 |
97 | |||
-
foreign |
88 |
88 | |||
Total
current assets |
8,995 |
10,175 | |||
Property
and Equipment, net |
50,566 |
48,629 | |||
Goodwill,
net |
8,730 |
8,845 | |||
Casino
Licenses |
1,975 |
2,157 | |||
Deferred
Income Taxes - foreign |
243 |
207 | |||
Equity Investment in Unconsolidated Subsidiary |
14 |
116 | |||
Other
Assets |
1,067 |
1,075 | |||
Total |
$ |
71,590 |
$ |
71,204 |
LIABILITIES
AND SHAREHOLDERS’ EQUITY |
|||||
Current
Liabilities: |
|||||
Current
portion of long-term debt |
$ |
2,246 |
$ |
2,534 | |
Accounts
payable and accrued liabilities |
2,964 |
3,548 | |||
Accrued
payroll |
858 |
1,372 | |||
Taxes
payable |
484 |
711 | |||
Other |
102 |
102 | |||
Total
current liabilities |
6,654 |
8,267 | |||
Long-Term
Debt, less current portion |
18,573 |
17,970 | |||
Deferred
Tax Liability - domestic |
345 |
234 | |||
Minority
Interest |
6,206 |
4,354 | |||
Commitments
and Contingencies |
- |
- | |||
Shareholders’
Equity: |
|||||
Preferred
stock; $.01 par value; 20,000,000 shares |
|||||
authorized; no shares issued or outstanding |
- |
- | |||
Common
stock; $.01 par value; 50,000,000 shares authorized; |
|||||
14,485,776
shares issued; |
|||||
13,754,900
and 13,694,900 shares outstanding, respectively |
145 |
145 | |||
Additional paid-in capital |
21,468 |
21,528 | |||
Accumulated other comprehensive earnings |
2,949 |
4,597 | |||
Retained earnings |
16,917 |
15,910 | |||
41,479 |
42,180 | ||||
Treasury
stock - 730,876 and 790,876 shares at cost, respectively |
(1,667) |
(1,801) | |||
Total
shareholders’ equity |
39,812 |
40,379 | |||
Total |
$ |
71,590 |
$ |
71,204 |
For
The Three Months Ended March 31, | ||||
Dollar
amounts in thousands, except for share information |
2005 |
2004 | ||
Operating
Revenue: |
||||
Casino |
$ |
9,051 |
$ |
8,066 |
Hotel,
food and beverage |
1,228 |
974 | ||
Other |
216 |
203 | ||
10,495 |
9,243 | |||
Less
promotional allowances |
1,267 |
1,079 | ||
Net
operating revenue |
9,228 |
8,164 | ||
Operating
Costs and Expenses: |
||||
Casino |
3,541 |
3,056 | ||
Hotel,
food and beverage |
768 |
678 | ||
General
and administrative |
2,442 |
2,049 | ||
Property
write-downs and other write-offs, net of recoveries |
(30) |
- | ||
Depreciation |
852 |
651 | ||
Total
operating costs and expenses |
7,573 |
6,434 | ||
(Loss)
earnings from
unconsolidated subsidiary |
(97) |
13 | ||
Earnings
from Operations |
1,558 |
1,743 | ||
Non-operating
Income (expense): |
||||
Interest
expense |
(453) |
(422) | ||
Other
income, net |
33 |
47 | ||
Non-operating
items from unconsolidated subsidiary |
(1) |
(6) | ||
Non-operating
expense, net |
(421) |
(381) | ||
Earnings
before Income Taxes and Minority Interest |
1,137 |
1,362 | ||
Provision
for income taxes |
156 |
443 | ||
Earnings
before Minority Interest |
981 |
919 | ||
Minority
interest in subsidiary loss (earnings) |
26 |
(15) | ||
Net
Earnings |
$ |
1,007 |
$ |
904 |
