EANS-Adhoc: Century Casinos, Inc. Announces Third Quarter 2012 Results (with document)

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Company Information

07.11.2012

November 7, 2012

Century Casinos, Inc. Announces Third Quarter 2012 Results

Colorado Springs, Colorado - November 7, 2012 - Century Casinos,
Inc. (NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) today
announced its financial results for the three and nine months ended
September 30, 2012.

Third Quarter 2012 Highlights*

- Net operating revenue was $18.7 million, a 3% increase from the
three months ended September 30, 2011.
- Earnings from operations were $1.6 million, a 4% increase from the
three months ended September 30, 2011.
- Adjusted EBITDA** was $2.8 million, a 9% decrease from the three
months ended September 30, 2011.
- Net earnings were $1.2 million, a 17% decrease from the three months
ended September 30, 2011.
- Earnings per share were $0.05, a $0.01 per share decrease from the
three months ended September 30, 2011.

| |For the Three Months |For the Nine Months |
|Amounts in thousands, |Ended September 30, |Ended September 30, |
|except share and per | | |
|share data | | |
|Consolidated Results: |2012 |2011 |%Chg|2012 |2011 |%Chg|
| | | | | | | |
|Net operating revenue |$18,723 |$18,146 |3% |$54,082 |$53,263 |2% |
|Earnings from |1,615 |1,548 |4% |4,882 |3,281 |49% |
|operations | | | | | | |
|Net earnings |1,186 |1,423 |-17%|3,467 |2,431 |43% |
| | | | | | | |
|Adjusted EBITDA** |$2,795 |$3,081 |-9% |$8,440 |$8,365 |1% |
| | | | | | | |
|Earnings per share: | | | | | | |
|Basic |$0.05 |$0.06 |-17%|$0.14 |$0.10 |40% |
|Diluted |$0.05 |$0.06 |-17%|$0.14 |$0.10 |40% |
|Weighted-average | | | | | | |
|common shares: | | | | | | |
|Basic |24,117,362|23,877,362| |24,117,362|23,715,224| |
|Dilutive |24,139,603|24,191,252| |24,317,548|24,015,139| |

"We are pleased to report another quarter with growth in revenue. All our
properties posted solid results in the third quarter, with the single exception
of Calgary, Canada. Even though that casino saw table drop increase
significantly, by 58%, and also slot coin-in by 8%, lower hold percentages as
well as a decrease in food and beverage and bowling revenues, coupled with
higher marketing costs, led to a decline in Adjusted EBITDA at the property.
Nevertheless, we are optimistic about the Calgary market and are focusing on
implementing changes that will raise guests' gaming experience and promote
further operating efficiencies to improve the results at our property in
Calgary," said Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive
Officers of Century Casinos. "We are pleased to announce the potential purchase
of an additional 33% share of Casinos Poland Ltd and we continue to actively
pursue domestic and international casino opportunities," they continued.

Three and Nine Months Ended September 30, 2012 Results*

Net operating revenue increased by $0.6 million, or 3.2%, and $0.8 million, or
1.5%, for the three and nine months ended September 30, 2012 compared to the
three and nine months ended September 30, 2011. Following is a breakout of net
operating revenue changes by property or category for the three and nine months
ended September 30, 2012 compared to the three and nine months ended September
30, 2011:

| |Net Operating Revenue |
| |For the Three |For the Nine |
| |Months |Months |
| |Ended September |Ended September |
| |30, |30, |
| |2012 |vs. 2011|2012 |vs. 2011|
|Amounts in millions |Change |% Change|Change |% Change|
|Century Casino & Hotel, Edmonton |$0.2 |4% |$0.2 |1% |
|Century Casino, Calgary |(0.1) |(5%) |(0.2) |(2%) |
|Century Casino & Hotel, Central City |0.3 |6% |0.5 |4% |
|Century Casino & Hotel, Cripple Creek |(0.1) |(4%) |(0.1) |(2%) |
|Cruise Ships & Other |0.3 |17% |0.4 |9% |
|Total |$0.6 |3% |$0.8 |2% |

