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

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Company Information

08.11.2011

November 8, 2011

Century Casinos, Inc. Announces Third Quarter 2011 Results

Colorado Springs, Colorado - November 8, 2011 - 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, 2011.

Third Quarter 2011 Highlights

• Net operating revenue was $18.1 million, a 14% increase compared to the
three months ended September 30, 2010.

• Adjusted EBITDA* was $3.1 million, a 27% increase from the three months
ended September 30, 2010.

• Net earnings per share was $0.06 compared to $0.01 for the three months
ended September 30, 2010.

| |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:|2011 |2010 |% |2011 |2010 |% |
| | | |Chg.| | |Chg. |
|Net operating revenue|$18,146 |$15,984 |14% |$53,263 |$45,061 |18% |
|Earnings from |1,548 |744 |108%|3,281 |1,433 |129% |
|operations | | | | | | |
|Net earnings |1,423 |321 |343%|2,431 |191 |1173%|
| | | | | | | |
|Adjusted EBITDA* |$3,081 |$2,424 |27% |$8,364 |$6,528 |28% |
| | | | | | | |
|Earnings per share: | | | | | | |
|Basic |$0.06 |$0.01 |500%|$0.10 |$0.01 |900% |
|Diluted |$0.06 |$0.01 |500%|$0.10 |$0.01 |900% |
|Weighted-average | | | | | | |
|common shares: | | | | | | |
|Basic |23,877,362|23,678,795| |23,715,224|23,584,079| |
|Dilutive |24,191,252|23,851,110| |24,015,139|23,771,930| |

"We are very pleased to report another quarter with growth in revenue, adjusted
EBITDA and net earnings. Our strategies to continuously elevate the guest
experience at our properties and to improve operating efficiencies are
generating positive results. By leveraging management expertise across multiple
properties in Colorado, USA and Alberta, Canada, we are starting to create
synergies that should drive even higher levels of operational performance,"
said Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive Officers of
Century Casinos. "We remain focused on operational improvements and the pursuit
of potential new opportunities to create additional value for shareholders,"
they continued.

Three and Nine Months Ended September 30, 2011 Results

Net operating revenue increased by $2.2 million, or 13.5%, and $8.2 million, or
18.2%, for the three and nine months ended September 30, 2011 compared to the
three and nine months ended September 30, 2010, respectively. Net operating
revenue increased at all properties except Central City for the three months
ended September 30, 2011 compared to the three months ended September 30, 2010.
Net operating revenue increased at all properties for the nine months ended
September 30, 2011 compared to the nine months ended September 30, 2010.
Following is a summary of net operating revenue increases and decreases by
property for the three and nine months ended September 30, 2011 compared to the
three and nine months ended September 30, 2010, respectively:

| |Net Operating Revenue |
| |For the three |For the nine |
| |months |months |
| |ended September|ended September|
| |30, |30, |
|Amounts in millions |Change|% Change|Change|% Change|
|Century Casino & Hotel, Edmonton |$0.6 |10.6% |$1.6 |10.2% |
|Century Casino, Calgary |0.5 |24.5% |1.7 |29.3% |
|Century Casino & Hotel, Central City |(0.1) |(2.0%) |0.4 |3.3% |
|Century Casino & Hotel, Cripple Creek|0.5 |16.5% |1.7 |21.0% |
|Cruise Ships & Other |0.7 |82.5% |2.8 |138.8% |

Total operating costs and expenses increased by $1.6 million, or 10.8%, and
$6.8 million, or 15.4%, for the three and nine months ended September 30, 2011
compared to the three and nine months ended September 30, 2010, respectively.
Total operating costs increased at all of our properties for both the three and
nine months ended September 30, 2011 compared to the three and nine months
ended September 30, 2010. Following is a summary of total operating costs and
expenses increases by property for the three and nine months ended September
30, 2011 compared to the three and nine months ended September 30, 2010,
respectively:

| |Total Operating Costs |
| |For the three |For the nine |
| |months |months |
| |ended September|ended September|
| |30, |30, |
|Amounts in millions |Change|% Change|Change|% Change|
|Century Casino & Hotel, Edmonton |$0.3 |8.4% |$0.9 |7.2% |
|Century Casino, Calgary |0.4 |19.4% |1.8 |31.0% |
|Century Casino & Hotel, Central City |0.1 |0.8% |0.5 |4.3% |
|Century Casino & Hotel, Cripple Creek|0.3 |11.2% |0.9 |11.5% |
|Cruise Ships & Other |0.6 |75.8% |2.5 |130.2% |
|Corporate |(0.1) |(5.8%) |0.2 |4.9% |

