TNA Earns $1.5 Million USD In Q1 2018
TNA.V Q1 2018 Results (Ending March 31st 2018)
All Numbers Are In US Dollars. Information from SEDAR
Price: $0.22
Common Shares: 124,716,865
Insider/Institutional Holdings: 95,967,855 or 77.51%
Financials
ASSETS (USD)
Property & Equipment: $8,916,932
Goodwill: $6,435,481
Trademarks: $1,185,000
Game License: $55,467
Deposits: $36,678
Inventories: $170,905
Receivable: $19,963
Other Assets: $93,404
Restricted Cash: $3,326,656
Cash: $8,431,973
Total Assets: $28,672,459
LIABILITIES (USD)
Deferred Tax: $279,000
Notes Payable: $5,504,185
Trade Payable: $6,013,996
Current Note Payable: $275,647
Total Liabilities: $12,072,828
Q1 2018 Performance
Sales: $10,174,943
Net Income: $1,482,979
Earnings per share in Q1: $1,482,979 * 1.30(CAD) / 124,716,865 = $0.0155c EPS
Prior Quarters - Revenue Breakdown per quarter
Date – Sales – Net Income
2014 - $30,555,757 - $2,720,669 USD
2015 - $33,338,543 - $3,933,883 USD
2016 - $33,187,853 - $1,909,408 USD
2017 - $35,609,459 - $3,032,901 USD
2018 - $10,174,943 - $1,482,979 USD
Management Discussion Highlights
Net revenues for the quarter ended March 31, 2018 were $10,174,943, an increase of $1,944,969 compared to the same period in the prior year. Table games revenue increased by approximately $1,381,000 as a result of gaming dollars dropped being 21.1% higher than the same period last year, and the hold percentage was up slightly by .1%. Poker revenue increased by approximately $456,000 as a result of making the Palace Lakewood all poker tables effective February 1, 2018. Operating expenses were $8,245,859 in the quarter ended March 31, 2018 compared to $7,620,589 in the prior year quarter. Labor and benefits expenses decreased slightly by approximately $11,000. This decrease was primarily due to the closure of the Palace Tukwila that took place on February 4, 2017. The decrease was offset by the increase in the minimum wage that went from $11.00 to $11.50 effective January 1, 2018. Marketing and administrative increased approximately $356,000 which was primarily due to marketing expenses increasing approximately $420,000 offset by a decrease in management fees of $75,000. The increase in marketing expenses consisted of $207,000 at the Palace Lakewood and $213,000 at the other locations. The Palace Lakewood increase was the result of promoting the location as an all poker facility. The management expenses decreased as the result of terminating the management agreement with Michels Management Services effective December 31, 2017. Gaming taxes and license expenses increased approximately $215,000 as a result of the increased gaming revenue.
The Company’s cash at March 31, 2018 was $11,758,629, compared to $10,043,965 at December 31, 2017. These amounts include “Restricted Cash” balances of $3,326,656 and $2,975,946 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities for the quarter ended March 31, 2018 was $1,838,039 compared to $1,250,501 for the quarter ended March 31, 2017.
The Company’s assets at March 31, 2018 totaled $28,672,459 compared to total liabilities of $12,072,828. At December 31, 2017, total assets were $27,062,630 compared to total liabilities of $11,945,978.
Net revenue increased to $10,174,943 in the quarter ending March 31, 2017 compared to $9,413,335 in the quarter ending December 31, 2017. Gaming dollars dropped increased 3.4% in the current quarter and the hold percentage increased 0.7% compared to the quarter ending December 31, 2017. Operating expenses in the quarter ending March 31, 2018 were $8,245,859 compared to $8,394,959 in the prior quarter. Labor and benefits expense decreased approximately $112,000 in the quarter ending March 31, 2018 compared to the prior quarter. This decrease was primarily due to labor and benefits expense at Palace Lakewood decreasing approximately $154,000 as a result of converting the location to all poker on February 1, 2018.
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