Earnings from operations increased by $0.1 million, or 4.3%, and $1.6 million,
or 48.8%, for the three and nine months ended September 30, 2012 compared to
the three and nine months ended September 30, 2011. Following is a summary of
earnings from operations changes by property or category for the three and nine
months ended September 30, 2012 compared to the three and nine months ended
September 30, 2011:

| |Earnings from Operations |
| |For the Three |For the Nine |
| |Months |Months |
| |Ended September |Ended September |
| |30, |30, |
| |2012 |vs. 2011|2012 |vs. 2011|
|Amounts in millions |Change |% Change|Change |% Change|
|Century Casino & Hotel, Edmonton |$0.1 |9% |$0.2 |5% |
|Century Casino, Calgary |(0.3) |(340%) |(0.3) |(117%) |
|Century Casino & Hotel, Central City |0.4 |87% |1.1 |103% |
|Century Casino & Hotel, Cripple Creek |0.1 |10% |0.1 |9% |
|Cruise Ships & Other |0.1 |96% |0.1 |18% |
|Corporate Other |(0.3) |(29%) |0.4 |10% |
|Total |$0.1 |4% |$1.6 |49% |

Net earnings decreased by $0.2 million, or 16.7%, and increased by $1.0
million, or 42.6%, for the three and nine months ended September 30, 2012
compared to the three and nine months ended September 30, 2011. Following is a
breakout of net earnings changes by property or category for the three and nine
months ended September 30, 2012 compared to the three and nine months ended
September 30, 2011:

| |Net Earnings |
| |For the Three |For the Nine |
| |Months |Months |
| |Ended September |Ended September |
| |30, |30, |
| |2012 |vs. 2011|2012 |vs. 2011|
|Amounts in millions |Change |% Change|Change |% Change|
|Century Casino & Hotel, Edmonton |$0.0 |(2%) |$0.0 |1% |
|Century Casino, Calgary |(0.5) |(639%) |(0.3) |(220%) |
|Century Casino & Hotel, Central City |0.3 |82% |0.6 |97% |
|Century Casino & Hotel, Cripple Creek |0.0 |10% |0.1 |9% |
|Cruise Ships & Other |0.1 |82% |0.0 |9% |
|Corporate Other |(0.1) |(21%) |0.6 |23% |
|Total |($0.2) |(17%) |$1.0 |43% |

Items deducted from or added to earnings from operations to arrive at net
earnings include interest income, interest expense and gains/losses on foreign
currency transactions.

Overall, the increase in earnings from operations for the three and
nine months ended September 30, 2012 compared to the three and nine
months ended September 30, 2011 is due to increased efforts to
attract customers, generate additional revenue and control costs
and a decrease in depreciation expense due to fully depreciated
assets in Edmonton and Central City.

Property and Category Results
(in thousands)

The following table shows net operating revenue and Adjusted EBITDA** by
property or category for the three and nine months ended September 30, 2012 and
September 30, 2011.

| |Net |Adjusted |Net |Adjusted |
| |Operating |EBITDA** |Operating |EBITDA** |
| |Revenue | |Revenue | |
| |For the |For the |For the Six |For the Six |
| |Three |Three |Months |Months |
| |Months |Months | | |
| |Ended Sept |Ended Sept |Ended Sept |Ended Sept |
| |30, |30, |30, |30, |
| |2012 |2011 |2012 |2011 |2012 |2011 |2012 |2011 |
|Century Casino & | | | | | | | | |
|Hotel, Edmonton |6,091 |5,852 |1,958 |1,936|18,035|17,791|5,817 |5,939 |
|Century Casino, | | | | | | | | |
|Calgary |2,337 |2,446 |(213) |96 |7,336 |7,503 |69 |318 |
|Century Casino & | | | | | | | | |
|Hotel,Central City|5,057 |4,754 |1,202 |1,010|14,147|13,674|3,160 |2,919 |
|Century Casino & | | | | | | | | |
|Hotel,Cripple Cree|3,377 |3,506 |860 |804 |9,406 |9,554 |2,121 |2,019 |
|Cruise Ships&Other|1,861 |1,588 |313 |223 |5,158 |4,741 |773 |768 |
|Corporate |0 |0 |(1,325)|(988)|0 |0 |(3,500)|(3,598)|
|Consolidated |18,723|18,146|2,795 |3,081|54,082|53,263|8,440 |8,365 |

