EANS-Adhoc: Century Casinos,Inc. / Century Casinos, Inc. Announces Fourth Quarter 2010 Results (with document)

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annual report

31.03.2011

Colorado Springs, Colorado - March 31, 2011 - Century Casinos,
Inc. (NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) today
announced its financial results for the three months and year ended
December 31, 2010.

Fourth Quarter 2010 Highlights

• Net operating revenue was $15.6 million, a 29% increase from fourth
quarter of 2009.

• Basic net earnings per share was $0.04, an increase from a basic net loss
per share of $0.32 in the fourth quarter of 2009.

| |For the Three Months|For the Year |
| |Ended December 31, |Ended December 31, |
|Amounts in thousands, | | |
|except share data | | |
|Consolidated Results: |2010 |2009 |% |2010 |2009 |% |
| | | |Chang| | |Chang|
| | | |e | | |e |
|Net operating revenue |$15,631|$12,131|29% |$60,692|$49,738|22% |
|Operating (loss) |(367) |(9,027)|96% |1,067 |(8,370)|113% |
|earnings from continuing| | | | | | |
|operations | | | | | | |
|Earnings (loss) from |830 |(9,220)|109% |1,022 |(12,903|108% |
|continuing operations | | | | |) | |
|Earnings from |- |1,582 |(100%|- |24,722 |(100%|
|discontinued operations | | |) | | |) |
|Net earnings (loss) |830 |(7,638)|111% |1,022 |11,819 |(91%)|
|Net earnings (loss) |830 |(7,638)|111% |1,022 |10,883 |(91%)|
|attributable to Century | | | | | | |
|Casinos, | | | | | | |
|Inc. | | | | | | |
| | | | | | | |
|Adjusted EBITDA* |$1,367 |$1,725 |(21%)|$7,909 |$7,941 |0% |
| | | | | | | |
|Basic earnings per | | | | | | |
|share: | | | | | | |
|Earnings (Loss) from |$0.04 |$(0.39)|110% |$0.04 |$(0.55)|107% |
|continuing operations | | | | | | |
|Earnings from |- |- |- |- |1.01 |(100%|
|discontinued operations | | | | | |) |
|Net earnings (loss) |$0.04 |$(0.32)|113% |$0.04 |$0.46 |(91%)|
|Weighted-average common |23,701,|23,630,| |23,613,|23,575,| |
|shares, basic |249 |045 | |612 |709 | |
|Diluted earnings per | | | | | | |
|share: | | | | | | |
|Earnings (Loss) from |$0.03 |$(0.39)|108% |$0.04 |$(0.55)|107% |
|continuing operations | | | | | | |
|Earnings from |- |- |- |- |1.01 |(100%|
|discontinued operations | | | | | |) |
|Net earnings (loss) |$0.03 |$(0.32)|109% |$0.04 |$0.46 |(91%)|
|Weighted-average common |23,887,|23,630,| |23,795,|23,575,| |
|shares, diluted |634 |045 | |358 |709 | |

*See discussion and reconciliation of Non-GAAP financial measures in
Supplemental Information below.

"With net operating revenue increasing at all of our operations, we are pleased
with our overall performance for the fourth quarter, especially when
considering the North American economic environment," said Erwin Haitzmann and
Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos.

Fourth Quarter 2010 Results

Net operating revenue increased by $3.5 million, or 29%, for the
three months ended December 31, 2010 compared to the three months
ended December 31, 2009. The increase in net operating revenue is
mainly attributable to the acquisition of the Calgary property,
additional revenue generated from two new cruise line agreements,
an increase in revenue in Edmonton, Central City and Cripple Creek
and additional revenue earned from our recently acquired management
agreement in Aruba.

