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Delaware |
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41-1659606 | |
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(State or other jurisdiction |
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(I.R.S. Employer | |
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of incorporation or organization) |
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Identification Number) | |
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1641 Popps Ferry Road, Biloxi, Mississippi |
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39532 | |
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(Address of principal executive offices) |
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(Zip Code) | |
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Registrant's telephone number, including area code: |
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(228) 396-7000 | |
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PAGE | |||
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PART I FINANCIAL INFORMATION |
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ITEM 1. FINANCIAL STATEMENTS |
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CONSOLIDATED BALANCE SHEETS, JULY 25, 2004 (UNAUDITED) |
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AND APRIL 25, 2004 |
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CONSOLIDATED STATEMENTS OF INCOME FOR THE THREE MONTHS |
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ENDED JULY 25, 2004 AND JULY 27, 2003 (UNAUDITED) |
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CONSOLIDATED STATEMENT OF STOCKHOLDERS EQUITY FOR THE THREE |
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MONTHS ENDED JULY 25 2004 (UNAUDITED) |
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CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS |
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ENDED JULY 25, 2004 AND JULY 27, 2003 (UNAUDITED) |
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7 | ||||
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ITEM 2. MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION |
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AND RESULTS OF OPERATION |
24 | |||
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK |
34 | |||
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ITEM 4. CONTROLS AND PROCEDURES |
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PART II OTHER INFORMATION |
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ITEM 1. LEGAL PROCEEDINGS |
36 | |||
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ITEM 2. CHANGES IN SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASES OF |
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EQUITY SECURITIES |
37 | |||
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ITEM 3. DEFAULTS UPON SENIOR SECURITIES |
37 | |||
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ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS |
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ITEM 5. OTHER INFORMATION |
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ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K |
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40 | ||||
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ASSETS |
July 25, |
April 25, |
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2004 |
2004 |
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(Unaudited) |
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Current assets: |
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Cash and cash equivalents |
$ |
151,024 |
$ |
134,582 |
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Accounts receivable |
11,755 |
10,427 |
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Income tax receivable |
- |
2,860 |
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Deferred income taxes |
11,139 |
11,283 |
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Prepaid expenses and other assets |
23,800 |
16,169 |
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Total current assets |
197,718 |
175,321 |
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Property and equipment, net |
914,824 |
907,460 |
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Other assets: |
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Goodwill |
334,015 |
333,780 |
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Other intangible assets |
72,358 |
72,349 |
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Deferred financing costs, net |
22,609 |
23,340 |
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Restricted cash |
2,541 |
2,482 |
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Prepaid deposits and other |
8,787 |
9,303 |
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Total assets |
$ |
1,552,852 |
$ |
1,524,035 |
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LIABILITIES AND STOCKHOLDERS' EQUITY |
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Current liabilities: |
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Current maturities of long-term debt |
$ |
8,854 |
$ |
8,040 |
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Accounts payable trade |
19,205 |
21,725 |
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Accrued liabilities: |
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Interest |
22,819 |
10,311 |
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Payroll and related |
44,777 |
45,588 |
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Property and other taxes |
19,994 |
17,167 |
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Income taxes |
4,689 |
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Progressive jackpots and slot club awards |
15,932 |
14,828 |
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Other |
24,683 |
21,856 |
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Total current liabilities |
160,953 |
139,515 |
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Long-term debt, less current maturities |
1,081,115 |
1,080,824 |
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Deferred income taxes |
21,789 |
21,825 |
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Deferred state income taxes |
8,191 |
8,191 |
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Other accrued liabilities |
12,491 |
12,091 |
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Minority interest |
21,579 |
20,183 |
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Stockholders' equity: |
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Preferred stock, $.01 par value; 2,000 shares authorized; none issued |
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Common stock, $.01 par value; 45,000 shares authorized; shares issued and |
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outstanding: 33,128 at July 25, 2004 and 33,055 at April 25, 2004 |
331 |
330 |
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Class B common stock, $.01 par value; 3,000 shares authorized; none issued |
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- |
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Additional paid-in capital |
143,124 |
143,385 |
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Unearned compensation |
(2,166 |
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(1,413 |
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Retained earnings |
138,704 |
128,095 |
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Accumulated other comprehensive income |
1,174 |
521 |
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281,167 |
270,918 |
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Treasury stock, 3,615 shares at July 25, 2004 and 3,338 shares at April 25, 2004 |
(34,433) |
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(29,512) |
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Total stockholders' equity |
246,734 |
241,406 |
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Total liabilities and stockholders' equity |
$ |
1,552,852 |
$ |
1,524,035 |
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Three Months Ended | ||||||
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July 25, |
July 27, | |||||
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2004 |
2003 |
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Revenues: |
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Casino |
$ |
284,195 |
$ |
288,783 |
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Rooms |
12,925 |
11,860 |
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Pari-mutuel commissions and fees |
4,439 |
4,718 |
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Food, beverage and other |
36,681 |
37,657 |
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Gross revenues |
338,240 |
343,018 |
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Less promotional allowances |
57,368 |
57,267 |
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Net revenues |
280,872 |
285,751 |
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Operating expenses: |
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Casino |
45,662 |
46,419 |
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Gaming taxes |
62,944 |
62,219 |
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Rooms |
2,838 |
2,572 |
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Pari-mutuel |
3,470 |
3,481 |
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Food, beverage and other |
9,346 |
8,571 |
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Marine and facilities |
17,131 |
16,080 |
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Marketing and administrative |
78,929 |
78,717 |
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Preopening |
55 |
291 |
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Depreciation and amortization |
23,623 |
21,617 |
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Total operating expenses |
243,998 |
239,967 |
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Operating income |
36,874 |
45,784 |
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Interest expense, net |
(17,400) |
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(21,098) |
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Minority interest |
(2,133) |
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(2,833) |
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Income before income taxes |
17,341 |
21,853 |
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Income taxes |
6,732 |
8,301 |
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Net income |
$ |
10,609 |
$ |
13,552 |
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Net income per common share-basic |
$ |
0.36 |
$ |
0.46 |
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Net income per common share-diluted |
$ |
0.35 |
$ |
0.45 |
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Weighted average basic shares |
29,686 |
29,146 |
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Weighted average diluted shares |
30,749 |
30,355 |
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Accumulated |
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Other |
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Shares of |
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Additional |
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Unearned |
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Compre- |
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Total |
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Common |
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Common |
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Paid-in |
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Compen- |
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Retained |
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hensive |
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Treasury |
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Stockholders' |