Century Casinos 4Q profit surge 64 pct. |
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Fri, 16 Mar 2007 12:16
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COLORADO SPRINGS, Colo. (AP) - Casino operator Century Casinos Inc. said Friday that its fourth-quarter profit surged 64 percent due to significantly higher casino revenue and a gain on the sale of its interest in Gauteng, South Africa.Quarterly earnings grew to $2.8 million, or 12 cents per share, from $1.7 million, or 7 cents per share, a year ago.Analysts polled by Thomson Financial were expecting net income of 6 cents per share.The current quarter included a $5.2 million gain on the sale of its interest in Gauteng, South Africa.Revenue doubled to $20.3 million from $10.1 million in the previous year. Casino revenue soared to $17.8 million from $8.8 million mostly on the acquisition of a 60 percent majority stake in a casino operation in Newcastle, South Africa, the opening of a casino in Central City, Colo., the opening of a Canadian casino and the continued strong performance of its Caledon, South Africa, subsidiary. Hotel, food and beverage sales rose to $2.1 million from $1.1 million.Consensus estimates put revenue at $19.2 million.Full-year 2006 earnings gained 70 percent to $7.6 million, or 32 cents per share, from $4.5 million, or 25 cents per share, in the prior-year period.Annual revenue climbed 48 percent to $61.7 million versus $41.7 million in 2005.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Century Casinos completes acquisition 