Balance Sheet and Liquidity

As of September 30, 2012, the Company had $22.9 million in cash and cash
equivalents and $3.7 million in debt obligations on its balance sheet compared
to $25.2 million in cash and cash equivalents and $9.1 million in debt
obligations at December 31, 2011.

On October 11, 2012, our subsidiary Century Casinos Europe GmbH ("CCE"), signed
an agreement with LOT Polish Airlines to acquire an additional 33.3% ownership
interest in Casinos Poland Ltd ("CPL"). Upon closing of the transaction, CCE
will own a 66.6% ownership interest in CPL. The purchase price is approximately
$6.8 million, and the Company intends to pay for the investment with cash on
hand. The transaction is subject to approval from the Polish Minister of
Finance and the co-shareholder in CPL. There is no assurance that CCE will
obtain the needed approvals or as to the timing of such approvals.

Conference Call Information

Today the Company will post a copy of the Form 10-Q filed with the SEC for the
quarter ended September 30, 2012 on its website at
http://corporate.cnty.com/investor-relations/sec-filings.

Century Casinos will host its third quarter 2012 earnings
conference call November 7, 2012 at 11:00 am MST; 7:00 pm CET,
respectively. U.S. domestic participants should dial
1-866-952-1906. For all other international participants,
please use +1-785-424-1825 to dial-in. Participants may also
listen to the call live or obtain a recording of the call on the
Company's website until November 21, 2012 at
http://corporate.cnty.com/investor-relations/financial-results/.

(continued)

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

|Century Casinos, Inc. |
|Condensed Consolidated Statements of Earnings (unaudited) |
| |
| |For the Three |For the Nine |
| |Months |Months |
| |Ended September |Ended September |
| |30, |30, |
|Amounts in thousands, except for |2012 |2011 |2012 |2011 |
|per share information | | | | |
|Operating revenue: | | | | |
| Gaming |$16,778 |$16,236 |$47,746 |$46,989 |
| Hotel, bowling, food and beverage |3,189 |3,152 |9,645 |9,536 |
| Other |1,041 |956 |3,086 |2,895 |
| Gross revenue |21,008 |20,344 |60,477 |59,420 |
|Less: Promotional allowances |(2,285) |(2,198) |(6,395) |(6,157) |
|Net operating revenue |18,723 |18,146 |54,082 |53,263 |
|Operating costs and expenses: | | | | |
| Gaming |7,954 |7,543 |22,645 |21,815 |
| Hotel, bowling, food and beverage |2,534 |2,565 |7,391 |7,629 |
| General and administrative |5,385 |5,213 |16,010 |16,429 |
| Depreciation |1,178 |1,526 |3,535 |4,832 |
|Total operating costs and expenses |17,051 |16,847 |49,581 |50,705 |
|Earnings from equity investment |(57) |249 |381 |723 |
|Earnings from operations |1,615 |1,548 |4,882 |3,281 |
|Non-operating income (expense): | | | | |
| Interest income |7 |6 |36 |13 |
| Interest expense |(57) |(186) |(600) |(629) |
| (Losses) gains on foreign | | | | |
|currency transactions & other |(36) |(27) |(19) |162 |
|Non-operating income (expense), net |(86) |(207) |(583) |(454) |
|Earnings before income taxes |1,529 |1,341 |4,299 |2,827 |
| | | | | |
|Income tax provision |343 |(82) |832 |396 |
| | | | | |
|Net earnings |$1,186 |$1,423 |§3,467 |$2,431 |
| | | | | |
|Earnings per share: | | | | |
| Basic |$0.05 |$0.06 |$0.14 |$0.10 |
| Diluted |$0.05 |$0.06 |$0.14 |$0.10 |

