Century Casinos, Inc. Announces Second Quarter 2020 Results
COLORADO SPRINGS, Colo., Aug. 7, 2020 /CNW/ — Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) today announced its financial results for the three and six months ended June 30, 2020.
$1.2 million impairment of goodwill and casino licenses as discussed below. The Company’s second quarter 2020 net operating revenue and Adjusted EBITDA also were significantly impacted by the acquisition of Mountaineer Casino, Racetrack & Resort, Century Casino Cape Girardeau and Century Casino Caruthersville (the “Acquired Casinos”) in December 2019.
China and has since spread throughout much of the world. Between March 13, 2020 and March 17, 2020, the Company closed all of its casinos, hotels and other facilities to comply with quarantines issued by governments to contain the spread of COVID-19. The Company’s Polish locations reopened on May 18, 2020 and its North American operations reopened between June 1, 2020 and June 17, 2020.
The COVID-19 pandemic has had an adverse effect on the Company’s first and second quarter 2020 results of operations and financial condition, and the Company expects this situation will continue to have an adverse impact on its results for the remainder of 2020. The duration and ultimate impact of the COVID-19 pandemic otherwise remains uncertain. The trends below are not the only items that could impact the Company’s future performance, and the views of management are based on currently available information.
United States and Canadian employees, including part time employees. In Poland, all employees were paid reduced salaries based on local employment laws. The Company continues to operate with reduced spending on most advertising and marketing costs as well as implementing cost saving initiatives intended to eliminate approximately $13.7 million of non-labor operating costs in 2020. The Company intends to defer or eliminate approximately $2.2 million of discretionary capital projects for the remainder of 2020 in order to proactively address its capital spending for 2020. Additionally, the Company negotiated arrangements with some of its contractual counterparties, such as vendors and lessors, to modify the timing of certain contractual payments.
$1.2 million and $35.1 million to impairment – goodwill and intangible assets on its condensed consolidated statement of (loss) earnings for the three and six months ended June 30, 2020, respectively.
June 30, 2020, the Company had $51.6 million in cash on hand, compared to $63.7 million at March 31, 2020 and $54.8 million at December 31, 2019.
June 30, 2020 and 2019 are as follows:
For the three months |
For the six months |
|||||||||||||||
Amounts in thousands, except per share data |
ended June 30, |
ended June 30, |
||||||||||||||
Consolidated Results: |
2020 |
2019 |
% Change |
2020 |
2019 |
% Change |
||||||||||
Net Operating Revenue |
$ |
36,103 |
$ |
52,445 |
(31%) |
$ |
123,760 |
$ |
98,057 |
26% |
||||||
(Loss) Earnings from Operations |
(2,114) |
2,598 |
(181%) |
(33,887) |
6,044 |
(661%) |
||||||||||
Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders |
$ |
(12,607) |
$ |
(565) |
(2131%) |
$ |
(58,463) |
$ |
503 |
(11723%) |
||||||
Adjusted EBITDA** |
$ |
(1,762) |
$ |
6,709 |
(126%) |
$ |
7,822 |
$ |
13,412 |
(42%) |
||||||
(Loss) Earnings Per Share Attributable to Century Casinos, Inc. Shareholders: |
||||||||||||||||
Basic and Diluted |
$ |
(0.43) |
$ |
(0.02) |
(2050%) |
$ |
(1.98) |
$ |
0.02 |
(10000%) |
June 2020 and 2019 are as follows:
For the month ended |
||||||||
Amounts in thousands |
June 30, |
|||||||
Consolidated Results |
2020 |
2019 |
% Change |
|||||
Net Operating Revenue |
$ |
32,524 |
$ |
17,828 |
82% |
|||
Earnings (Loss) from Operations |
7,081 |
(7) |
101257% |
|||||
Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders |
$ |
2,664 |
$ |
(1,858) |
243% |
|||
Adjusted EBITDA* |
$ |
10,806 |
$ |
2,274 |
375% |
July 2020 net operating revenue is $30.3 million and Adjusted EBITDA is $7.4 million compared to July 2019 net operating revenue of $18.1 million and Adjusted EBITDA of $2.8 million.
