-----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, WINGxB2ugpdsr03nhwkgHySR2xpHOojlmE62ddTP6rVvYI7WzmZZ0owap+cZe2Hj JF7DQVOV353WpYlpxV7d9Q== 0000852807-05-000003.txt : 20050202 0000852807-05-000003.hdr.sgml : 20050202 20050202160512 ACCESSION NUMBER: 0000852807-05-000003 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050202 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050202 DATE AS OF CHANGE: 20050202 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: 05569540 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 k8feb2.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)     February 2, 2005

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 February 2, 2005. The purpose of the press release, which is furnished as Exhibit 99, was to announce the results for the fourth quarter and year ended December 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 February 2, 2005, announcing results for the fourth quarter and year ended December 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:  February 2, 2005



EXHIBIT INDEX

Exhibit
Number


Description

99

Press release dated February 2, 2005, announcing results for the fourth quarter and year ended December 30, 2004.


2

 EX-99 2 exhibit99.htm EXHIBIT 99 EXHIBIT 99

Exhibit 99

AZTAR

News Release  

FOR IMMEDIATE RELEASE

AZTAR REPORTS FOURTH-QUARTER 2004 RESULTS

        PHOENIX, Arizona - February 2, 2005 - Aztar Corporation (NYSE:AZR) today reported financial results for its 2004 fourth quarter, which ended on December 30, 2004; the fiscal 2003 quarter had ended on January 1, 2004. Consolidated EBITDA for the 2004 quarter was $25.6 million, which includes $1.7 million of insurance recovery related to the delay in the opening of the expansion of Tropicana Atlantic City; fourth-quarter 2004 EBITDA is after $0.7 million of expenses, related to the construction accident in Atlantic City that occurred on October 30, 2003, that may not be reimbursed by insurance, and also after $1.8 million of preopening costs. In the fourth quarter of 2003, EBITDA was $30.2 million, which was after $0.5 million attributable to construction-accident-related expenses. Below operating income, results for the 2004 fourth quarter also included $3.6 million of other income consisting of insurance recoveries for the rebuilding of the damaged po rtions of the Tropicana Atlantic City expansion net of costs to dismantle and repair the damaged structure and $1.9 million of higher interest expense now that the company has discontinued capitalizing interest associated with the expansion project. Diluted earnings per share in the 2004 fourth quarter were five cents, versus 32 cents in the 2003 quarter, which included 19 cents from an Internal Revenue Service settlement.  Our Nevada and Missouri properties had strong results in the fourth quarter, with EBITDA growth of 25% in the aggregate, despite the unfavorable fiscal calendar, which did not include a New Year's holiday in the quarter. Results at our Indiana property were lower as a result of severe winter weather in the normally busy Christmas holiday period as well as the unfavorable fiscal calendar.
        The Tropicana Atlantic City expansion opened on a limited basis on November 23, 2004.
After adjusting for preopening costs and for construction-accident-related costs and insurance recoveries, Tropicana Atlantic City EBITDA declined $6.0 million from the year-earlier quarter. We estimate that $3.2 million of that decline is directly attributable to EBITDA lost as a result of the five-week strike conducted by the union that represents certain employees engaged in food, beverage

Aztar Fourth-Quarter 2004 Earnings Release        February 2, 2005          Page 2

and hotel services. Approximately $2.0 million of additional EBITDA decline occurred because of the absence of a New Year's Eve and Day during the fiscal quarter compared to the year-earlier quarter. The balance of the decline is the result of various additional payroll and other operating costs that were not yet fully offset by revenue growth.
        "We are very pleased with the opening of the Tropicana Atlantic City expansion," said Paul E. Rubeli, Aztar chairman of the board and chief executive officer. "Customer reaction to The Quarter has been outstanding. Virtually all the dining, entertainment and retail outlets are now open, and our casino revenues continue to ramp up. Because of varied visitation rates, a large portion of our own database customers as well as other Atlantic City casino customers have yet to visit The Quarter and experience its fun and unique attractions. With the traditionally slow months of December and January now behind us, we expect continuing strong increases in casino revenue and EBITDA throughout the spring and summer months."
Disruption to Operations from Construction Accident
        Operating results in the fourth 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 fourth quarter have been filed with the company's insurers in the amount of $6.1 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 fourth quarter, that recovery would have contributed approximately 10 cents to diluted earnings per share for the quarter.
Capital Expenditures
        In the fourth quarter of 2004, purchases of property and equipment totaled $44 million. Approximately $5 million of the total was spent on routine expenditures, and $39 million (including $2.6 million of capitalized interest) went for development.
Year-to-Date Results
        For fiscal 2004, the company reported consolidated EBITDA of $165.4 million, which includes $12.2 million of insurance recoveries related to business interruption and the delay in the