Net earnings increased by $1.1 million, or 343%, and $2.2 million, or 1173%,
for the three and nine months ended September 30, 2011 compared to the three
and nine months ended September 30, 2010, respectively. Net earnings increased
at all of our properties except Central City for the three months ended
September 30, 2011 compared to the three months ended September 30, 2010. Net
earnings increased at all of our properties except for Central City and Calgary
for the nine months ended September 30, 2011 compared to the nine months ended
September 30, 2010. Following is a summary of net earnings increases and
decreases by property for the three and nine months ended September 30, 2011
compared to the three and nine months ended September 30, 2010, respectively:

| |Net Earnings |
| |For the three |For the nine |
| |months |months |
| |ended September|ended September|
| |30, |30, |
|Amounts in millions |Change|% Change|Change|% Change|
|Century Casino & Hotel, Edmonton |$0.4 |49.4% |$0.9 |38.5% |
|Century Casino, Calgary |0.2 |162.2% |(0.1) |(74.7%) |
|Century Casino & Hotel, Central City |(0.1) |(19.9%) |(0.0) |(6.0%) |

|Century Casino & Hotel, Cripple Creek|0.1 |57.1% |0.5 |178.5%
| |Cruise Ships & Other |0.1 |275.9% |0.3
|311.7% |

Property Results
(in thousands)

| |Net |Adjusted |Net |Adjusted |
| |Operating |EBITDA* |Operating |EBITDA* |
| |Revenue | |Revenue | |
| |For the |For the |For the Nine |For the Nine |
| |Three Months |Three Months |Months |Months |
| |Ended |Ended |Ended |Ended |
| |September |September |September |September |
| |30, |30, |30, |30, |
| |2011 |2010 |2011 |2010 |2011 |2010 |2011 |2010 |
|Century Casino & Hotel, |
|Edmonton |5,852 |5,291 |1,936|1,693 |17,791|16,147|5,939 |5,107 |
|Century Casino, |
|Calgary |2,446 |1,964 |96 |(90) |7,503 |5,804 |318 |62 |
|Century Casino & Hotel, |
|Central City |4,754 |4,849 |1,010|1,283 |13,674|13,231|2,919 |3,152 |
|Century Casino & Hotel, |
|Cripple Creek |3,506 |3,010 |804 |639 |9,554 |7,893 |2,019 |1,322 |
|Cruise Ships & |
|Other |1,588 |870 |223 |113 |4,741 |1,986 |768 |350 |
|Corporate |- |- |(988)|(1,214)|- |- |(3,599)|(3,465)|
|Consolidated |18,146|15,984|3,081|2,424 |53,263|45,061|8,364 |6,528 |

Balance Sheet and Liquidity

As of September 30, 2011, the Company had $21.3 million in cash and cash
equivalents and $9.4 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
third quarter of 2011 on its website at
http://corporate.cnty.com/investor-relations/sec-filings/

Century Casinos will host its third quarter 2011 earnings conference call today
at 10:00 am MST; 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

http://corporate.cnty.com/investor-relations/financial-results/

(continued)

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

| |Net |Adjusted |Net |Adjusted |
| |Operating |EBITDA* |Operating |EBITDA* |
| |Revenue | |Revenue | |
| |For the |For the |For the Nine|For the Nine|
| |Three Months|Three Months|Months |Months |
| |Ended |Ended |Ended |Ended |
| |September |September |September |September |
| |30, |30, |30, |30, |
|Amounts in thousands, |2011 |2010 |2011 |2010 |
|except for per share | | | | |
|information | | | | |
|Operating revenue: | | | | |
| Gaming |$16,236 |$14,348 |$46,989 |$40,169 |
| Hotel, bowling, food | | | | |
| and beverage |3,152 |2,789 |9,536 |8,311 |
| Other |956 |773 |2,895 |2,122 |
| Gross revenue|20,344 |17,910 |59,420 |50,602 |
|Less: Promotional |(2,198) |(1,926) |(6,157) |(5,541) |
|allowances | | | | |
|Net operating revenue | | | | |
|Operating costs and |18,146 |15,984 |53,263 |45,061 |
|expenses: | | | | |
| Gaming |7,543 |6,289 |21,815 |17,578 |
| Hotel, bowling, food | | | | |
|and beverage |2,565 |2,404 |7,629 |6,742 |
| General and | | | | |
|administrative |5,213 |4,986 |16,429 |15,082 |
| Depreciation |1,526 |1,529 |4,832 |4,542 |
|Total operating costs | | | | |
|and expenses |16,847 |15,208 |50,705 |43,944 |
|Earnings from equity | | | | |
|investment |249 |(32) |723 |316 |
|Earnings from operations|1,548 |744 |3,281 |1,433 |
| | | | | |
|Non-operating income | | | | |
|(expense): | | | | |
| Interest income |6 |17 |13 |39 |
| Interest expense |(186) |(280) |(629) |(861) |
| (Losses) gains on | |14 | | |
|foreign currency |(27) | |162 |26 |
|transactions & other |(27) | |162 |26 |
|Non-operating income | | | | |
|(expense), net |(207) |(249) |(454) |(796) |
|Earnings before income | | | | |
|taxes |1,341 |495 |2,827 |637 |
|Income tax provision |(82) |174 |396 |446 |
| | | | | |
|Net earnings |$1,423 |$321 |$2,431 |$191 |
| | | | | |
| | | | | |
|Earnings per share: | | | | |
| Basic |$0.06 |$0.01 |$0.10 |$0.01 |
| Diluted |$0.06 |$0.01 |$0.10 |$0.01 |

