Colorado Springs, Colorado, May 11, 2009 - Century Casinos, Inc. (NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) announced today the financial results for the three months ended March 31, 2009.
For the first quarter of 2009, net operating revenue from continuing operations was $11,999,000 (operating results from discontinued operations have been excluded from this discussion) and consolidated Adjusted EBITDA* was $2,099,000. This represents an 11% decrease in net operating revenue from continuing operations over the same quarter of last year ($13,530,000 in the first quarter of 2008) and an 8% increase in consolidated Adjusted EBITDA* ($1,947,000 in the first quarter of 2008). We experienced a decline in net operating revenue at our properties in Colorado, primarily due to a decrease in our market share of the Cripple Creek, Colorado gaming market (at Womacks) and a decline in the overall gaming market in Central City, Colorado (at the Century Casino and Hotel). Net operating revenue in Edmonton, as reported in U.S. dollars, was 14% lower than the same period in 2008 but increased by 7% in the local currency (Canadian dollar). The reported results were negatively affected by a 24% decrease in the average exchange rate between the U.S. dollar and Canadian dollar in the first quarter of 2009 compared to the first quarter of 2008. Operating earnings from continuing operations increased to $176,000 in the first quarter of 2009 compared to a loss of $66,000 in the first quarter of 2008.
The Company reported a loss from continuing operations of $1,473,000, or ($0.07) per basic and fully diluted share for the first quarter of 2009. The Company reported a loss from continuing operations of $568,000, or ($0.02) per basic and fully diluted share, for the first quarter of 2008. Foreign currency losses reduced basic and fully diluted earnings per share by $0.02 for the first quarter of 2009 and foreign currency gains increased basic and fully diluted earnings per share by $0.01 for the first quarter of 2008. During the third quarter of 2008, the Company established a valuation allowance on its U.S. deferred taxes. The tax effect on net operating income or losses incurred in the U.S. will reduce or increase this valuation allowance. As a result, during the first quarter of 2009, the Company did not recognize tax benefits of $500,000 on operating losses incurred in the U.S. The Company has accumulated deferred tax assets of $4.2 million which can be applied against the tax on potential future US income.Including discontinued operations, the Company reported net earnings of $345,000, or $0.01 per basic and fully diluted share, for the first quarter of 2009. During the first quarter of 2009, the Company reported a gain of $877,000, or $0.04 per basic and fully diluted share, on the previously reported disposition of the Century Casino Millennium. The Company reported net earnings of $541,000, or $0.02 per basic and fully diluted share, for the first quarter of 2008.
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