Aztar Fourth-Quarter 2004 Earnings Release        February 2, 2005          Page 3


opening of the expansion of Tropicana Atlantic City. The 2004 EBITDA is after $6.2 million of expenses related to the construction accident that may not be reimbursed by insurance and also after $2.9 million of preopening costs. In fiscal 2003, EBITDA was $175.9 million, which was after $0.5 million attributable to construction-accident-related expenses. Diluted earnings per share for fiscal 2004 were 76 cents, which is after 19 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; fiscal 2004 diluted earnings per share include 11 cents attributable to construction-accident-related insurance recoveries net of construction-accident-related expenses, including those included in other income, and preopening costs. The company reported net income equivalent to $1.66 per diluted share in fiscal 2003, which included 19 cents from an Internal Revenue Service settlement. The fourth quarter and fi scal year 2004 ended on December 30, 2004; the 2003 periods ended on January 1, 2004.
Conference Call
        Our fourth-quarter 2004 earnings conference call will be broadcast live on the Internet beginning at 4:30 p.m. Eastern Standard Time on Wednesday, February 2, 2005. 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)

                                                      

 

     

Fourth Quarter

  

                   

   

Fiscal Year

  

 

 

2004

  

 

2003

    

2004

  

 

2003

  

 

 

      

(unaudited)

    

    

(unaudited)

  
                                 

Tropicana Atlantic City

 

    

 

 

              

 

    

  

Revenue

 

$

93.5

 

 

$

88.9

    

$

404.7

  

 

$

420.6

  

EBITDA

 

$

7.9

 

 

$

14.2

    

$

81.8

  

 

$

105.0

  

Depreciation and amortization

 

$

9.1

 

 

$

7.3

    

$

33.4

  

 

$

29.9

  

Operating income

 

$

( 1.2

)

 

$

6.9

    

$

48.4

  

 

$

75.1

  

 

 

    

 

 

              

 

    

  

EBITDA margin

 

  

8.4

%

 

  

16.0

%

    

20.2

%

 

  

25.0

%

Operating income margin

 

  

( 1.3

%

)

  

7.8

%

    

12.0

%

 

  

17.9

%
                                 

Occupancy

 

  

76.7

%

 

  

83.5

%

    

88.2

%

 

  

91.9

%

ADR

 

$

83.44  

 

$

83.36  

  

$

86.52  

 

$

85.85  

Aztar Fourth-Quarter 2004 Earnings Release        February 2, 2005          Page 4

Tropicana Las Vegas

 

  

 

  

 

  

 

  

 

  

 

  

 

   

  

  

Revenue

 

$

39.3

  

 

$

37.3

    

$

163.9

  

 

$

153.6

  

EBITDA

 

$

8.0

  

 

$

6.2

    

$

36.2

  

 

$

26.1

  

Depreciation and amortization

 

$

1.4

  

 

$

1.4

    

$

5.9

  

 

$

6.5

  

Operating income

 

$

6.6

  

 

$

4.8

    

$

30.3

  

 

$

19.6

  

 

 

      

 

              

 

    

  

EBITDA margin

 

  

20.4

%

 

  

16.6

%

    

22.1

%

 

  

17.0

%

Operating income margin

 

  

16.8

%

 

  

12.9

%

    

18.5

%

 

  

12.8

%

 

 

      

 

              

 

    

  

Occupancy

 

  

94.3

%

 

  

94.9

%

    

98.2

%

 

  

97.4

%

ADR

 

$

81.35  

 

$

72.88  

  

$

81.30  

 

$

70.66  
                 

Ramada Express Laughlin

 

  

         

  

 

  

          

  

                   

  

          

  

  

   

