EANS-Adhoc: Century Casinos, Inc. Announces Second Quarter 2011 Results (with document)

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Company Information

12.08.2011

August 12, 2011

Century Casinos, Inc. Announces Second Quarter 2011 Results

Colorado Springs, Colorado - August 12, 2011 - Century Casinos,
Inc. (NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) today
announced its financial results for the three and six months ended
June 30, 2011.

Second Quarter 2011 Highlights

• Net operating revenue was $18.0 million, a 21% increase compared to the
three months ended June 30, 2010.

• Adjusted EBITDA* was $2.8 million, a 38% increase from the three months
ended June 30, 2010.

• Net earnings per share was $0.03 compared to a net loss of $0.01 for the
three months ended June 30, 2010.

| |For the Three Months |For the Six Months |
|Amounts in thousands, |Ended June 30, 2011 |Ended June 30, 2011 |
|except share and per | | |
|share data | | |
|Consolidated Results: |2011 |2010 |% |2011 |2010 |% |
| | | |Chng| | |Chng|
|Net operating revenue |$18,002 |$14,940 |21% |$35,117 |$29,077 |21% |
|Earnings from |977 |344 |184%|1,733 |694 |150%|
|operations | | | | | | |
|Net earnings (loss) |644 |(259) |349%|1,008 |(129) |881%|
| | | | | | | |
|Adjusted EBITDA* |$2,760 |$2,005 |38% |$5,284 |$3,989 |33% |
| | | | | | | |
|Earnings per share: | | | | | | |
|Basic |$0.03 |($0.01) |400%|$0.04 |($0.01) |500%|
|Diluted |$0.03 |($0.01) |400%|$0.04 |($0.01) |500%|
|Weighted-average | | | | | | |
|common shares: | | | | | | |
|Basic |23,717,165|23,815,936|Chng|23,714,215|23,815,936|Chng|
|Dilutive |24,026,095|23,815,936|Chng|24,015,947|23,815,936|Chng|

"We are very pleased with our performance for the second quarter, especially
when considering that each of our operations posted increases in revenue as
well as Adjusted EBITDA and overall earnings from operations almost
tripled,"said Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive
Officers of Century Casinos. "Initial results for the first half of the
third quarter indicate further improvement," they continued.

Second Quarter and Six Month 2011 Results

Net operating revenue increased by $3.1 million or 21% and $6.0 million or 21%
for the three and six months ended June 30, 2011 compared to the three and six
months ended June 30, 2010, respectively, due to increased revenue from all
properties. The increase in net operating revenue at our Canadian properties is
due in part to higher customer volumes and an increase in the average exchange
rate between the U.S. dollar and Canadian dollar of 5.8% and 5.6% for the three
and six months ended June 30, 2011 compared to the three and six months ended
June 30, 2010, respectively.

The increase in net operating revenue at our Central City property is due in
part to increased table games revenue generated from craps and player banked
poker, increased customer volumes, increased revenue from slot machines that
were moved from the lower level to the main level and increased video poker
play. The increase in net operating revenue at our Cripple Creek property is
due in part to increased slot revenue from new slot machines, additional table
games revenue generated after moving the table games pit from the back of the
casino to the front, improved customer service and new marketing strategies
aimed at improving the gaming floor atmosphere and differentiating our casino
from competitors.

The increase in net operating revenue from our ship-based casinos and other is
primarily due to additional ship-based casinos placed into operation during the
three and six months ended June 30, 2011 as compared to the three and six
months ended June 30, 2010.

Total operating costs and expenses increased by $2.7 million or 18% and $5.1
million or 18% for the three and six months ended June 30, 2011 compared to the
three and six months ended June 30, 2010, respectively, due to increased
operating costs at all of our properties. Total operating costs and expenses at
our property in Edmonton increased primarily due to the increase in the average
exchange rate between the U.S. dollar and Canadian dollar of 5.8% and 5.6% for
the three and six months ended June 30, 2011 compared to the three and six
months ended June 30, 2010, respectively.

Total operating costs and expenses at our property in Calgary increased due to
the addition of a player´s club point redemption program and additional
staffing costs incurred in order to provide improved customer service for the
three and six months ended June 30, 2011 compared to the three and six months
ended June 30, 2010. The increase is also attributable to an increase in the
average exchange rate between the U.S. dollar and Canadian dollar of 5.8% and
5.6% for the three and six months ended June 30, 2011 compared to the three and
six months ended June 30, 2010, respectively.

