Three Months Ended June 30, Six Months Ended June 30,
--------------------- ---------- --------------------- ----------
2016 2015 Increase 2016 2015 Increase
---------- ---------- ---------- ---------- ---------- ----------
Net revenue $ 54,578 $ 50,013 9.1% $ 104,327 $ 97,184 7.3%
Adjusted
EBITDA (1) 13,765 12,483 10.3% 24,807 23,358 6.2%
Net income $ 5,695 $ 5,099 11.7% $ 10,270 $ 9,142 12.3%
========== ========== ========== ========== ========== ==========
Basic EPS $ 0.33 $ 0.30 10.0% $ 0.60 $ 0.54 11.1%
Diluted EPS $ 0.32 $ 0.29 10.3% $ 0.58 $ 0.53 9.4%
(1) Definitions, disclosures and reconciliations of non-GAAP financial information are included later in the release.
--------------------------------------------------
Total Spent Through
June 30, Left to Estimated
Cost 2016 Spend Completion Date
--------- ------------ --------- -----------------
I. Existing Facility
Monarch Casino
Black Hawk (1) $76 $76 - Completed
Existing Facility Interior completed;
Upgrade (2)(3) $34-$36 $18 $16-$18 Exterior 2016-2017
--------- ------------ ---------
Total Existing
Facility $110-$112 $94 $16-$18
--------- ------------ ---------
II. Expansion
Acquired Land
Parcels $10 $10 - Completed
Parking
Structure (3) $38-$41 $35 $3-$6 3Q16
Hotel Tower &
Casino (4) $229-$234 - $229-$234 1Q19
Other (3) $8-$10 $9 $0-$1 1Q19
--------- ------------ ---------
Total Expansion $285-$295 $54 $231-$241
--------- ------------ ---------
Total Cost $395-$407 $148 $247-$259
========= ============ =========
MONARCH CASINO & RESORT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
(Unaudited)
Three months ended Six months ended
June 30, June 30,
----------------------- -----------------------
2016 2015 2016 2015
----------- ----------- ----------- -----------
Revenues
Casino $ 41,999 $ 38,551 $ 81,731 $ 75,990
Food and beverage 15,546 13,975 28,960 27,078
Hotel 6,034 5,828 11,137 10,565
Other 2,828 2,668 5,499 5,268
----------- ----------- ----------- -----------
Gross revenues 66,407 61,022 127,327 118,901
Less promotional
allowances (11,829) (11,009) (23,000) (21,717)
----------- ----------- ----------- -----------
Net revenues 54,578 50,013 104,327 97,184
----------- ----------- ----------- -----------
Operating expenses
Casino 17,435 16,228 34,765 32,564
Food and beverage 6,411 5,524 12,191 10,743
Hotel 1,866 1,676 3,480 3,195
Other 988 1,114 1,947 2,048
Selling, general
and administrative 14,536 13,317 27,687 25,896
Depreciation and
amortization 3,790 4,108 7,490 8,239
Loss (gain) on
disposition of
assets 607 (2) 663 (20)
----------- ----------- ----------- -----------
Total operating
expenses 45,633 41,965 88,223 82,665
----------- ----------- ----------- -----------
Income from
operations 8,945 8,048 16,104 14,519
----------- ----------- ----------- -----------
Other expenses
Interest expense (60) (181) (145) (400)
----------- ----------- ----------- -----------
Total other
expenses (60) (181) (145) (400)
----------- ----------- ----------- -----------
Income before
income taxes 8,885 7,867 15,959 14,119
Provision for
income taxes (3,190) (2,768) (5,689) (4,977)
----------- ----------- ----------- -----------
Net income $ 5,695 $ 5,099 $ 10,270 $ 9,142
=========== =========== =========== ===========
Earnings per share of common stock
Net income
Basic $ 0.33 $ 0.30 $ 0.60 $ 0.54
Diluted $ 0.32 $ 0.29 $ 0.58 $ 0.53
Weighted average number of
common shares and potential
common shares outstanding
Basic 17,259 16,894 17,235 16,858
Diluted 17,579 17,302 17,560 17,250
MONARCH CASINO & RESORT, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except shares)
June 30, December 31,
2016 2015
------------ ------------
ASSETS (Unaudited)
Current assets
Cash and cash equivalents $ 19,296 $ 21,164
Receivables, net 3,803 3,729
Income taxes receivable 1,839 611
Inventories 2,898 2,881
Prepaid expenses 3,769 3,402
------------ ------------
Total current assets 31,605 31,787
------------ ------------
Property and equipment
Land 29,549 29,549
Land improvements 6,701 6,701
Buildings 152,246 150,966
Buildings improvements 24,503 23,255
Furniture and equipment 134,063 134,704
Construction in progress 46,249 37,424
Leasehold improvements 1,347 1,347
------------ ------------
394,658 383,946
Less accumulated depreciation
and amortization (184,266) (180,792)
------------ ------------
Net property and equipment 210,392 203,154
Other assets
Goodwill 25,111 25,111
Intangible assets, net 5,617 6,200
Deferred income taxes 7,415 7,415
Other assets, net 1,027 1,179
------------ ------------
Total other assets 39,170 39,905
------------ ------------
Total assets $ 281,167 $ 274,846
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current portion of long-term debt $ - $ 40,900
Accounts payable 8,002 6,747
Construction accounts payable 1,406 1,407
Accrued expenses 20,591 21,873
------------ ------------
Total current liabilities 29,999 70,927
------------ ------------
Long-term debt 35,000 -
------------ ------------
Total liabilities 64,999 70,927
------------ ------------
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;
17,316,338 outstanding at
June 30, 2016;
17,202,699 outstanding at
December 31, 2015
Additional paid - in capital 22,630 22,728
Treasury stock,
1,779,962 shares at June 30, 2016;
1,893,601 shares at December 31, 2015 (24,327) (26,404)
Retained earnings 217,674 207,404
------------ ------------
Total stockholders' equity 216,168 203,919
------------ ------------
Total liabilities and
stockholders' equity $ 281,167 $ 274,846
============ ============
MONARCH CASINO & RESORT, INC. AND SUBSIDIARIES
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,
--------------------- ---------------------
2016 2015 2016 2015
---------- ---------- ---------- ----------
Adjusted EBITDA (1) $ 13,765 $ 12,483 $ 24,807 $ 23,358
Expenses:
Stock based
compensation (423) (329) (550) (620)
Depreciation and
amortization (3,790) (4,108) (7,490) (8,239)
Interest expense,
net of amount
capitalized (60) (181) (145) (400)
Gain (loss) on
disposition of
assets (607) 2 (663) 20
Provision for
income taxes (3,190) (2,768) (5,689) (4,977)
---------- ---------- ---------- ----------
Net income $ 5,695 $ 5,099 $ 10,270 $ 9,142
========== ========== ========== ==========
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Reno, Nevada 89502
Phone 775.335.4600
Fax 775.332.9171
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