-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PyfvOMqHdi3X3KxleBYR2gYCDdv4YS4fJbCZhfo0y8uNhxKxjphz7P9L8lkMI+4w UuuLHozUGY7Zet0UCMkRdg== 0000852807-04-000047.txt : 20041020 0000852807-04-000047.hdr.sgml : 20041020 20041020160747 ACCESSION NUMBER: 0000852807-04-000047 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20041020 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20041020 DATE AS OF CHANGE: 20041020 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AZTAR CORP CENTRAL INDEX KEY: 0000852807 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] IRS NUMBER: 860636534 STATE OF INCORPORATION: DE FISCAL YEAR END: 0102 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12092 FILM NUMBER: 041087649 BUSINESS ADDRESS: STREET 1: 2390 E CAMELBACK RD STE 400 CITY: PHOENIX STATE: AZ ZIP: 85016-3452 BUSINESS PHONE: 6023814100 MAIL ADDRESS: STREET 1: 2390 E. CAMELBACK RD STE 400 CITY: PHOENIX STATE: AZ ZIP: 85016-3452 8-K 1 k8oct20.htm FORM 8-K FORM 8-K


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



     Date of Report (Date of earliest event reported)     October 20, 2004

AZTAR CORPORATION
(Exact name of registrant as specified in its charter)

Delaware
(State or other jurisdiction of
incorporation)

1-5440
(Commission File Number)

86-0636534
(I.R.S. Employer
Identification Number)


2390 East Camelback Road, Suite 400,
Phoenix, Arizona
(Address of principal executive offices)

  



85016
(Zip Code)




     Registrant's telephone number, including area code  (602) 381-4100


Not Applicable
(Former name or former address, if changed since last report)

    Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

  [ ]

  [ ]

  [ ]


  [ ]

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act
(17 CFR 240.13e-4(c))

 

ITEM 2.02.

Results of Operations and Financial Condition

  
 

This Current Report on Form 8-K is being furnished to disclose the press release issued by the registrant on October 20, 2004. The purpose of the press release, which is furnished as Exhibit 99, was to announce the results for the third quarter ended September 30, 2004.
 

The information in this Current Report on Form 8-K, including the exhibit included herewith, is furnished pursuant to Item 2.02 and shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, except as otherwise expressly stated in such filing.

ITEM 9.01.

Financial Statements and Exhibits
 

(c)

Exhibits:
 

99

Press release dated October 20, 2004, announcing results for the third quarter ended September 30, 2004.

 

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.
 

AZTAR CORPORATION



ROBERT M. HADDOCK       
Robert M. Haddock
President and
Chief Financial Officer

 

Date:  October 20, 2004



EXHIBIT INDEX

Exhibit
Number


Description

99

Press release dated October 20, 2004, announcing results for the third quarter ended September 30, 2004.


2

 EX-99 2 exhibit99.htm EXHIBIT 99 EXHIBIT 99

Exhibit 99

AZTAR

News Release  

FOR IMMEDIATE RELEASE

AZTAR REPORTS THIRD-QUARTER 2004 RESULTS

        PHOENIX, Arizona - October 20, 2004 - Aztar Corporation (NYSE:AZR) today reported its third-quarter 2004 financial results. Consolidated EBITDA for the quarter was $46.4 million, which includes $2.0 million of insurance recovery related to the delay in the opening of the expansion of Tropicana Atlantic City; third-quarter EBITDA is after $3.2 million of expenses related to the construction accident in Atlantic City that may not be reimbursed by insurance and also after $1.1 million of preopening costs. In the third quarter of 2003, EBITDA was $48.6 million. Diluted earnings per share in the 2004 third quarter were 36 cents, which is after 3 cents associated with a loss on early retirement of debt and also after 3 cents attributable to construction-accident-related expenses and preopening costs, net of construction-accident-related insurance recoveries. Diluted earnings per share in the 2003 third quarter were 46 cents.
        Our company's reported financial results in the third quarter were impacted by a variety of issues related to the Tropicana Atlantic City construction accident. Nonetheless, companywide operations have been strong. Our Nevada, Missouri and Indiana properties each had higher revenues, EBITDA, and EBITDA margins; in the aggregate, they produced a 16 per cent increase in EBITDA from the year-earlier quarter. At Tropicana Atlantic City, all major profit centers had revenue growth, providing momentum as we prepare for the opening of the expansion. Although EBITDA margins were lower at Tropicana Atlantic City, this was primarily due to increased spending associated with investing in one-time database customer marketing programs to build loyalty just prior to the opening.
         "We are fast approaching the opening of our new facilities at Tropicana Atlantic City," said Paul E. Rubeli, Aztar chairman of the board and chief executive officer. "Our tenants in The Quarter are readying their restaurants, shops and entertainment venues, and Tropicana employees are in the process of outfitting the new hotel tower for occupancy. Anticipation and excitement is growing. This new expansion at the Tropicana is going to be stunning and will far surpass anything Atlantic City has ever seen."