Total operating costs and expenses at our Colorado properties increased due to
increased marketing costs from more aggressive marketing campaigns, increased
gaming taxes as a result of higher gaming revenue and increased staffing costs
in order to provide improved customer service for the three and six months
ended June 30, 2011 compared to the three and six months ended June 30, 2010.

Total operating costs and expenses from our ship-based casinos
increased for the three and six months ended June 30, 2011 compared
to the three and six months ended June 30, 2010 as a result of
increased concession and annual fees paid to cruise ship operators
for the ability to operate ship-based casinos.

Net earnings increased by $0.9 million and $1.1 million for the
three and six months ended June 30, 2011 compared to the three and
six months ended June 30, 2010, respectively. The increase is due
to increased earnings from operations at our Edmonton, Central
City and Cripple Creek properties offset by losses from
operations at our Calgary property. In addition, the increase
in the average exchange rate between the U.S. dollar and Canadian
dollar of 5.8% and 5.6% for the three and six months ended June
30, 2011 compared to the three and six months ended June 30, 2010,
respectively, contributed to the increase in net earnings.

Property Results
(in thousands)

| |Net |Adjusted |Net |Adjusted |
| |Operating |EBITDA* |Operating |EBITDA* |
| |Revenue | |Revenue | |
| |For the |For the |For the Six |For the Six |
| |Three Months |Three Months |Months |Months |
| |Ended June |Ended June |Ended June |Ended June |
| |30, |30, |30, |30, |
| |2011 |2010 |2011 |2010 |2011 |2010 |2011 |2010 |
|Century Casino&| | | | | | | | |
|Hotel,Edmonto |6,185 |5,497 |2,163 |1,766 |11,938 |10,857|4,003 |3,415 |
|Century Casino,| | | | | | | | |
|Calgary |2,467 |2,098 |120 |(26) |5,056 |3,840 |219 |153 |
|Century Casino&| | | | | | | | |
|Hotel, Central | | | | | | | | |
|City |4,520 |4,210 |951 |947 |8,920 |8,382 |1,909 |1,868 |
|Century Casino&| | | | | | | | |
|Hotel, Cripple | | | | | | | | |
|Creek |3,211 |2,617 |685 |490 |6,049 |4,882 |1,216 |682 |
|Cruise Ships | | | | | | | | |
|and Other |1,619 |518 |314 |79 |3,154 |1,116 |546 |236 |
|Corporate |- |- |(1,473)|(1,251)|- |- |(2,609)|(2,365)|
|Consolidated |18,002|14,940|2,760 |2,005 |35,117 |29,077|5,284 |3,989 |

Balance Sheet and Liquidity

As of June 30, 2011, the Company had $19.8 million in cash and cash equivalents
and $10.8 million in debt obligations on its balance sheet compared to $21.5
million in cash and cash equivalents and $13.5 million in debt obligations at
December 31, 2010.

Conference Call Information

Today the Company will post a copy of the Form 10-Q filed with the SEC for the
second quarter of 2011 on its website at
www.cnty.com/corporate/investor/sec-filings/.

Century Casinos will host its second quarter 2011 earnings conference call today
at 10:00 am MDT; 6:00 pm CET, respectively. U.S. domestic participants should
dial 1-800-862-9098. For all other international participants please use
+1-785-424-1051 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/.

Property Results
(in thousands)

