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Summarized Quarterly Data (Unaudited)
 12 Months Ended
Dec. 31, 2014
Summarized Quarterly Data (Unaudited)  
Summarized Quarterly Data (Unaudited)

 

19.   Summarized Quarterly Data (Unaudited)

        The following table summarizes the quarterly results of operations for the years ended December 31, 2014 and 2013:

                                                                                                                                                                                    

 

 

Fiscal Quarter

 

 

 

First

 

Second

 

Third

 

Fourth

 

 

 

(Restated)

 

(Restated)

 

(Restated)

 

(Restated)

 

 

 

(in thousands, except per share data)

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$
641,080

 

$
652,146

 

$
645,940

 

$
651,361

 

Income (loss) from operations

 

 
102,514

 

 
105,467

 

 
105,853

 

 
(56,646

)

Net loss

 

 
580

 

 
(19,273

)

 
(15,348

)

 
(149,781

)

Earnings (loss) per common share:

 

 


 

 

 


 

 

 


 

 

 


 

 

Basic earnings (loss) per common share

 

$
0.01

 

$
(0.25

)

$
(0.20

)

$
(1.90

)

Diluted earnings (loss) per common share

 

$
0.01

 

$
(0.25

)

$
(0.20

)

$
(1.90

)

2013

 

 


 

 

 


 

 

 


 

 

 


 

 

Net revenues

 

$
755,597

 

$
715,299

 

$
674,802

 

$
632,188

 

Income (loss) from operations

 

 
126,136

 

 
37,421

 

 
87,245

 

 
(674,670

)

Net income (loss) from continuing operations

 

 
61,689

 

 
(17,247

)

 
38,268

 

 
(675,507

)

Net income (loss)

 

 
64,903

 

 
(12,548

)

 
40,949

 

 
(674,556

)

Basic earnings (loss) per common share from continuing operations

 


$
0.64

 


$
(0.22


)


$
0.40

 


$
(8.66


)

Basic earnings per common share from discontinued operations

 

$
0.03

 

$
0.06

 

$
0.03

 

$
0.01

 

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

Basic earnings per common share

 

$
0.67

 

$
(0.16

)

$
0.43

 

$
(8.65

)

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

Diluted earnings (loss) per common share from continuing operations

 

$
0.60

 

$
(0.22

)

$
0.37

 

$
(8.66

)

Diluted earnings per common share from discontinued operations

 

$
0.03

 

$
0.06

 

$
0.03

 

$
0.01

 

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

Diluted earnings per common share

 

$
0.63

 

$
(0.16

)

$
0.40

 

$
(8.65

)

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

        During the fourth quarter of 2014, the Company recorded goodwill and other intangible assets impairment charges of $155.3 million, as it determined that a portion of the value of its goodwill and other intangible assets was impaired due to the Company's outlook of continued challenging regional gaming conditions which persisted in 2014 at certain properties in its Southern Plains segment, as well as for the write-off of a trademark intangible asset in the West segment. During the second quarter of 2014, the Company recorded an impairment charge of $4.6 million to write-down certain idle assets to their estimated salvage value.

        During the first, second, third and fourth quarters of 2014, the Company incurred interest expense related to the Master Lease, which became effective November 1, 2013, of $93.1 million, $94.0 million, $94.6 million and $97.5 million, respectively.

        During the fourth quarter of 2013, the Company recorded impairment charges of $724.2 million, as it determined that a portion of the value of its goodwill and other intangible assets was impaired. In addition, in conjunction with the relocation of the Company's two racetracks in Ohio, the Company recorded an impairment charge of $2.2 million during the fourth quarter of 2013 for the parcels of land that the racetracks resided on, as the land was reclassified as held for sale. Additionally, during the second quarter of 2013, as a result of a new gaming license being awarded for the development of a new casino in Sioux City, Iowa to another applicant in April 2013, the Company recorded an impairment charge of $71.8 million for Argosy Casino Sioux City, as the Company determined that the fair value of its Sioux City reporting unit was less than its carrying amount based on the Company's analysis of the estimated future expected cash flows the Company anticipated receiving from the operations of the Sioux City facility.

        The Company incurred interest expense related to the Master Lease of $62.1 million during this time period.

        During the first, second, third and fourth quarters of 2013, the Company incurred transaction costs of $2.3 million, $3.5 million, $8.9 million and $24.8 million, respectively, associated with the Spin-Off.

        During the fourth quarter of 2013, the Company recorded a loss on the early extinguishment of debt of $61.7 million in connection with the repayments of its previous indebtedness.