         

  

Revenue

 

$

23.2

  

 

$

21.8

  

  

$

93.3

  

  

$

89.8

  

EBITDA

 

$

5.6

  

 

$

4.7

  

  

$

23.0

  

  

$

20.5

  

Depreciation and amortization

 

$

1.7

  

 

$

1.6

  

  

$

6.3

  

  

$

6.2

  

Operating income

 

$

3.9

  

 

$

3.1

  

  

$

16.7

  

  

$

14.3

  

 

 

    

  

 

    

  

      

  

      

  

EBITDA margin

 

  

24.1

%

 

  

21.6

%

    

24.7

%

    

22.8

%

Operating income margin

 

  

16.8

%

 

  

14.2

%

    

17.9

%

 

  

15.9

%

 

 

    

  

 

    

  

      

  

      

  

Occupancy

 

  

66.4

%

    

63.3

%

    

70.2

%

    

71.3

%

ADR

 

$

28.40  

 

$

28.36  

  

$

31.70  

  

$

29.61  
                 

Casino Aztar Evansville

 

    

  

 

    

  

      

  

      

  

Revenue

 

$

30.7

  

 

$

31.9

  

  

$

130.7

  

  

$

126.0

  

EBITDA

 

$

7.7

  

 

$

8.5

  

  

$

37.4

  

  

$

35.8

  

Depreciation and amortization

 

$

2.0

  

 

$

1.4

  

  

$

6.6

  

  

$

5.6

  

Operating income

 

$

5.7

  

 

$

7.1

  

  

$

30.8

  

  

$

30.2

  

 

 

    

  

 

    

  

      

  

      

  

EBITDA margin

 

  

25.1

%

 

  

26.6

%

    

28.6

%

    

28.4

%

Operating income margin

 

  

18.6

%

 

  

22.3

%

    

23.6

%

 

  

24.0

%

 

 

    

  

 

    

  

      

  

      

  

Occupancy

 

  

81.3

%

 

  

82.2

%

    

87.1

%

    

84.8

%

ADR

 

$

62.48  

 

$

61.09  

  

$

61.60  

  

$

63.45  

 

 

    

  

 

    

  

      

  

      

  

Casino Aztar Caruthersville

 

    

  

 

    

  

      

  

      

  

Revenue

 

$

6.0

  

 

$

5.4

  

  

$

23.6

  

  

$

23.1

  

EBITDA

 

$

1.1

  

 

$

0.9

  

  

$

4.5

  

  

$

4.2

  

Depreciation and amortization

 

$

0.8

  

 

$

0.7

  

  

$

2.9

  

  

$

2.7

  

Operating income

 

$

0.3

  

 

$

0.2

  

  

$

1.6

  

  

$

1.5

  

 

 

    

  

 

    

  

      

  

      

  

EBITDA margin

 

  

18.3

%

 

  

16.7

%

    

19.1

%

    

18.2

%

Operating income margin

 

  

5.0

%

 

  

3.7

%

    

6.8

%

 

  

6.5

%

 

 

    

  

 

    

  

      

  

      

  

Aztar Fourth-Quarter 2004 Earnings Release        February 2, 2005          Page 5

Corporate

 

    

  

 

    

  

      

  

      

  

EBITDA

 

$

( 4.7

)

 

$

( 4.3

)

  

$

( 17.5

)

  

$

( 15.7

)

Depreciation and amortization

 

$

0.0

  

 

$

0.0

  

  

$

0.0

  

  

$

0.0

  

Operating income

 

$

( 4.7

)

 

$

( 4.3

)

  

$

( 17.5

)

  

$

( 15.7

)
                                 

Consolidated

 

 

  

  

 

  

          

  

 

  

  

  

 

  

         

  

Revenue

 

$

192.7

 

 

$

185.3

    

$

816.2

  

 

$

813.1

  

EBITDA

 

$

25.6

 

 

$

30.2

    

$

165.4

  

 

$

175.9

  

Depreciation and amortization

 

$

15.0

 

 

$

12.4

    

$

55.1

  

 

$

50.9

  

Operating income

 

$

10.6

 

 

$

17.8

    

$

110.3

  

 

$

125.0

  

Net income

 

$

2.3

 

 

$

11.7

    

$

28.5

  

 

$

60.9

  
                                 

EBITDA margin

 

  

13.3

%

 

  

16.3

%

    

20.3

%

 

  

21.6

%

Operating income margin

 

  

5.5

%

 

  

9.6

%

    

13.5

%

 

  

15.4

%

Net income margin

    

1.2

%

    

6.3

%

    

3.5

%

    

7.5

%

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 primar y 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

Aztar Fourth-Quarter 2004 Earnings Release        February 2, 2005          Page 6

for such replacements. Other 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).