Earnings
Per Share: |
||||
Basic |
$ |
0.07 |
$ |
0.07 |
Diluted |
$ |
0.06 |
$ |
0.06 |
For
The Three Months Ended March 31, | ||||
Amounts
in thousands |
2005 |
2004 | ||
Net
Earnings |
$ |
1,007 |
$ |
904 |
Foreign
currency translation adjustments |
(1,648) |
795 | ||
Change
in fair value of interest rate swaps, net of income taxes |
- |
27 | ||
Comprehensive
(Loss)
Earnings |
$ |
(641) |
$ |
1,726 |
For
The Three Months Ended March 31, | ||||
Amounts
in thousands |
2005 |
2004 | ||
Cash
Flows from Operating Activities: |
||||
Net
earnings |
$ |
1,007 |
$ |
904 |
Adjustments
to reconcile net earnings to net cash provided by |
||||
operating
activities: |
||||
Depreciation |
852 |
651 | ||
Amortization
of deferred financing costs |
14 |
29 | ||
Deferred
tax expense |
46 |
(23) | ||
Minority
interest in subsidiary loss (earnings) |
(26) |
15 | ||
Loss
(earnings) loss from unconsolidated subsidiary |
98 |
(7) | ||
Gain
on disposition of real estate option and other assets |
- |
(35) | ||
Other |
- |
(4) | ||
Changes
in operating assets and liabilities: |
||||
Receivables |
(110) |
(11) | ||
Prepaid
expenses and other assets |
25 |
- | ||
Accounts
payable and accrued liabilities |
(387) |
(48) | ||
Accrued
payroll |
(476) |
(487) | ||
Taxes
payable |
(129) |
273 | ||
Net
cash provided by operating activities |
914 |
1,257 | ||
Cash
Flows from Investing Activities: |
||||
Purchases
of property and equipment |
(1,560) |
(940) | ||
Capital
Contribution of $2,432 towards interest in subsidiary,
less net cash
acquired of $1,679 |
(753) |
- | ||
Restricted
cash increase |
(211) |
- | ||
Proceeds
from disposition of assets |
- |
202 | ||
Net
cash used in investing activities |
(2,524) |
(738) |
For
the Three Months Ended March 31, | ||||
Amounts
in thousands |
2005 |
2004 | ||
Cash
Flows from Financing Activities: |
||||
Proceeds
from borrowings |
$ |
10,221 |
$ |
6,380 |
Principal repayments |
(9,593) |
(7,711) | ||
Proceeds
from exercise of options |
74 |
2 | ||
Net
cash provided by (used) in financing activities |
702 |
(1,329) | ||
Effect
of exchange rate changes on cash |
(442) |
115 | ||
Decrease
in Cash and Cash Equivalents |
(1,350) |
(695) | ||
Cash
and Cash Equivalents at Beginning of Period |
8,411 |
4,729 | ||
Cash
and Cash Equivalents at End of Period |
$ |
7,061 |
$ |
4,034 |
Amounts
in thousands |
|
|
Fair
value of assets acquired |
$ |
2,631 |
Cash
paid, net of $1,679 in cash acquired |
|
(753) |
Liabilities
assumed |
$ |
1,878 |
Amounts
in Thousands |
For
the Three Months Ended | |||
2005 |
2004 | |||
Interest
paid |
$ |
399 |
$ |
400 |
Income
taxes paid |
$ |
- |
$ |
- |
1. |
DESCRIPTION
OF BUSINESS AND BASIS OF
PRESENTATION |
Parent/Subsidiary
Relationship |
Abbreviation |
Parent |
Ownership
Percentage |
Century
Casinos, Inc. |
CCI |
n/a |
n/a |
WMCK
Venture Corp. |
WMCK |
CCI |
100% |
WMCK-Acquisition
Corp. |
ACQ |
WMCK |
100% |
