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Monarch Announces First Quarter Results
RENO, Nev. - 4/30/2003
Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (the "Company"), owner and operator of Reno's Atlantis Casino Resort, today announced first quarter results for 2003. For the first quarter ended March 31, 2003 net income was $1,837,927, a 16.0% increase over net income of $1,585,084 during the same period last year. Net income per share (diluted) for the first quarter ended March 31, 2003 was $0.19, compared to last year's first quarter net income per share (diluted) of $0.17. Net revenue for the first quarter ended March 31, 2003 was $27,167,928, a 5.3% increase over the same period last year. EBITDA(1) for the first quarter ended March 31, 2003 was $6,115,358, an increase of 1.0% over the EBITDA of $6,053,300 for the first quarter ended March 31, 2002.
The Company's results were driven by increases in all four revenue centers: Casino revenue ($17.7 million) grew 7.0%, hotel revenue ($4.7 million) grew 7.7%, food and beverage revenue ($8.2 million) grew 2.6%, and other revenue ($886 thousand) grew 6.6% over the same period in 2002.
John Farahi, Monarch's Co-Chairman of the Board and Chief Executive Officer, said, "We are very pleased with our improvement over last year's first quarter numbers. These results speak for the quality of the Atlantis Casino Resort and our team members in a highly competitive environment. Additionally, we are encouraged that gaming revenues in the Reno market have shown modest growth through the first two months of 2003."
Mr. Farahi's comments reflect the Reno market's slight resurgence through the first two months of 2003. According to figures published by the Nevada Gaming Control Board, casino revenues in the Reno market for January and February 2003 are up 5.8% over the same period last year. Figures for March have not yet been released.
Monarch Casino & Resort, Inc. also announced today that the Company's 2003 Annual Meeting of Stockholders will be held on Thursday, June 12, 2003, at 10:00 a.m. local time, at the Company's Atlantis Casino Resort, 3800 South Virginia Street, Reno, Nevada 89502. The record date for stockholders entitled to vote at the Annual Meeting is Friday, May 2, 2003.
During the first quarter, the Company bought back 180,000 shares of its common stock pursuant to its stock repurchase program announced on March 10, 2003. The Company also paid down approximately a net amount of $4.3 million of its debt outstanding during the first quarter of 2003.
A conference call discussing the Company's first quarter results will be hosted by John Farahi and Ben Farahi, Co-chairman and Chief Financial Officer, at 4:30 P.M. Eastern Time today. To listen in on the call, please dial (800) 341-2312 and enter passcode 9075, approximately five minutes prior to the start of the call to register. A replay of the call will be available until May 7, and it can be accessed by dialing (800) 756-3819, passcode 009075. A script of the conference call will also be available on the Company's website, www.monarchcasino.com, until May 7, 2003.
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