“We are excited by the enthusiasm our customers have shown in visiting our reopened casinos. We are pleased that our operations have been able to achieve cash positive positions so soon after reopening,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. “We continue to take social distancing and our customers’ health very seriously, and we continue to explore new ways to further improve customer safety. We would like to thank our customers, employees, communities and authorities for their cooperation and support both during and after our temporary closures,” Haitzmann and Hoetzinger concluded.
June 30, 2020:
Reportable Segment |
Operating Segment |
Reporting Unit |
United States |
Colorado |
Century Casino & Hotel – Central City |
Century Casino & Hotel – Cripple Creek |
||
West Virginia |
Mountaineer Casino, Racetrack & Resort |
|
Missouri |
Century Casino Cape Girardeau |
|
Century Casino Caruthersville |
||
Canada |
Edmonton |
Century Casino & Hotel – Edmonton |
Century Casino St. Albert |
||
Century Mile Racetrack and Casino |
||
Calgary |
Century Casino Calgary |
|
Century Downs Racetrack and Casino |
||
Century Bets! Inc. |
||
Poland |
Poland |
Casinos Poland |
Corporate and Other |
Corporate and Other |
Cruise Ships & Other |
Corporate Other |
($16.3) million, or (31%), and increased by $25.7 million, or 26%, for the three and six months ended June 30, 2020, compared to the three and six months ended June 30, 2019. Following is a summary of the changes in net operating revenue by reportable segment for the three and six months ended June 30, 2020, compared to the three and six months ended June 30, 2019:
Net Operating Revenue |
||||||||||||||||||||||
For the three months |
For the six months |
|||||||||||||||||||||
ended June 30, |
ended June 30, |
|||||||||||||||||||||
Amounts in thousands |
2020 |
2019 |
$ Change |
% |
2020 |
2019 |
$ Change |
% |
||||||||||||||
United States |
$ |
23,832 |
$ |
8,809 |
$ |
15,023 |
171% |
$ |
77,262 |
$ |
16,874 |
$ |
60,388 |
358% |
||||||||
Canada |
4,719 |
21,988 |
(17,269) |
(79%) |
20,902 |
38,289 |
(17,387) |
(45%) |
||||||||||||||
Poland |
7,390 |
20,107 |
(12,717) |
(63%) |
24,453 |
39,859 |
(15,406) |
(39%) |
||||||||||||||
Corporate and Other |
162 |
1,541 |
(1,379) |
(90%) |
1,143 |
3,035 |
(1,892) |
(62%) |
||||||||||||||
Consolidated |
$ |
36,103 |
$ |
52,445 |
$ |
(16,342) |
(31%) |
$ |
123,760 |
$ |
98,057 |
$ |
25,703 |
26% |
($4.7) million, or (181%), and by ($39.9) million, or (661%), for the three and six months ended June 30, 2020, compared to the three and six months ended June 30, 2019. Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three and six months ended June 30, 2020, compared to the three and six months ended June 30, 2019:
(Loss) Earnings from Operations |
||||||||||||||||||||||
For the three months |
For the six months |
|||||||||||||||||||||
ended June 30, |
ended June 30, |
|||||||||||||||||||||
Amounts in thousands |
2020 |
2019 |
$ Change |
% |
2020 |
2019 |
$ Change |
% |
||||||||||||||
United States |
$ |
(3,317) |
$ |
1,642 |
$ |
(4,959) |
(302%) |
$ |
(28,401) |
$ |
2,979 |
$ |
(31,380) |
(1053%) |
||||||||
Canada |
(1,229) |
4,883 |
(6,112) |
(125%) |
(2,917) |
8,583 |
(11,500) |
(134%) |
||||||||||||||
Poland |
(2,201) |
1,021 |
(3,222) |
(316%) |
(1,910) |
2,695 |
(4,605) |
(171%) |
||||||||||||||
Corporate and Other |
4,633 |
(4,948) |
9,581 |
194% |
(659) |
(8,213) |
7,554 |
92% |
||||||||||||||
Consolidated |
$ |
(2,114) |
$ |
2,598 |
$ |
(4,712) |
(181%) |
$ |