                                                      

 

     

Fourth Quarter

  

                   

   

Fiscal Year

  

 

 

2004

  

 

2003

    

2004

  

 

2003

  

 

 

      

(unaudited)

    

    

(unaudited)

  

EBITDA

                                

    Tropicana Atlantic City

  

$

7.9

    

$

14.2

    

$

81.8

    

$

105.0

  

    Tropicana Las Vegas

    

8.0

      

6.2

      

36.2

      

26.1

  

    Ramada Express Laughlin

    

5.6

      

4.7

      

23.0

      

20.5

  

    Casino Aztar Evansville

    

7.7

      

8.5

      

37.4

      

35.8

  

    Casino Aztar Caruthersville

    

1.1

      

0.9

      

4.5

      

4.2

  

    Corporate

  

      ( 4.7

)

  

      ( 4.3

)

  

    ( 17.5

)

  

    ( 15.7

)

        Consolidated

    

25.6

      

30.2

      

165.4

      

175.9

  

Depreciation and amortization

  

    ( 15.0

)

  

    ( 12.4

)

  

    ( 55.1

)

  

    ( 50.9

)

Operating income

    

10.6

      

17.8

      

110.3

      

125.0

  

Other income

    

3.6

      

--

      

3.9

      

--

  

Interest income

    

0.2

      

0.2

      

0.8

      

0.7

  

Interest expense

    

( 10.7

)

    

( 8.8

)

    

( 37.0

)

    

( 36.4

)

Loss on early retirement of debt

  

--

    

         --

    

( 10.3

)

  

         --

  

Income taxes

  

      ( 1.4

)

  

         2.5

    

    ( 39.2

)

  

    ( 28.4

)

Net income

  

$

2.3

    

$

11.7

    

$

28.5

    

$

60.9

  


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 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

Aztar Fourth-Quarter 2004 Earnings Release        February 2, 2005          Page 7

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 prospective new competition 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, the extent to which we realize revenue and EBITDA increases as a result of the Tropicana Atlantic City expansion, 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 VLTs at the Meadowlands in New Jersey, 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 December 30, 2004 and January 1, 2004
(in thousands, except per share data)

                                                                                     

 

        Fourth Quarter          

 

  

            Fiscal Year            

  

 

 

     2004     

 

  

     2003     

 

  

     2004     

 

  

     2003     

  

Revenues

  

 

               

 

 

 

               

 

 

 

               

 

 

 

               

  

    

Casino

 

$

150,297

 

  

$

145,012

 

  

$

635,579

 

  

$

641,096

  

    

Rooms

 

  

19,498

 

    

17,638

 

    

85,713

 

    

76,218

  

 

Food and beverage

 

  

13,089

 

    

13,107

 

    

55,208

 

    

55,979

  

 

Other

 

        9,854

 

  

         9,587

 

  

      39,727

 

  

      39,853

  

 

  

 

192,738

 

  

    185,344

 

  

816,227

 

  

    813,146

  

Costs and expenses

 

    

 

      

 

      

 

        

 

Casino

 

  

67,394

 

    

66,570

 

    

275,995

 

    

277,969

  

 

Rooms

 

  

10,530

 

    

9,310

 

    

42,602

 

    

39,349

  

 

Food and beverage

 

  

13,248

 

    

13,083

 

    

54,037

 

    

53,645

  

 

Other

 

  

7,295

 

    

7,181

 

    

29,945

 

    

30,106

  

 

Marketing

 

  

21,650

 

    

19,161

 

    

79,396

 

    

76,774

  

 

General and administrative

 

  

23,544

 

    

19,996

 

    

85,478

 

    

77,227

  

 

Utilities

 

  