Aztar Third-Quarter 2004 Earnings Release         October 20, 2004         Page 2


Disruption to Operations from Construction Accident
        Operating results in the third quarter of 2004 continued to be impacted by the disruption that followed the construction accident that occurred on October 30, 2003, at the site of the expansion of Tropicana Atlantic City. Insurance claims for business interruption that occurred in the 2004 third quarter have been filed with the company's insurers in the amount of $5.8 million. Profit recovery from business interruption insurance is recorded when the amount of recovery, which may be different from the amount claimed, is agreed to by the insurers. If the insurers had agreed to the amount of the claims filed by the company on account of business interruption during the 2004 third quarter, that recovery would have contributed approximately 9 cents to diluted earnings per share for the quarter.
Construction Status
        Construction continues on the Tropicana Atlantic City expansion, which contains a new 502-room hotel tower, a 200,000-square-foot dining, entertainment and retail complex to be known as The Quarter at Tropicana, and a 2,400-space parking garage. All 502 rooms in the new tower are completed and are being cleaned and outfitted. Tenants of The Quarter, as their spaces are completed and approved, will be stocking and conducting training in their stores, restaurants and entertainment venues. Most of the tenant spaces are completed and are going through the approval process.
        The most recent schedule calls for completion of the garage structure by November 9, with only finishing work continuing on the upper floors. Following the completion of the garage structure and required inspections by various state and local authorities, Aztar plans to open the garage, the new hotel tower and The Quarter to the public. Achieving this goal will require successfully implementing the construction project schedule on a week-to-week basis, and not being adversely affected by unusually bad weather, materials shortages, labor strife or other factors.
Capital Expenditures
        In the third quarter of 2004, purchases of property and equipment totaled $51 million. Approximately $15 million of the total was spent on routine expenditures, and $36 million (including $4.0 million of capitalized interest) went for development.
Year-to-date Results
For the first three quarters of 2004, the company reported consolidated EBITDA of $139.8 million, which includes $10.5 million of insurance recoveries related to business interruption

Aztar Third-Quarter 2004 Earnings Release        October 20, 2004         Page 3


and the delay in the opening of the expansion of Tropicana Atlantic City; year-to-date EBITDA is after $5.5 million of expenses related to the construction accident that may not be reimbursed by insurance and also after $1.1 million of preopening costs. In the first three quarters of 2003, EBITDA was $145.8 million. Diluted earnings per share through three quarters of 2004 were 71 cents, which is after 18 cents associated with a loss on early retirement of debt and after 31 cents associated with an adverse state tax court ruling recorded in the first quarter of 2004; year-to-date diluted earnings per share include 7 cents attributable to construction-accident-related insurance recoveries, net of construction-accident-related expenses and preopening costs. The company reported net income equivalent to $1.33 per diluted share in the first three quarters of 2003.
Conference Call
        Our third-quarter 2004 earnings conference call will be broadcast live on the Internet beginning at 4:30 p.m. Eastern Daylight Time on Wednesday, October 20, 2004. Individuals may access the live audio webcast through our website at www.aztar.com. The call also will be available on replay through that website for one year following the call.
Selected Results ($ in millions, except ADR, which is Average Daily Rate)

                                                      

 

     

Third Quarter

  

                   

   

Year to Date

  

 

 

2004

  

 

2003

    

2004

  

 

2003

  

 

 

      

(unaudited)

    

    

(unaudited)

  
                                 

Tropicana Atlantic City

 

    

 

 

              

 

    

  

Revenue

 

$

112.7

 

 

$

111.9

    

$

311.2

  

 

$

331.7

  

EBITDA

 

$

26.1

 

 

$

31.5

    

$

74.0

  

 

$

90.8

  

Depreciation and amortization

 

$

8.3

 

 

$

7.6

    

$

24.3

  

 

$

22.6

  

Operating income

 

$

17.8

 

 

$

23.9

    

$

49.7

  

 

$

68.2

  

 

 

    

 

 

              

 

