-----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, S934959pkAbBZTNqHBje68Jnl2IdwIxU6rpNSpSELIPKRMCeMcx4f6QCztS/MdGP +lVO3wkhPtsyzvwzjjKCKg== 0000852807-05-000034.txt : 20050720 0000852807-05-000034.hdr.sgml : 20050720 20050720160514 ACCESSION NUMBER: 0000852807-05-000034 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050720 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050720 DATE AS OF CHANGE: 20050720 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: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12092 FILM NUMBER: 05963964 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 k8jly20.htm FORM 8-K SECURITIES AND EXCHANGE COMMISSION


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)     July 20, 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 July 20, 2005. The purpose of the press release, which is furnished as Exhibit 99, was to announce the results for the second quarter ended June 30, 2005.
 

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 July 20, 2005, announcing results for the second quarter ended June 30, 2005.

 

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



NEIL A. CIARFALIA       
Neil A. Ciarfalia
Chief Financial Officer,
Vice President and Treasurer

 

Date:  July 20, 2005



EXHIBIT INDEX

Exhibit
Number


Description

99

Press release dated July 20, 2005, announcing results for the second quarter ended June 30, 2005.


2

 EX-99 2 exhibit99.htm EXHIBIT 99 EXHIBIT 99

Exhibit 99

AZTAR

News Release  

FOR IMMEDIATE RELEASE

AZTAR REPORTS SECOND-QUARTER 2005 RESULTS

        PHOENIX, Arizona-July 20, 2005-Aztar Corporation (NYSE:AZR) today reported financial results for its 2005 second quarter, which ended on June 30, 2005; the fiscal 2004 quarter had ended on July 1, 2004. Consolidated EBITDA was $54.2 million for the second quarter of 2005; in the 2004 second quarter, EBITDA was $46.7 million, including $3.4 million of construction accident insurance recoveries net of expenses related to the 2003 construction accident on the site of the Tropicana Atlantic City expansion. Diluted earnings per share in the 2005 second quarter were 41 cents, which included three cents associated with other income and construction accident insurance recoveries net of expenses, versus 25 cents in the 2004 quarter, which was after 15 cents associated with a loss on early retirement of debt and which included five cents attributable to construction accident insurance recoveries net of expenses.
        Our Casino Aztar riverboat properties in Indiana and Missouri continued their outstanding performance in the second quarter, together showing a 12% year-over-year increase in EBITDA. Tropicana Las Vegas reported a 6% increase in EBITDA on very strong room occupancy and average daily rate, while Ramada Express in Laughlin, Nevada, performed on a par with the year-earlier quarter. Tropicana Atlantic City continued to build momentum in its second full quarter since the opening of the expansion late last year and produced, excluding construction-accident-related items in both years, a year-over-year increase in EBITDA of 50%.
        "During the second fiscal quarter, casino revenue at the Tropicana in Atlantic City grew 25%, significantly outpacing the market," said Robert M. Haddock, Aztar Chairman of the Board, President and Chief Executive Officer. "That level of revenue growth allowed the property to more than cover the incremental operating costs associated with the expansion and to deliver a 25% EBITDA margin. Looking forward, we believe that the expanded facilities at the Atlantic City Tropicana will permit us to continue to drive significant additional revenue growth and margin expansion."

Aztar Second-Quarter 2005 Earnings Release

July 20, 2005       Page 2

Tropicana Atlantic City Expansion
        The Tropicana Atlantic City expansion includes a new 502-room hotel tower; The Quarter at Tropicana, which is a 200,000-square-foot dining, entertainment and retail complex; a 2,400-space parking garage and 20,000 square feet of meeting and conference space.
Other Income
        Other income consists of insurance recoveries for the rebuilding of the damaged portion of the Tropicana Atlantic City expansion after the construction accident that occurred on October 30, 2003, net of direct costs to obtain the recoveries.
Capital Expenditures
        In the second quarter of 2005, purchases of property and equipment totaled $16 million. Approximately $13 million of the total was spent on routine expenditures, and $3 million went for development.
Year-to Date Results
        For the first half of 2005, the company reported EBITDA of $99.9 million compared with $93.4 million in the first half of 2004. Diluted earnings per share in the 2005 first half were 68 cents, which included six cents associated with other income and construction accident insurance recoveries net of expenses and which is after five cents related to a loss on settlement of retirement plan benefits, versus 35 cents in the 2004 half, which is after 15 cents associated with a loss on early retirement of debt and 31 cents associated with an adverse court ruling regarding income taxes in Indiana and which included 12 cents of construction accident insurance recoveries net of expenses.
Conference Call
        Our second-quarter 2005 earnings conference call will be broadcast live on the Internet beginning at 4:30 p.m. Eastern Daylight Time on Wednesday, July 20, 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.