Century
Casinos Cripple Creek, Inc. |
CCC |
WMCK |
100% |
Century
Resorts Limited |
CRL |
CCI |
96.5% |
Century
Casinos Africa (Pty) Limited |
CCA |
CRL |
100% |
Century
Casinos Caledon (Pty) Limited |
CCAL |
CCA |
100% |
Century
Casinos West Rand (Pty) Limited (Dormant) |
CCWR |
CCA |
55% |
Rhino
Resort Ltd. (Dormant) |
RRL |
CCA |
50% |
Century
Resorts International Limited |
CRI |
CCI |
100% |
Century Resorts Alberta, Inc |
CRA |
CRI |
56.4% |
Century
Casinos Tollgate, Inc |
CTI |
CCI |
100% |
CC Tollgate LLC |
CTL |
CTI |
65% |
Century
Casinos Iowa, Inc. |
CIA |
CCI |
100% |
Century
Casinos Management, Inc. |
CCM |
CCI |
100% |
Century
Casinos Nevada, Inc. (Dormant) |
CCN |
CCI |
100% |
Century
Management u. Beteiligungs GmbH |
CMB |
CCI |
100% |
|
March
31, 2005 |
December
31,2004 |
March
31, 2004 |
South
African Rand |
6.2190 |
5.6640 |
6.3095 |
Euros |
0.77099 |
0.7388 |
0.8135 |
Czech
Koruna |
23.150 |
22.4640 |
26.6959 |
Canadian
Dollars |
1.2096 |
1.2036 |
1.3440 |
2. |
RECENTLY
ISSUED ACCOUNTING PRONOUNCEMENTS |
3. |
EQUITY
INVESTMENT IN UNCONSOLIDATED
SUBSIDIARY |
Amounts
shown in thousands |
As
of March 31, |
As
of December 31, | |
2005 |
2004 | ||
Balance
Sheet: |
|||
Current
Assets |
$ |
554 |
841 |
Noncurrent
Assets |
$ |
927 |
935 |
Current
Liabilities |
$ |
6 |
104 |
Noncurrent
liabilities |
$ |
1,164 |
1,191 |
For
the Three Months Ended March 31, | |||
2005 |
2004 | ||
Operating
Results: |
|||
Net
operating revenue |
$ |
422 |
606 |
Net
earnings (Loss) (1) |
$ |
(196) |
14 |
(1) |
After
expensing casino services fees paid to the
Company. |
Amounts
in thousands |
As
of | |
March
31, 2005 | ||
Equity
investment in Casino Millennium |
$ |
14 |
Goodwill |
578 | |
Note
receivable |
265 | |
Other
receivables |
200 | |
Total |
$ |
1,057 |
4. |
STOCK
BASED COMPENSATION |
Amounts
in thousands, except for share information |
For
the Three Months Ended | ||||
March
31, | |||||
2005 |
2004 | ||||
Net
earnings, as reported |
$ |
1,007 |
$ |
904 | |
Deduct:
Total stock-based employee compensation expense determined under fair
value based method for all awards, net of related tax
effects |
127 |
269 | |||
Pro
forma net earnings |
$ |
880 |
$ |
635 | |
Earnings
per share |
|||||
Basic |
As
reported |
$ |
0.07 |
$ |
0.07 |
Pro
forma |
$ |
0.06 |
$ |
0.05 | |
Diluted |
As
reported |
$ |
0.06 |
$ |
0.06 |
Pro
forma |
$ |
0.05 |
$ |
0.04 |
5. |
GOODWILL |
Amounts
shown in thousands |
Cripple
Creek, CO |
South
Africa |
Corp
& Other |
Total | ||||
Balance
as of December 31, 2004 |
$ |
7,232 |
$ |
1,009 |
$ |
604 |
$ |
8,845 |
Effect
of foreign currency translation |
- |
(90) |
(25) |
(115) | ||||
Balance
as of March 31, 2005 |
$ |
7,232 |
$ |
919 |
$ |
579 |
$ |
8,730 |
6. |
LONG-TERM
DEBT |
7. |
SHAREHOLDERS’
EQUITY |
8. |
SEGMENT
INFORMATION |
Amounts
in thousands |
Cripple
Creek, CO |
Central
City, CO |
Edmonton,
Canada | |||||||||
As