5,251

 

    

3,888

 

    

20,216

 

    

17,761

  

 

Repairs and maintenance

 

  

6,845

 

    

5,516

 

    

26,180

 

    

24,123

  

 

Provision for doubtful accounts

 

  

119

 

    

344

 

    

967

 

    

1,530

  

 

Property taxes and insurance

 

  

8,265

 

    

7,187

 

    

30,316

 

    

29,442

  

 

Rent

 

  

2,243

 

    

2,394

 

    

8,711

 

    

8,779

  
 

Construction accident related

    

  695

    

  512

      

 6,238

    

  512

  

 

Construction accident insurance recoveries

 

  

( 1,717

)

  

             --

 

    

( 12,217

)

  

           --

  

 

Depreciation and amortization 

 

       14,999

 

  

       12,433

 

  

       55,128

 

  

       50,906

  
 

Preopening costs

  

         1,770

    

                --

    

         2,893

    

                --

  

 

 

 

    182,131

 

  

    167,575

 

  

    705,885

 

  

     688,123

  

 

 

    

 

      

 

      

 

        

Operating income

 

  

10,607

 

    

17,769

 

    

110,342

 

    

125,023

  

 

 

    

 

      

 

      

 

        
 

Other income

    

3,592

      

--

      

3,907

      

--

  

 

Interest income

 

  

229

 

    

187

 

    

807

 

    

736

  

 

Interest expense

 

  

( 10,720

)

    

( 8,835

)

    

( 37,012

)

    

( 36,375

)

 

Loss on early retirement of debt

 

               --

    

               --

 

  

     ( 10,372

)

  

               --

 
                           

Income before income taxes

 

  

3,708

 

    

9,121

 

    

67,672

 

    

89,384

  

 

 

    

 

      

 

      

 

        

 

Income taxes

 

       ( 1,441

)

  

         2,571

    

     ( 39,197

)

  

     ( 28,454

)
                           

Net income

 

$

2,267

 

  

$

11,692

 

  

$

28,475

 

  

$

60,930

  

    

 

 

========

    

========

 

  

========

 

  

========

  

 

 

    

 

      

 

      

 

        

Net income per common share

 

$

.06

 

  

$

.34

 

  

$

.79

 

  

$

1.72

  

 

 

    

 

      

 

      

 

        

Net income per common share assuming dilution

 

$

.05

 

  

$

.32

 

  

$

.76

 

  

$

1.66

  

 

 

    

 

      

 

      

 

        

Weighted-average common shares applicable to:

 

    

 

      

 

      

 

        

 

Net income per common share

 

  

34,693

 

    

34,172

 

    

34,547

 

    

34,999

  

    

Net income per common share assuming dilution

 

  

36,390

 

    

36,048

 

    

36,558

 

    

36,563

  
                                 

 

 


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

                                                                                      

December 30, 2004

  

January 1, 2004

Assets

 

                 

    

                  

 

  

Cash and cash equivalents

 

$

52,908

    

$

70,586

 

  

Other current assets

 

          77,646

    

         58,545

 

  

  

Total current assets

 

  

130,554

    

 

129,131

 

  

Investments

 

  

23,602

    

 

19,586

 

  

Property and equipment

 

  

1,239,146

    

 

1,121,669

 
 

Intangible assets

    

34,380

      

34,616

  

  

Other assets

 

          83,958

    

         42,771

 

  

 

$

1,511,640

    

$

1,347,773

 

  

 

=========

    

=========

 

  

 

            

 

Liabilities and Shareholders' Equity 

 

        

 

  

 

  

Current portion of long-term debt

 

$

1,292

    

$ 

16,963

 

  

Other current liabilities

 

        143,087

    

       115,093

 

  

  

Total current liabilities

 

  

144,379

    

 

132,056

 
 

Long-term debt

    

731,253

      

628,603

  
 

Other long-term liabilities

    

64,803

      

47,287

  

  

Series B convertible preferred stock

 

  

4,914

    

 

5,253

 

  

Shareholders' equity

 

        566,291

    

       534,574

 

  

 

$

1,511,640

    

$

1,347,773

 

  

 

=========

    

=========

 

 

 

 -----END PRIVACY-ENHANCED MESSAGE-----