Aztar Reports EPS of $0.25 for Quarter
PHOENIX, April 18 /PRNewswire/ -- Aztar Corporation (NYSE: AZR) today
announced the results of its operations for the first quarter ended March 30,
2000. Highlights for the quarter were:
-- Earnings per share of $0.25 per share
-- Record revenues of $211.5 million, an increase of 11%
-- Record operating cash flow of $46.2 million, up 25%
-- Higher operating cash flow, income and margins at each of the
company's operations
Operating income was $28.4 million, 45% higher than in the year-earlier
quarter. Income before income taxes was $16.9 million compared to
$4.8 million. Earnings per common share, assuming dilution, were $0.25
compared to $0.06 in the year-earlier quarter. Operating cash flow, as
measured by earnings before interest, taxes, depreciation, amortization and
rent (EBITDAR), was $46.2 million, a 25% increase over the year-earlier
quarter. Operating cash flow now has increased over the year-earlier quarter
in 16 of the last 17 quarters. For the last twelve months, EBITDAR was
$170 million.
The company's balance sheet at March 30, 2000 reflected a decrease in
long-term debt, including the current portion, to $465 million from
$501 million at December 30, 1999. Cash and cash equivalents were $46 million
at the end of the first quarter compared to $54 million at year end. The
company's ratio of long-term debt to EBITDA improved to 3.0 times. During the
quarter, the company purchased 1.2 million shares of Aztar common stock at
prices ranging from $8.81 per share to $10.88 per share at an average price of
$9.80 per share. There were 41.8 million shares outstanding at the end of the
quarter.
"This was a great quarter for our company, with high-quality earnings at
each of our properties," said Paul E. Rubeli, Aztar chairman of the board,
president and chief executive officer. "We anticipate continuing strong
earnings momentum in the quarters ahead. As we have previously announced, we
expect to use 80 percent of this year's free cash flow to repurchase Aztar
common stock." |