of and for the Three Months Ended March
31, |
2005 |
2004 |
2005 |
2004 |
2005 |
2004 | ||||||
Property
and equipment, net |
$ |
22,797 |
$ |
23,174 |
$ |
9,433 |
$ |
- |
$ |
3,023 |
$ |
- |
Total
assets |
$ |
32,720 |
$ |
32,659 |
$ |
9,506 |
$ |
- |
$ |
4,883 |
$ |
- |
Net
operating revenue |
$ |
3,805 |
$ |
4,379 |
$ |
- |
$ |
- |
$ |
- |
$ |
- |
Operating expenses (excluding depreciation) |
2,661 |
2,563 | 21 | - | 32 | - | ||||||
Depreciation |
443 |
305 |
- |
- |
- |
- | ||||||
(Loss) earnings from unconsolidated subsidiary | - | - | - | - | - | - | ||||||
Earnings
(loss) from operations |
701 |
1,511 |
(21) |
- |
(32) |
- | ||||||
Interest
income |
3 |
2 |
- |
- |
2 |
- | ||||||
Interest (expense), including debt issuance cost, net (1) |
9 |
32 |
- |
- |
(28) |
- | ||||||
Other
income (expense), net |
(5) |
1 |
- |
- |
2 |
- | ||||||
Non-operating items from unconsolidated subsidiary | - | - | - | - | - | - | ||||||
Earnings (loss) before income taxes and minority interest |
708 |
1,546 | (21) | (56) | - | |||||||
Income
tax (expense) benefit |
(269) |
(587) |
- |
- |
- |
- | ||||||
Minority
interest |
- |
- |
20 |
- |
- |
- | ||||||
Net
earnings (loss) |
$ |
439 |
$ |
959 |
$ |
(1) |
$ |
- |
$ |
(56) |
$ |
- |
Reconciliation
to EBITDA: |
||||||||||||
Net
earnings (loss) (US GAAP) |
$ |
439 |
$ |
959 |
$ |
(1) |
$ |
- |
$ |
(56) |
$ |
- |
Interest
income |
(3) |
(2) |
- |
- |
(2) |
- | ||||||
Interest
expense (1) |
(9) |
(32) |
- |
- |
28 |
- | ||||||
Income
taxes |
269 |
587 |
- |
- |
- |
- | ||||||
Depreciation |
443 |
305 |
- |
- |
- |
- | ||||||
EBITDA |
$ |
1,139 |
$ |
1,817 |
$
|
(1) |
$
|
- |
$ |
(30) |
$ |
- |
(1) |
We
have not repaid the funds advanced for our acquisitions or the repurchase
of our common stock, therefore the debt and accumulated interest allocated
to the Corporate & Other segment exceeded the total outstanding
borrowing under the RCF in the Colorado segment, resulting in the reported
negative interest expense for 2004. |
Amounts
in thousands |
South
Africa |
Cruise
Ships |
Corporate
and Other | ||||||||||
As
of and for the Three Months Ended March 31, |
2005 |
2004 |
2005 |
2004 |
2005 |
2004 | |||||||
Property
and equipment, net |
$ |
14,283 |
$ |
14,743 |
$ |
565 |
$ |
446 |
$ |
465 |
$ |
457 | |
Total
assets |
$ |
21,458 |
$ |
21,072 |
$ |
1,153 |
$ |
745 |
$ |
1,870 |
$ |
2,294 | |
Net
operating revenue |
$ |
4,734 |
$ |
3,320 |
$ |
653 |
$ |
438 |
$ |
435 |
$ |
27 | |
Operating expenses (excluding depreciation) |
3,063 |
2,200 |
456 |
329 |
887 |
691 | |||||||
Depreciation |
381 |
321 |
25 |
17 |
3 |
8 | |||||||
(Loss) earnings from unconsolidated subsidiary |
- |
- |
- |
- |
(97) |
13 | |||||||
Earnings
(loss) from operations |
1,290 |
799 |
172 |
92 |
(552) |
(659) | |||||||
Interest
income |
41 |
39 |
- |
- |
410 |
90 | |||||||
Interest (expense), including debt issuance cost |
(501) |
(214) |
- |
- |
(342) |