(33,887) |
$ |
6,044 |
$ |
(39,931) |
(661%) |
($12.0) million, or (2131%), and by ($59.0) million, or (11723%), for the three and six months ended June 30, 2020, compared to the three and six months ended June 30, 2019. Following is a summary of the changes in net earnings (loss) attributable to Century Casinos, Inc. shareholders by reportable segment for the three and six months ended June 30, 2020, compared to the three and six months ended June 30, 2019:
Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders |
||||||||||||||||||||||
For the three months |
For the six months |
|||||||||||||||||||||
ended June 30, |
ended June 30, |
|||||||||||||||||||||
Amounts in thousands |
2020 |
2019 |
$ Change |
% |
2020 |
2019 |
$ Change |
% |
||||||||||||||
United States |
$ |
(10,271) |
$ |
1,236 |
$ |
(11,507) |
(931%) |
$ |
(43,659) |
$ |
2,215 |
$ |
(45,874) |
(2071%) |
||||||||
Canada |
(1,781) |
2,536 |
(4,317) |
(170%) |
(5,987) |
4,085 |
(10,072) |
(247%) |
||||||||||||||
Poland |
(1,246) |
425 |
(1,671) |
(393%) |
(1,218) |
1,339 |
(2,557) |
(191%) |
||||||||||||||
Corporate and Other |
691 |
(4,762) |
5,453 |
115% |
(7,599) |
(7,136) |
(463) |
(7%) |
||||||||||||||
Consolidated |
$ |
(12,607) |
$ |
(565) |
$ |
(12,042) |
(2131%) |
$ |
(58,463) |
$ |
503 |
$ |
(58,966) |
(11723%) |
Items deducted from or added to earnings from operations to arrive at net earnings (loss) attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax expense and non-controlling interests.
($8.5) million, or (126%), and by ($5.6) million, or (42%), for the three and six months ended June 30, 2020 compared to the three and six months ended June 30, 2019. Following is a summary of the changes in Adjusted EBITDA** by reportable segment for the three and six months ended June 30, 2020 compared to the three and six months ended June 30, 2019:
Adjusted EBITDA** |
||||||||||||||||||||||
For the three months |
For the six months |
|||||||||||||||||||||
ended June 30, |
ended June 30, |
|||||||||||||||||||||
Amounts in thousands |
2020 |
2019 |
$ Change |
% |
2020 |
2019 |
$ Change |
% |
||||||||||||||
United States |
$ |
2,086 |
$ |
2,170 |
$ |
(84) |
(4%) |
$ |
10,850 |
$ |
4,082 |
$ |
6,768 |
166% |
||||||||
Canada |
(1) |
5,944 |
(5,945) |
(100%) |
3,025 |
10,974 |
(7,949) |
(72%) |
||||||||||||||
Poland |
(1,466) |
1,985 |
(3,451) |
(174%) |
(407) |
4,435 |
(4,842) |
(109%) |
||||||||||||||
Corporate and Other |
(2,381) |
(3,390) |
1,009 |
30% |
(5,646) |
(6,079) |
433 |
7% |
||||||||||||||
Consolidated |
$ |
(1,762) |
$ |
6,709 |
$ |
(8,471) |
(126%) |
$ |
7,822 |
$ |
13,412 |
$ |
(5,590) |
(42%) |
June 30, 2020, the Company had $51.6 million in cash and cash equivalents and $194.2 million in outstanding debt on its balance sheet compared to $54.8 million in cash and cash equivalents and $179.0 million in outstanding debt at December 31, 2019. The outstanding debt as of June 30, 2020 included $179.1 million related to the Company’s credit agreement with Macquarie Capital (“Macquarie”), $1.6 million of bank debt related to Casinos Poland, $9.0 million of bank debt related to Century Resorts Management GmbH (“CRM”), and $14.3 million related to a long-term land lease for Century Downs Racetrack and Casino (“CDR”), net of $9.8 million in deferred financing costs. The Company also has a $277.1 million long-term financing obligation under its triple net master lease for the three Acquired Casino properties (“Master Lease”), which has an initial annual rent of approximately $25.0 million.