Aztar Second-Quarter 2005 Earnings Release

July 20, 2005       Page 3

Selected Results ($ in millions, except ADR, which is Average Daily Rate)

                                                      

 

     

Second Quarter

  

                   

   

Year to Date

  

 

 

2005

  

 

2004

    

2005

  

 

2004

  

 

 

      

(unaudited)

    

    

(unaudited)

  
                                 

Tropicana Atlantic City

 

    

 

 

              

 

    

  

Revenue

 

$

122.7

 

 

$

96.4

    

$

234.5

  

 

$

188.2

  

EBITDA

 

$

30.9

 

 

$

24.3

    

$

52.0

  

 

$

47.8

  

Depreciation and amortization

 

$

10.9

 

 

$

8.0

    

$

21.6

  

 

$

15.9

  

Operating income

 

$

20.0

  

 

$

16.3

    

$

30.4

  

 

$

31.9

  

 

 

    

 

 

              

 

    

  

EBITDA margin

 

  

25.2

%

 

  

25.2

%

    

22.2

%

 

  

25.4

%

Operating income margin

 

  

16.3

%

    

16.9

%

    

13.0

%

 

  

17.0

%
                                 

Occupancy

 

  

91.9

%

 

  

94.2

%

    

86.5

%

 

  

90.2

%

ADR

 

$

94.74  

 

$

87.93  

  

$

89.81  

 

$

82.57  
                                 

Tropicana Las Vegas

 

  

 

  

 

  

 

  

 

  

 

  

 

   

  

  

Revenue

 

$

41.8

  

 

$

42.1

    

$

84.0

  

 

$

82.7

  

EBITDA

 

$

10.7

  

 

$

10.1

    

$

21.7

  

 

$

19.4

  

Depreciation and amortization

 

$

1.5

  

 

$

1.5

    

$

2.9

  

 

$

3.0

  

Operating income

 

$

9.2

  

 

$

8.6

    

$

18.8

  

 

$

16.4

  

 

 

      

 

              

 

    

  

EBITDA margin

 

  

25.6

%

 

  

24.0

%

    

25.8

%

 

  

23.5

%

Operating income margin

 

  

22.0

%

 

  

20.4

%

    

22.4

%

 

  

19.8

%

 

 

      

 

              

 

    

  

Occupancy

 

  

100.0

%

 

  

100.1

%

    

98.8

%

 

  

99.1

%

ADR

 

$

92.17  

 

$

83.84  

  

$

95.78  

 

$

85.03  
                 

Ramada Express Laughlin

 

  

         

  

 

  

          

  

                   

  

          

  

  

   

         

  

Revenue

 

$

23.4

  

 

$

22.8

  

  

$

49.9

  

  

$

47.1

  

EBITDA

 

$

6.0

  

 

$

6.0

  

  

$

14.8

  

  

$

13.2

  

Depreciation and amortization

 

$

1.6

  

 

$

1.6

  

  

$

3.3

  

  

$

3.1

  

Operating income

 

$

4.4

  

 

$

4.4

  

  

$

11.5

  

  

$

10.1

  

 

 

    

  

 

    

  

      

  

      

  

EBITDA margin

 

  

25.6

%

 

  

26.3

%

    

29.7

%

    

28.0

%

Operating income margin

 

  

18.8

%

 

  

19.3

%

    

23.0

%

 

  

21.4

%

 

 

    

