| » Corporate Overview |
| » Financial Reports |
| » Annual Reports |
| » Quarterly Reports |
| » SEC Filings |
| » News |
| » Press Releases |
| » Corporate Governance |
| » Board of Directors |
| » Management Team |
| » Code of Conduct/Ethics |
| »Audit Committee Charter |
| » FD Disclosure |
| » Company Profile |
| » FAQ |
|
| < back to Press Releases |
|
Record Breaking Second Quarter
reno - 7/25/2007
MONARCH CASINO REPORTS RECORD BREAKING SECOND QUARTER RESULTS
- Net revenue of $41.6 million
- Income from operations of $10.1 million
- EBITDA(1) of $12.1 million
- Diluted EPS of 36 cents
RENO, NV – July 25, 2007 - Monarch Casino & Resort, Inc. (NASDAQ: MCRI) (the "Company"), owner of the Atlantis Casino Resort Spa in Reno, Nevada, today announced the highest net revenue, income from operations, EBITDA (1) and diluted EPS for a second quarter.
The Company reported record net revenue for a second quarter of $41.6 million, a 10.5% increase over the second quarter of 2006, and announced that the gross revenue generated by each of its revenue centers also was the highest ever reported for a second quarter. Specifically, casino, food and beverage and hotel operations each drove gross revenue increases over the same quarter of the prior year of 13.6%, 4.3% and 9.0%, respectively. Gross casino revenue of $29.3 was the highest ever reported by the Company for any quarter.
The Company announced quarterly income from operations of $10.1 million, EBITDA(1) of $12.1 million and diluted EPS of 36 cents, each of which also were the highest ever reported for a second quarter. Each of the Company’s revenue centers reported improved operating margins as compared to the second quarter of the prior year while selling, general and administrative expense increased slightly by 1.8% to $12.8 million.
The Company remained debt-free during the quarter and increased its cash balance to $51.4 million as of June 30, 2007, an increase of $14.4 million from the $37.0 million balance at December 31, 2006.
Monarch’s CEO and Co-Chairman John Farahi commented on the Company’s performance:
“Our team continues to excel and has delivered another in what has been a long string of record quarters. Total gaming revenues in the Reno market, as reported by the Nevada Gaming Commission, have been slightly lower than in the prior year for eight out of the last ten reported months. We have been able to overcome this market softness by continuing to deliver an experience that engenders loyal patronage from our existing guests and attracts additional guests to the Atlantis.” Mr. Farahi added, “As was previously announced, we broke ground on our latest expansion of the Atlantis in June and expect construction to take approximately twelve months.”
Monarch Casino & Resort, Inc., through its wholly-owned subsidiary, owns and operates the tropically-themed Atlantis Casino Resort Spa in Reno, Nevada. The Atlantis is the closest hotel-casino to, and is directly across the street from, the Reno-Sparks Convention Center. The Atlantis features a Sky Terrace, a unique structure rising approximately 55 feet above street level and spanning 160 feet across Virginia Street with no intermediate support pillars. The Sky Terrace connects the Atlantis to a 16-acre parcel of land owned by the Company, that is compliant with all casino zoning requirements and is suitable and available for future expansion and growth. Currently, the Company uses it as additional paved parking for the Atlantis. The existing Atlantis site offers almost 1,000 guest rooms in three contiguous high-rise hotel towers and a motor lodge. The Atlantis features approximately 51,000 square feet of high-energy casino space with 38 table games and approximately 1,450 slot and video poker machines, a sports book, Keno and a poker room, and offers a variety of dining choices in the form of nine high-quality food outlets.
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 which are subject to change, including, but not limited to, comments relating to (i) future operating performance and (ii) future expansion plans. The actual results may differ materially from those described in any forward-looking statements. Additional information concerning potential factors that could affect the Company’s financial results is included in the Company’s Securities and Exchange Commission filings, which are available on the Company's web site.
|
|
 |
| » Quotes |
| » News |
| » Fundamentals |
| » View Competitors |
| » Short Interest |
| » Charts |
| » Analyst Info Summ. |
| » Recommendations |
| » EPS |
| » Earnings Surprise |
| » Forecast |
| » Momentum |
| » P/E Ratio |
| » Earnings Growth |
| » P/E & Growth Rates |
| » PEG ratio |
| » Holdings/Insiders |
| » Stock Report |
| » Real-Time Filings |
| » Equity Options |
| » Guru Analysis |
|
All NASDAQ links open a new window to nasdaq.com. Monarch is not responsible for content on nasdaq.com.
|
|