| |For the |For the |For the |For the |
| |Three Months|Three Months|Six Months|Six Months|
| |Ended June |Ended June |Ended June|Ended June|
| |30, |30, |30, |30, |
| |2011 |2010 |2011 |2010 |
|Amounts in thousands, | | | | |
|except for share and per | | | | |
|share information | | | | |
|Operating revenue: | | | | |
| Gaming |$15,928 |$13,239 |$30,753 |$25,821 |
| Hotel, bowling, food and | | | | |
| beverage |3,141 |2,756 |6,384 |5,521 |
| Other |1,004 |770 |1,939 |1,349 |
| Gross revenue |20,073 |16,765 |39,076 |32,691 |
|Less: Promotional | | | | |
|allowances |(2,071) |(1,825) |(3,959) |(3,614) |
|Net operating revenue |18,002 |14,940 |35,117 |29,077 |
|Operating costs and | | | | |
|expenses: | | | | |
| Gaming |7,341 |5,854 |14,272 |11,287 |
| Hotel, bowling, food and | | | | |
|beverage |2,553 |2,228 |5,064 |4,338 |
| General and | | | | |
|administrative |5,848 |5,150 |11,216 |10,093 |
| Depreciation |1,665 |1,524 |3,306 |3,013 |
|Total operating costs and | | | | |
|expenses |17,407 |14,756 |33,858 |28,731 |
|Earnings from equity | | | | |
|investment |382 |160 |474 |348 |
|Earnings from operations |977 |344 |1,733 |694 |
|Non-operating income | | | | |
|(expense): | | | | |
| Interest income |5 |14 |7 |22 |
| Interest expense |(197) |(281) |(443) |(572) |
| Gains (losses) on foreign| |(244) | |(1) |
|currency transactions | | | | |
|and other |114 | |189 | |
|Non-operating income | | | | |
|(expense), net |(78) |(511) |(247) |(551) |
|Earnings (loss) before | | | | |
|income taxes |899 |(167) |1,486 |143 |
|Income tax provision |255 |92 |478 |272 |
|Net earnings (loss) |$644 |($259) |$1,008 |($129) |
| | | | | |
|Earnings per share: | | | | |
| Basic |$0.03 |($0.01) |$0.04 |($0.01) |
| Diluted |$0.03 |($0.01) |$0.04 |($0.01) |
| | | | | |

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

Century Casinos, Inc.
Condensed Consolidated Balance Sheets
(Amounts in thousands)

| |June 30, |December |
| | |31, |
| |2011 |2010 |
|Assets | | |
|Current assets |$21,981 |$23,467 |
|Property and equipment, net |103,669 |103,956 |
|Other assets |9,908 |9,303 |
|Total assets |$135,558 |$136,726 |
| | | |
|Liabilities and Shareholders´ Equity | | |
|Current liabilities |$10,803 |$14,057 |
|Non-current liabilities |10,668 |11,171 |
|Shareholders´ equity |114,087 |111,498 |
|Total liabilities and shareholders´ equity |$135,558 |$136,726 |

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

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

| |For the Three |For the Six |
| |Months |Months |
| |Ended June 30, |Ended June 30, |
| |2011 |2010 |2011 |2010 |
|Century Casino & Hotel,| | | | |
|Edmonton |35% |32% |34% |31% |
|Century Casino, | | | | |
|Calgary |5% |(1%) |4% |4% |
|Century Casino & Hotel,| | | | |
|Central City |21% |22% |21% |22% |
|Century Casino & Hotel,| | | | |
|Cripple Creek |21% |19% |20% |14% |
|Cruise Ships and Other |19% |15% |17% |21% |
|Consolidated Adjusted | | | | |
|EBITDA Margin |15% |13% |15% |14% |
| | | | | |

Century Casinos, Inc.
Reconciliation of Adjusted EBITDA * to Earnings (Loss) by Property (Unaudited)
For the Three and Six Months Ended June 30, 2011 and 2010

For Three Months Ended June 30, 2011
Amounts In thousands
| | |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total|
| | | |City |Creek |Ships | | |
| | | | | |& | | |
| | | | | |Other | | |
|Earnings (loss) |1,182 |(73) |177 |268 |160 |(1,070) |644 |
|Interest income |(5) |- |- |- |- |- |(5) |
|Interst expense |197 |1 |- |- |- |(1) |197 |
|Income taxes |414 |(2) |96 |164 |3 |(420) |255 |
|Depreciation |377 |194 |664 |258 |108 |64 |1,665|
|Non-cash stock | | | | | | | |
|based compensation |- |- |- |- |- |96 |96 |
|Foreign currency | | | | | | | |
|(gains) |(2) |- |- |- |- |(112) |(114)|
|Loss(gain) on | | | | | | | |
|disposition of fixed| | | | | | | |
|assets |- |- |14 |(5) |43 |(30) |22 |
| | | | | | | | |
|Adjusted EBITDA |2,163 |120 |951 |685 |314 |(1,473) |2,760|
| | | | | | | | |