Operating loss from continuing operations decreased by $8.7 million,
or 96% to $0.4 million for the three months ended December 31, 2010
compared to the three months ended December 31, 2009. The
improvement is due primarily to the write- down of our equity
investment in Casinos Poland of $9.0 million in 2009. In
addition, operating earnings in 2010 decreased by $0.3 million at
the Century Casino & Hotel in Edmonton. This decrease was offset by
a $1.2 million gain recognized as a bargain purchase on the
acquisition of Century Casinos Calgary and a $0.1 million increase
at the Company´s Century Casino & Hotel in Central City as a result
of the increase in revenue during the three months ended
December 31, 2010. Operating earnings in 2010 remained flat at less
than $0.1 million at the Company´s Century Casino & Hotel in Cripple
Creek for the three months ended December 31, 2010. Adjusted EBITDA
declined $0.4 million or 21%, to $1.4 million in the three months
ended December 31, 2010 compared to the three months ended
December 31, 2009.

Basic net earnings per share ("EPS") for the three months ended
December 31, 2010 was $0.04, an increase from a net loss per share
of $0.32 for the three months ended December 31, 2009. EPS from
continuing operations for the three months ended December 31,
2010 was $0.04 compared to a loss per share from continuing
operations for the three months ended December 31, 2009 of $0.39.

Year Ended 2010 Results

Net operating revenue increased by $11.0 million, or 22%, for the
year ended December 31, 2010 compared to the year ended December 31,
2009. The increase in net operating revenue is mainly
attributable to the acquisition of the Calgary property,
additional revenue generated from the two new cruise line
agreements and an increase in revenue in Edmonton, slightly
offset by a decrease in Cripple Creek.

Operating earnings from continuing operations increased by $9.4
million or 113%, for the year ended December 31, 2010 compared to
the year ended December 31, 2009. The increase is due to the
write-down of our equity investment in Casinos Poland of $9.0
million in 2009and overall increases in earnings from continuing
operations in 2010. Adjusted EBITDA for the year ended December 31,
2010 remained flat at $7.9 million compared to the year ended
December 31, 2009.

Basic EPS for the year ended December 31, 2010 was $0.04, compared to
basic EPS of $0.46 for the year ended December 31, 2009. EPS from
continuing operations for the year ended December 31, 2010 was $0.04
compared to a loss per share from continuing operations for the
year ended December 31, 2009 of $0.55.

Property Results (Continuing Operations)
(in thousands)

| |Net |Adjusted |
| |Operating |EBITDA* |
| |Revenue | |
| |For the |For the |
| |Three Months|Three Months|
| |Ended |Ended |
| |December 31,|December 31,|
| |2010 |2009 |2010 |2009 |
|Century Casino & |5,696 |5,635 |1,775 |2,023 |
|Hotel, Edmonton | | | | |
|Century Casino, |2,286 |- |(255) |- |
|Calgary | | | | |
|Century Casino & |4,138 |3,604 |883 |775 |
|Hotel, Central | | | | |
|City | | | | |
|Century Casino & |2,458 |2,385 |249 |286 |
|Hotel, Cripple | | | | |
|Creek | | | | |
|Cruise Ships |1,001 |507 |61 |102 |
|Corporate |52 |- |(1,346|(1,461|
| | | |) |) |
|Consolidated |15,631|12,131|1,367 |1,725 |

Balance Sheet and Liquidity

As of December 31, 2010, the Company had $21.5 million in cash
and cash equivalents, and $9.3 million in long-term debt
obligations on its balance sheet compared to $37.0 million in cash
and cash equivalents, and $14.7 million in long-term debt
obligations at December 31, 2009.

Conference Call Information

The Company has posted the Form 10-K filed with the SEC for the
year ended December 31, 2010 on its website at
www.cnty.com/corporate/investor/sec- filings/.

Century Casinos will host its fourth quarter 2010 earnings
conference call on March 31, 2011 at 10:00 am MDT; 6:00 pm
CET, respectively. U.S. domestic participants should dial
1-800-894-5910. For all other international participants
please use +1-785-424-1052 to dial in. Participants may also
listen to the call live or obtain a recording of the call on the
Company´s website at
www.cnty.com/corporate/investor/financial-results/.