www.cnty.com/investor/financials/sec-filings/. The Company will also post a presentation of the second quarter results on its website at www.cnty.com/investor/presentations/.” data-reactid=”83″>Conference Call Information
Today the Company will post a copy of its quarterly report on Form 10-Q filed with the SEC for the quarter ended June 30, 2020 on its website at www.cnty.com/investor/financials/sec-filings/. The Company will also post a presentation of the second quarter results on its website at www.cnty.com/investor/presentations/.
centurycasinos.adobeconnect.com/earningsrelease or obtain a recording of the call on the Company’s website until August 31, 2020 at www.cnty.com/investor/financials/sec-filings/.” data-reactid=”84″>The Company will host its second quarter 2020 earnings conference call today, Friday, August 7, at 8:00 am MDT. U.S. domestic participants should dial 1-844-244-9160. For all international participants, please use 330-931-4670 to dial-in. Participants may listen to the call live at centurycasinos.adobeconnect.com/earningsrelease or obtain a recording of the call on the Company’s website until August 31, 2020 at www.cnty.com/investor/financials/sec-filings/.
(continued) CENTURY CASINOS, INC. AND SUBSIDIARIES |
||||||||||||
Condensed Consolidated Statements of (Loss) Earnings |
||||||||||||
For the three months |
For the six months |
|||||||||||
ended June 30, |
ended June 30, |
|||||||||||
Amounts in thousands, except for per share information |
2020 |
2019 |
2020 |
2019 |
||||||||
Operating revenue: |
||||||||||||
Net operating revenue |
$ |
36,103 |
$ |
52,445 |
$ |
123,760 |
$ |
98,057 |
||||
Operating costs and expenses: |
||||||||||||
Total operating costs and expenses |
38,217 |
49,861 |
157,647 |
92,012 |
||||||||
Earnings (loss) from equity investment |
— |
14 |
0 |
(1) |
||||||||
(Loss) earnings from operations |
(2,114) |
2,598 |
(33,887) |
6,044 |
||||||||
Non-operating income (expense), net |
(10,501) |
(870) |
(21,865) |
(1,877) |
||||||||
(Loss) earnings before income taxes |
(12,615) |
1,728 |
(55,752) |
4,167 |
||||||||
Income tax provision |
(582) |
(1,370) |
(3,106) |
(2,086) |
||||||||
Net (loss) earnings |
(13,197) |
358 |
(58,858) |
2,081 |
||||||||
Net loss (earnings) attributable to non-controlling interests |
590 |
(923) |
395 |
(1,578) |
||||||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders |
$ |
(12,607) |
$ |
(565) |
$ |
(58,463) |
$ |
503 |
||||
(Loss) earnings per share attributable to Century Casinos, Inc. shareholders: |
||||||||||||
Basic |
$ |
(0.43) |
$ |
(0.02) |
$ |
(1.98) |
$ |
0.02 |
||||
Diluted |
$ |
(0.43) |
$ |
(0.02) |
$ |
(1.98) |
$ |
0.02 |
||||
Weighted average common shares |
||||||||||||
Basic |
29,576 |
29,440 |
29,541 |
29,440 |
||||||||
Diluted |
29,576 |
29,440 |
29,541 |
30,114 |
Condensed Consolidated Balance Sheets |
||||||
June 30, |
December 31, |
|||||
Amounts in thousands |
2020 |
2019 |
||||
Assets |
||||||
Current assets |
$ |
72,501 |
$ |
79,366 |
||
Property and equipment, net |
491,904 |
503,933 |
||||
Other assets |
101,012 |
143,601 |
||||
Total assets |
$ |
665,417 |
$ |
726,900 |
||
Liabilities and Equity |
||||||
Current liabilities |
$ |
69,910 |
$ |
56,570 |
||
Non-current liabilities |