    

  

EBITDA margin

 

  

23.2

%

 

  

28.2

%

    

23.8

%

 

  

27.4

%

Operating income margin

 

  

15.8

%

 

  

21.4

%

    

16.0

%

 

  

20.6

%
                                 

Occupancy

 

  

97.1

%

 

  

96.5

%

    

92.5

%

 

  

94.7

%

ADR

 

$

96.60  

 

$

94.98  

  

$

87.48  

 

$

86.56  

Aztar Third-Quarter 2004 Earnings Release         October 20, 2004         Page 4

Tropicana Las Vegas

 

  

 

  

 

  

 

  

 

  

 

  

 

   

  

  

Revenue

 

$

41.1

  

 

$

39.5

    

$

124.7

  

 

$

116.3

  

EBITDA

 

$

8.8

  

 

$

7.0

    

$

28.1

  

 

$

19.8

  

Depreciation and amortization

 

$

1.5

  

 

$

1.7

    

$

4.4

  

 

$

5.0

  

Operating income

 

$

7.3

  

 

$

5.3

    

$

23.7

  

 

$

14.8

  

 

 

      

 

              

 

    

  

EBITDA margin

 

  

21.4

%

 

  

17.7

%

    

22.5

%

 

  

17.0

%

Operating income margin

 

  

17.8

%

 

  

13.4

%

    

19.0

%

 

  

12.7

%

 

 

      

 

              

 

    

  

Occupancy

 

  

100.1

%

 

  

97.8

%

    

99.4

%

 

  

98.2

%

ADR

 

$

73.88  

 

$

70.24  

  

$

81.28  

 

$

69.95  
                 

Ramada Express Laughlin

 

  

         

  

 

  

          

  

                   

  

          

  

  

   

         

  

Revenue

 

$

21.8

  

 

$

20.8

  

  

$

70.0

  

  

$

68.0

  

EBITDA

 

$

4.3

  

 

$

3.3

  

  

$

17.5

  

  

$

15.9

  

Depreciation and amortization

 

$

1.6

  

 

$

1.5

  

  

$

4.7

  

  

$

4.7

  

Operating income

 

$

2.7

  

 

$

1.8

  

  

$

12.8

  

  

$

11.2

  

 

 

    

  

 

    

  

      

  

      

  

EBITDA margin

 

  

19.7

%

 

  

15.9

%

    

25.0

%

    

23.4

%

Operating income margin

 

  

12.4

%

 

  

8.7

%

    

18.3

%

 

  

16.5

%

 

 

    

  

 

    

  

      

  

      

  

Occupancy

 

  

67.9

%

    

74.5

%

    

71.4

%

    

74.0

%

ADR

 

$

33.76  

 

$

29.39  

  

$

32.72  

  

$

29.97  
                 

Casino Aztar Evansville

 

    

  

 

    

  

      

  

      

  

Revenue

 

$

33.9

  

 

$

32.3

  

  

$

100.0

  

  

$

94.1

  

EBITDA

 

$

9.9

  

 

$

9.4

  

  

$

29.6

  

  

$

27.3

  

Depreciation and amortization

 

$

1.8

  

 

$

1.5

  

  

$

4.6

  

  

$

4.1

  

Operating income

 

$

8.1

  

 

$

7.9

  

  

$

25.0

  

  

$

23.2

  

 

 

    

  

 

    

  

      

  

      

  

EBITDA margin

 

  

29.2

%

 

  

29.1

%

    

29.6

%

    

29.0

%

Operating income margin

 

  

23.9

%

 

  

24.5

%

    

25.0

%

 

  

24.7

%

 

 

    

  

 

    

  

      

  

      

  

Occupancy

 

  

93.4

%

 

  

88.1

%

    

89.0

%

    

85.6

%

ADR

 

$

61.88  

 

$

62.30  

  

$

61.33  

  

$

64.21  

 

 

    

  

 

    

  

      

  

      

  

Casino Aztar Caruthersville

 

    

  

 

    

  

      

  

      

  

Revenue

 

$

6.0

  

 

$

5.8

  

  

$

17.6

  

  

$

17.7

  

EBITDA

 

$

1.2

  

 

$

1.1

  

  

$

3.4

  

  

$

3.3

  

Depreciation and amortization

 

$

0.7

  

 

$

0.7

  

  

$

2.1

  

  

$

2.0

  

Operating income

 

$

0.5

  

 

$

0.4

  

  

$

1.3

  

  

$

1.3

  

 

 