(continued)
CENTURY CASINOS, INC. AND SUBSIDIARIES
FINANCIAL INFORMATION - US GAAP BASIS

| |For the three |For the year |
| |months ended |ended |
| |December 31, |December 31, |
|Amounts in thousands, except for |2010 |2009 |2010 |2009 |
|share and per share information | | | | |
|Operating revenue: | | | | |
| Gaming |$13,467 |$11,082 |$53,635 |$46,496 |
| Hotel, bowling, food and beverage|3,193 |2,202 |11,505 |8,417 |
| Other |792 |519 |2,914 |1,914 |
| Gross revenue |17,452 |13,803 |68,054 |56,827 |
|Less: Promotional allowances |(1,821) |(1,672) |(7,362) |(7,089) |
|Net operating revenue |15,631 |12,131 |60,692 |49,738 |
|Operating costs and expenses: | | | | |
| Gaming |6,573 |4,814 |24,150 |19,068 |
| Hotel, bowling, food and beverage|2,632 |1,618 |9,378 |6,624 |
| General and administrative |5,428 |4,336 |20,493 |17,652 |
| Impairments and other write-offs,|- |8,983 |13 |8,985 |
|net of recoveries | | | | |
| Depreciation |1,583 |1,490 |6,125 |6,138 |
|Total operating costs and expenses |16,216 |21,241 |60,159 |58,467 |
|Earnings from equity investment |218 |83 |534 |359 |
|Operating (loss) earnings from | | | | |
|continuing operations |(367) |(9,027) |1,067 |(8,370) |
|Non-operating income (expense): | | | | |
| Gain on bargain purchase | |- | |- |
| |1,180 | |1,180 | |
| Interest income |11 |7 |50 |50 |
| Interest expense | | | | |
| |(313) |(340) |(1,174) |(3,773) |
| Gains (losses) on foreign | |446 | |15 |
|currency transactions and other |143 | |169 | |
|Non-operating income (expense), net| | | | |
| |1,021 |113 |225 |(3,708) |
|Earnings (loss) from continuing | | | | |
|operations before income taxes |654 |(8,914) |1,292 |(12,078)|
|Income tax provision |(176) |306 |270 |825 |
|Earnings (loss) from continuing | | | | |
|operations |830 |(9,220) |1,022 |(12,903)|
|Discontinued operations: | | | | |
| Earnings from discontinued | |- | |2,674 |
|operations |- | |- | |
| Gain on disposition of Century | |- | |915 |
|Casino Millennium |- | |- | |
| Gain on disposition of Century | |1,582 | |21,859 |
|Casinos Africa |- | |- | |
| Income tax provision | |- | |726 |
| |- | |- | |
|Earnings from discontinued | |1,582 | |24,722 |
|operations |- | |- | |
|Net earnings (loss) | |(7,638) | |11,819 |
| |830 | |1,022 | |
|Less: | | | | |
|Net (loss) attributable to the | | | | |
|noncontrolling | | | | |
| interests (continuing | |- | |(42) |
|operations) |- | |- | |
|Net earnings attributable to the | | | | |
|noncontrolling | | | | |
| interests (discontinued | |- | |978 |
|operations) |- | |- | |
|Net earnings (loss) attributable to|$830 |($7,638)|$1,022 |$10,883 |
|Century Casinos, Inc. and | | | | |
|subsidiaries | | | | |