  

 

    

  

      

  

      

  

Occupancy

 

  

70.2

%

    

70.6

%

    

75.7

%

    

73.2

%

ADR

 

$

38.12  

 

$

35.51  

  

$

34.19  

  

$

32.24  
                 


Aztar Second-Quarter 2005 Earnings Release

July 20, 2005       Page 4

Casino Aztar Evansville

 

    

  

 

    

  

      

  

      

  

Revenue

 

$

33.5

  

 

$

32.1

  

  

$

68.9

  

  

$

65.3

  

EBITDA

 

$

10.3

  

 

$

9.6

  

  

$

21.3

  

  

$

19.7

  

Depreciation and amortization

 

$

1.9

  

 

$

1.4

  

  

$

3.7

  

  

$

2.8

  

Operating income

 

$

8.4

  

 

$

8.2

  

  

$

17.6

  

  

$

16.9

  

 

 

    

  

 

    

  

      

  

      

  

EBITDA margin

 

  

30.7

%

 

  

29.9

%

    

30.9

%

    

30.2

%

Operating income margin

 

  

25.1

%

 

  

25.5

%

    

25.5

%

 

  

25.9

%

 

 

    

  

 

    

  

      

  

      

  

Occupancy

 

  

93.2

%

 

  

88.1

%

    

88.8

%

    

86.8

%

ADR

 

$

63.92  

 

$

61.17  

  

$

63.83  

  

$

61.03  

 

 

    

  

 

    

  

      

  

      

  

Casino Aztar Caruthersville

 

    

  

 

    

  

      

  

      

  

Revenue

 

$

6.9

  

 

$

5.3

  

  

$

14.3

  

  

$

11.4

  

EBITDA

 

$

1.5

  

 

$

0.9

  

  

$

3.3

  

  

$

2.2

  

Depreciation and amortization

 

$

0.8

  

 

$

0.7

  

  

$

1.5

  

  

$

1.4

  

Operating income

 

$

0.7

  

 

$

0.2

  

  

$

1.8

  

  

$

0.8

  

 

 

    

  

 

    

  

      

  

      

  

EBITDA margin

 

  

21.7

%

 

  

17.0

%

    

23.1

%

    

19.3

%

Operating income margin

 

  

10.1

%

 

  

3.8

%

    

12.6

%

 

  

7.0

%

 

 

    

  

 

    

  

      

  

      

  

Corporate

 

    

  

 

    

  

      

  

      

  

EBITDA

 

$

( 5.2

)

 

$

( 4.2

)

  

$

( 13.2

)

  

$

(  8.9

)

Depreciation and amortization

 

$

0.0

  

 

$

0.0

  

  

$

0.0

  

  

$

0.0

  

Operating income

 

$

( 5.2

)

 

$

( 4.2

)

  

$

( 13.2

)

  

$

(  8.9

)
                                 

Consolidated

 

 

  

  

 

  

          

  

 

  

  

  

 

  

         

  

Revenue

 

$

228.3

 

 

$

198.7

    

$

451.6

  

 

$

394.7

  

EBITDA

 

$

54.2

 

 

$

46.7

    

$

99.9

  

 

$

93.4

  

Depreciation and amortization

 

$

16.7

 

 

$

13.2

    

$

33.0

  

 

$

26.2

  

Operating income

 

$

37.5

 

 

$

33.5

    

$

66.9

  

 

$

67.2

  

Net income

 

$

15.5

 

 

$

9.3

    

$

25.4

  

 

$

13.0

  
                                 

EBITDA margin

 

  

23.7

%

 

  

23.5

%

    

22.1

%

 

  

23.7

%

Operating income margin

 

  

16.4

%

 

  

16.9

%

    

14.8

%

 

  

17.0

%

Net income margin

    

6.8

%

    

4.7

%

    

5.6

%

    

3.3

%

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

Aztar Second-Quarter 2005 Earnings Release

July 20, 2005       Page 5

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 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).