489,911 |
498,255 |
||||
Century Casinos, Inc. shareholders’ equity |
97,882 |
163,306 |
||||
Non-controlling interests |
7,714 |
8,769 |
||||
Total liabilities and equity |
$ |
665,417 |
$ |
726,900 |
CENTURY CASINOS, INC. AND SUBSIDIARIES SUPPLEMENTAL INFORMATION |
||||||||||||||||
Constant Currency* Results (unaudited) |
||||||||||||||||
For the three months |
For the six months |
|||||||||||||||
ended June 30, |
ended June 30, |
|||||||||||||||
Amounts in thousands |
2020 |
2019 |
% |
2020 |
2019 |
% |
||||||||||
Net operating revenue as reported (US GAAP) |
$ |
36,103 |
$ |
52,445 |
(31%) |
$ |
123,760 |
$ |
98,057 |
26% |
||||||
Foreign currency impact vs. 2019 |
474 |
989 |
||||||||||||||
Net operating revenue constant currency (non-US GAAP)* |
$ |
36,577 |
$ |
52,445 |
(30%) |
$ |
124,749 |
$ |
98,057 |
27% |
||||||
(Loss) earnings from operations (US GAAP) |
$ |
(2,114) |
$ |
2,598 |
(181%) |
$ |
(33,887) |
$ |
6,044 |
(661%) |
||||||
Foreign currency impact vs. 2019 |
540 |
446 |
||||||||||||||
(Loss) earnings from operations constant currency (non-US GAAP)* |
$ |
(1,574) |
$ |
2,598 |
(161%) |
$ |
(33,441) |
$ |
6,044 |
(653%) |
||||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders as reported (US GAAP) |
$ |
(12,607) |
$ |
(565) |
(2131%) |
$ |
(58,463) |
$ |
503 |
(11723%) |
||||||
Foreign currency impact vs. 2019 |
413 |
159 |
||||||||||||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders constant currency (non-US GAAP)* |
$ |
(12,194) |
$ |
(565) |
(2058%) |
$ |
(58,304) |
$ |
503 |
(11691%) |
Gains and losses on foreign currency transactions are added back to net earnings in the Company’s Adjusted EBITDA** calculations. As such, there is no foreign currency impact to Adjusted EBITDA** when calculating Constant Currency* results.
Adjusted EBITDA Margins *** (unaudited) |
||||
For the three months |
For the six months |
|||
ended June 30, |
ended June 30, |
|||
2020 |
2019 |
2020 |
2019 |
|
United States |
9% |
25% |
14% |
24% |
Canada |
0% |
27% |
15% |
29% |
Poland |
(20%) |
10% |
(2%) |
11% |
Corporate and Other |
(1470%) |
(220%) |
(494%) |
(200%) |
Consolidated Adjusted EBITDA Margin |
(5%) |
13% |
6% |
14% |
CENTURY CASINOS, INC. AND SUBSIDIARIES SUPPLEMENTAL INFORMATION |
|||||||||||||||
Reconciliation of Adjusted EBITDA** to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. |
|||||||||||||||
For the three months ended June 30, 2020 |
|||||||||||||||
Amounts in thousands |
United |
Canada |
Poland |
Corporate |
Total |
||||||||||
Net (loss) earnings attributable to Century Casinos, Inc. shareholders |
$ |
(10,271) |
$ |
(1,781) |
$ |
(1,246) |
$ |
691 |
$ |
(12,607) |
|||||
Interest expense (income), net (1) |
6,954 |
435 |
(14) |
3,204 |
10,579 |
||||||||||
Income (benefit) taxes |
— |
(44) |
(292) |
918 |
582 |
||||||||||
Depreciation and amortization |
4,246 |
1,289 |
735 |
135 |
6,405 |
||||||||||
Net earnings (loss) attributable to non-controlling interests |
— |
34 |
(624) |
— |
(590) |
||||||||||
Non-cash stock-based compensation |
— |
— |
— |
249 |
249 |
||||||||||
Loss (gain) on foreign currency transactions, cost recovery income and other |
1,157 |
135 |
(25) |
(7,631) |
(6,364) |
||||||||||
(Gain) on disposition of fixed assets |