CENTURY CASINOS, INC. AND SUBSIDIARIES
FINANCIAL INFORMATION - US GAAP BASIS

| |For the three |For the year |
| |months ended |ended |
| |December 31, 2010|December 31, |
| |2010 |2009 |2010 |2009 |
|Basic and diluted earnings (loss) | | | | |
|per share: | | | | |
| Earnings (loss) from continuing|$0.04 |($0.39) |$0.04 |($0.55) |
|operations | | | | |
| Earnings from discontinued | - |0.07 | - |1.01 |
|operations | | | | |
| Net earnings (loss) |$0.04 |($0.32) |$0.04 |$0.46 |
| | | | | |
|Diluted earnings (loss) per share:| | | | |
| Earnings (loss) from continuing|$0.03 |($0.39) |$0.04 |($0.55) |
|operations | | | | |
| Earnings from discontinued | - |0.07 | - |1.01 |
|operations | | | | |
| Net earnings (loss) |$0.03 |($0.32) |$0.04 |$0.46 |
| | | | | |
|Earnings (loss) from continuing |$830 |($9,220)|$1,022 |($12,861|
|operations | | | |) |
|Earnings from discontinued | - |1,582 | - |23,744 |
|operations | | | | |
|Net earnings (loss) attributable |$830 |($7,638)|$1,022 |$10,883 |
|to Century Casinos, Inc. and | | | | |
|subsidiaries common shareholders | | | | |
| | | | | |
|Weighted Average Shares | | | | |
|Outstanding: | | | | |
|Weighted average shares basic |23,701,2|23,630,0|23,613,6|23,575,7|
| |49 |45 |12 |09 |
|Weighted average shares diluted |23,887,6|23,630,0|23,795,3|23,575,7|
| |34 |45 |58 |09 |

|Century Casinos, Inc. |
|Condensed Consolidated Balance Sheets |
|(Amounts in thousands) |
| |December 31,|December 31,|
| |2010 |2009 |
|Assets | | |
|Current Assets |$23,467 |$39,627 |
|Property and equipment, net |103,956 |88,241 |
|Other Assets |9,303 |7,442 |
|Total Assets |$136,726 |$135,310 |
| | | |
|Liabilities and Shareholders´ Equity | | |
|Current Liabilities |$14,057 |$10,984 |
|Non-Current Liabilities |11,171 |16,037 |
|Shareholders´ Equity |111,498 |108,289 |
|Total Liabilities and Shareholders´ |$136,726 |$135,310 |
|Equity | | |
CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

Century Casinos, Inc.
Adjusted EBITDA Margins ** by Property (Unaudited)

| |For the Three |For the Year |
| |Months | |
| |Ended December |Ended December |
| |31, |31, |
| |2010 |2009 |2010 |2009 |
|Century Casino & |31% |36% |32% |35% |
|Hotel, Edmonton | | | | |
|Century Casino, |(11%) |- |(2%) |- |
|Calgary | | | | |
|Century Casino & |21% |22% |23% |24% |
|Hotel, Central | | | | |
|City | | | | |
|Century Casino & |10% |12% |15% |18% |
|Hotel, Cripple | | | | |
|Creek | | | | |
|Cruise Ships |6% |20% |14% |18% |
|Consolidated |9% |14% |13% |16% |
|Adjusted EBITDA | | | | |
|Margin | | | | |

Century Casinos, Inc.
Reconciliation of Adjusted EBITDA * to Earnings (Loss) from Continuing
Operations by Property (Unaudited)
For the Three Months Ended December 31, 2010

Amounts in thousands
| |Three Months Ended December 31, 2010 |
| |Edmonto|Calga|Centra|Crippl|Cruise|Corpor|Total|
| |n |ry |l City|e |Ships |ate | |
| | | | |Creek | | | |
|Earnings (loss) from |$1,067 |$871 |$106 |($19) |($42) |($1,15|$830 |
|continuing operations| | | | | |3) | |
|Interest income |(2) |- |- |- |- |(9) |(11) |
|Interest expense |309 |- |- |- |- |4 |313 |
|Income taxes |28 |(43) |52 |(11) |(2) |(200) |(176)|
|Depreciation |360 |87 |675 |278 |105 |78 |1,583|
|Stock compensation |- |- |- |- |- |96 |96 |
|Foreign currency |13 |10 |- |- |- |(166) |(143)|
|Gain on bargain |- |(1,18|- |- |- |- |(1,18|
|purchase | |0) | | | | |0) |
|Disposition of fixed |- |- |50 |1 |- |4 |55 |
|assets | | | | | | | |
|Adjusted EBITDA* |$1,775 |($255|$883 |$249 |$61 |($1,34|$1,36|
| | |) | | | |6) |7 |
| | |
| |Three Months Ended December 31, 2009 |
| |Edmonto|Calga|Centra|Crippl|Cruise|Corpor|Total|
| |n |ry |l City|e |Ships |ate | |
| | | | |Creek | | | |
|Earnings (loss) from |$958 |- |$58 |$(21) |$11 |($10,2|($9,2|
|continuing operations| | | | | |26) |20) |
|Interest income |(6) |- |- |- |- |(1) |(7) |
|Interest expense |298 |- |21 |1 |- |20 |340 |
|Income taxes |411 |- |25 |(14) |- |(116) |306 |
|Depreciation |345 |- |671 |315 |91 |68 |1,490|
|Stock compensation |- |- |- |- |- |238 |238 |
|Foreign currency |17 |- |- |- |- |(423) |(406)|
|Impairments and other|- |- |- |5 |- |8,978 |8,983|
|write-offs | | | | | | | |
|Disposition of fixed |- |- |- |- |- |1 |1 |
|assets | | | | | | | |
|Adjusted EBITDA* |$2,023 |- |$775 |$286 |$102 |($1,46|$1,72|
| | | | | | |1) |5 |

