Blow-out qtr
Aztar Reports EPS of $0.34 Before Non-Recurring Tax Benefit
PHOENIX, July 19 /PRNewswire/ -- Aztar Corporation (NYSE: AZR) today
announced the results of its operations for the second quarter, ended
June 29, 2000. Highlights for the quarter were:
-- Earnings per share of $0.34 before a non-recurring tax benefit;
including the tax benefit, earnings were $0.51 per share.
-- Record revenues of $221.0 million, an increase of 7%.
-- Record operating cash flow of $52 million, up 23%.
-- Record operating income of $34.3 million, 40% higher.
Earnings per common share, assuming dilution, were $0.51 compared to
$0.04 in the year-earlier quarter. The second quarter of 2000 included a
non-recurring tax benefit of $7.5 million due to the favorable resolution of
an issue in connection with Internal Revenue Service examinations of the
company's tax returns for years 1989 through 1996. The year-earlier quarter
included a charge equivalent to $0.09 per share for an extraordinary item
related to early redemption of debt.
Operating cash flow, as measured by earnings before interest, taxes,
depreciation, amortization and rent (EBITDAR), was $52.0 million in the second
quarter of 2000, a 23% increase. Operating cash flow now has increased over
the year-earlier quarter in 17 of the last 18 quarters. For the last twelve
months, EBITDAR was $179.7 million.
Long-term debt, including the current portion, decreased to $454 million
from $465 million at the end of the first quarter. Cash and cash equivalents
were $39 million at the end of the second quarter compared to $46 million at
the end of the first quarter. The company's ratio of long-term debt to EBITDA
was 2.8 times, decreasing from 3.0 times at the end of the first quarter.
During the quarter, the company purchased 1.3 million shares of Aztar common
stock at prices ranging from $9.13 per share to $14.94 per share at an average
price of $12.29 per share. There were 40.7 million shares outstanding at the
end of the quarter.
"We are pleased to report the highest quarterly levels of revenues, income
and operating cash flow in our company's history," said Paul E. Rubeli, Aztar
chairman of the board, president and chief executive officer. "Our
significant free cash flow enabled us to continue to aggressively repurchase
our stock and to further strengthen our balance sheet. Our company has never
been stronger and our outlook has never been better. We will continue to
repurchase our stock."
Tropicana Atlantic City
Tropicana Casino and Resort in Atlantic City reported record
second-quarter operating cash flow of $30.7 million, a 19% increase from the
comparable 1999 quarter. This quarter marks the fifteenth straight quarter in
which the property has produced quarterly operating cash flows higher than the
year-earlier quarter.
Revenues at the Atlantic City Tropicana increased 9% and operating cash
flow margin increased to 25.3%. The room occupancy rate was 95% and cash room
revenue increased 13%. Operating cash flow at the Atlantic City Tropicana
during the last twelve months was $109.8 million, a record for the property.
Tropicana Las Vegas
Tropicana Resort and Casino in Las Vegas reported operating cash flow of
$8.7 million, compared with $4.8 million in the 1999 second quarter, an
increase of more than 80%. Revenues increased 9% to $40.9 million and
operating cash flow margin rose to 21.4%. Occupancy for the quarter was
99% and cash room revenue increased 18%. During the last twelve months, the
Las Vegas Tropicana generated $22.1 million of operating cash flow. |