    

  

 

    

  

      

  

      

  

EBITDA margin

 

  

20.0

%

 

  

19.0

%

    

19.3

%

    

18.6

%

Operating income margin

 

  

8.3

%

 

  

6.9

%

    

7.4

%

 

  

7.3

%

 

 

    

  

 

    

  

      

  

      

  

Aztar Third-Quarter 2004 Earnings Release         October 20, 2004         Page 5

Corporate

 

    

  

 

    

  

      

  

      

  

EBITDA

 

$

( 3.9

)

 

$

( 3.7

)

  

$

( 12.8

)

  

$

( 11.3

)

Depreciation and amortization

 

$

0.0

  

 

$

0.0

  

  

$

0.0

  

  

$

0.1

  

Operating income

 

$

( 3.9

)

 

$

( 3.7

)

  

$

( 12.8

)

  

$

( 11.4

)
                                 

Consolidated

 

 

  

  

 

  

          

  

 

  

  

  

 

  

         

  

Revenue

 

$

215.5

 

 

$

210.3

    

$

623.5

  

 

$

627.8

  

EBITDA

 

$

46.4

 

 

$

48.6

    

$

139.8

  

 

$

145.8

  

Depreciation and amortization

 

$

13.9

 

 

$

13.0

    

$

40.1

  

 

$

38.5

  

Operating income

 

$

32.5

 

 

$

35.6

    

$

99.7

  

 

$

107.3

  

Net income

 

$

13.2

 

 

$

16.9

    

$

26.2

  

 

$

49.2

  
                                 

EBITDA margin

 

  

21.5

%

 

  

23.1

%

    

22.4

%

 

  

23.2

%

Operating income margin

 

  

15.1

%

 

  

16.9

%

    

16.0

%

 

  

17.1

%

Net income margin

    

6.1

%

    

8.0

%

    

4.2

%

    

7.8

%

EBITDA Explanation and Reconciliation

EBITDA is net income before income taxes, loss on early retirement of debt, interest expense, interest income, other income, and depreciation and amortization. EBITDA should not be construed as a substitute for either operating income or net income as they are determined in accordance with generally accepted accounting principles (GAAP). Management uses EBITDA as a measure to compare operating results among our properties and between accounting periods. We manage cash and finance our operations at the corporate level. We manage the allocation of capital among properties at the corporate level. We also file a consolidated income tax return. Management accordingly believes EBITDA is useful as a measure of operating results at the property level because it reflects the results of operating decisions at that level separated from the effects of tax and financing decisions that are managed at the corporate level. We also use EBITDA as the primary operating performance measure in our bonus programs for executive officers. Management also believes that EBITDA is a commonly used measure of operating performance in the gaming industry and is an important basis for the valuation of gaming companies. Our calculation of EBITDA may not be comparable to similarly titled measures reported by other companies and, therefore, any such differences must be considered when comparing performance among different companies. While management believes EBITDA provides a useful perspective for some purposes, EBITDA has material limitations as an analytical tool. For example, among other things, although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and EBITDA does not reflect the requirements for such replacements. Other

Aztar Third-Quarter 2004 Earnings Release         October 20, 2004         Page 6

income, interest expense, net of interest income, loss on early retirement of debt, and income taxes are also not reflected in EBITDA. Therefore, management does not consider EBITDA in isolation, and it should not be considered as a substitute for measures determined in accordance with GAAP. A reconciliation of EBITDA with operating income and net income as determined in accordance with GAAP is shown below (in millions).

                                                      

 

     

Third Quarter

  

                   

   

Year to Date

  

 

 

2004

  

 

2003

    

2004

  

 

2003

  

 

 

      

(unaudited)

    

    

(unaudited)

  

EBITDA

                                

    Tropicana Atlantic City

  

$

26.1

    

$

31.5

    

$

74.0

    

$

90.8

  

    Tropicana Las Vegas

    

8.8

      

7.0

      

28.1

      

19.8

  

    Ramada Express Laughlin

    

4.3

      

3.3

      

17.5

      

15.9

  

    Casino Aztar Evansville

    

9.9

      

9.4

      

29.6

      

27.3

  

    Casino Aztar Caruthersville

    

1.2

      

1.1

      

3.4

      

3.3

  

    Corporate

  

      ( 3.9

)

  

      ( 3.7

)

  

    ( 12.8

)

  

    ( 11.3

)

        Consolidated

    

46.4

      

48.6

      

139.8

      

145.8

  

Depreciation and amortization

  

