EANS-Adhoc: Century Casinos, Inc. Announces First Quarter 2013 Results (with document)

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Financial Figures/Balance Sheet/quarterly report
15.05.2013

Colorado Springs, Colorado - May 15, 2013 - Century Casinos, Inc.
(NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) today
announced its financial results for the three months ended March 31,
2013.

First_Quarter_2013_Highlights*
_

* Net operating revenue was $18.0 million, a 2% increase compared to
the three months ended March 31, 2012.

_

* Adjusted EBITDA** was $3.2 million, a 17% increase from the three
months ended March 31, 2012.

* Net earnings were $1.7 million, a 47%% increase from the three
months ended March 31, 2012.

* Earnings per share were $0.07, a 40% increase from the three months
ended March 31, 2012.

For the Three Months
Amounts in
thousands, except
share and per share
data Ended March 31,
Consolidated
Results: 2013 2012 % Change
Net operating
revenue $17,991 $17,569 2%
Earnings from
operations 2,048 1,572 30%
Net earnings 1,662 1,133 47%

Adjusted EBITDA** $3,240 $2,760 17%

Earnings per share:
Basic and Diluted $0.07 $0.05 40%
Weighted-average
common shares:
Basic 24,128 23,877
Dilutive 24,154 24,011

"We posted excellent results in the first quarter. Specifically,
earnings from operations and Adjusted EBITDA increased significantly
for the three months ended March 31, 2013 compared to the same period
in 2012. Our property in Edmonton, Canada, led the way with a 9%
increase in net operating revenue and an Adjusted EBITDA margin of
37%. We now own a 66.66% controlling majority of Casinos Poland
Ltd., the market share leader in Poland's casino industry, and are
excited about the growth potential this brings for our company", said
Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive Officers of
Century Casinos.

Three_Months_Ended_March_31,_2013_Results* Net operating revenue
increased by $0.4 million, or 2%, for the three months ended March
31, 2013 compared to the three months ended March 31, 2012. Following
is a summary of the change in net operating revenue by property or
category for the three months ended March 31, 2013 compared to the
three months ended March 31, 2012:

Net Operating Revenue
For the Three Months
Ended March 31,
2013/2012

Amounts in millions Change % Change
Century Casino & Hotel,
Edmonton $0.5 9%
Century Casino, Calgary (0.2) (10%)
Century Casino & Hotel,
Central City (0.1) (1%)
Century Casino & Hotel,
Cripple Creek 0.0 1%
Cruise Ships & Other 0.2 13%
Total $0.4 2%

Earnings from operations increased by $0.5 million, or 30%, for the
three months ended March 31, 2013 compared to the three months ended
March 31, 2012. Following is a summary of the change in earnings from
operations by property or category for the three months ended March
31, 2013 compared to the three months ended March 31, 2012:

Earnings from Operations
For the Three Months
Ended March 31,
2013/2012
Amounts in millions Change % Change
Century Casino & Hotel,
Edmonton $0.5 28%
Century Casino, Calgary 0.1 133%
Century Casino & Hotel,
Central City (0.1) (7%)
Century Casino & Hotel,
Cripple Creek 0.2 75%
Cruise Ships & Other 0.1 52%
Corporate Other (0.3) (26%)
Total $0.5 30%

Net earnings increased by $0.5 million, or 47%, for the three months ended March
31, 2013 compared to the three months ended March 31, 2012. Following is a
summary of the change in net earnings by property or category for the three
months ended March 31, 2013 compared to the three months ended March 31, 2012:

Net Earnings
For the Three Months
Ended March 31,
2013/2012

Amounts in millions Change % Change
Century Casino & Hotel,
Edmonton $0.5 49%
Century Casino, Calgary 0.1 1463%
Century Casino & Hotel,
Central City 0.0 (6%)
Century Casino & Hotel,
Cripple Creek 0.1 75%
Cruise Ships & Other 0.1 57%
Corporate Other (0.3) (46%)
Total $0.5 47%

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

Overall, the increase in earnings from operations and net earnings in
the three months ended March 31, 2013 compared to the three months
ended March 31, 2012 was due to increased efforts to attract
customers and generate additional revenue while controlling costs.

Property_and_Category_Results (in_thousands) _ The following are
property and category results for net operating revenue and Adjusted
EBITDA.

Net Operating Revenue Adjusted EBITDA**
For the Three Months For the Three Months
Ended March 31, Ended March 31,
2013 2012 2013 2012
Century Casino
& Hotel,
Edmonton $ 6,455 $ 5,940 $ 2,372 $ 1,888
Century Casino,
Calgary 2,355 2,603 347 254
Century Casino

& Hotel, Central City 4,447 4,510 897
974 Century Casino & Hotel,

Cripple Creek 2,892 2,879 717 525
Cruise Ships &
Other 1,842 1,638 318 237
Corporate 0 0 (1,411) (1,118)
Consolidated $ 17,991 $ 17,569 $ 3,240 $ 2,760

_

_
_
Balance_Sheet_and_Liquidity
As of March 31, 2013, the Company had $32.1 million in cash and cash equivalents
and $10.6 million in debt obligations on its balance sheet compared to $24.7
million in cash and cash equivalents and $3.6 million in debt obligations at
December 31, 2012. On February 21, 2013, the Company borrowed an additional $7.3
million from its Bank of Montreal credit agreement to pay for the additional
33.3% investment in CPL, which closed on April 8, 2013. The credit agreement has
a term of five years and is guaranteed by the Company. Once repaid, these
amounts cannot be reborrowed. As of March 31, 2013, the Company had
approximately $14.9 million available for borrowing under the credit agreement.

