COLORADO SPRINGS, Colo., Aug. 6, 2021 /PRNewswire/ -- Century Casinos, Inc. (Nasdaq Capital Market®: CNTY) today announced its financial results for the three and six months ended June 30, 2021.
Second Quarter 2021 Highlights*
- Net operating revenue was $92.2 million, an increase of 155% from the three months ended June 30, 2020.
- Earnings from operations was $18.1 million, an increase of 957% from the three months ended June 30, 2020.
- Net earnings attributable to Century Casinos, Inc. shareholders was $6.9 million, a change of 154% from the three months ended June 30, 2020.
- Adjusted EBITDA** was $25.2 million, an increase of 1532% from the three months ended June 30, 2020.
- Basic and diluted earnings per share were $0.23 and $0.22, respectively.
- Book value per share*** at June 30, 2021 was $4.31.
COVID-19 UPDATE
In late 2019, an outbreak of COVID-19 was identified in China and has since spread throughout much of the world. The COVID-19 pandemic had an adverse effect on the Company's 2020 results of operations and financial condition, and impacted the Company's results of operations to a lesser extent in the first half of 2021 because the Company's United States properties were open and operating during this period.
The Company's Canada properties reopened on June 10, 2021, and its Poland casinos reopened on May 28, 2021. The Company's casinos in the United States have been open since June 2020 but have been required to vary their operations based on the governmental health and safety requirements in the jurisdictions in which they are located. The duration and ultimate impact of the COVID-19 pandemic otherwise remains uncertain.
"With all of our properties now open, we continue to show strong results and momentum. In the second quarter, we achieved our highest quarterly Adjusted EBITDA** in the Company's history and a consolidated Adjusted EBITDA margin** of 27.4%," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. "We continue to have a strong balance sheet and no substantial debt maturities before 2026," Messrs. Haitzmann and Hoetzinger concluded.
REPORTABLE SEGMENT RESULTS*
The table below shows the Company's reporting units and operating segments that are included in each of the Company's reportable segments as of June 30, 2021:
The Company's net operating revenue increased by $56.1 million, or 155%, and by $40.8 million, or 33%, for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020. Following is a summary of the changes in net operating revenue by reportable segment for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020:
The Company's earnings (loss) from operations increased by $20.2 million, or 957%, and by $60.2 million, or 178%, for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020. Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020:
Net earnings (loss) attributable to Century Casinos, Inc. shareholders increased by $19.5 million, or 154%, and by $63.9 million, or 109%, for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020. Following is a summary of the changes in net earnings (loss) attributable to Century Casinos, Inc. shareholders by reportable segment for the three and six months ended June 30, 2021, compared to the three and six months ended June 30, 2020:
Items deducted from or added to earnings from operations to arrive at net earnings (loss) attributable to Century Casinos, Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax expense and non-controlling interests.
Adjusted EBITDA** increased by $27.0 million, or 1532%, and by $32.2 million, or 411%, for the three and six months ended June 30, 2021 compared to the three and six months ended June 30, 2020. Following is a summary of the changes in Adjusted EBITDA** by reportable segment for the three and six months ended June 30, 2021 compared to the three and six months ended June 30, 2020:
BALANCE SHEET AND LIQUIDITY
As of June 30, 2021, the Company had $80.2 million in cash and cash equivalents and $183.9 million in outstanding debt on its balance sheet compared to $63.4 million in cash and cash equivalents and $184.6 million in outstanding debt at December 31, 2020. The outstanding debt as of June 30, 2021 included $167.5 million related to the Company's credit agreement with Macquarie Capital ("Macquarie"), $0.8 million of bank debt related to Casinos Poland, $8.4 million of bank debt related to Century Resorts Management GmbH ("CRM"), and $15.7 million related to a long-term land lease for Century Downs Racetrack and Casino ("CDR"), net of $8.5 million in deferred financing costs. The Company also has a $280.1 million long-term financing obligation under its triple net master lease ("Master Lease").
CONFERENCE CALL INFORMATION
Today the Company will post a copy of its quarterly report on Form 10-Q filed with the SEC for the quarter ended June 30, 2021 on its website at www.cnty.com/investor/financials/sec-filings/. The Company will also post a presentation of the second quarter results on its website at www.cnty.com/investor/presentations/.
The Company will host its second quarter 2021 earnings conference call today, Friday, August 6, at 8:00 am MDT. U.S. domestic participants should dial 1-844-244-9160. For all international participants, please use 330-931-4670 to dial-in. Participants may listen to the call live at centurycasinos.adobeconnect.com/earningsrelease or obtain a recording of the call on the Company's website until August 31, 2021 at www.cnty.com/investor/financials/sec-filings/.
* Amounts presented are rounded. As such, rounding differences could occur in period over period changes and percentages reported.
** Adjusted EBITDA and Adjusted EBITDA margin are Non-US GAAP financial measures. See discussion and reconciliation of Non-US GAAP financial measures in Supplemental Information below.
*** The Company defines book value per share as total Century Casinos, Inc. shareholders' equity divided by outstanding common shares.
Source: Century Casinos