(325) | |||||||
Other
income, net |
(10) |
- |
- |
- |
(1) |
- | |||||||
Non-operating items from unconsolidated subsidiary |
- |
- |
- |
- |
(1) |
(6) | |||||||
Earnings (loss) before income taxes and minority interest |
820 |
624 |
172 |
92 |
(486) |
(900) | |||||||
Income
tax (expense) benefit |
(275) |
(208) |
(5) |
(3) |
393 |
355 | |||||||
Minority
interest |
- |
- |
- |
- |
6 |
(15) | |||||||
Net
earnings (loss) |
$ |
545 |
$ |
416 |
$ |
167 |
$ |
89 |
$ |
(87) |
$ |
(560) | |
Reconciliation
to EBITDA: | |||||||||||||
Net
earnings (loss) (US GAAP) |
$ |
545 |
$ |
416 |
$ |
167 |
$ |
89 |
$ |
(87) |
$ |
(560) | |
Interest
income |
(41) |
(39) |
- |
- |
(410) |
(90) | |||||||
Interest
expense |
501 |
214 |
- |
- |
342 |
325 | |||||||
Income
taxes |
275 |
208 |
5 |
3 |
(393) |
(355) | |||||||
Depreciation |
381 |
321 |
25 |
17 |
3 |
8 | |||||||
EBITDA |
$ |
1,661 |
$ |
1,120 |
$ |
197 |
$ |
109 |
$ |
(545) |
$ |
(672) |
Amounts
in thousands |
Inter-segment
Elimination |
Consolidated |
|||||||||||
As
of and for the Three Months Ended March 31, |
2005 |
2004 |
2005 |
2004 |
|||||||||
Property
and equipment, net |
$ |
- |
$ |
- |
$ |
50,566 |
$ |
38,820 |
|||||
Total
assets |
$ |
- |
$ |
- |
$ |
71,590 |
$ |
56,770 |
|||||
Net
operating revenue |
$ |
(399) |
$ |
- |
$ |
9,228 |
$ |
8,164 |
|||||
Operating expenses (excluding depreciation) |
(399) |
- |
6,721 |
5,783 |
|||||||||
Depreciation |
- |
- |
852 |
651 |
|||||||||
(Loss) earnings from unconsolidated subsidiary |
- |
- |
(97) |
13 |
|||||||||
Earnings
(loss) from operations |
- |
- |
1,558 |
1,743 |
|||||||||
Interest
income |
(409) |
(85) |
47 |
46 |
|||||||||
Interest (expense), including debt issuance cost |
409 |
85 |
(453) |
(422) |
|||||||||
Other
income, net |
- |
- |
(14) |
1 |
|||||||||
Non-operating items from unconsolidated subsidiary |
- |
- |
(1) |
(6) |
|||||||||
Earnings (loss) before income taxes and minority interest |
- |
- |
1,137 |
1,362 |
|||||||||
Income
tax (expense) |
- |
- |
(156) |
(443) |
|||||||||
Minority
interest |
- |
- |
26 |
(15) |
|||||||||
Net
earnings (loss) |
$ |
- |
$ |
- |
$ |
1,007 |
$ |
904 |
|||||
Reconciliation
to EBITDA: | |||||||||||||
Net
earnings (loss) (US GAAP) |
$ |
- |
$ |
- |
$ |
1,007 |
$ |
904 |
|||||
Interest
income |
409 |
85 |
(47) |
(46) |
|||||||||
Interest
expense |
(409) |
(85) |
453 |
422 |
|||||||||
Income
taxes |
- |
- |
156 |
443 |
|||||||||
Depreciation |
- |
- |
852 |
651 |
|||||||||
EBITDA |
$ |
- |
$ |
- |
$ |
2,421 |
$ |
2,374 |
9. |
PROMOTIONAL
ALLOWANCES |
Amounts
in thousands |
For
the Three Months Ended March 31, | |||
2005 |
2004 | |||
Food
& Beverage and Hotel Comps |
$ |
381 |
$ |
373 |
Free
Plays or Coupons |
505 |
379 | ||
Player
Points |
381 |
327 | ||
Total
Promotional Allowances |
$ |
1,267 |
$ |
1,079 |
10. |
OTHER
INCOME, NET |
Amounts
in thousands |
For
the Three Months Ended March 31, | |||||