_
Conference_Call_Information

Today the Company will post a copy of the Form 10-Q filed with the
SEC for the quarter ended March 31, 2013 on its website at
http://corporate.cnty.com/investor-relations/sec-filings .

Century Casinos will host its first quarter 2013 earnings conference
call May 15, 2012 at 10:00 am MDT; 6:00 pm CET, respectively. U.S.
domestic participants should dial 1-888-395-3227. For all other
international participants, please use 0800-293-5500 to dial in.
Participants may also listen to the call live or obtain a recording
of the call on the Company's website until May 29, 2013 at
http://corporate.cnty.com/investor-relations/sec-filings. (continued)

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

For the Three
Months

Ended March 31,
Amounts in thousands,
except for per share
information 2013 2012
Operating revenue:
Gaming $15,696 $15,259

Hotel, bowling, food

and beverage 3,252 3,321
Other 947 943
Gross revenue 19,895 19,523
Less: Promotional
allowances (1,904) (1,954)
Net operating revenue 17,991 17,569
Operating costs and
expenses:
Gaming 6,932 7,233
Hotel, bowling, food
and beverage 2,450 2,437
General and
administrative 5,274 5,304
Depreciation 1,191 1,178
Total operating costs and
expenses 15,847 16,152
Earnings from equity
investment (96) 155
Earnings from operations 2,048 1,572
Non-operating income
(expense):
Interest income 6 6
Interest expense (82) (148)
Gains (losses) on

foreign currency transactions & other 7
(5) Non-operating (expense)

income, net (69) (147)
Earnings before income
taxes 1,979 1,425
Income tax provision
(benefit) 317 292
Net earnings $1,662 $1,133

Earnings per share:
Basic $0.07 $0.05
Diluted $0.07 $0.05

FINANCIAL INFORMATION - US GAAP BASIS

Century Casinos, Inc.
Condensed Consolidated
Balance Sheets
(Amounts in thousands)
March 31, December 31,
2013 2012
Assets
Current assets $34,170 $26,535
Property and equipment, 97,785 99,526
net
Other assets 11,253 11,275
Total assets $143,208 $137,336

Liabilities and
Shareholders' Equity
Current liabilities $12,308 $13,071
Non-current liabilities 12,293 6,109
Shareholders' equity 118,607 118,156
Total liabilities and $143,208 $137,336
shareholders' equity

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

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

For the Three Months
Ended March 31,
2013 2012
Century Casino & Hotel,
Edmonton 37% 32%
Century Casino, Calgary 15% 10%
Century Casino & Hotel,
Central City 20% 22%
Century Casino & Hotel,
Cripple Creek 25% 18%
Cruise Ships & Other 17% 15%
Consolidated Adjusted
EBITDA Margin 18% 16%

Amounts in thousands

Three Months Ended March 31, 2013
Cruise
Central Cripple Ships &
Edmonton Calgary City Creek Other Corporate Total
Net earnings
(loss) $ 1,599 $ 125 $ 356 $ 296 $ 199 $ (913) $ 1,662
Interest
income 0 0 0 0 0 (6) (6)
Interest
expense 90 0 0 0 (8) 0 82
Income taxes
(benefit) 447 (7) 217 182 22 (544) 317
Depreciation 260 233 329 239 101 29 1,191
Non-cash

stock based compensation 0 0 0 0
0 2 2 Foreign currency losses (gains) (24)
(4) 0 0 0 21 (7) (Gain) loss on
disposition of fixed

assets 0 0 (5) 0 4 0 (1)
Adjusted
EBITDA** $ 2,372 $ 347 $ 897 $ 717 $ 318 $ (1,411) $ 3,240

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

Century Casinos, Inc. Reconciliation of Adjusted EBITDA * to Net
Earnings (Loss) by Property or Category (Unaudited)

Amounts in thousands

Three Months Ended March 31, 2012
Cruise
Central Cripple Ships &
Edmonton Calgary City Creek Other Corporate Total
Net earnings
(loss) $ 1,076 $ 8 $ 380 $ 169 $ 127 $ (627) $ 1,133
Interest
income (3) 0 0 0 0 (3) (6)
Interest
expense 147 0 0 0 0 1 148
Income taxes
(benefit) 413 44 233 104 13 (515) 292
Depreciation 242 205 355 252 97 27 1,178
Non-cash

stock based compensation 0 0 0 0
0 4 4 Foreign currency losses (gains) 13
(3) 0 0 0 (5) 5 (Gain) loss on
disposition of fixed

assets 0 0 6 0 0 0 6
Adjusted
EBITDA** $ 1,888 $ 254 $ 974 $ 525 $ 237 $ (1,118) $ 2,760

* 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
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.

** 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.

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
66.6% ownership interest in Casinos Poland Ltd., the owner and
operator of ten 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 future results of operations
(including results for Casinos Poland Ltd.), operating efficiencies,
synergies and operational performance, economic improvements in 2013,
debt repayment 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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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