Aztar Second-Quarter 2005 Earnings Release

July 20, 2005       Page 6

                                                      

 

     

Second Quarter

  

                   

   

Year to Date

  

 

 

2005

  

 

2004

    

2005

  

 

2004

  

 

 

      

(unaudited)

    

    

(unaudited)

  

EBITDA

                                

    Tropicana Atlantic City

  

$

30.9

    

$

24.3

    

$

52.0

    

$

47.8

  

    Tropicana Las Vegas

    

10.7

      

10.1

      

21.7

      

19.4

  

    Ramada Express Laughlin

    

6.0

      

6.0

      

14.8

      

13.2

  

    Casino Aztar Evansville

    

10.3

      

9.6

      

21.3

      

19.7

  

    Casino Aztar Caruthersville

  

        1.5

    

       0.9

    

       3.3

    

       2.2

  

      Property EBITDA

    

59.4

      

50.9

      

113.1

      

102.3

  

Corporate

    

( 5.2

)

    

( 4.2

)

    

( 13.2

)

    

( 8.9

)

Depreciation and amortization

  

    ( 16.7

)

  

    ( 13.2

)

  

    ( 33.0

)

  

    ( 26.2

)

Operating income

    

37.5

      

33.5

      

66.9

      

67.2

  

Other income

    

2.9

      

--

      

4.4

      

--

  

Interest income

    

0.3

      

0.2

      

0.5

      

0.4

  

Interest expense

    

( 14.2

)

    

( 8.8

)

    

( 28.0

)

    

( 17.4

)

Loss on early retirement of debt

  

--

    

   ( 8.6

)

  

--

    

     ( 8.6

)

Income taxes

  

    ( 11.0

)

  

     ( 7.0

)

  

    ( 18.4

)

  

    ( 28.6

)

Net income

  

$

15.5

    

$

9.3

    

$

25.4

    

$

13.0

  

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 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 Pen nsylvania, uncertainties related to the extent and timing of our recoveries

Aztar Second-Quarter 2005 Earnings Release

July 20, 2005       Page 7

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 December 30, 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 June 30, 2005 and July 1, 2004
(in thousands, except per share data)

                                                                                     

 

         Second Quarter       

 

  

             Six Months          

  

 

 

     2005     

 

  

     2004     

 

  

     2005     

 

  

     2004     

  

Revenues (a)

  

 

               

 

 

    

 

 

 

               

 

 

      

    

Casino

 

$

172,833

 

  

$

151,097

 

  

$

344,655

 

  

$

304,338

  

    

Rooms

 

  

28,098

 

    

23,249

 

    

53,226

 

    

43,464

  

 

Food and beverage

 

  

15,107

 

    

14,267

 

    

30,088

 

    

27,779

  

 

Other

 

       12,271

 

  

       10,041

 

  

      23,662

 

  

      19,131

  

 

  

 

228,309

 

  

198,654

 

  

451,631

 

  

394,712

  

Costs and expenses (a)

 

    

 

      

 

      

 

        

 

Casino

 

  

68,414

 

    

63,206

 

    

137,519

 

    

126,620

  

 

Rooms

 

  

12,696

 

    

11,044

 

    

23,694

 

    

20,617

  

 

Food and beverage

 

  

14,417

 

    

13,934

 

    

28,542

 

    

26,922

  

 

Other

 

  

8,174

 

    

7,597

 

    

16,099

 

    

14,942

  

 

Marketing

 

  

24,103

 

    

18,203

 

    

49,137

 

    

36,495

  

 

General and administrative

 

  

22,879

 

    

20,397

 

    

49,219

 

    

41,325

  

 

Utilities

 

  

5,947

 

    

4,584

 

    

12,315

 

    

8,805

  

 

Repairs and maintenance

 

  

6,746

 

    

6,460

 

    

13,366

 

    

12,635

  

 

Provision for doubtful accounts

 

  

329

 

    

160

 

    

707

 

    

493

  

 

Property taxes and insurance

 

  

7,773

 

    

7,577

 

    

16,293

 

    

15,030

  

 

Rent

 

  

2,085

 

    

2,207

 

    

4,023

 

    

4,248

  

 

Construction accident related

 

  

860

 

    

1,574

 