2005 |
2004 | |||||
Interest
income |
$ |
47 |
$ |
46 | ||
Other
expense |
(14) |
1 | ||||
Other
Income, net |
$ |
33 |
$ |
47 |
11. |
INCOME
TAXES |
Amounts
in thousands |
United
States |
Mauritius |
Other |
Corporate
and Other | ||||||||||||
2005 |
2004 |
2005 |
2004 |
2005 |
2004 |
2005 |
2004 | |||||||||
Earnings
before income taxes and minority
interest |
$ |
(1,212) |
$ |
(903) |
$ |
724 |
$ |
- |
$ |
2 |
$ |
3 |
$ |
(486) |
$ |
(900) |
Income tax (expense) benefit |
$ |
414 |
$ |
357 |
$ |
(19) |
$ |
- |
$ |
(2) |
$ |
(2) |
$ |
393 |
$ |
355 |
Effective
tax rate |
34% |
40% |
3% |
- |
100% |
67% |
81% |
39% |
12. |
EARNINGS
PER SHARE |
Amounts
in thousands, except for share information |
For
the Three Months Ended March 31, | ||||
2005 |
2004 | ||||
Basic
Earnings Per Share: |
|||||
Net
earnings, as reported |
$ |
1,007 |
$ |
904 | |
Weighted
average common shares |
13,748,011 |
13,681,438 | |||
Basic
earnings per share |
$
|
0.
07 |
$
|
0.07 | |
Diluted
Earnings Per Share: |
|||||
Net
earnings, as reported |
$
|
1,007 |
$ |
904 | |
Weighted
average common shares |
13,748,011 |
13,681,438 | |||
Effect
of dilutive securities: |
|||||
Stock
options and warrants |
2,706,251 |
1,334,123 | |||
Dilutive
potential common shares |
16,454,262 |
15,015,561 | |||
Diluted
earnings per share |
$ |
0.
06 |
$ |
0.06 | |
Excluded
from computation of diluted earnings per share |
|||||
Due
to antidilutive effect: |
|||||
Options
and warrants to purchase common shares |
- |
60,000 | |||
Weighted
average exercise price |
$
|
- |
$ |
3.26 |
Item 2. |
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS |
For
the three months ended March 31, |
Increase
(Decrease) |
%
Change | |||||
Dollar
amounts in thousands |
2005 |
2004 | |||||
Operating
Revenue |
|||||||
Casino |
$ |
4,472 |
$ |
4,875 |
$ |
(403) |
-8.3% |
Hotel, food and beverage |
364 |
324 |
40 |
12.3% | |||
Other (including promotional allowances) |
(1,031) |
(820) |
211 |
25.7% | |||
Net
operating revenue |
3,805 |
4,379 |
(574) |
-13.1% | |||
Costs
and Expenses |
|||||||
Casino |
1,624 |
1,626 |
(2) |
-0.1% | |||
Hotel, food and beverage |
163 |
88 |
75 |
85.2% | |||
General and Administrative |
874 |
849 |
25 |
2.9% | |||
Depreciation |
443 |
305 |
138 |
45.2% | |||
3,104 |
2,868 |
236 |
8.2% | ||||
Earnings
from operations |
701 |
1,511 |
(810) |
-53.6% | |||
Interest
(expense), net |
9 |
32 |
(23) |
-71.9% | |||
Other
income, net |
(2) |
3 |
(5) |
-166.7% | |||
Earnings
before income taxes |
708 |
1,546 |
(838) |
-54.2% | |||
Income
tax (expense) |
(269) |
(587) |
(318) |
-54.2% | |||
Net
Earnings |
$ |
439 |
$ |
959 |
$ |
(520) |
-54.2% |
For
the three months ended March 31, |
2005 |
2004 | ||
Market
share of the Cripple Creek market |
12.8% |
14.3% | ||
Average
number of slot machines |
637 |
618 | ||
Market
share of Cripple Creek gaming devices |
13.4% |
14.4% | ||
Average
slot machine win per day |
