International edition
September 25, 2021

Operating cash flow improves 50% versus year-ago period

Global Casinos' third quarter net revenue increases 71%

(US).- Third quarter net revenue increased 71% to us$ 1,584,000 versus net revenue of us$ 928,000 in the third quarter last year. The increase was due largely to Global's March 2008 acquisition of the Doc Holliday Casino in Central City.


he improvement also resulted from a 14 % quarter-over-quarter revenue increase at Global's flagship Bull Durham Casino. Global reported third quarter operating income of us$ 26,000 versus an operating loss of u$ 25,000 in the third quarter a year ago. The company reported a third quarter net loss attributable to common shareholders of us$ 25,000, versus a net loss attributable to common shareholders of us$ 51,000 in the third quarter last year.

Through nine months, net revenue increased 76% to us$ 4,764,000 from us$ 2,714,000 in the comparable period last year. Global reported a loss from operations of us$ 46,000 versus income from operations of us$ 143,000 in the comparable prior-year period. The decline in operating income relates primarily to increased expenses associated with the acquisition of Doc Holliday. Net loss attributable to common shareholders was us$ 218,000, versus net income of us$ 71,000 at the nine-month mark last year.

For the nine months ended March 31, 2009, Global reported cash flow from operations of us$ 547,000, up 50% versus the us$ 365,000 reported at the nine-month mark last year. The company ended the third quarter with cash and cash equivalents of us$ 1,305,000 and total current assets of us$ 1,505,000.

Clifford L. Neuman, President, said: "The continued growth at our legacy Bull Durham Casino continues to buck the trends of the broader gaming industry, which is still being challenged by the weak economy. An outstanding management team, strong loyalty program, superior customer service and advanced player tracking system are collectively fueling Bull Durham's solid quarter-over-quarter growth."

Neuman added: "We continue to focus on implementing similar programs at our Doc Holliday property, and are currently seeking options to fund these investments, as well as to refinance our debt and enhance our working capital position.

"We are preparing to enter the most active period of our fiscal year, and we expect this summer to be particularly busy given the upcoming kick off of expanded gaming in Colorado's casino towns. Beginning July 2, higher wager limits, extended hours of operation and new casino games should begin to attract larger crowds and a broader demographic to our gaming communities. We remain optimistic about the impact these changes, coupled with our internal continuous improvement efforts, could have on Global Casinos' long-range financial performance."

What is your opinion about this article?
  • I like it
    0 votos
  • I don't like it
    0 votos
  • I have not thought about it
    0 votos
Leave your comment
Newsletter Subscription
Subscribe to receive the latest news and updates
Enter a valid email
Complete the captcha
Thank you for registering to our newsletter.
Follow us on Facebook