        The following information reconciles the Company's previously reported financial information with as restated amounts for its summarized 2014 and 2013 quarterly reporting periods. Refer to Note 2 for further information regarding the restatement of previously reported information.

                                                                                                                                                                                    

 

 

Three Months Ended March 31, 2014

 

 

 

As Previously
Reported

 

Restatement
Adjustments

 

Restated

 

 

 

(in thousands, except per share data)

 

Net revenues

 

$
641,080

 

$

—

 

$
641,080

 

Income from operations

 

 
18,051

 

 
84,463

 

 
102,514

 

Net income (loss)

 

 
4,537

 

 
(3,957

)

 
580

 

Earnings (loss) per common share:

 

 


 

 

 


 

 

 


 

 

Basic earnings (loss) per common share

 

$
0.05

 

$
(0.04

)

$
0.01

 

Diluted earnings (loss) per common share

 

$
0.05

 

$
(0.04

)

$
0.01

 

 

                                                                                                                                                                                    

 

 

Three Months Ended June 30, 2014

 

 

 

As Previously
Reported

 

Restatement
Adjustments

 

Restated

 

 

 

(in thousands, except per share data)

 

Net revenues

 

$
652,146

 

$

—

 

$
652,146

 

Income from operations

 

 
23,382

 

 
82,085

 

 
105,467

 

Net income (loss)

 

 
4,176

 

 
(23,449

)

 
(19,273

)

Earnings (loss) per common share:

 

 


 

 

 


 

 

 


 

 

Basic earnings (loss) per common share

 

$
0.05

 

$
(0.30

)

$
(0.25

)

Diluted earnings (loss) per common share

 

$
0.05

 

$
(0.30

)

$
(0.25

)

 

                                                                                                                                                                                    

 

 

Three Months Ended September 30, 2014

 

 

 

As Previously
Reported

 

Restatement
Adjustments

 

Restated

 

 

 

(in thousands, except per share data)

 

Net revenues

 

$
645,940

 

$

—

 

$
645,940

 

Income from operations

 

 
22,831

 

 
83,022

 

 
105,853

 

Net income (loss)

 

 
8,499

 

 
(23,847

)

 
(15,348

)

Earnings (loss) per common share:

 

 


 

 

 


 

 

 


 

 

Basic earnings (loss) per common share

 

$
0.10

 

$
(0.30

)

$
(0.20

)

Diluted earnings (loss) per common share

 

$
0.10

 

$
(0.30

)

$
(0.20

)

 

                                                                                                                                                                                    

 

 

Three Months Ended December 31, 2014

 

 

 

As Previously
Reported

 

Restatement
Adjustments

 

Restated

 

 

 

(in thousands, except per share data)

 

Net revenues

 

$
651,361

 

$

—

 

$
651,361

 

Loss from operations

 

 
(304,686

)

 
248,040

 

 
(56,646

)

Net (loss)

 

 
(250,407

)

 
100,626

 

 
(149,781

)

Earnings (loss) per common share:

 

 


 

 

 


 

 

 


 

 

Basic (loss) per common share

 

$
(3.18

)

$
1.28

 

$
(1.90

)

Diluted (loss) per common share

 

$
(3.18

)

$
1.28

 

$
(1.90

)

 

                                                                                                                                                                                    

 

 

Three Months Ended March 31, 2013

 

 

 

As Previously
Reported

 

Discontinued
Operations

 

Restatement
Adjustments

 

Restated

 

 

 

(in thousands, except per share data)

 

Net revenues

 

$
798,246

 

$
(42,649

)

$

—

 

$
755,597

 

Income from operations

 

 
133,315

 

 
(6,810

)

 
(369

)

 
126,136

 

Net income from continuing operations

 

 
65,271

 

 
(3,214

)

 
(368

)

 
61,689

 

Net income

 

 
65,271

 

 

—

 

 
(368

)

 
64,903

 

Basic earnings per common share from continuing operations

 


$
0.68

 


$
(0.03


)


$
(0.01


)


$
0.64

 

Basic earnings per common share from discontinued operations

 

$

—

 

$
0.03

 

$

—

 

$
0.03

 

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

Basic earnings per common share

 

$
0.68

 

$

—

 

$
(0.01

)

$
0.67

 

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

Diluted earnings per common share from continuing operations

 

$
0.63

 

$
(0.03

)

$

—

 

$
0.60

 

Diluted earnings per common share from discontinued operations

 

