EANS-Adhoc: Century Casinos, Inc. Announces First Quarter 2014 Results (with document)

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Financial Figures/Balance Sheet/quarterly report
15.05.2014

Colorado Springs, Colorado - May 15, 2014 - Century Casinos, Inc.
(NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) today
announced its financial results for the three months ended March 31,
2014.

First Quarter 2014 Highlights*

- Net operating revenue was $29.1 million, a 62% increase from the three
months ended March 31, 2013.
- Adjusted EBITDA** was $2.8 million, a 15% decrease from the three months
ended March 31, 2013.
- Net earnings attributable to Century Casinos, Inc. shareholders were
$0.5
million, a 69% decrease from the three months ended March 31, 2013.
- Earnings per share were $0.02.
- Book value per share *** at March 31, 2014 was $4.95.

The period over period increase in net operating revenue relates to
the inclusion of operating results from Casinos Poland Ltd. (Casinos
Poland or CPL) beginning in the second quarter of 2013. In April
2013, the Company completed the purchase of an additional 33.3%
ownership interest in CPL. The Company owns a 66.6% ownership
interest in CPL and consolidates CPL financial information as a
majority-owned subsidiary for which the Company has a controlling
financial interest. Prior to the acquisition of this additional
interest in CPL, the Company owned 33.3% of CPL and accounted for the
CPL ownership interest as an equity investment.

On November 29, 2013, our subsidiary Century Casinos Europe GmbH
finalized credit and management agreements with United Horsemen of
Alberta, Inc. (UHA) in connection with the development of a Racing
Entertainment Center (REC) project in the north metropolitan area of
Calgary, Alberta, Canada. Construction commenced in March 2014 and
the Company anticipates that UHA will complete the REC by the first
quarter of 2015. The project will include a horse race track and
gaming, restaurant and entertainment facilities. Under the
agreements, we acquired 15% of UHA, control the UHA board of
directors and will manage the development and operation of the REC
project. As of November 29, 2013, we began consolidating UHA as a
minority owned subsidiary for which we have a controlling financial
interest. While unaffiliated shareholders currently own the remaining
85% of UHA, we have the right to convert $11 million (that we will
provide out of a total of $24 million for the development of the REC
project) into an additional 60% ownership interest in UHA, bringing
our total to 75%. We account for and report the 85% UHA ownership
interest that we currently do not own as a non-controlling financial
interest.

| |For the Three Months |
|Amounts in thousands, |Ended March 31 , |
|except per share data | |
|Consolidated Results: |2014 |2013 |% |
| | | |Change|
|Net operating revenue |$29,110|$17,991|62% |
|Earnings from operations|983 |2,048 |(52%) |
|Net earnings |510 |1,662 |(69%) |
| | | | |
|Adjusted EBITDA** |$2,770 |$3,240 |(15%) |
| | | | |
|Earnings per share: | | | |
|Basic |$0.02 |$0.07 |(71%) |
|Diluted |$0.02 |$0.07 |(71%) |
|Weighted average common | | | |
|shares: | | | |
|Basic |24,380 |24,128 | |
|Diluted |24,384 |24,154 | |

"After a solid start to the year in January and February with net operating
revenue up over 70% and EBITDA up over 30%, the month of March was challenging
due to lower than expected performance for Casinos Poland and lower overall
customer volume with the Easter holiday falling in April rather than in March as
in 2013. In addition, a weaker Canadian dollar and weaker Colorado markets
contributed to unsatisfactory results for the quarter. However, we are happy to
report that construction of the Century Downs Racetrack & Casino is progressing
on-time and on-budget and the project is on track for a first quarter 2015
opening," said Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive Officers
of Century Casinos.

Three Months Ended March 31, 2014 Results* Net operating revenue
increased by $11.1 million, or 61.8% for the three months ended March
31, 2014 compared to the three months ended March 31, 2013. Following
is a summary of the changes in net operating revenue by property or
category for the three months ended March 31, 2014 compared to the
three months ended March 31, 2013:

| | |
| |Net Operating Revenue |
| |For the Three Months |
| |Ended March 31, |
| |2014/2013 |
|Amounts in millions|Change |% Change |
|Century Casino & |($0.4) |(6%) |
|Hotel, Edmonton | | |
|Century Casino, |(0.2) |(9%) |
|Calgary | | |
|Century Casino & |(0.5) |(11%) |
|Hotel, Central City| | |
|Century Casino & |(0.4) |(13%) |
|Hotel, Cripple | | |
|Creek | | |
|Casinos Poland |12.4 |100% |
|Cruise Ships & | | |
|Other |(0.2) |(9%) |
|United Horsemen of | | |
|Alberta |0.3 |100% |
|Total |$11.0 |62% |