For Three Months Ended June 30, 2010
Amounts In thousands
| | |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total|
| | | |City |Creek |Ships | | |
| | | | | |& | | |
| | | | | |Other | | |
|Earnings (loss) |855 |(62) |176 |121 |(3) |(1,346) |(259)|
|Interest income |(10) |(1) |- |- |- |(3) |(14) |
|Interst expense |288 |- |- |- |- |(7) |281 |
|Income taxes |280 |(26) |97 |74 |- |(333) |92 |
|Depreciation |353 |67 |674 |294 |82 |54 |1,524|
|Non-cash stock | | | | | | | |
|based compensation |- |- |- |- |- |145 |145 |
|Foreign currency | | | | | | | |
|(gains) |(3) |(4) |- |- |- |238 |231 |
|Loss(gain) on | | | | | | | |
|disposition of fixed| | | | | | | |
|assets |3 |- |- |1 |- |1 |5 |
| | | | | | | | |
|Adjusted EBITDA |1,766 |(26) |947 |490 |79 |(1,251) |2,005|
| | | | | | | | |

For Six Months Ended June 30, 2011
Amounts In thousands
| | |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total|
| | | |City |Creek |Ships | | |
| | | | | |& | | |
| | | | | |Other | | |
|Earnings (loss) |2,080 |(236) |372 |437 |279 |(1,924) |1,008|
|Interest income |(7) |- |- |- |- |- |(7) |
|Interst expense |440 |1 |- |- |- |2 |443 |
|Income taxes |756 |32 |203 |268 |5 |(786) |478 |
|Depreciation |741 |383 |1,319 |516 |219 |128 |3,306|
|Non-cash stock | | | | | | | |
|based compensation |- |- |- |- |- |192 |192 |
|Foreign currency | | | | | | | |
|(gains) |(7) |39 |- |- |- |(221) |(189)|
|Loss(gain) on | | | | | | | |
|disposition of fixed| | | | | | | |
|assets |- |- |15 |(5) |43 |- |53 |
| | | | | | | | |
|Adjusted EBITDA |4,003 |219 |1,909 |1,216 |546 |(2,609) |5,284|
| | | | | | | | |

For Six Months Ended June 30, 2010
Amounts In thousands
| | |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total|
| | | |City |Creek |Ships | | |
| | | | | |& | | |
| | | | | |Other | | |
|Earnings (loss) |1,574 |32 |338 |61 |64 |(2,198) |(129)|
|Interest income |(18) |(1) |- |- |- |(3) |(22) |
|Interst expense |577 |- |- |- |- |(5) |572 |
|Income taxes |561 |13 |183 |37 |2 |(524) |272 |
|Depreciation |696 |108 |1,346 |583 |170 |110 |3,013|
|Non-cash stock | | | | | | | |
|based compensation |- |- |- |- |- |288 |288 |
|Foreign currency | | | | | | | |
|(gains) |22 |1 |- |- |- |73 |96 |
|Loss(gain) on | | | | | | | |
|disposition of fixed| | | | | | | |
|assets |- |- |- |- |- |(108) |(108)|
|Impairments and | | | | | | | |
|ohter write offs |3 |- |1 |1 |- |2 |7 |
| | | | | | | | |
|Adjusted EBITDA |3,415 |153 |1,868 |682 |236 |(2,365) |3,989|
| | | | | | | | |

* The Company defines Adjusted EBITDA as earnings (loss) 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 and royalty fees and interest, along with
their related tax effects, are excluded from the presentation of net earnings
and Adjusted EBITDA reported for each property. Not all of the aforementioned
items occur in each reporting period, but have been included in the definition
based on historical activity. 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 of its properties and the Company.
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.

** 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 twelve luxury cruise
vessels (Regatta, Insignia, Nautica, Marina, Mein Schiff 1, Mein Schiff 2, Wind
Surf, Wind Star, Wind Spirit, Seven Seas Voyager, Seven Seas Mariner and Seven
Seas Navigator) and signed a contract for an additional casino on board Oceania
Cruises´ Riviera that is expected to start operations in 2012. 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, future results of operations for the third
quarter of 2011 and other periods, expected competition, the impact of new
gaming laws and plans for our casinos. 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 for the year ended December 31, 2010. 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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Further inquiry note:
Century Casinos Europe GmbH
Mag. Peter Hötzinger, CO-CEO
Tel.:0664/3553935
mailto:peter.hoetzinger@cnty.com
http://www.cnty.com

end of announcement euro adhoc
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Attachments with Announcement:
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issuer: Century Casinos,Inc.
c/o Century Casinos Europe GmbH, Untere Viaduktgasse 2
A-1030 Wien
phone: +43/664/3553935
FAX: +43/1/5336363
mail: peter.hoetzinger@cnty.com
WWW: www.cnty.com
sector: Casinos & Gambling
ISIN: AT0000499900
indexes: WBI, ATX Prime
stockmarkets: official market: Wien
language: English