CENTURY CASINOS, INC. AND SUBSIDIARIES

FINANCIAL INFORMATION - US GAAP BASIS

|Century Casinos, Inc. |
|Condensed Consolidated Balance Sheets |
|(Amounts in thousands) |
| |September |December |
| |30, |31, |
| |2012 |2011 |
| |(unaudited)| |
|Assets | | |
|Current Assets |$24,974 |$27,286 |
|Property and equipment, net |100,038 |99,605 |
|Other Assets |11,020 |9,836 |
|Total Assets |$136,032 |$136,727 |
| | | |
|Liabilities and Shareholders' Equity | | |
|Current Liabilities |$11,339 |$21,359 |
|Non-Current Liabilities |6,695 |2,828 |
|Shareholders' Equity |117,998 |112,540 |
|Total Liabilities and Shareholders' Equity |$136,032 |$136,727 |

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

The following tables show Adjusted EBITDA margins and Adjusted EBITDA
to net earnings reconciliations by property or category. 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. A discussion of Adjusted EBITDA follows the tables.

Century Casinos, Inc.
Adjusted EBITDA Margins by Property or Category

| |For the Three |For the Nine |
| |Months |Months |
| |Ended September|Ended September|
| |30, |30, |
| |2012 |2011 |2012 |2011 |
|Century Casino & Hotel, Edmonton |32% |33% |32% |33% |
|Century Casino, Calgary |(9%) |4% |1% |4% |
|Century Casino & Hotel, Central City |24% |21% |22% |21% |
|Century Casino & Hotel, Cripple Creek |25% |23% |23% |21% |
|Cruise Ships & Other |17% |14% |15% |16% |
|Consolidated Adjusted EBITDA Margin |15% |17% |16% |16% |

Reconciliation of Adjusted EBITDA * to Net Earnings (Loss) by Property or
Category

For the three months ended September 30, 2012

Amounts in thousands

| |Three Months Ended September 30, 2012 |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total |
| | | |City |Creek |Ships&| | |
| | | | | |Other | | |
|Net earnings (loss)|$1,127 |($399) |$550 |$375 |$198 |($665) |$1,186|
|Interest income |(3) |(1) |0 |0 |0 |(3) |(7) |
|Interest expense |57 |0 |0 |0 |0 |0 |57 |
|Income taxes | | | | | | | |
|(benefit) |485 |(50) |336 |230 |20 |(678) |343 |
|Depreciaion |260 |217 |319 |255 |96 |31 |1,178 |
|Non-cash stock | | | | | | | |
|based compensation |0 |0 |0 |0 |0 |2 |2 |
|Foreign currency | | | | | | | |
|losses (gains) |30 |19 |0 |0 |(1) |(12) |36 |
|Loss (gain) on | | | | | | | |
|disposition of | | | | | | | |
|fixed assets |2 |1 |(3) |0 |0 |0 |0 |
|Adjusted EBITDA |$1,958 |($213) |$1,202 |$860 |$313 |($1,325) |$2,795|

Reconciliation of Adjusted EBITDA * to Net Earnings (Loss) by Property or

Category
For the three months ended September 30, 2011

Amounts in thousands

| |Three Months Ended September 30, 2011 |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total |
| | | |City |Creek |Ships&| | |
| | | | | |Other | | |
|Net earnings (loss)|$1,149 |$74 |$302 |$341 |$109 |($552) |$1,423|
|Interest income |(6) |0 |0 |0 |0 |0 |(6) |
|Interest expense |185 |0 |0 |0 |0 |1 |186 |
|Income taxes | | | | | | | |
|(benefit) |234 |(170) |173 |208 |2 |(529) |(82) |
|Depreciaion |373 |194 |535 |255 |112 |57 |1,526 |
|Non-cash stock | | | | | | | |
|based compensation |0 |0 |0 |0 |0 |4 |4 |
|Foreign currency | | | | | | | |
|losses (gains) |1 |(2) |0 |0 |0 |29 |28 |
|Loss (gain) on | | | | | | | |
|disposition of | | | | | | | |
|fixed assets |0 |0 |0 |0 |0 |2 |2 |
|Adjusted EBITDA |$1,936 |$96 |$1,010 |$804 |$223 |($988) |$3,081|