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION
Century Casinos, Inc.
Reconciliation of Adjusted EBITDA * to Earnings (Loss) from Continuing
Operations by Property (Unaudited)
For the Year Ended December 31, 2010

Amounts in thousands
| |Year Ended December 31, 2010 |
| |Edmonto|Calga|Centra|Crippl|Cruise|Corpor|Total |
| |n |ry |l City|e |Ships |ate | |
| | | | |Creek | | | |
|Earnings (loss) from |$4,148 |$266 |$821 |$257 |$53 |($4,52|$1,022|
|continuing operations| | | | | |3) | |
|Interest income |(22) |(1) |- |- |- |(27) |(50) |
|Interest expense |1,166 |- |- |- |- |8 |1,174 |
|Income taxes |133 |441 |454 |158 |2 |(918) |270 |
|Depreciation |1,406 |272 |2,698 |1,150 |357 |242 |6,125 |
|Stock compensation |- |- |- |- |- |482 |482 |
|Foreign currency |31 |9 |- |- |- |(110) |(70) |
|Gain on bargain |- |(1,18|- |- |- |- |(1,180|
|purchase | |0) | | | | |) |
|Impairments and other|10 |- |- |4 |- |(1) |13 |
|write-offs | | | | | | | |
|Disposition of fixed |9 |- |51 |2 |- |61 |123 |
|assets | | | | | | | |
|Adjusted EBITDA* |$6,881 |($193|$4,024|$1,571|$412 |($4,78|$7,909|
| | |) | | | |6) | |
| | |
| |Year Ended December 31, 2009 |
| |Edmonto|Calga|Centra|Crippl|Cruise|Corpor|Total |
| |n |ry |l City|e |Ships |ate | |
| | | | |Creek | | | |
|Earnings (loss) from |$3,311 |- |($734)|$241 |$56 |($15,7|($12,9|
|continuing operations| | | | | |77) |03) |
|Interest income |(10) |- |(1) |- |- |(39) |(50) |
|Interest expense |1,121 |- |2,329 |144 |- |179 |3,773 |
|Income taxes |1,327 |- |(498) |147 |1 |(152) |825 |
|Depreciation |1,304 |- |2,894 |1,361 |311 |268 |6,138 |
|Stock compensation |- |- |- |- |- |1,101 |1,101 |
|Foreign currency |75 |- |- |- |- |(20) |55 |
|Impairments and other|- |- |- |5 |- |8,980 |8,985 |
|write-offs | | | | | | | |
|Disposition of fixed |- |- |3 |- |- |14 |17 |
|assets | | | | | | | |
|Adjusted EBITDA* |$7,128 |0 |$3,993|$1,898|$368 |($5,44|$7,941|
| | | | | | |6) | |

