BLACK HAWK, Colo., Aug. 6 /PRNewswire/ -- Jacobs Entertainment, Inc.
(JEI), an owner and operator of multiple gaming properties, today announced
unaudited financial results for its second quarter and six-month period ended
June 30, 2004.
Net revenue for the second quarter of 2004 was $48.3 million compared to
$43.4 million in the second quarter in the previous year. Net income for the
second quarter of 2004 was $2.6 million compared to net income of $1.0 million
in the same quarter in the previous year.
Net revenue for the six-month period ended June 30, 2004 was $94.2 million
compared to $85.1 million for the six-month period ended June 30, 2003. Net
income for the six-month period ended June 30, 2004 was $6.3 million compared
to $2.5 million for the same period in the previous year.
JEI will host a conference call to discuss its second quarter and
six-month 2004 operating results. The conference call will be held at
11:00 a.m. Eastern Time on Monday, August 9, 2004, and will be hosted by
Stephen R. Roark, President of Casino Operations and CFO for JEI and Ian M.
Stewart, President of Pari-Mutuel and Video Poker Operations, along with other
members of the management team of various subsidiary companies of JEI.
To participate in the JEI conference call on Monday, August 9, 2004, at
11:00 a.m. Eastern Time, please dial (800) 262-1292 and give confirmation code
260092. 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 Monday, August 9, 2004, at 2:00 p.m. Eastern Time. To
access the replay, please dial (888) 203-1112 and reference the confirmation
code 260092. The replay will run until Midnight Eastern Time, Monday,
August 16, 2004.
Based in Black Hawk, Colorado, Jacobs Entertainment is the owner and
operator of the Lodge Casino at Black Hawk, the Gilpin Hotel Casino in Black
Hawk, The Gold Dust West Casino in Reno, Nevada (the casino properties),
Colonial Downs Racetrack, and five related off-track wagering facilities in
Virginia and seven truck plaza video gaming facilities 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: 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.
CONTACT: Jacobs Entertainment, Inc.
Stephen R. Roark, President of Casino Operations and
Chief Financial Officer
303-582-1117 ext. 7249
JACOBS ENTERTAINMENT, INC.
FINANCIAL HIGHLIGHTS (unaudited)
(dollars in thousands)
SELECTED INCOME STATEMENT DATA
Three Months Ended Six Months Ended
June 30 June 30
2004 2003 2004 2003
Revenue:
Casinos $27,099 $23,875 $54,167 $46,944
Truck stops 6,146 5,962 12,601 12,540
Pari mutuel 8,863 7,896 16,548 14,585
Food, beverage,
fuel & other 11,057 10,752 20,869 20,910
Promotional allowances (4,857) (5,064) (9,942) (9,897)
Net revenue $48,308 $43,421 $94,243 $85,082
Total Cost and Expenses $40,782 $37,630 $78,218 $72,930
Net Income $2,646 $1,010 $6,270 $2,461
SELECTED BALANCE SHEET DATA
June 30 December 31
2004 2003
Total Assets $245,606 $236,573
Total Liabilities $171,901 $169,138
Stockholders' Equity $73,705 $67,435
EBITDA (earnings before interest, taxes, depreciation and amortization)
is a non-GAAP financial measure that management believes is useful because it
allows investors 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 properties
using EBITDA measures as do most analysts following the gaming industry.
EBITDA is also a 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.
EBITDA RECONCILIATION
(dollars in thousands)
Three Months Ended Six Months Ended
June 30 June 30
2004 2003 2004 2003
Net income as reported above $2,646 $1,010 $6,270 $2,461
Add:
Interest, net 4,880 4,781 9,755 9,691
Depreciation and amortization 2,481 2,212 4,909 4,363
EBITDA $10,007 $8,003 $20,934 $16,515
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SOURCE Jacobs Entertainment, Inc.
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CONTACT:
Stephen R. Roark, President of Casino
Operations and Chief Financial Officer of Jacobs Entertainment,
Inc., +1-303-582-1117, ext. 7249
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