78
dollars |
85
dollars | ||
Cripple
Creek average slot machine win per day |
80
dollars |
85
dollars |
CALEDON | |||||||
For
the three months ended March 31, |
Increase
(Decrease) |
%Change | |||||
Dollar
amounts in thousands |
2005 |
2004 |
|||||
Operating
Revenue |
|||||||
Casino |
$ |
3,978 |
$ |
2,778 |
$ |
1,200 |
43.2% |
Hotel,
food and beverage |
864 |
650 |
214 |
32.9% | |||
Other
(including promotional allowances) |
(108) |
(108) |
- |
0.0% | |||
Net
operating revenue |
4,734 |
3,320 |
1,414 |
42.6% | |||
Costs
and Expenses |
|||||||
Casino |
1,461 |
1,101 |
360 |
32.7% | |||
Hotel,
food and beverage |
605 |
590 |
15 |
2.5% | |||
General
and administrative |
581 |
473 |
108 |
22.8% | |||
Depreciation |
381 |
321 |
60 |
18.7% | |||
3,028 |
2,485 |
543 |
21.9% | ||||
Earnings
from operations |
1,706 |
835 |
871 |
104.3% | |||
Interest
expense |
(187) |
(214) |
(27) |
-12.6% | |||
Other
income, net |
18 |
36 |
(18) |
-50.0% | |||
Earnings
before Income Taxes |
1,537 |
657 |
880 |
133.9% | |||
Income
tax (expense) |
(493) |
(216) |
277 |
128.2% | |||
Net
Earnings |
$ |
1,044 |
$ |
441 |
$ |
603 |
136.7% |
CENTURY
CASINOS AFRICA | |||||||
Costs
and Expenses |
|||||||
General
and administrative |
$ |
416 |
$ |
36 |
$ |
380 |
1055.6% |
(Income)
Loss from operations |
(416) |
(36) |
(380) |
-1055.6% | |||
Interest
Expense, net |
(324) |
- |
(324) |
-100.0% | |||
Other
income, net |
23 |
3 |
20 |
666.7% | |||
Earnings
before Income Taxes |
(717) |
(33) |
684 |
2072.7% | |||
Income
tax benefit |
218 |
8 |
210 |
2625.0% | |||
Net
Loss |
$ |
(499) |
$ |
(25) |
$ |
474 |
1896.0% |
SOUTH
AFRICA NET EARNINGS |
$ |
545 |
$ |
416 |
$ |
129 |
31.0% |
Average
exchange rate (Rand/USD) |
6.00 |
6.72 |
CALEDON | |||||||
For
the three months ended March 31, |
Increase
(Decrease) |
%
Change | |||||
Rand
amounts in thousands |
2005 |
2004 | |||||
Operating
Revenue |
|||||||
Casino |
R |
23,431 |
R |
18,672 |
R |
4,759 |
25.5% |
Hotel,
food and beverage |
5,091 |
4,361 |
730 |
16.7% | |||
Other (including promotional allowances) |
(636) |
(737) |
(101) |
-13.70% | |||
Net
operating revenue |
27,886 |
22,296 |
5,590 |
25.1% | |||
Costs
and Expenses |
|||||||
Casino |
8,612 |
7,397 |
1,215 |
16.4% | |||
Hotel,
food and beverage |
3,566 |
3,967 |
(401) |
-10.1% | |||
General
and administrative |
3,430 |
3,184 |
246 |
7.7% | |||
Depreciation |
2,248 |
2,155 |
93 |
4.3% | |||
17,856 |
16,703 |
1,153 |
6.9% | ||||
Earnings
from operations |
10,030 |
5,593 |
4,437 |
79.3% | |||
Interest
expense |
(1,098) |
(1,439) |
(341) |
-23.7% | |||
Other
income, net |
105 |
242 |
(137) |
-56.6% | |||
Earnings
before income taxes |
9,037 |
4,396 |
4,641 |
105.6% | |||
Income
tax (expense) |
(2,902) |
(1,439) |
1,463 |
101.7% | |||
Net
Earnings |
R |
6,135 |
R |
2,957 |
R |
3,178 |
107.5% |
CENTURY
CASINOS AFRICA | |||||||
Costs
and Expenses |
|||||||
General
