International edition
June 24, 2021

Net operating revenue increased by us$ 2.3 million, or 16%, for the period

Century Casinos announced third quarter 2010 results

(US).- Century Casinos announced its financial results for the three and nine months ended September 30, 2010. Net operating revenue for the third quarter was us$ 16 million, a 16% increase from third quarter 2009.

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We are pleased with our overall performance for the third quarter, especially when considering the current North American gaming environment," said Erwin Haitzmann and Peter Hoetzinger. Co-Chief Executive Officers of Century Casinos. "We look forward to completing the renovation work at our new casino in Calgary in mid November and to start operating the property under the Century Casino brand."

Third Quarter 2010 Results

Net operating revenue increased by us$ 2.3 million, or 16%, for the three months ended September 30, 2010 compared to the three months ended September 30, 2009. The increase in net operating revenue is mainly attributable to the acquisition of the Calgary property, additional revenue generated from two new cruise line agreements and an increase in revenue in Central City and Edmonton, slightly offset by a decrease in Cripple Creek.

Operating earnings from continuing operations decreased 6% for the three months ended September 30, 2010 compared to the three months ended September 30, 2009. Operating earnings generated by the company's Century Casino & Hotel in Central City increased by us$ 0.1 million as it continues to benefit from increased revenue as well as cost controlling measures. These earnings were offset by a us$ 0.1 million decrease for the firm's Century Casino & Hotel in Cripple Creek. Adjusted EBITDA declined us$ 130,000 or 5%, to us$ 2.4 million in the three months ended September 30, 2010 compared to the three months ended September 30, 2009.

Net earnings per share (EPS) for the three months ended September 30, 2010 was us$ 0.01, an increase from a net loss per share of us$ 0.03 for the three months ended September 30, 2009. The EPS increase is primarily due to an increase in net earnings caused by us$ 1.3 million in interest expense savings for the three months ended September 30, 2010 compared to the three months ended September 30, 2009, related to the repayment of the Company's third party debt in Colorado.

Nine Month 2010 Results

Net operating revenue increased by us$ 7.5 million, or 20%, for the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009. The increase in net operating revenue is mainly attributable to the acquisition of the Calgary property, additional revenue generated from two new cruise line agreements and an increase in revenue in Edmonton, slightly offset by a decrease in Cripple Creek.

Operating earnings from continuing operations increased by us$ 0.8 million or 118%, for the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009. The increase is primarily due to us$ 0.8 million in cost savings in the corporate segment. Corporate cost savings increased primarily due to a reduction in the amount of stock compensation and overall corporate expenses recognized during the nine months ended September 30, 2010 compared to the nine months for the same period last year. Adjusted EBITDA for the nine months ended September 30, 2010 improved 5% to us$ 6.5 million compared to the nine months ended September 30, 2009.

EPS for the nine months ended September 30, 2010 was us$ 0.01, compared to EPS of $0.79 for the nine months ended September 30, 2009. Excluding discontinued operations, EPS from continuing operations for the nine months ended September 30, 2010 was us$ 0.01 compared to a loss per share from continuing operations for the nine months ended September 30, 2009 of us$ 0.15. The increase in EPS from continuing operations is primarily due to us$ 2.6 million in interest expense savings for the nine months ended September 30, 2010 compared to the nine months ended September 30, 2009 related to the repayment of the company's third party debt in Colorado in the third and fourth quarter of 2009, as well as the 118% increase in operating earnings from continuing operations.

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