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

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Annual Reports/Company Information
28.03.2013

Colorado Springs, Colorado - March 28, 2013 - 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, 2012. _ 2012_Highlights* _

* Net operating revenue was $71.8 million, a 1% increase from the
year ended December 31, 2011. * Net earnings were $4.1 million, a
35% increase from the year ended December 31, 2011. * Earnings per
share were $0.17 * Book value per share** at December 31, 2012 was
$4.90.

Fourth_Quarter_2012_Highlights*
_

* Net operating revenue was $17.7 million, a 1% increase from the
three months ended December 31, 2011. * Net earnings were $0.6
million, a 6% increase from the three months ended December 31,
2011. * Earnings per share were $0.03

For the Three Months For the Year
Amounts in

thousands,
except share
and per

share data Ended December 31, Ended December 31,
Consolidated
Results: 2012 2011 % Change 2012 2011 % Change
Net

operating revenue $17,745 $17,603 1% $71,828
$70,866 1% Earnings from

operations 894 984 (9%) 5,776 4,265 35%
Net earnings 624 590 6% 4,091 3,021 35%
Adjusted
EBITDA*** $2,123 $2,329 (9%) $10,563 $10,692 (1%)
Earnings per
share:
Basic $0.03 $0.03 0% $0.17 $0.13 31%
Diluted $0.03 $0.03 0% $0.17 $0.13 31%
Weighted-
average
common
shares:
Basic 24,126,727 23,877,362 24,004,166 23,891,874
Dilutive 24,144,772 24,044,231 24,104,616 24,070,634

"We are pleased to report another quarter with growth in revenue and
net earnings, even though business levels softened a bit in the
latter part of the year. We expect to close the Casinos Poland
transaction, which we expect will be immediately accretive, in April
and are very excited about the growth potential it brings for our
company," said Erwin Haitzmann and Peter Hoetzinger, Co Chief
Executive Officers of Century Casinos. "During 2012, we made
significant progress on the implementation of our strategy to
increase shareholder value and improve our financial flexibility and
we successfully executed this strategy against a backdrop of ongoing
macroeconomic uncertainty," they continued.

Three_Months__and_Year_Ended_December_31,_2012_Results* Net operating
revenue increased by $0.1 million, or 0.8%, and $1.0 million, or
1.4%, for the three months and year ended December 31, 2012 compared
to the three months and year ended December 31, 2011. Following is a
summary of net operating revenue changes by property or category for
the three months and year ended December 31, 2012 compared to the
three months and year ended December 31, 2011, respectively:

Net Operating Revenue
For the Three Months For the Year
Ended December 31, Ended December 31,
2012/2011 2012/2011
Amounts in millions Change Change
Century Casino & Hotel,
Edmonton $0.4 $0.6
Century Casino, Calgary (0.1) (0.3)
Century Casino & Hotel,
Central City 0.0 0.5
Century Casino & Hotel,
Cripple Creek (0.2) (0.3)
Cruise Ships & Other 0.0 0.4
Total $0.1 $1.0

Earnings from operations decreased by ($0.1) million, or (9.1%), and
increased by $1.5 million, or 35.4%, for the three months and year
ended December 31, 2012 compared to the three months and year ended
December 31, 2011. The increase in earnings from operations was due
to increased efforts to attract customers, generate additional
revenue and control costs. Following is a summary of earnings from
operations changes by property or category for the three months and
year ended December 31, 2012 compared to the three months and year
ended December 31, 2011, respectively:

Earnings from Operations
For the Three Months For the Year
Ended December 31, Ended December 31,
2012/2011 2012/2011
Amounts in millions Change Change
Century Casino & Hotel,
Edmonton $0.2 $0.5
Century Casino, Calgary (0.2) (0.5)
Century Casino & Hotel,
Central City (0.1) 1.0
Century Casino & Hotel,
Cripple Creek 0.0 0.1
Cruise Ships & Other (0.1) 0.0
Corporate Other 0.1 0.5
Total ($0.1) $1.5

Net earnings increased by less than $0.1 million, or 5.8%, and $1.1
million, or 35.4%, for the three months and year ended December 31,
2012 compared to the three months and year ended December 31, 2011.
Following is a summary of net earnings changes by property or
category for the three months and year ended December 31, 2012
compared to the three months and year ended December 31, 2011:

Net Earnings
For the Three Months For the Year
Ended December 31, Ended December 31,
2012/2011 2012/2011
Amounts in millions Change Change
Century Casino & Hotel,
Edmonton $0.4 $0.4
Century Casino, Calgary (0.1) (0.4)
Century Casino & Hotel,
Central City (0.1) 0.6
Century Casino & Hotel,
Cripple Creek 0.0 0.1
Cruise Ships & Other (0.1) 0.0
Corporate Other (0.1) 0.4
Total $0.0 $1.1

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

_ Property_and_Category_Results* (in_thousands) _ The following table
shows net operating revenue and Adjusted EBITDA** by property or
category for the three months and year ended December 31, 2012 and
December 31, 2011.

