Might as well document the 2nd quarter earnings in case this stock
ever gets hot and someone wants to quickly research it.
Friday May 15, 4:03 pm Eastern Time
Company Press Release
SOURCE: Casino Resource Corporation
Casino Resource Corporation Reports Second Quarter Results
OCEAN SPRINGS, Miss., May 15 /PRNewswire/ -- Casino Resource Corporation (Nasdaq: CSNR - news), a Minnesota corporation headquartered in Ocean Springs, Miss., announced today results for the second quarter ended March 31, 1998.
For the three months ended March 31, 1998, the Company reported a net loss of $1,988,000 or $0.20 per share (9,798,324 weighted average shares outstanding) on revenues of $1.1 million compared to a net loss of $967,000 or $0.10 per share (10,043,364 weighted average shares outstanding) on revenues of $1.3 million for the comparable restated fiscal 1997 period.
For the six months ended March 31, 1998, the Company reported a net loss of $2,985,000 or $0.30 per share (9,846,366 weighted average shares outstanding) on revenues of $5.2 million compared to a net loss of $308,000 or $0.03 per share (9,988,231 weighted average shares outstanding) on revenues of approximately $4.1 million for the comparable restated fiscal 1997 period.
According to CFO, Maurice Gaudet, ''We historically report a loss for the second quarter when our entertainment venues are closed for the season. In addition, the initial start-up, amortization of $1.3 million of pre-opening expenses over 12 months, and initial operating losses of Casino Caraibe, our newest property in Tunisia, North Africa, have significantly impacted the quarter as well.''
According to CEO, Jack Pilger, ''As previously reported, the Company anticipated that Casino Caraibe will begin cash flowing positively in the month of May. On Monday, we will be reporting results for the first two weeks of May. Early indications have shown that results have been better than expected.''
CASINO RESOURCE CORPORATION
SUMMARY OF OPERATING RESULTS
(in thousands of dollars)
Unaudited
Three Months Ended Six Months Ended
03-31-98 03-31-97 03-31-98 03-31-97
(restated) (restated)
RESULTS
Revenues $1,067 $1,326 $5,249 $4,087
Loss from Continuing
Operations $(2,077) $(1,190) $(3,357) $(725)
Income from Discontinued
Operations $89 $223 $372 $417
Net Loss $(1,988) $(967) $(2,985) $(308)
PER COMMON SHARE
Loss from Continuing
Operations $(0.21) $(0.12) $(0.34) $(0.07)
Income from Discontinued
Operations $0.01 $0.02 $0.04 $0.04
Net Loss $(0.20) $(0.10) $(0.30) $(0.03)
Weighted average shares
outstanding 9,798,324 10,043,364 9,846,366 9,988,231
These statements are forward looking in nature and involve a certain number of risks and
uncertainties. Actual results may differ materially. The Company wishes to caution readers not to
place undue reliance on any such forward looking statements, which statements are made pursuant
to the Private Securities Litigation Reform Act of 1995, and as such, speak only as to the date
made.
Casino Resource Corporation is a diversified entertainment, hospitality and gaming enterprise. The Company owns and operates the 2,000-seat Country Tonite Theatre in Branson, Mo. and leases and operates the 1,500-seat Country Tonite Theatre in Pigeon Forge, Tenn. In addition, the Company owns Country Tonite Enterprises, an award-winning theatrical production company in Las Vegas, Nev. (producers of the ''Country Tonite Show''); and the Grand Hinckley Inn, located in Hinckley, Minn., adjacent to the Grand Casino. Further, the Company has entered into strategic alliances with Harrah's Entertainment for the development of Indian gaming properties in Michigan and Indiana. The Company has opened and operates a casino and 500-seat theatre in Sousse, Tunisia.
SOURCE: Casino Resource Corporation |
