Colorado Casino Resorts, Inc. Reports 4th Quarter Net Income of
$0.02 per Share; Announces Record Annual Revenues Up 127%
COLORADO SPRINGS, Colo., Jan. 29 /PRNewswire/ -_ Colorado Casino Resorts, Inc. (Nasdaq: CCRI - news)
today reported earnings of $780,000 or $0.02 per share for the fourth quarter ended October 31, 1997. Earnings before
interest, taxes, depreciation and amortization (EBITDA) for the fourth quarter 1997 totaled $2.6 million compared to a
negative EBITDA of $(642,000) for the same quarter last year.
''We are very pleased with the results for the fourth quarter,'' said Rudy Saenz, President and Chief Executive Officer.
''A positive net income in the fourth quarter is an indication that we have turned the corner towards profitability.''
Revenues for the fiscal year ended October 31, 1997 were $24.1 million, an increase of $13.5 million, or 127% from the
$10.6 million recorded in 1996. Generating more than 80% of the total revenues, the Company's Double Eagle Hotel &
Casino contributed significantly to the increase. Total operating expenses were $21.8 million for fiscal year 1997, an
increase of $10.1 million or 86.3% from $11.7 million for fiscal 1996. Total operating expenses as a percentage of total
revenues decreased to 90.6% during fiscal year 1997 from 110.3% during fiscal 1996.
For fiscal year ended October 31, 1997, income from operations amounted to $2.3 million, an increase of $3.4 million or
307.4% from a loss of $(1.1) million for fiscal 1996. As a percentage of total revenues, income from operations increased
to 9.4% during fiscal year 1997 from a loss of (10.3%) during fiscal 1996. EBITDA for fiscal year 1997 amounted to
$4.9 million compared to a negative EBITDA of $(15,500) for fiscal year 1996. Net loss was $(2.9) million or $(0.08)
per share compared to a net loss of $(3.3) million or $(0.10) per share in fiscal year 1996.
Colorado Casino Resorts, Inc.
SUMMARY OF EARNINGS
Fiscal Year Ended October 31, 1997
1997 1996
Revenues $24,075,922 $10,615,318
EBITDA $4,883,815 $(15,478)
Net Loss $(2,896,668) $(3,330,761)
Loss per Share $(0.08) $(0.10)
The Company is continuing to move forward with refinancing its high interest construction loans secured for the
development of the Double Eagle Hotel & Casino. ''Coupled with the growing share of the Cripple Creek market
revenues and a reduction in operating expenses, savings from the reduced interest expense as a result of the debt
restructuring will contribute significantly to the Company's bottom line,'' continued Saenz. ''With strong positive earnings
and a solid balance sheet, we will be able to, not only expand our operations in Cripple Creek, but also pursue growth
opportunities in other gaming jurisdictions.'' |
