Penn National Gaming First Quarter Revenue Rises 8.4% to $798.2 Million and Adjusted EBITDA Increase

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Penn National Gaming First Quarter Revenue Rises 8.4% to $798.2 Million and Adjusted EBITDA Increases 10% to $220.7 Million

- Establishes 2013 Second Quarter Guidance and Updates 2013 Full Year Guidance -


WYOMISSING, Penn.--(BUSINESS WIRE)-- Penn National Gaming, Inc. (PENN: Nasdaq):

      

Conference Call:

    

Today, April 18, 2013 at 11:00 a.m. ET

Dial-in number:

212/231-2930

Webcast:

www.pngaming.com

 

Replay information provided below

 

Penn National Gaming, Inc. (PENN: Nasdaq) today reported first quarter operating results for the three months ended March 31, 2013, as summarized below:

   

Summary of First Quarter Results

      
(in millions, except per share data)    

Three Months Ended
March 31,

     2013 Actual   

2013 Guidance
(2)

   2012 Actual
Net revenues    $798.2    $799.2    $736.1 
Adjusted EBITDA (1)     220.7     224.2     200.7 

Less: Impact of stock compensation, insurance recoveries
and deductible charges, depreciation and amortization, gain/loss on
disposal of assets, interest expense - net, income taxes, and other
expenses

     (155.4)    (155.9)    (122.1)
Net income    $65.3    $68.3    $78.6 
              
Diluted earnings per common share    $0.63    $0.64    $0.74 
          
(1)  Adjusted EBITDA is income (loss) from operations, excluding the impact of stock compensation, insurance recoveries and deductible charges, depreciation and amortization, and gain or loss on disposal of assets, and is inclusive of gain or loss from unconsolidated affiliates. A reconciliation of net income (loss) per accounting principles generally accepted in the United States of America ("GAAP") to adjusted EBITDA, as well as income (loss) from operations per GAAP to adjusted EBITDA, is included in the accompanying financial schedules.
 
(2)The figures in this column present the guidance Penn National provided on January 31, 2013 for the three months ended March 31, 2013.
 
 

Review of First Quarter 2013 Results vs. Guidance and First Quarter 2012 Results

                 
       Three Months   
Ended
March 31, 2013
        Pre-tax   After-tax
        (in thousands)
Income, per guidance (1)       $111,978    $68,306 
East/West segment variance        1,985     1,216 
Southern Plains segment variance        1,944     1,191 
Midwest and Other segment variance        343     210 
Spin-off transaction costs        (2,335)    (1,398)
Development costs        (1,916)    (1,147)
Liability based stock compensation charges        (3,436)    (2,057)
Loss on disposals        (2,324)    (2,324)
Other (2)        1,799     1,090 
Tax rate variance from guidance        -     184 
             
Income, as reported       $108,038    $65,271 
   
 
                 
Three Months Ended
March 31,
         2013    2013 Guidance (1)    2012 
Diluted earnings per common share       $0.63    $0.64    $0.74 
Spin-off transaction costs        0.01     -     - 
Development costs        0.01     -     - 
Liability based stock compensation charges        0.02     -     - 
Loss on disposals        0.02     -     - 
Other        -     -     0.01 
Share count variance (3)        -     0.02     - 
Gain on Hollywood Casino Tunica flood claim        -     -     (0.02 Read Full Story

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