Net Operating Adjusted Net Operating
Revenue EBITDA** Revenue Adjusted EBITDA**
For the Three For the Three
Months Months For the Year For the Year
Ended December Ended December Ended December Ended December
31, 31, 31, 31,
2012 2011 2012 2011 2012 2011 2012 2011
Century
Casino &
Hotel,
Edmonton $6,499 $6,116 $2,141 $1,963 $24,536 $23,906 $7,959 $7,899
Century
Casino,
Calgary 2,594 2,703 159 302 9,929 10,206 228 620
Century
Casino &
Hotel,
Central City 4,354 4,306 714 858 18,501 17,980 3,875 3,779

Century
Casino &
Hotel,
Cripple

Creek 2,524 2,682 261 277 11,931 12,236 2,385 2,296
Cruise Ships
& Other 1,766 1,796 157 261 6,923 6,538 929 1,027

Corporate 8 0 (1,309) (1,332) 8 0 (4,813)(4,929)
Consolidated $17,745 $17,603 $2,123 $2,329 $71,828 $70,866 $10,563 $10,692

_

Balance_Sheet_and_Liquidity As of December 31, 2012, the Company had
$24.8 million in cash and cash equivalents and $3.6 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. Conference_Call_Information

Today the Company will post a copy of the Annual Report on Form 10-K
filed with the SEC for the year ended December 31, 2012 on its
website at http://corporate.cnty.com/investor-relations/sec-filings .

Century Casinos will host its fourth quarter 2012 earnings conference
call today, March 28, 2013 at 8:00 am MDT; 3:00 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 April 3, 2013 at
http://corporate.cnty.com/investor-relations/ 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 per
share
information 2012 2011 2012 2011

Operating

revenue:
Gaming $15,125 $15,081 $62,871 $62,070
Hotel,
bowling, food
and beverage 3,545 3,410 13,190 12,946
Other 1,119 1,138 4,206 4,033
Gross
revenue 19,789 19,629 80,267 79,049
Less:
Promotional
allowances (2,044) (2,026) (8,439) (8,183)

Net operating

revenue 17,745 17,603 71,828 70,866
Operating costs
and expenses:
Gaming 7,562 7,550 30,208 29,365
Hotel,
bowling, food
and beverage 2,670 2,465 10,061 10,094
General and
administrative 5,443 5,158 21,452 21,587
Depreciation 1,221 1,312 4,757 6,144
Total operating
costs and
expenses 16,896 16,485 66,478 67,190
Earnings from
equity
investment 45 (134) 426 589
Earnings from
operations 894 984 5,776 4,265
Non-operating

income
(expense):
Interest

income 1 25 37 38
Interest
expense (70) (173) (670) (802)
(Losses) gains

on foreign
currency
transactions

& other (5) 25 (24)
187 Non-operating (expense)

income, net (74) (123) (657) (577)
Earnings before
income taxes 820 861 5,119 3,688
Income tax
provision 196 271 1,028 667
Net earnings $624 $590 $4,091 $3,021

Earnings per
share:
Basic $0.03 $0.03 $0.17 $0.13
Diluted $0.03 $0.03 $0.17 $0.13

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

Century Casinos, Inc.
Condensed Consolidated
Balance Sheets
(Amounts in thousands)
December 31, December 31,
2012 2011
Assets
Current assets $26,535 $27,286
Property and equipment, 99,526 99,605
net
Other assets 11,275 9,836
Total assets $137,336 $136,727

Liabilities and
Shareholders' Equity
Current liabilities $13,071 $21,359
Non-current liabilities 6,109 2,828
Shareholders' equity 118,156 112,540
Total liabilities and $137,336 $136,727
shareholders' equity

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 Months For the Year
Ended December 31, Ended December 31,
2012 2011 2012 2011
Century Casino
& Hotel,
Edmonton 33% 32% 32% 33%
Century Casino,
Calgary 6% 11% 2% 6%
Century Casino

