Caesars Entertainment Reports Record Results
Caesars Entertainment Inc. (NYSE: CZR) today reported financial results for the first quarter of 2005, including an all-time record for quarterly EBITDA from continuing operations.
First quarter 2005 results
For the first quarter of 2005, Caesars Entertainment reported net income of $50 million, or $0.16 per fully diluted share. That compares to a net income of $71 million, or $0.23 per fully diluted share, for the first quarter of 2004.
Adjusted net income for the quarter was $82 million, or $0.25 per diluted share - $0.03 per share above the consensus of analysts' estimates. First quarter adjusted net income excluded $155 million in merger costs related to the company's pending acquisition by Harrah's Entertainment, mainly related to a stock option cash-out program established under the company's 1998 stock option plan. Adjusted net income also excluded $4 million in operating results, net of tax, from properties scheduled to be sold (classified as "discontinued operations"); a $68-million after-tax gain related to the sale of the company's interests in the Caesars Gauteng casino resort in South Africa (also classified as "discontinued operations") and $1 million in pre-opening expense.
Adjusted net income for the first quarter of 2004 was $61 million, or $0.20 per diluted share. In that quarter, adjusted net income excluded $10 million in operating results net of tax from properties held for sale, which were included in discontinued operations.
Net revenue for the first quarter of 2005 was $1.096 billion, up two percent from $1.075 billion in the first quarter of 2004. First quarter EBITDA - earnings before interest, taxes, depreciation and amortization and charges (and after corporate expense) - was $302 million, an all-time quarterly record for EBITDA from continuing operations. EBITDA for the first quarter of 2004 was $291 million. The EBITDA margin before corporate expense was 29 percent.
2005-04-12