Earnings from operations decreased by ($1.1) million, or (52.0%) for the three
months ended March 31, 2014 compared to the three months ended March 31, 2013.
Following is a summary of changes in earnings from operations by property or
category for the three months ended March 31, 2014 compared to the three months
ended March 31, 2013:

| | |
| |Earnings from Operations|
| |For the Three Months |
| |Ended March 31, |
| |2014/2013 |
|Amounts in |Change |% Change |
|millions | | |
|Century Casino & |($0.2) |(9%) |
|Hotel, Edmonton | | |
|Century Casino, |(0.1) |(123%) |
|Calgary | | |
|Century Casino & |(0.3) |(56%) |
|Hotel, Central | | |
|City | | |
|Century Casino & |(0.4) |(81%) |
|Hotel, Cripple | | |
|Creek | | |
|Casinos Poland |0.0 |100% |
|Cruise Ships & |(0.1) |(39%) |
|Other | | |
|United Horsemen of|0.2 |100% |
|Alberta | | |
|Corporate Other |(0.2) |(12%) |
|Total |($1.1) |(52%) |

Net earnings decreased by ($1.2) million, or (69.3%) for the three months ended
March 31, 2014 compared to the three months ended March 31, 2013. Following is a
summary of the changes in net earnings (loss) by property or category for the
three months ended March 31, 2014 compared to the three months ended March 31,
2013:

| | |
| |Net Earnings |
| |For the Three Months |
| |Ended March 31, |
| |2014/2013 |
|Amounts in millions|Change |% Change |
|Century Casino & |($0.2) |(11%) |
|Hotel, Edmonton | | |
|Century Casino, |(0.1) |(54%) |
|Calgary | | |
|Century Casino & |(0.2) |(56%) |
|Hotel, Central City| | |
|Century Casino & |(0.2) |(82%) |
|Hotel, Cripple | | |
|Creek | | |
|Casinos Poland |0.0 |100% |
|Cruise Ships & |(0.1) |(45%) |
|Other | | |
|United Horsemen of |0.0 |100% |
|Alberta | | |
|Corporate Other |(0.4) |(45%) |
|Total |($1.2) |(69%) |

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

Property and Category Results (in thousands)
The following are property and category results for net operating revenue and
Adjusted EBITDA.

| |Net Operating |Adjusted |
| |Revenue |EBITDA |
| |For the Three |For the Three |
| |Months |Months |
| |Ended March |Ended March |
| |31, |31, |
| |2014 |2013 |2014 |2013 |
|Century Casino&| | | | |
|Hotel, Edmonton|$6,069 |$6,455 |$2,160 |$2,372 |
|Century Casino,| | | | |
|Calgary |2,150 |2,355 |192 |347 |
|Century Casino&| | | | |
|Hotel, Central | | | | |
|City |3,939 |4,447 |548 |897 |
|Century Casino&| | | | |
|Hotel, Cripple | | | | |
|Creek |2,524 |2,892 |331 |717 |
|Casinos Poland |12,413 |0 |778 |0 |
|Cruise Ships & | | | | |
|Other |1,672 |1,842 |229 |318 |
|United Horsemen| | | | |
|of Alberta |344 |0 |100 |0 |
|Corporate |0 |0 |(1,568)|(1,411)|
|Consolidated |$29,110|$17,991|$2,189 |$3,240 |

Balance Sheet and Liquidity
As of March 31, 2014, the Company had $26.4 million in cash and cash equivalents
and $33.8 million in outstanding debt on its balance sheet compared to $27.4
million in cash and cash equivalents and $34.1 million in debt obligations at
December 31, 2013. The $33.8 million in outstanding debt includes $7.5 million
related to CPL, $17.6 million related to a long-term land lease of UHA and $8.7
million related to our Bank of Montreal credit agreement. On February 21, 2013,
the Company borrowed $7.2 million from the Bank of Montreal credit agreement to
pay for the additional 33.3% investment in CPL, which closed on April 8, 2013.
The Bank of Montreal credit agreement has a term of five years through May 2017
and is guaranteed by the Company. Once repaid, amounts cannot be reborrowed. As
of March 31, 2014, the Company had approximately $15.0 million available for
borrowing under the Bank of Montreal credit agreement.

Conference Call Information

Today the Company will post a copy of the quarterly report on Form
10-Q filed with the SEC for the quarter ended March 31, 2014 on its
website at http://corporate.cnty.com/investor-relations/sec-filings.

Century Casinos will host its first quarter 2014 earnings conference
call today at 8:00 am MDT; 4:00 pm CET, respectively. U.S. domestic
participants should dial 1-888-539-3696. For all international
participants, please use 719-325-2494 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, 2014 at
http://corporate.cnty.com/investor-relations/sec-filings.

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

Century Casinos, Inc.
Condensed Consolidated Statements of Earnings

| | |
| | |
| |For the Three |
| |Months |
| |Ended March |
| |31, |
|Amounts in thousands, except for |2014 |2013 |
|per share information | | |
|Operating revenue: | | |
|Net operating revenue |29,110 |17,991 |
|Operating costs and expenses: | | |
|Total operating costs and expenses |28,127 |15,847 |
|(Losses) from equity investment |0 |(96) |
|Earnings from operations |983 |2,048 |
|Non-operating income (expense): | | |
| Interest income |13 |6 |
| Interest expense | (685) | (82) |
| Gains on foreign currency | | |
|transactions and other | 130 | 7 |
|Non-operating income (expense), net| (542) | (69) |
|Earnings before income taxes and | 441 | 1,979 |
|non-controlling interest | | |
|Income tax provision | 215 | 317 |
|Net earnings | 226 | 1,662 |
|Plus: Net losses attributable to | 284 |0 |
|non-controlling interest | | |
|Net earnings attributable to |$510 |$1,662 |
|Century Casinos, Inc. shareholders | | |
| | | |
|Earnings per share attributable to | | |
|Century Casinos, Inc.: | | |
| Basic |$0.02 |$0.07 |
| Diluted |$0.02 |$0.07 |

