-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, KFb1IdRKu/ZgOMNqmtOW3TaCzLdc8AtEHYa9NGFaZcBxfYzQ3ZbkYTkkkDPZLZqZ ns6xAdDsYxtJSatjYlMVOA== 0000016095-94-000012.txt : 19940523 0000016095-94-000012.hdr.sgml : 19940523 ACCESSION NUMBER: 0000016095-94-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940517 ITEM INFORMATION: Other events FILED AS OF DATE: 19940517 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CAESARS WORLD INC CENTRAL INDEX KEY: 0000016095 STANDARD INDUSTRIAL CLASSIFICATION: 7990 IRS NUMBER: 590773674 STATE OF INCORPORATION: FL FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-05976 FILM NUMBER: 94529181 BUSINESS ADDRESS: STREET 1: 1801 CENTURY PARK E STE 2600 CITY: LOS ANGELES STATE: CA ZIP: 90067 BUSINESS PHONE: 3105522711 MAIL ADDRESS: STREET 1: 1801 CENTURY PARK EAST STREET 2: SUITE 2600 CITY: LOS ANGELES STATE: CA ZIP: 90067 FORMER COMPANY: FORMER CONFORMED NAME: LUMS INC DATE OF NAME CHANGE: 19720123 8-K 1 FORM 8-K DATED MAY 17, 1994 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 May 17, 1994 CAESARS WORLD, INC. (Exact name of issuer as specified in its charter) Florida 1-5979 59-0773674 (State or Other (Commission (IRS Employer of Jurisdiction File Number) Identification Incorporation Number) or Organization) 1801 Century Park East 90067 Suite 2600 (Zip Code) Los Angeles, California (Address of Principal Executive Offices) (310) 552-2711 Registrant's telephone number, including area code Item 5. Other Events On May 17, 1994, Registrant issued the following press release: LOS ANGELES, CALIFORNIA -- Caesars World, Inc. (NYSE/CAW) today announced net income for the fiscal 1994 third quarter was $11,648,000, or 47 cents per share, compared with $17,035,000, or 69 cents per share, in the fiscal 1993 third quarter. Revenue for the fiscal 1994 quarter ended April 30, 1994, was $237,244,000, compared with $224,409,000 in the same fiscal 1993 quarter. Caesars World's net income for the fiscal 1994 nine-month period amounted to $61,456,000, or $2.51 per share, compared with $57,529,000, or $2.36 per share, in the fiscal 1993 nine months. Revenue for the nine months of fiscal 1994 totaled $764,308,000, compared with $721,444,000 in the same prior-year period. The company said both table-game and slots activity in its Nevada operations established records for any third quarter in Caesars World's history. As previously announced, the lower earnings, when comparing the fiscal third quarters, principally resulted from increased marketing expenses related to the higher volume of business in Nevada, including a larger provision for bad debts reflecting increased marketing costs and a world heavyweight championship fight at Caesars Palace. The table-game win percentages in Nevada were lower than the five-year average but about the same as the year-earlier quarter. For the fiscal 1994 nine months in Nevada, the company also realized record table-game and slots activity as well as slots win. Table-game win percentages were about average but higher than the comparable percentages in the year-earlier nine months. In New Jersey, Caesars Atlantic City revenue increased during the fiscal 1994 third quarter, primarily due to slots activity and the impact from the Simulcast Casino which opened in October 1993 and features high-tech horse race betting, a poker section and additional casino table games. The contribution to earnings from New Jersey declined slightly during both the fiscal 1994 third quarter and nine months due to higher operating costs, principally reflecting higher payroll for additional employees in the expanded casino. During both fiscal 1994 reporting periods, when compared with the fiscal 1993 periods, Caesars World's net interest expenses decreased due to lower outstanding debt and a debt refinancing which was substantially completed during the fiscal 1993 first quarter. CAESARS WORLD, INC SUMMARY OF EARNINGS - Unaudited (In thousands, except net income per share)
Three Months Nine Months For the periods ended April 30 1994 1993 1994 1993 Revenue Nevada $142,157 $133,153 $465,429 $423,334 New Jersey 80,389 76,526 250,473 251,141 Casino/hotel operations 222,546 209,679 715,902 674,475 Pocono Resorts 9,798 9,734 33,172 31,644 Other (a) 4,900 4,996 15,234 15,325 Total revenue $237,244 $224,409 $764,308 $721,444 Contributions to operating income Nevada $ 14,686 $ 22,893 $ 80,489 $ 78,590 New Jersey 11,014 12,400 40,796 41,168 Casino/hotel operations 25,700 35,293 121,285 119,758 Pocono Resorts 1,002 1,133 6,450 6,150 Other expenses (a) (3,826) (3,852) (14,601) (12,782) Operating income 22,876 32,574 113,134 113,126 Interest income 756 272 2,403 1,258 Interest expense (4,693) (5,371) (14,471) (21,596) Income before income taxes 18,939 27,475 101,066 92,788 Income taxes (b) 7,291 10,440 39,610 35,259 Net income $ 11,648 $ 17,035 $ 61,456 $ 57,529 Net income per share $ .47 $ .69 $ 2.51 $ 2.36 Average number of common and common equivalent shares outstanding 24,620 24,588 24,532 24,418 (a) Other revenue is primarily from merchandising operations. Other expenses include the contribution from merchandising operations and corporate expenses. (b) The effective income tax rate during the nine months ended April 30, 1994, was 1.2 percentage points higher than the same period in 1993. The higher tax rate reflects the impact of two non-recurring tax charges. In August 1993, the Federal tax rate increased, retroactive to January 1, 1993, from 34 to 35 percent. The company also changed its method for income tax accounting by adopting FASB 109 effective August 1, 1993. The impact of this cumulative change in accounting and the retroactive change in the corporate tax rate aggregated a net charge of approximately $750,000 in the first quarter of fiscal 1994.
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CAESARS WORLD, INC. By /s/Philip L. Ball Philip L. Ball Senior Vice President, Secretary & General Counsel May 17, 1994 -----END PRIVACY-ENHANCED MESSAGE-----