— |
(69) |
— |
— |
(69) |
||||||||||
Acquisition costs |
— |
— |
— |
53 |
53 |
||||||||||
Adjusted EBITDA |
$ |
2,086 |
$ |
(1) |
$ |
(1,466) |
$ |
(2,381) |
$ |
(1,762) |
(1) |
Expense of $7.0 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.4 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $4.2 million and $0.4 million, respectively, for the period presented. |
For the three months ended June 30, 2019 |
|||||||||||||||
Amounts in thousands |
United |
Canada |
Poland |
Corporate |
Total |
||||||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
$ |
1,236 |
$ |
2,536 |
$ |
425 |
$ |
(4,762) |
$ |
(565) |
|||||
Interest expense (income), net (1) |
— |
1,320 |
45 |
28 |
1,393 |
||||||||||
Income taxes (benefit) |
406 |
778 |
416 |
(230) |
1,370 |
||||||||||
Depreciation and amortization |
527 |
1,059 |
716 |
141 |
2,443 |
||||||||||
Net earnings attributable to non-controlling interests |
— |
681 |
213 |
29 |
923 |
||||||||||
Non-cash stock-based compensation |
— |
— |
— |
359 |
359 |
||||||||||
(Gain) loss on foreign currency transactions and cost recovery income |
— |
(432) |
(78) |
5 |
(505) |
||||||||||
Loss on disposition of fixed assets |
1 |
2 |
248 |
272 |
523 |
||||||||||
Acquisition costs |
— |
— |
— |
768 |
768 |
||||||||||
Adjusted EBITDA |
$ |
2,170 |
$ |
5,944 |
$ |
1,985 |
$ |
(3,390) |
$ |
6,709 |
(1) |
Expense of $0.6 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the CDR land lease were $0.5 million for the period presented. |
CENTURY CASINOS, INC. AND SUBSIDIARIES SUPPLEMENTAL INFORMATION |
|||||||||||||||
Reconciliation of Adjusted EBITDA** to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. |
|||||||||||||||
For the six months ended June 30, 2020 |
|||||||||||||||
Amounts in thousands |
United |
Canada |
Poland |
Corporate |
Total |
||||||||||
Net loss attributable to Century Casinos, Inc. shareholders |
$ |
(43,659) |
$ |
(5,987) |
$ |
(1,218) |
$ |
(7,599) |
$ |
(58,463) |
|||||
Interest expense (income), net (1) |
14,235 |
979 |
17 |
6,713 |
21,944 |
||||||||||
Income taxes (benefit) |
1,023 |
1,813 |
(247) |
517 |
3,106 |
||||||||||
Depreciation and amortization |
8,505 |
2,628 |
1,501 |
265 |
12,899 |
||||||||||
Net earnings (loss) attributable to non-controlling interests |
— |
214 |
(609) |
— |
(395) |
||||||||||
Non-cash stock-based compensation |
— |
— |
— |
236 |
236 |
||||||||||
Loss (gain) on foreign currency transactions, cost recovery income and other |
30,746 |
3,447 |
147 |
(6,046) |
28,294 |
||||||||||
(Gain) loss on disposition of fixed assets |
— |
(69) |
2 |
2 |
(65) |
||||||||||
Acquisition costs |
— |
— |
— |
266 |
266 |
||||||||||
Adjusted EBITDA |
$ |
10,850 |
$ |
3,025 |
$ |
(407) |
$ |
(5,646) |
$ |
7,822 |
(1) |
Expense of $14.2 million related to the Master Lease is included in interest expense (income), net in the United States segment. Expense of $0.9 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the Master Lease and CDR land lease were $10.4 million and $0.9 million, respectively, for the period presented. |
CENTURY CASINOS, INC. AND SUBSIDIARIES SUPPLEMENTAL INFORMATION |
|||||||||||||||
Reconciliation of Adjusted EBITDA** to Net Earnings (Loss) Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. |