& Hotel, Central City 16% 20% 21%
21% Century Casino & Hotel,

Cripple Creek 10% 10% 20% 19%
Cruise Ships &
Other 9% 15% 13% 16%
Consolidated

Adjusted EBITDA Margin 12% 13%
15% 15%

Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) by
Property or Category For the three months ended December 31, 2012

Amounts in thousands

Three Months Ended December , 2012
Cruise
Central Cripple Ships &
Edmonton Calgary City Creek Other Corporate Total
Net earnings
(loss) $1,407 ($45) $236 $7 $30 ($1,011) $624
Interest
income 0 0 0 0 0 (1) (1)

Interest

expense 57 0 0 0 11 2 70
Income taxes
(benefit) 417 (35) 145 5 5 (341) 196
Depreciation 264 230 329 247 113 38 1,221
Non-cash

stock based compensation 0 0 0 0
0 (4) (4) Foreign currency losses (gains) (4)
5 0 0 (1) 5 (Gain) loss on
disposition of fixed

assets 0 4 4 2 (1) 1 10
Other write-
offs 0 0 0 0 0 2 2
Adjusted

EBITDA** $2,141 $159 $714 $261 $157
($1,309) $2,123

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

Century Casinos, Inc. Reconciliation of Adjusted EBITDA ** to Net
Earnings (Loss) by Property or Category For the three months ended
December 31, 2011 Amounts in thousands

Three Months Ended December 31, 2011
Cruise
Central Cripple Ships &
Edmonton Calgary City Creek Other Corporate Total
Net earnings
(loss) $1,057 $27 $307 $11 $137 ($949) $590
Interest
income (8) 0 0 0 0 (17) (25)

Interest

expense 168 3 0 0 0 2 173
Income taxes
(benefit) 450 75 177 6 14 (451) 271
Depreciation 308 202 373 260 110 59 1,312
Non-cash

stock based compensation 0 0 0 0
0 4 4 Foreign currency (gains) (12) (5)
0 0 0 (8) (25) (Gain) loss on disposition of
fixed

assets 0 0 (4) 0 0 28 24
Other write-
offs 0 0 5 0 0 0 5
Adjusted

EBITDA** $1,963 $302 $858 $277 $261
($1,332) $2,329

Reconciliation of Adjusted EBITDA ** to Net Earnings (Loss) by
Property or Category For the Year Ended December 31, 2012 Amounts in
thousands

Year Ended December 31, 2012
Cruise
Central Cripple Ships &
Edmonton Calgary City Creek Other Corporate Total
Net earnings
(loss) $4,688 ($527) $1,561 $854 $450 ($2,935) $4,091
Interest
income (12) (1) 0 0 0 (24) (37)
Interest
expense 656 0 0 0 11 3 670
Income taxes
(benefit) 1,595 (117) 956 522 49 (1,977) 1,028
Depreciation 1,010 860 1,350 1,007 404 126 4,757
Non-cash

stock based compensation 0 0 0 0
0 (4) (4) Foreign currency (gains)

losses 20 9 0 0 0 (5) 24
(Gain) loss
on
disposition
of fixed
assets 2 4 8 2 15 1 32
Other write-
offs 0 0 0 0 0 2 2
Adjusted
EBITDA** $7,959 $228 $3,875 $2,385 $929 ($4,813) $10,563

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

Century Casinos, Inc. Reconciliation of Adjusted EBITDA ** to Net
Earnings (Loss) by Property or Category For the Year Ended December
30, 2011 Amounts in thousands

Year Ended December 31, 2011
Cruise
Central Cripple Ships &
Edmonton Calgary City Creek Other Corporate Total
Net earnings
(loss) $4,298 ($126) $983 $788 $456 ($3,378) $3,021
Interest
income (21) 0 0 0 0 (17) (38)
Interest
expense 794 4 0 0 0 4 802
Income taxes
(benefit) 1,424 (68) 553 482 86 (1,810) 667
Depreciation 1,422 779 2,227 1,031 442 243 6,144
Non-cash

stock based compensation 0 0 0 0
0 199 199 Foreign currency losses (gains) (18)
31 0 0 0 (200) (187) (Gain) loss on
disposition of fixed

assets 0 0 11 (5) 43 30 79
Other write-
offs 0 0 5 0 0 0 5
Adjusted
EBITDA** $7,899 $620 $3,779 $2,296 $1,027 ($4,929) $10,692

** The Company definesAdjusted EBITDAas 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
("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
the Company and its properties. 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 nine 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 Casinos Poland, future results of
operations, operating efficiencies, synergies and operational
performance, 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, 2012. 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/rwOK28dr

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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http://resources.euroadhoc.com/us/rwOK28dr

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