entury Casinos, Inc. announced its financial results for the three months ended March 31, 2019. "We are pleased with the 12% net operating revenue growth this quarter, with all reportable segments contributing to the increased results. Adjusted EBITDA growth was impacted by $0.7 million of additional non-recurring expenses related to the opening of our newest property, Century Mile Racetrack and Casino," remarked Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos.
"Century Mile began operating the northern-Alberta pari-mutuel network at the beginning of the year contributing to the $1.6 million revenue growth in the Canada reportable segment," they continued. "We had a successful grand opening at Century Mile in April and are excited about the success this property has had in its first month of operation," Haitzmann and Hoetzinger concluded.
The company's net operating revenue increased by $5.0 million, or 12%, compared to the same quarter of the prior year, to amount $45.6 million. Earnings from operations increased by $0.2 million, or 6% year-on-year in Q1, to reach $3.4 million.
Net earnings attributable to Century Casinos’ shareholders increased by $0.1 million to amount $1.1 million, up 15%. Basic and diluted earnings per share were $0.04, an increase of 33%. Book value per share at March 31, 2019, was $6.08.
Items deducted from or added to earnings from operations to arrive at net earnings attributable to Century Casinos’ shareholders include interest income, interest expense, gains on foreign currency transactions and other, income tax expense and non-controlling interests.
The company's Adjusted EBITDA was $6.7 million, increasing by $0.1 million, or 2%, for the first three months of the year, compared to the same period of prior year.