    ( 13.9

)

  

    ( 13.0

)

  

    ( 40.1

)

  

    ( 38.5

)

Operating income

    

32.5

      

35.6

      

99.7

      

107.3

  

Other income

    

0.3

      

--

      

0.3

      

--

  

Interest income

    

0.2

      

0.2

      

0.6

      

0.5

  

Interest expense

    

( 8.9

)

    

( 8.8

)

    

( 26.3

)

    

( 27.6

)

Loss on early retirement of debt

  

( 1.7

)

  

         --

    

( 10.4

)

  

         --

  

Income taxes

  

      ( 9.2

)

  

    ( 10.1

)

  

    ( 37.7

)

  

    ( 31.0

)

Net income

  

$

13.2

    

$

16.9

    

$

26.2

    

$

49.2

  


Margins
Margins are calculated as a percentage of revenue.

Aztar is a publicly traded company that operates Tropicana Casino and Resort in Atlantic City, New Jersey, Tropicana Resort and Casino in Las Vegas, Nevada, Ramada Express Hotel and Casino in Laughlin, Nevada, Casino Aztar in Caruthersville, Missouri, and Casino Aztar in Evansville, Indiana.

# # #

The disclosures herein include statements that are 'forward looking' within the meaning of federal securities law. These forward-looking statements generally can be identified by phrases such as the company "believes," "expects," "anticipates," "foresees," "forecasts," "estimates," "targets," or other words or phrases of similar import. Similarly, statements herein that describe the company's

Aztar Third-Quarter 2004 Earnings Release         October 20, 2004         Page 7

business strategy, outlook, objectives, plans, intentions or goals are also forward-looking statements. Such forward-looking information involves important risks and uncertainties that could significantly affect results in the future and, accordingly, such results may differ materially from those expressed in any forward-looking statements made by or on behalf of the company. These risks and uncertainties include, but are not limited to, those relating to war and terrorist activities and other factors affecting discretionary consumer spending, economic conditions, the impact of new competition including the Borgata in Atlantic City and gaming in Pennsylvania, uncertainties related to the extent and timing of our recoveries from our insurance carriers for our various losses suffered in connection with the accident on October 30, 2003, the extent to which our existing operations will continue to be adversely affected by the ongoing effects of the accident on October 30, 2003, uncertainties related to th e extent and effects of the delay in the construction and completion of the Tropicana Atlantic City expansion, which could be significantly greater and longer than we currently anticipate, our ability to execute our development plans, estimates of development costs and returns on development capital, weather, litigation outcomes, judicial actions, labor negotiations, legislative matters and referenda including the potential legalization of gaming in Maryland and New York, and taxation including potential tax increases in Indiana, Missouri, Nevada and New Jersey. For more information, review the company's filings with the Securities and Exchange Commission, including the company's annual report on Form 10-K for January 1, 2004 and certain registration statements of the company.

For additional information, please contact Joe Cole, Vice President, Corporate Communications, at 602-381-4111.

 

Aztar Corporation and Subsidiaries
Consolidated Statements of Operations (unaudited)
For the periods ended September 30, 2004 and October 2, 2003
(in thousands, except per share data)

                                                                                     

 

         Third Quarter          

 

  

           Nine Months          

  

 

 

     2004     

 

  

     2003     

 

  

     2004     

 

  

     2003     

  

Revenues

  

 

               

 

 

 

               

 

 

 

               

 

 

 

               

  

    

Casino

 

$

167,631

 

  

$

164,748

 

  

$

485,282

 

  

$

496,084

  

    

Rooms

 

  

22,751

 

    

20,885

 

    

66,215

 

    

58,580

  

 

Food and beverage

 

  

14,340

 

    

13,845

 

    

42,119

 

    

42,872

  

 

Other

 

       10,742

 

  

       10,789

 

  

      29,873

 

  

      30,266

  

 

  

 

215,464

 

  

    210,267

 

  

623,489

 

  

    627,802

  

Costs and expenses

 

    

 

      

 

      

 

        

 

Casino

 

  

71,068

 

    

70,224

 

    

208,601

 

    

211,399

  

 

Rooms

 

  

11,455

 

    

10,570

 

    

32,072

 

    

30,039

  

 

Food and beverage

 

  

13,867

 

    

13,124

 

    

40,789

 

    

40,562

  

 

Other

 

  

7,708

 

    

7,699

 

    

22,650

 

    

22,925

  

 

Marketing

 

  

19,596

 

    

18,809

 

