UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2004
o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
COMMISSION FILE NO.: 000-20508
MTR GAMING GROUP, INC.
(exact name of registrant as specified in its charter)
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DELAWARE |
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84-1103135 |
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(State or other jurisdiction |
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(IRS Employer |
STATE ROUTE 2 SOUTH, P.O. BOX 358, CHESTER, WEST VIRGINIA 26034
(Address of principal executive offices)
(304) 387-5712
(Registrant’s telephone number, including area code)
Indicate by check mark whether the Company: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Company was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
COMMON STOCK, $.00001 PAR VALUE
Class
28,580,760
Outstanding at November 4, 2004
MTR GAMING
GROUP, INC.
INDEX FOR FORM 10-Q
2
MTR GAMING GROUP, INC.
CONDENSED AND CONSOLIDATED BALANCE
SHEET
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SEPTEMBER 30 |
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DECEMBER 31 |
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(unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
21,891,000 |
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$ |
26,796,000 |
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Restricted cash |
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400,000 |
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820,000 |
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Accounts receivable, net of allowance for doubtful accounts of $160,000 in 2004 and $152,000 in 2003 |
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4,971,000 |
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6,957,000 |
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Accounts receivable-Lottery Commission |
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5,709,000 |
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859,000 |
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Inventories |
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2,861,000 |
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2,664,000 |
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Deferred financing costs |
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1,784,000 |
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1,412,000 |
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Prepaid taxes |
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— |
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3,071,000 |
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Deferred income taxes |
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1,176,000 |
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1,176,000 |
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Other current assets |
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2,578,000 |
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2,745,000 |
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Total current assets |
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41,370,000 |
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46,500,000 |
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Property and equipment: |
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Land |
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28,757,000 |
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13,286,000 |
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Building |
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168,689,000 |
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148,050,000 |
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Equipment and automobiles |
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76,897,000 |
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67,579,000 |
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Furniture and fixtures |
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16,809,000 |
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15,221,000 |
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Construction in progress |
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7,541,000 |
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11,045,000 |
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298,693,000 |
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255,181,000 |
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Less accumulated depreciation |
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(69,585,000 |
) |
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(55,375,000 |
) |
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229,108,000 |
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199,806,000 |
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Other assets: |
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Goodwill |
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1,492,000 |
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1,492,000 |
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Other intangibles |
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14,850,000 |
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13,789,000 |
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Note receivable |
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2,200,000 |
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2,215,000 |
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Deferred income taxes |
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2,256,000 |
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2,256,000 |
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Deferred financing costs, net of current portion |
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4,811,000 |
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6,052,000 |
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Deposits and other |
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13,297,000 |
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8,431,000 |
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38,906,000 |
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34,235,000 |
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Total assets |
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$ |
309,384,000 |
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$ |
280,541,000 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
3,074,000 |
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$ |
4,591,000 |
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Accrued payroll and payroll taxes |
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2,312,000 |
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2,340,000 |
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Accrued tax liability |
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3,427,000 |
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— |
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Accrued interest |
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6,482,000 |
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3,296,000 |
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Accrued liabilities |
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6,069,000 |
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