PR Newswire
COLORADO SPRINGS, Colo., March 9, 2018
COLORADO SPRINGS, Colo., March 9, 2018 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) today announced its financial results for the three months and year ended December 31, 2017.
2017 Highlights*
Fourth Quarter 2017 Highlights*
The Tax Cuts and Jobs Act (the "Tax Act"), enacted on December 22, 2017, increased the Company's income tax expense by $5.4 million during the fourth quarter of 2017 due to the tax law changes that were effective for the 2017 tax year. The increased income tax expense increased net loss attributable to Century Casinos, Inc. shareholders for the fourth quarter of 2017 and decreased net earnings attributable to Century Casinos, Inc. shareholders for the year ended December 31, 2017. See Note 11 to the Company's Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data", of the Company's Annual Report on Form 10-K for the year ended December 31, 2017 for a discussion of the impact of the Tax Act.
"2017 was a good year for Century Casinos. We generated record net operating revenue and Adjusted EBITDA," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, said. "Our largest and most significant project to date, the Century Mile racetrack and casino development in Edmonton, Canada, is on budget and on track for an early 2019 opening," they continued.
The consolidated results for the three months and year ended December 31, 2017 and 2016 are as follows:
Amounts in thousands, except per share data | For the three months | | | | For the year | | | ||||||||
Consolidated Results: | 2017 | | 2016 | | % Change | | 2017 | | 2016 | | % Change | ||||
Net Operating Revenue | $ | 39,293 | | $ | 36,279 | | 8% | | $ | 154,069 | | $ | 139,234 | | 11% |
Earnings from Operations | | 1,706 | | | 3,706 | | (54%) | | | 14,615 | | | 16,165 | | (10%) |
Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders | $ | (5,334) | | $ | 2,798 | | (291%) | | $ | 6,259 | | $ | 9,215 | | (32%) |
| | | | | | | | | | | | | | | |
Adjusted EBITDA** | $ | 5,408 | | $ | 6,323 | | (15%) | | $ | 26,086 | | $ | 25,762 | | 1% |
| | | | | | | | | | | | | | | |
(Loss) Earnings Per Share: | | | | | | | | | | | | | | | |
Basic | $ | (0.20) | | $ | 0.12 | | (267%) | | $ | 0.25 | | $ | 0.38 | | (34%) |
Diluted | $ | (0.19) | | $ | 0.11 | | (273%) | | $ | 0.24 | | $ | 0.37 | | (35%) |
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Consolidated Results*
The table below shows the Company's operating segments that are included in each of the Company's reportable segments as of December 31, 2017:
Reportable Segment | Operating Segment |
Canada | Century Casino & Hotel - Edmonton |
Canada | Century Casino St. Albert |
Canada | Century Casino Calgary |
Canada | Century Downs Racetrack and Casino |
Canada | Century Bets! |
Canada | Century Mile Racetrack and Casino |
United States | Century Casino & Hotel – Central City |
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