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

* The Company defines Adjusted EBITDA as earnings (loss) from
continuing operations before interest, income taxes,
depreciation, amortization, pre- opening expenses, non-cash stock
based compensation charges, asset impairment costs, gains (losses)
on disposition of fixed assets, discontinued operations, realized
foreign currency gains (losses) and certain other one-time
items. Intercompany transactions consisting primarily of management
fees and interest, along with their related tax effects, are
excluded from the presentation of net earnings and Adjusted EBITDA
reported for each property. These adjustments have no effect on the
consolidated results. Adjusted EBITDA is not considered a
measure of performance recognized under accounting principles
generally accepted in the United States of America. Management
believes that Adjusted EBITDA is a valuable measure of the relative
performance among its operating segments. The gaming industry
commonly uses Adjusted EBITDA as a method of arriving at the
economic value of a casino operation. Management uses Adjusted
EBITDA to compare the relative operating performance of separate
operating units by eliminating the above mentioned items
associated with the varying levels of capital expenditures for
infrastructure required to generate revenue, and the often high cost
of acquiring existing operations. EBITDA (Earnings before
interest, taxes, depreciation and amortization) is used by the
Company´s lending institution to gauge operating performance. The
Company´s computation of Adjusted EBITDA may be different from, and
therefore may not be comparable to, similar measures used by other
companies. Please see the reconciliation of Adjusted EBITDA to
earnings (loss) from continuing operations above. Not all of the
aforementioned items occur in each reporting period, but have been
included in the definition based on historical activity.

** The Company defines Adjusted EBITDA margin as Adjusted EBITDA
divided by net operating revenue. Management uses this margin as one
of several measures to evaluate the efficiency of the Company´s
casino operations.

About Century Casinos, Inc.: Century Casinos, Inc. is an
international casino entertainment company that owns and operates
Century Casino & Hotels in Cripple Creek and Central City,
Colorado, and in Edmonton, Alberta, Canada and the Century Casino
in Calgary, Alberta, Canada. The Company also operates casinos
aboard eleven luxury cruise vessels (Regatta, Insignia, Nautica,
Marina, Mein Schiff 1, Wind Surf, Wind Star, Wind Spirit, Seven
Seas Voyager, Seven Seas Mariner and Seven Seas Navigator) and
signed contracts for casinos on two additional ships (Oceania
Cruises´ Riviera and TUI Cruises´ Mein Schiff 2) that are expected
to start operations in the coming months. Through its Austrian
subsidiary, Century Casinos Europe GmbH, the Company holds a 33.3%
ownership interest in Casinos Poland Ltd., the owner and operator
of seven full casinos in Poland. The Company also manages the
casino at the Radisson Aruba Resort, Casino & Spa in Aruba,
Caribbean. Century Casinos, Inc. continues to pursue other
international projects in various stages of development.

For more information about Century Casinos, visit our
website at www.centurycasinos.com. Century Casinos´ common stock
trades on The NASDAQ Capital Market® and the Vienna Stock Exchange
under the symbol CNTY.

This release may contain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on the beliefs and assumptions of the
management of Century Casinos based on information currently
available to management. Such forward-looking statements include,
but are not limited to, expected competition, the impact of new
gaming laws, plans for our casinos and the impact of the
economic downturn. Such forward-looking statements are subject
to risks, uncertainties and other factors that could cause
actual results to differ materially from future results
expressed or implied by such forward-looking statements.
Important factors that could cause actual results to differ
materially from the forward- looking statements include, among
others, the risks described in the sections entitled "Risk
Factors" under Item 1A in our Annual Report on Form 10-K filed on
March 31, 2011. Century Casinos disclaims any obligation to revise or
update any forward-looking statement that may be made from time to
time by it or on its behalf.

Attachments with Announcement:
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end of announcement euro adhoc
--------------------------------------------------------------------------------

ots Originaltext: Century Casinos,Inc.
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

Century Casinos Europe GmbH
Mag. Peter Hötzinger, CO-CEO
Tel.:0664/3553935
mailto:peter.hoetzinger@cnty.com
http://www.cnty.com

Branche: Casinos & Gambling
ISIN: AT0000499900
WKN:
Index: WBI, ATX Prime
Börsen: Wien / official market