|||||||||||||||
For the six months ended June 30, 2019 |
|||||||||||||||
Amounts in thousands |
United |
Canada |
Poland |
Corporate |
Total |
||||||||||
Net earnings (loss) attributable to Century Casinos, Inc. shareholders |
$ |
2,215 |
$ |
4,085 |
$ |
1,339 |
$ |
(7,136) |
$ |
503 |
|||||
Interest expense (income), net (1) |
— |
2,511 |
91 |
45 |
2,647 |
||||||||||
Income taxes (benefit) |
764 |
1,542 |
876 |
(1,096) |
2,086 |
||||||||||
Depreciation and amortization |
1,086 |
1,856 |
1,487 |
439 |
4,868 |
||||||||||
Net earnings (loss) attributable to non-controlling interests |
— |
921 |
669 |
(12) |
1,578 |
||||||||||
Non-cash stock-based compensation |
— |
— |
— |
620 |
620 |
||||||||||
Gain on foreign currency transactions and cost recovery income |
— |
(476) |
(280) |
(7) |
(763) |
||||||||||
Loss (gain) on disposition of fixed assets |
17 |
(3) |
253 |
300 |
567 |
||||||||||
Acquisition costs |
— |
— |
— |
768 |
768 |
||||||||||
Pre-opening expenses |
— |
538 |
— |
— |
538 |
||||||||||
Adjusted EBITDA |
$ |
4,082 |
$ |
10,974 |
$ |
4,435 |
$ |
(6,079) |
$ |
13,412 |
(1) |
Expense of $1.1 million related to the CDR land lease is included in interest expense (income), net in the Canada segment. Cash payments related to the CDR land lease were $1.0 million for the period presented. |
June 30, 2020. Constant currency information is not a measure of financial performance under generally accepted accounting principles in the United States of America (US GAAP) and should not be considered a substitute for net operating revenue, earnings from operations or net earnings (loss) attributable to Century Casinos, Inc. shareholders as determined in accordance with US GAAP.
Cripple Creek and Central City, Colorado, and in Edmonton, Alberta, Canada; the Century Casino in Cape Girardeau and Caruthersville, Missouri, in Calgary and St. Albert, Alberta, Canada; Mountaineer Casino, Racetrack & Resort in New Cumberland, West Virginia; the Century Mile Racetrack and Casino (“CMR”) in Edmonton, Alberta, Canada; and Century Bets! Inc. (“CBS”). CBS and CMR operate the pari-mutuel off-track horse betting networks in southern and northern Alberta, respectively. Through its Austrian subsidiary, CRM, the Company holds a 66.6% ownership interest in Casinos Poland Ltd., the owner and operator of eight casinos throughout Poland; and a 75% ownership interest in Century Downs Racetrack and Casino in Calgary, Alberta, Canada. The Company operates one ship-based casino. The Company, through CRM, also owns a 7.5% interest in, and provides consulting services to, Mendoza Central Entretenimientos S.A., a company that provides gaming-related services to Casino de Mendoza in Mendoza, Argentina. The Company continues to pursue other projects in various stages of development.
Century Casinos’ common stock trades on The Nasdaq Capital Market® under the symbol CNTY.
www.cnty.com.” data-reactid=”135″>For more information about Century Casinos, visit our website at www.cnty.com.
December 31, 2019, in Item 8.01 of our Form 8-K filed with the SEC on May 8, 2020, and in subsequent periodic and current SEC filings we may make. 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.
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