    

1,269

 

    

1,615

  
 

Construction accident insurance recoveries

  

       ( 301

)

  

       ( 5,000

)

  

       ( 526

)

  

       ( 8,500

)

 

Depreciation and amortization 

 

       16,681

 

  

       13,212

 

  

       33,027

 

  

       26,235

  

 

 

 

    190,803

 

  

    165,155

 

  

     384,684

 

  

     327,482

  

 

 

    

 

      

 

      

 

        

Operating income

 

  

37,506

 

    

33,499

      

66,947

 

    

67,230

  

 

 

    

 

              

 

        
 

Other income

    

2,855

      

--

      

4,428

      

--

  

 

Interest income

 

  

294

 

    

212

      

536

 

    

379

  

 

Interest expense

 

  

( 14,206

)

    

( 8,735

)

    

( 28,068

)

    

( 17,409

)

 

Loss on early retirement of debt

 

                --

    

       ( 8,621

)

  

                --

    

       ( 8,621

)
                           

Income before income taxes

 

  

26,449

 

    

16,355

      

43,843

 

    

41,579

  

 

 

    

 

              

 

        

 

Income taxes

 

     ( 10,996

)

  

       ( 7,008

)

  

     ( 18,479

)

  

     ( 28,565

)
                           

Net income

 

$

15,453

 

  

$

9,347

    

$

25,364

 

  

$

13,014

  

    

 

 

========

    

========

    

========

 

  

========

  

 

 

    

 

              

 

        

Net income per common share

 

$

.43

 

  

$

.26

    

$

.71

 

  

$

.36

  

Net income per common share assuming dilution

 

$

.41

 

  

$

.25

    

$

.68

 

  

$

.35

  

Weighted-average common shares applicable to:

 

    

 

              

 

        

 

Net income per common share

 

  

35,141

 

    

34,556

      

34,965

 

    

34,439

  

    

Net income per common share assuming dilution

 

  

36,980

 

    

36,534

      

36,929

 

    

35,871

  

____________________________________________

(a)

The Company makes cash promotional offers to certain of its customers, including cash rebates as part of loyalty programs generally based on an individual's level of gaming play. In the first quarter of 2005, the Company concluded that it was appropriate to classify these costs as a reduction in casino revenue. Previously, these costs were classified primarily as a casino expense. Accordingly, the Company has revised the classification of these costs as a reduction in casino revenue for the second quarter and six months ended June 30, 2005 in its Consolidated Statement of Operations. The Company has also made corresponding adjustments to its Consolidated Statement of Operations for the second quarter and six months ended July 1, 2004 to classify $7,605 and $13,313, respectively of these costs, previously classified as an expense as a reduction in casino revenue. This revision in classification had no effect on operating income or net income in the Consolidated Statements of Operations fo r any period.

 


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

                                                                                      

     June 30, 2005    

  

December 30, 2004

Assets

 

                 

        

  

Cash and cash equivalents

 

$

57,585

    

$

52,908

  

  

Other current assets

 

          55,526

    

          77,646

  

  

  

Total current assets

 

  

113,111

      

130,554

  

  

Investments

 

  

25,895

      

23,602

  

  

Property and equipment

 

  

1,246,682

      

1,239,146

  
 

Intangible assets

    

34,066

      

34,380

  

  

Other assets

 

          84,244

    

          83,958

  

  

 

$

1,503,998

    

$

1,511,640

  

  

 

=========

    

=========

  

  

 

              

Liabilities and Shareholders' Equity 

 

              

  

Current portion of long-term debt

 

$

990

    

$

1,292

  

  

Other current liabilities

 

        123,601

    

        143,087

  

  

  

Total current liabilities

 

  

124,591

      

144,379

  
 

Long-term debt

    

713,133

      

731,253

  
 

Other long-term liabilities

    

58,109

      

64,803

  

  

Series B convertible preferred stock

 

  

4,796

      

4,914

  

  

Shareholders' equity

 

        603,369

    

        566,291

  

  

 

$

1,503,998

    

$

1,511,640

  

  

 

=========

    

=========

  

 

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