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Jacobs Entertainment, Inc. Reports First Quarter Results
(Marketwire Via Acquire Media NewsEdge) GOLDEN, CO, May 13 / MARKET WIRE/ --
Jacobs Entertainment, Inc. ("JEI"), an owner and
operator of multiple gaming properties, today announced unaudited financial
results for its first quarter ended March 31, 2008.
Net revenues for the first quarter of 2008 were $87.0 million compared to
$84.6 million in the first quarter of the previous year. Net income for
the first quarter of 2008 was $911 thousand compared to $2.5 million in the
same quarter of the previous year.
Jacobs Entertainment, Inc. will host a conference call to discuss its
operating results for its first quarter ended March 31, 2008. The
conference call will be held at 12:00 p.m. Eastern Time on Wednesday, May
14, 2008, and will be hosted by Stephen R. Roark, President of Jacobs
Entertainment, Inc., and Ian M. Stewart, President of Pari-Mutuel Wagering
Operations, along with other members of the JEI management team.
To participate in the JEI conference call on Wednesday, May 14, 2008, at
12:00 p.m. Eastern Time, please dial (800) 768-6544 and give confirmation
code 8075413. Please call 5-7 minutes before the call is to begin.
If you are unable to join the JEI conference call, you may access a replay
of the call starting Wednesday, May 14, 2008 at 3:00 p.m. Eastern Time. To
access the replay, please dial 888-203-1112 and reference the confirmation
code 8075413. The replay will run until midnight Eastern Time, Wednesday,
May 21, 2008.
Based in Golden, CO, Jacobs Entertainment is the owner and operator of The
Lodge Casino at Black Hawk and the Gilpin Casino, both located in Black
Hawk, Colorado; the Gold Dust West-Reno Casino in Reno, Nevada; the Gold
Dust West-Carson City Casino in Carson City, Nevada; the Gold Dust
West-Elko Casino in Elko, Nevada (the casino properties); Colonial Downs
Racetrack in Virginia and nine related off-track wagering facilities
located in Virginia; and 18 truck plaza video gaming facilities located in
Louisiana with a share in the gaming revenues of an additional truck plaza
located in Louisiana.
Our business and financial performance are subject to a number of risks and
uncertainties that might adversely affect our operating results in the
future in a material way, such as the intensity of competition, our ability
to meet debt obligations, regulatory compliance, taxation levels, effects
of national and regional economic and market conditions, labor and
marketing costs, success of our diversification plan and the successful
integration of our operations.
JACOBS ENTERTAINMENT, INC.
FINANCIAL HIGHLIGHTS (unaudited)
(dollars in thousands)
SELECTED INCOME STATEMENT DATA
Three Months Ended
March 31,
2008 2007
------------- -------------
Revenues:
Total revenues $ 95,558 $ 91,833
Promotional allowances (8,515) (7,211)
------------- -------------
Net revenues 87,043 84,622
Costs and expenses 79,151 75,296
------------- -------------
Operating income 7,892 9,326
Interest expense, net (6,981) (6,841)
------------- -------------
NET INCOME $ 911 $ 2,485
============= =============
SELECTED BALANCE SHEET DATA
March 31, December 31,
2008 2007
------------- -------------
Total assets $ 357,937 $ 355,798
Total liabilities $ 328,547 $ 327,490
Stockholder's equity $ 29,390 $ 28,308
EBITDA represents earnings before interest, income taxes, depreciation and
amortization and is a non-GAAP financial measure that management believes
is useful because it allows holders of our debt and management to evaluate
and compare the Company's operating results from continuing operations from
period to period in a meaningful and consistent manner in addition to
standard GAAP financial measures. Management internally evaluates the
performance of its segments using EBITDA measures as do most analysts
following the gaming industry. EBITDA is also a key component of certain
financial covenants in the Company's debt agreements. This information
should not be considered as an alternative to any measure of performance as
promulgated under accounting principles generally accepted in the United
States of America, such as net income, nor should it be considered as an
indicator of our overall financial performance. Our calculation of EBITDA
may be different from the calculation used by other companies and
comparability may be limited.
RECONCILIATION OF EBITDA TO NET INCOME
(dollars in thousands)
Three Months Ended
March 31,
2008 2007
--------- ---------
Net income as reported above $ 911 $ 2,485
Add:
Interest expense, net 6,981 6,841
Depreciation and amortization 4,898 4,075
--------- ---------
EBITDA $ 12,790 $ 13,401
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CONTACT:
Jacobs Entertainment, Inc.
Stephen R. Roark
President
303-215-5201
Copyright ? 2008 Marketwire
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