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Century Casinos Records Rising Earnings
The New York and Vienna-listed Century Casinos, Inc. announced its financial results for the three months ended March 31, 2012. Operating income was up slightly.
Century Casinos Records Rising Earnings / Picture: © Flickr
Net operating revenue increased by $ 0.5m, or 3%, for the three months ended March 31, 2012 compared to the three months ended March 31, 2011.
Earnings from operations increased by a total of $ 0.8m, or 108%, for the three months ended March 31, 2012 compared to the three months ended March 31, 2011. Net earnings increased by $ 0.8m, or 211%, for the three months ended March 31, 2012 compared to the three months ended March 31, 2011.
Items deducted from or added to earnings from operations to arrive at net earnings include interest income, interest expense and gains/losses on foreign currency transactions.
Overall, the increase in earnings from operations and net earnings in the three months ended March 31, 2012 compared to the three months ended March 31, 2011 is due to increased efforts to attract customers and generate additional revenue, control costs at all properties and a decrease in depreciation expense due to fully depreciated assets in Edmonton and Central City.
As of March 31, 2012, the Company had $ 22.9m in cash and cash equivalents and $ 6.7m in debt obligations on its balance sheet compared to $ 25.2m in cash and cash equivalents and $ 9.1m in debt obligations at December 31, 2011.
"We posted solid results in the first quarter. Specifically, earnings from operations more than doubled for the three months ended March 31, 2012 compared to the same period in 2011. Earnings were driven by strong bottom-line performances in Colorado and Canada. We plan to drive continued growth and considerable value in the long run.” said Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive Officers of Century Casinos.
“Our financial results, including the substantial increase in earnings per share, highlight our long-term commitment to building value for our shareholders through disciplined operating strategies and conservative financial planning. We are actively pursuing domestic and international casino opportunities, where we can leverage our proven development and operating expertise as well as our strong balance sheet and attractive cost of capital." The executives added.