    

57,746

 

    

57,613

  

 

General and administrative

 

  

20,609

 

    

19,596

 

    

61,934

 

    

57,231

  

 

Utilities

 

  

6,160

 

    

5,650

 

    

14,965

 

    

13,873

  

 

Repairs and maintenance

 

  

6,700

 

    

6,168

 

    

19,335

 

    

18,607

  

 

Provision for doubtful accounts

 

  

355

 

    

435

 

    

848

 

    

1,186

  

 

Property taxes and insurance

 

  

7,021

 

    

7,299

 

    

22,051

 

    

22,255

  

 

Rent

 

  

2,220

 

    

2,111

 

    

6,468

 

    

6,385

  
 

Construction accident related

    

3,183

    

             --

      

5,543

    

             --

  

 

Construction accident insurance recoveries

 

  

( 2,000

)

  

             --

 

    

( 10,500

)

  

           --

  

 

Depreciation and amortization 

 

       13,894

 

  

       12,971

 

  

       40,129

 

  

       38,473

  
 

Preopening costs

  

         1,123

    

                --

    

         1,123

    

                --

  

 

 

 

    182,959

 

  

    174,656

 

  

    523,754

 

  

     520,548

  

 

 

    

 

      

 

      

 

        

Operating income

 

  

32,505

 

    

35,611

 

    

99,735

 

    

107,254

  

 

 

    

 

      

 

      

 

        
 

Other income

    

315

      

--

      

315

      

--

  

 

Interest income

 

  

199

 

    

153

 

    

578

 

    

549

  

 

Interest expense

 

  

( 8,883

)

    

( 8,774

)

    

( 26,292

)

    

( 27,540

)

 

Loss on early retirement of debt

 

       ( 1,751

)

  

               --

 

  

     ( 10,372

)

  

               --

 
                           

Income before income taxes

 

  

22,385

 

    

26,990

 

    

63,964

 

    

80,263

  

 

 

    

 

      

 

      

 

        

 

Income taxes

 

       ( 9,191

)

  

     ( 10,088

)

  

     ( 37,756

)

  

     ( 31,025

)
                           

Net income

 

$

13,194

 

  

$

16,902

 

  

$

26,208

 

  

$

49,238

  

    

 

 

========

    

========

 

  

========

 

  

========

  

 

 

    

 

      

 

      

 

        

Net income per common share

 

$

.37

 

  

$

.48

 

  

$

.74

 

  

$

1.38

  

 

 

    

 

      

 

      

 

        

Net income per common share assuming dilution

 

$

.36

 

  

$

.46

 

  

$

.71

 

  

$

1.33

  

 

 

    

 

      

 

      

 

        

Weighted-average common shares applicable to:

 

    

 

      

 

      

 

        

 

Net income per common share

 

  

34,617

 

    

34,620

 

    

34,498

 

    

35,275

  

    

Net income per common share assuming dilution

 

  

36,548

 

    

36,321

 

    

36,448

 

    

36,745

  
                                 

 


Aztar Corporation and Subsidiaries
Consolidated Balance Sheet Summaries (unaudited)
 (in thousands)

                                                                                      

September 30, 2004

  

January 1, 2004

Assets

 

                 

    

                  

 

  

Cash and cash equivalents

 

$

49,275

    

$

70,586

 

  

Other current assets

 

          52,765

    

         58,545

 

  

  

Total current assets

 

  

102,040

    

 

129,131

 

  

Investments

 

  

20,492

    

 

19,586

 

  

Property and equipment

 

  

1,206,002

    

 

1,121,669

 
 

Intangible assets

    

34,645

      

34,616

  

  

Other assets

 

          81,074

    

         42,771

 

  

 

$

1,444,253

    

$

1,347,773

 

  

 

=========

    

=========

 

  

 

            

 

Liabilities and Shareholders' Equity 

 

        

 

  

 

  

Current portion of long-term debt

 

$

1,011

    

$ 

16,963

 

  

Other current liabilities

 

        147,516

    

       115,093

 

  

  

Total current liabilities

 

  

148,527

    

 

132,056

 
 

Long-term debt

    

672,071

      

628,603

  
 

Other long-term liabilities

    

55,100

      

47,287

  

  

Series B convertible preferred stock

 

  

4,985

    

 

5,253

 

  

Shareholders' equity

 

        563,570

    

       534,574

 

  

 

$

1,444,253

    

$

1,347,773

 

  

 

=========

    

=========

 

 

 

 

 

 

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