Reconciliation of Adjusted EBITDA * to Net Earnings (Loss) by
Property or Category For the nine months ended September 30, 2012

Amounts in thousands

| |Nine Months Ended September 30, 2012 |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total |
| | | |City |Creek |Ships&| | |
| | | | | |Other | | |
|Net earnings (loss)|$3,281 |($486) |$1,323 |$844 |$420 |($1,915) |$3,467|
|Interest income |(12) |(1) |0 |0 |0 |(23) |(36) |
|Interest expense |598 |0 |0 |0 |0 |2 |600 |
|Income taxes | | | | | | | |
|(benefit) |1,178 |(80) |812 |517 |44 |(1,639) |832 |
|Depreciaion |746 |631 |1,021 |760 |291 |86 |3,535 |
|Non-cash stock | | | | | | | |
|based compensation |0 |0 |0 |0 |0 |0 |0 |
|Foreign currency | | | | | | | |
|losses (gains) |24 |4 |0 |0 |2 |(11) |19 |
|Loss (gain) on | | | | | | | |
|disposition of | | | | | | | |
|fixed assets |2 |1 |4 |0 |16 |0 |23 |
|Adjusted EBITDA |$5,817 |$69 |$3,160 |$2,121 |$773 |($3,500) |$8,440|

Reconciliation of Adjusted EBITDA * to Net Earnings (Loss) by
Property or Category For the nine months ended September 30, 2011

Amounts in thousands

| |Nine Months Ended September 30, 2011 |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total |
| | | |City |Creek |Ships&| | |
| | | | | |Other | | |
|Net earnings (loss)|$3,242 |($152) |$673 |$777 |$387 |($2,496) |$2,431|
|Interest income |(13) |0 |0 |0 |0 |0 |(13) |
|Interest expense |626 |1 |0 |0 |0 |2 |629 |
|Income taxes | | | | | | | |
|(benefit) |975 |(144) |377 |476 |7 |(1,295) |396 |
|Depreciaion |1,114 |577 |1,854 |771 |331 |185 |4,832 |
|Non-cash stock | | | | | | | |
|based compensation |0 |0 |0 |0 |0 |196 |196 |
|Foreign currency | | | | | | | |
|losses (gains) |(5) |36 |0 |0 |0 |(192) |(161) |
|Loss (gain) on | | | | | | | |
|disposition of | | | | | | | |
|fixed assets |0 |0 |15 |(5) |43 |2 |55 |
|Adjusted EBITDA |$5,939 |$318 |$2,919 |$2,019 |$768 |($3,598) |$8,365|

* The Company defines Adjusted EBITDA as net 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 as reported under accounting principles
generally accepted in the United States of America ("US GAAP").
Adjusted EBITDA is not considered a measure of performance
recognized under US GAAP. 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 within
the gaming industry. Please see the reconciliation of Adjusted
EBITDA to net earnings (loss) above.

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

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, Nautica, Marina,
Riviera, Mein Schiff 1, Mein Schiff 2, Wind Surf, Wind Star, Wind
Spirit, Seven Seas Voyager, Seven Seas Mariner and Seven Seas
Navigator). 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 eight casinos in Poland. The
Company also manages the operations of 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 Section 27A of the Security Act of 1933, as amended,
Section 21E of the Securities Exchange Act of 1934, as
amended, and 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, statements regarding approvals required
for the CPL transaction, future results of operations, operating
efficiencies, synergies and operational performance, economic
improvements in 2012 and plans for our casinos and our Company.
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
section entitled "Risk Factors" under Item 1A in our Annual Report on
Form 10-K for the year ended December 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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http://resources.euroadhoc.com/us/Nn6S3hkR

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
--------------------------------------------------------------------------------

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