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

| | | |
|Century Casinos, Inc. | | |
|Condensed Consolidated Balance Sheets | | |
|(Amounts in thousands) | | |
| |March |March |
| |31, |31, |
| |2014 |2013 |
|Assets | | |
|Current assets |$31,456 |$32,360 |
|Property and equipment, net |131,530 |132,639 |
|Other assets |24,948 |25,625 |
|Total assets |$187,934 |$190,624 |
| | | |
|Liabilities and Shareholders' Equity | | |
|Current liabilities |$27,720 |$26,801 |
|Non-current liabilities |32,611 |34,373 |
|Shareholders' equity |127,603 |129,450 |
|Total liabilities and shareholders' equity |$187,934 |$190,624 |

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

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

| | | |
| |For the Three Months|
| |Ended March 31, |
| |2014 |2013 |
|Century Casino & Hotel, | | |
|Edmonton |36% |37% |
|Century Casino, Calgary |9% |15% |
|Century Casino & Hotel, | | |
|Central City |14% |20% |
|Century Casino & Hotel, | | |
|Cripple Creek |13% |25% |
|Casinos Poland |6% |0% |
|Cruise Ships & Other |14% |17% |
|United Horsemen of Alberta |29% |0% |
|Consolidated Adjusted EBITDA | | |
|Margin |10% |18% |

Reconciliation of Adjusted EBITDA * to Net Earnings (Loss) by
Property or Category For the three months ended March 31, 2014

Amounts in thousands

| |Three Months Ended March 31, 2014 |
| |Edmon-|Cal- |Cent-|Crip-|Casinos|Cruise|United|Corpor |Total |
| |ton |gary |ral |ple |Poland |Ships&|Horse-|ate | |
| | | |City |Creek| |Other |men of| | |
| | | | | | | |Albert| | |
|Net | | | | | | | | | |
|earnings | | | | | | | | | |
|(loss) |$1,423|$57 |$158 |$52 |$32 |$109 |($2) |($1,319)|$510 |
|Interest | | | | | | | | | |
|income |0 |0 |0 |0 |(1) |0 |0 |(12) |(13) |
|Interest | | | | | | | | | |
|expense |101 |0 |0 |0 |95 |0 |488 |1 |685 |
|Income | | | | | | | | | |
|taxes | | | | | | | | | |
|(benefit) |432 |(69) |97 |97 |(19) |21 |17 |(302) |215 |
|Depreciation| | | | | | | | | |
|and | | | | | | | | | |
|amortization|238 |218 |293 |293 |693 |99 |0 |28 |1,810 |
|Non- | | | | | | | | | |
|controlling | | | | | | | | | |
|interest |0 |0 |0 |0 |16 |0 |(300) |0 |(284) |
|Non-cash | | | | | | | | | |
|stock based | | | | | | | | | |
|compensation|0 |0 |0 |0 |0 |0 |0 |21 |21 |
|Foreign | | | | | | | | | |
|currency | | | | | | | | | |
|losses | | | | | | | | | |
|(gains) |(34) |(14) |0 |0 |(97) |0 |0 |15 |(130) |
|(Gain) loss | | | | | | | | | |
|on | | | | | | | | | |
|disposition | | | | | | | | | |
|of fixed | | | | | | | | | |
|assets |0 |0 |0 |0 |59 |0 |0 |0 |59 |
|Impairments | | | | | | | | | |
|and other | | | | | | | | | |
|write-offs |0 |0 |0 |0 |0 |0 |(103) |0 |(103) |
|Adjusted | | | | | | | | | |
|EBITDA* |$2,160|$192 |$548 |$331 |$778 |$229 |$100 |($1,568)|$2,770|

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 March 31, 2013

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

* The Company defines Adjusted EBITDA as net earnings (loss) before interest,
income taxes (benefit), 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, gain on business combination 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 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.
Adjusted EBITDA 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

** 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
operates 29 casinos worldwide. The Company 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 14 luxury cruise vessels (Regatta, Nautica, Insignia,
Marina, Riviera, Mein Schiff 1, Mein Schiff 2, Wind Surf, Wind Star, Wind
Spirit, Star Pride, Seven Seas Voyager, Seven Seas Mariner and Seven Seas
Navigator) and the casino on the cruise ferry Nova Star. 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 nine casinos in
Poland. The Company also manages the operations of the casino at the Radisson
Aruba Resort, Casino & Spa in Aruba, Caribbean. The Company is currently
developing a project in the north metropolitan area of Calgary, Alberta, Canada
that will include a horse race track and other gaming, restaurant and
entertainment facilities. 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 Securities 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, development of and the prospects for the REC project, 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, 2013.
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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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