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

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

| |September |December |
| |30, |31, |
| |2011 |2010 |
|Assets | | |
|Current Assets |$23,804 |$23,467 |
|Property and equipment, net |99,357 |103,956 |
|Other Assets |9,339 |9,303 |
|Total Assets |$132,500 |$136,726 |
| | | |
|Liabilities and Shareholders´ Equity | | |
|Current Liabilities |$11,325 |$14,057 |
|Non-Current Liabilities |9,394 |11,171 |
|Shareholders´ Equity |111,781 |111,498 |
|Total Liabilities and Shareholders´ Equity |$132,500 |$136,726 |

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

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

| |For the Three |For the Nine |
| |Months |Months |
| |Ended September|Ended September|
| |30, |30, |
| |2011 |2010 |2011 |2010 |
|Century Casino & Hotel, Edmonton |33% |32% |33% |32% |
|Century Casino, Calgary |4% |-5% |4% |1% |
|Century Casino & Hotel, Central City |21% |26% |21% |24% |
|Century Casino & Hotel, Cripple Creek|23% |21% |21% |17% |
|Cruise Ships & Other |14% |13% |16% |18% |
|Consolidated Adjusted EBITDA Margin |17% |15% |16% |14% |

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

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

Amounts In thousands
| |Three Months Ended September 30, 2010 |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total|
| | | |City |Creek |Ships&| | |
| | | | | |Other | | |
|Earnings (loss) |769 |(119) |377 |217 |29 |(952) |321 |
|Interest income |(4) |- |- |- |- |(13) |(17) |
|Interest expense |280 |- |- |- |- |- |280 |
|Income taxes | | | | | | | |
|(benefit) |296 |(45) |219 |134 |1 |(431) |174 |
|Depreciation |350 |77 |677 |288 |83 |54 |1,529|
|Non-cash stock based| | | | | | | |
|compensation |- |- |- |- |- |98 |98 |
|Foreign currency | | | | | | | |
|losses (gains) |(4) |(3) |- |- |- |(15) |(22) |
|Property write-down | | | | | | | |
|and other write offs|- |- |10 |- |- |(10) |- |
|Loss on disposition | | | | | | | |
|of fixed assets |6 |- |- |- |- |55 |61 |
|Adjusted EBITDA* |1,693 |(90) |1,283 |639 |113 |(1,214) |2,424|

Amounts In thousands
| |Nine Months Ended September 30, 2011 |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total|
| | | |City |Creek |Ships&| | |
| | | | | |Other | | |
|Earnings (loss) |3,242 |(152) |673 |777 |387 |(2,496) |2,431|
|Interest income |(13) |- |- |- |- |- |(13) |
|Interest expense |626 |1 |- |- |- |1 |628 |
|Income taxes | | | | | | | |
|(benefit) |975 |(144) |377 |476 |7 |(1,295) |396 |
|Depreciation |1,114 |577 |1,854 |771 |331 |185 |4,832|
|Non-cash stock based| | | | | | | |
|compensation |- |- |- |- |- |196 |196 |
|Foreign currency | | | | | | | |
|losses (gains) |(5) |36 |- |- |- |(192) |(161)|
|Loss on disposition | | | | | | | |
|of fixed assets |- |- |15 |(5) |43 |2 |55 |
|Adjusted EBITDA* |5,939 |318 |2,919 |2,019 |768 |(3,599) |8,364|

Amounts In thousands
| |Nine Months Ended September 30, 2010 |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total|
| | | |City |Creek |Ships&| | |
| | | | | |Other | | |
|Earnings (loss) |2,340 |(87) |723 |279 |94 |(3,158) |191 |
|Interest income |(20) |(1) |- |- |- |(18) |(39) |
|Interest expense |857 |- |- |- |- |4 |861 |
|Income taxes | | | | | | | |
|(benefit) |856 |(33) |405 |171 |3 |(956) |446 |
|Depreciation |1,047 |185 |2,023 |871 |253 |163 |4,542|
|Non-cash stock based| | | | | | | |
|compensation |- |- |- |- |- |386 |386 |
|Foreign currency | | | | | | | |
|losses (gains) |18 |(2) |- |- |- |57 |73 |
|Loss on disposition | | | | | | | |
|of fixed assets |9 |- |1 |1 |- |57 |68 |
|Adjusted EBITDA* |5,107 |62 |3,152 |1,322 |350 |(3,465) |6,528|

* 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 as reported under GAAP. 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) 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
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
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, operational
efficiencies, synergies and operational performance, 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 section 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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http://resources.euroadhoc.com/us/hQOtZSPE

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

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