$

—

 

$
0.03

 

$

—

 

$
0.03

 

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

Diluted earnings per common share

 

$
0.63

 

$

—

 

$

—

 

$
0.63

 

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

 

                                                                                                                                                                                    

 

 

Three Months Ended June 30, 2013

 

 

 

As Previously
Reported

 

Discontinued
Operations

 

Restatement
Adjustments

 

Restated

 

 

 

(in thousands, except per share data)

 

Net revenues

 

$
761,371

 

$
(46,072

)

$

—

 

$
715,299

 

Loss from operations

 

 
46,881

 

 
(9,090

)

 
(370

)

 
37,421

 

Net (loss) from continuing operations

 

 
(12,180

)

 
(4,699

)

 
(368

)

 
(17,247

)

Net (loss)

 

 
(12,180

)

 

—

 

 
(368

)

 
(12,548

)

Basic loss per common share from continuing operations

 


$
(0.16


)


$
(0.06


)


$


—

 


$
(0.22


)

Basic earnings per common share from discontinued operations

 

$

—

 

$
0.06

 

$

—

 

$
0.06

 

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

Basic loss per common share

 

$
(0.16

)

$

—

 

$

—

 

$
(0.16

)

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

Diluted loss per common share from continuing operations

 

$
(0.16

)

$
(0.06

)

$

—

 

$
(0.22

)

Diluted earnings per common share from discontinued operations

 

$

—

 

$
0.06

 

$

—

 

$
0.06

 

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

Diluted loss per common share

 

$
(0.16

)

$

—

 

$

—

 

$
(0.16

)

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

 

                                                                                                                                                                                    

 

 

Three Months Ended September 30, 2013

 

 

 

As Previously
Reported

 

Discontinued
Operations

 

Restatement
Adjustments

 

Restated

 

 

 

(in thousands, except per share data)

 

Net revenues

 

$
714,435

 

$
(39,633

)

$

—

 

$
674,802

 

Income from operations

 

 
93,280

 

 
(5,665

)

 
(370

)

 
87,245

 

Net income from continuing operations

 

 
41,317

 

 
(2,681

)

 
(368

)

 
38,268

 

Net income

 

 
41,317

 

 

—

 

 
(368

)

 
40,949

 

Basic earnings per common share from continuing operations

 


$
0.43

 


$
(0.03


)


$


—

 


$
0.40

 

Basic earnings per common share from discontinued operations

 

$

—

 

$
0.03

 

$

—

 

$
0.03

 

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

Basic earnings per common share

 

$
0.43

 

$

—

 

$

—

 

$
0.43

 

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

Diluted earnings per common share from continuing operations

 

$
0.40

 

$
(0.03

)

$

—

 

$
0.37

 

Diluted earnings per common share from discontinued operations

 

$

—

 

$
0.03

 

$

—

 

$
0.03

 

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

Diluted earnings per common share

 

$
0.40

 

$

—

 

$

—

 

$
0.40

 

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

 

                                                                                                                                                                                    

 

 

Three Months Ended December 31, 2013

 

 

 

As Previously
Reported

 

Discontinued
Operations

 

Restatement
Adjustments

 

Restated

 

 

 

(in thousands, except per share data)

 

Net revenues

 

$
644,702

 

$
(12,514

)

$

—

 

$
632,188

 

(Loss) from operations

 

 
(1,045,448

)

 
(1,948

)

 
372,726

 

 
(674,670

)

Net (loss) from continuing operations

 

 
(888,747

)

 
(951

)

 
214,191

 

 
(675,507

)

Net (loss)

 

 
(888,747

)

 

—

 

 
214,191

 

 
(674,556

)

Basic (loss) per common share from continuing operations

 


$
(11.40


)


$
(0.01


)


$
2.75

 


$
(8.66


)

Basic earnings per common share from discontinued operations

 

$

—

 

$
0.01

 

$

—

 

$
0.01

 

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

Basic (loss) per common share

 

$
(11.40

)

$

—

 

$
2.75

 

$
(8.65

)

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

Diluted (loss) per common share from continuing operations

 

$
(11.40

)

$
(0.01

)

$
2.75

 

$
(8.66

)

Diluted earnings per common share from discontinued operations

 

$

—

 

$
0.01

 

$

—

 

$
0.01

 

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​

Diluted (loss) per common share

 

$
(11.40

)

$

—

 

$
2.75

 

$
(8.65

)

​

​

​  

​  

​

​  

​  

​

​  

​  

​

​  

​  

​