Three Months Ended June 30, Six Months Ended June 30,
----------------- -------- ----------------- --------
2014 2013 Decrease 2014 2013 Decrease
-------- -------- -------- -------- -------- --------
Net revenue (1) $ 47,803 $ 49,651 (3.7%) $ 93,311 $ 95,256 (2.0%)
Adjusted
EBITDA(1)(2) 11,665 14,835 (21.4%) 21,952 26,899 (18.4%)
Net income (1) $ 3,024 $ 6,120 (50.6%) $ 6,300 $ 10,382 (39.3%)
======== ======== ======== ======== ======== ========
Basic EPS $ 0.18 $ 0.38 (52.6%) $ 0.38 $ 0.64 (40.6%)
Diluted EPS $ 0.18 $ 0.37 (51.4%) $ 0.37 $ 0.63 (41.3%)
Monarch Casino & Resort, Inc.
Condensed Consolidated Statements of Income (unaudited)
(in thousands, except per share data)
Three months ended Six months ended
June 30, June 30,
----------------------- -----------------------
2014 2013 2014 2013
----------- ----------- ----------- -----------
(unaudited) (unaudited) (unaudited)
Revenues
Casino $ 36,264 $ 39,792 $ 72,298 $ 76,787
Food and beverage 13,205 12,494 25,470 24,385
Hotel 6,031 6,369 10,675 11,680
Other 2,455 2,315 4,934 4,645
----------- ----------- ----------- -----------
Gross revenues 57,955 60,970 113,377 117,497
Less promotional
allowances (10,152) (11,319) (20,066) (22,241)
----------- ----------- ----------- -----------
Net revenues 47,803 49,651 93,311 95,256
----------- ----------- ----------- -----------
Operating expenses
Casino 15,117 14,923 30,139 29,429
Food and beverage 5,543 4,995 10,514 9,839
Hotel 1,700 1,729 3,084 3,133
Other 912 813 1,787 1,565
Selling, general
and administrative 13,180 12,643 26,411 24,914
Depreciation and
amortization 4,630 4,380 9,324 9,023
Loss on disposition
of assets 249 - 249 -
Colorado ballot
initiative costs 1,004 - 1,004 -
----------- ----------- ----------- -----------
Total operating
expenses 42,335 39,483 82,512 77,903
----------- ----------- ----------- -----------
Income from
operations 5,468 10,168 10,799 17,353
----------- ----------- ----------- -----------
Other expenses
Interest expense (274) (516) (561) (1,082)
----------- ----------- ----------- -----------
Total other
expenses (274) (516) (561) (1,082)
----------- ----------- ----------- -----------
Income
before income
taxes 5,194 9,652 10,238 16,271
Provision for
income taxes (2,170) (3,532) (3,938) (5,889)
----------- ----------- ----------- -----------
Net income $ 3,024 $ 6,120 $ 6,300 $ 10,382
=========== =========== =========== ===========
Earnings per share of common stock
Net income
Basic $ 0.18 $ 0.38 $ 0.38 $ 0.64
Diluted $ 0.18 $ 0.37 $ 0.37 $ 0.63
Weighted average number of common shares and potential
common shares outstanding
Basic 16,788 16,192 16,663 16,170
Diluted 17,104 16,702 17,165 16,537
Monarch Casino & Resort, Inc.
Condensed Consolidated Balance Sheets
(in thousands, except shares)
June 30, December 31,
2014 2013
----------- -----------
ASSETS (unaudited)
Current assets
Cash and cash equivalents $ 17,166 $ 19,330
Receivables, net 3,339 2,628
Income taxes receivable - 608
Inventories 2,426 2,675
Prepaid expenses 3,288 2,830
Deferred income taxes 5,909 5,909
----------- -----------
Total current assets 32,128 33,980
----------- -----------
Property and equipment
Land 28,680 28,680
Land improvements 6,562 6,562
Buildings 150,828 150,828
Buildings improvements 15,897 15,897
Furniture and equipment 135,566 134,425
Construction in progress 11,677 4,891
Leasehold improvements 1,347 1,347
----------- -----------
350,557 342,630
Less accumulated depreciation
and amortization (174,484) (166,993)
----------- -----------
Net property and equipment 176,073 175,637
Other assets
Goodwill 25,111 25,111
Intangible assets, net 7,948 8,531
Deferred income taxes 350 350
Other assets, net 762 914
----------- -----------
Total other assets 34,171 34,906
----------- -----------
Total assets $ 242,372 $ 244,523
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable $ 7,922 $ 8,666
Construction accounts payable 119 -
Accrued expenses 16,971 18,177
Income taxes payable 162 -
----------- -----------
Total current liabilities 25,174 26,843
----------- -----------
Long - term debt 48,900 53,800
----------- -----------
Total liabilities 74,074 80,643
----------- -----------
Stockholders' equity
Preferred stock, $.01 par value, 10,000,000
shares authorized; none issued - -
Common stock, $.01 par value,
30,000,000 shares authorized; 191 191
19,096,300 shares issued;
16,798,207 outstanding at June 30, 2014;
16,482,768 outstanding at December 31, 2013
Additional paid-in capital 22,456 30,926
Treasury Stock,
2,298,093 shares at June 30, 2014;
2,613,532 shares at December 31, 2013 (33,209) (39,797)
Retained earnings 178,860 172,560
----------- -----------
Total stockholders' equity 168,298 163,880
----------- -----------
Total liabilities and
stockholders' equity $ 242,372 $ 244,523
=========== ===========
Monarch Casino & Resort, Inc.
Reconciliation of Adjusted EBITDA to Net Income
(In thousands, Unaudited)
The following table sets forth a reconciliation of Adjusted
EBITDA, a non-GAAP financial measure, to net income, a GAAP
financial measure:
Three months ended Six months ended
June 30, June 30,
--------------------- ---------------------
2014 2013 2014 2013
---------- ---------- ---------- ----------
Adjusted EBITDA (1) $ 11,665 $ 14,835 $ 21,952 $ 26,899
Expenses:
Stock based
compensation (314) (287) (576) (523)
Depreciation and
amortization (4,630) (4,380) (9,324) (9,023)
Colorado ballot
initiative costs (1,004) - (1,004) -
Interest expense (274) (516) (561) (1,082)
Loss on disposition
of assets (249) - (249) -
Provision for
income taxes (2,170) (3,532) (3,938) (5,889)
---------- ---------- ---------- ----------
Net Income $ 3,024 $ 6,120 $ 6,300 $ 10,382
========== ========== ========== ==========
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