and administrative |
R |
2,448 |
R |
240 |
R |
2,208 |
920.0% |
Loss
from operations |
(2,448) |
(240) |
(2,208) |
-920.0% | |||
Interest
Expense, net |
(1,910) |
- |
(1,910) |
-100.0% | |||
Other
income, net |
134 |
22 |
112 |
509.1% | |||
Earnings
before income taxes |
(4,224) |
(218) |
4,006 |
1837.6% | |||
Income
tax benefit |
1,267 |
55 |
1,212 |
2203.6% | |||
Net
Loss |
R |
(2,957) |
R |
(163) |
R |
2,794 |
1714.1% |
SOUTH
AFRICA NET EARNINGS |
R |
3,178 |
R |
2,794 |
R |
384 |
13.7% |
For
the three months ended March 31, |
2005 |
2004 | ||
Market
share of the Western Cape market |
5.97% |
5.85% | ||
Market
share of Western Cape gaming devices |
11.4% |
10.8% | ||
Average
number of slot machines |
300 |
275 | ||
Average
slot machine win per day |
814
Rand |
694
Rand | ||
Average
number of tables |
9 |
8 | ||
Average
table win per day |
1,803
Rand |
1,779
Rand |
For
the three months ended March 31, |
Increase
(Decrease) |
%
Change | |||||
Dollar
amounts in thousands |
2005 |
2004 | |||||
Operating
Revenue |
|||||||
Casino |
$ |
601 |
$ |
413 |
$ |
188 |
45.5% |
Other (including promotional allowances) |
52 |
25 |
27 |
108.0% | |||
Net
operating revenue |
653 |
438 |
215 |
49.1% | |||
Costs
and Expenses |
|||||||
Casino |
456 |
329 |
127 |
38.6% | |||
General
and administrative |
- |
- |
- |
- | |||
Depreciation |
25 |
17 |
8 |
47.1% | |||
481 |
346 |
135 |
39.0% | ||||
Earnings
from operations |
172 |
92 |
80 |
87.0% | |||
Other
income, net |
- |
- |
- |
- | |||
Earnings
before income taxes |
172 |
92 |
80 |
87.0% | |||
Income
tax (expense) |
(5) |
(3) |
2 |
66.7% | |||
Net
Earnings |
$ |
167 |
$ |
89 |
$ |
78 |
87.6% |
For
the three months ended March 31, |
Increase
(Decrease) |
%
Change | |||||
Dollar
amounts in thousands |
2005 |
2004 | |||||
Operating
Revenue |
|||||||
Other |
$ |
435 |
$ |
27 |
$ |
408 |
1511.1% |
Net
Operating Revenue |
435 |
27 |
408 |
1511.1% | |||
Costs
and Expenses |
|||||||
Casino |
- |
- |
- |
- | |||
General and Administrative |
917 |
691 |
226 |
32.7% | |||
Property write-down and other write-offs, net of (recoveries) |
(30) |
- |
(30) |
-100.0% | |||
Depreciation |
3 |
8 |
(5) |
-62.5% | |||
890 |
699 |
191 |
27.3% | ||||
(Loss) earnings from unconsolidated subsidiary |
(97) |
13 |
(110) |
-846.2% | |||
Loss
from operations |
(552) |
(659) |
(107) |
-16.2% | |||
Interest
expense |
(342) |
(325) |
17 |
5.2% | |||
Other
income, net |
409 |
90 |
319 |
354.4% | |||
Non-operating items from unconsolidated subsidiary |
(1) |
(6) |
(5) |
-83.3% | |||
Loss before income taxes and minority interest |
(486) |
(900) |
(414) |
-46.0% | |||
Income
tax benefit |
393 |
355 |
38 |
10.7% | |||
Minority
interest in subsidiary loss (earnings) |
6 |
(15) |
21 |
140.0% | |||
Net
Loss |
$ |
(87) |
$ |
(560) |
$ |
(473) |
-84.5% |
Item
3. |
QUANTITATIVE
AND QUALITATIVE DISCLOSURE ABOUT MARKET
RISK |
Item
4. |
CONTROLS
AND PROCEDURES |