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

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Company Information

29.03.2012

March 29, 2012

Century Casinos, Inc. Announces Fourth Quarter 2011 Results

Colorado Springs, Colorado - March 29, 2012 - 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, 2011.

Fourth Quarter 2011 Highlights

• Net operating revenue was $17.6 million, a 13% increase compared to
the three months ended December 31, 2010.
• Adjusted EBITDA* was $2.3 million, a 70% increase from the three
months ended December 31, 2010.

| |For the Three Months |For the Year |
|Amounts in thousands,|Ended December 31, |Ended December 31, |
|except share and per | | |
|share data | | |
|Consolidated Results:|2011 |2010 |%Ch. |2011 |2010 |%Ch.|
|Net operating revenue|$17,603 |$15,631 |13% |$70,866 |$60,692 |17% |
|Earnings from |984 |(367) |368% |4,265 |1,067 |300%|
|operations | | | | | | |
|Net earnings** |590 |830 |(29%)|3,021 |1,022 |196%|
| | | | | | | |
|Adjusted EBITDA* |$2,329 |$1,367 |70% |$10,692 |$7,909 |35% |
| | | | | | | |
|Earnings per share: | | | | | | |
|Basic |$0.03 |$0.04** |(25%)|$0.13 |$0.04** |225%|
|Diluted |$0.03 |$0.03** |0% |$0.13 |$0.04** |225%|
|Weighted-average | | | | | | |
|common shares: | | | | | | |
|Basic |23,877,362|23,701,249| |23,891,874|23,613,612| |
|Dilutive |24,044,231|23,887,634| |24,070,634|23,795,358| |
|** Net earnings results for the three months and year ended |
|December 31, 2010, include a $1.2 million gain on bargain |
|purchase associated with our Century Casino Calgary acquisition. |

"We are pleased to report that 2011 revenue, adjusted EBITDA and net earnings
significantly exceeded last year´s results. Throughout the fourth quarter and
full year, customer spending at our facilities improved despite widespread
economic concerns and volatility in the capital markets. We also continued to
make progress across the organization in enhancing operating efficiencies and
maintaining a disciplined approach to marketing." said Erwin Haitzmann and
Peter Hoetzinger, Co Chief Executive Officers of Century Casinos. "With
substantial cash flow being generated from our current operations, we continue
to actively monitor and conservatively manage our capital structure, which
provides us with the financial flexibility to leverage our balance sheet for
growth in other domestic and international gaming opportunities. We are
encouraged by our 2011 performance and indications for general economic
improvements in 2012. Our operational performance in the first quarter of 2012
indicates a continuation of the positive trends experienced last year," they
continued.

Three Months and Year Ended December 31, 2011 Results

Net operating revenue increased by a total of $2.0 million, or 13%, for the
three months ended December 31, 2011 compared to the three months ended
December 31, 2010 and by a total of $10.2 million, or 17%, for the year ended
December 31, 2011 compared to the year ended December 31, 2010. Following is a
summary of the change in net operating revenue by property or category for the
three months and year ended December 31, 2011 compared to the three months and
year ended December 31, 2010, respectively:

| |Net Operating Revenue |
| |For the Three |For the Year |
| |Months |Ended December |
| |Ended December |31, |
| |31, | |
| |2011 |vs. |2011 |vs. |
| | |2010 | |2010 |
|Amounts in millions |Change |% |Change|% |
| | |Change | |Change |
|Century Casino & Hotel, Edmonton |$0.4 |7% |$2.1 |9% |
|Century Casino, Calgary |0.4 |18% |2.1 |26% |
|Century Casino & Hotel, Central City |0.2 |4% |0.6 |4% |
|Century Casino & Hotel, Cripple Creek|0.2 |9% |1.9 |18% |
|Cruise Ships & Aruba |0.8 |80% |3.5 |119% |
|Total |$2.0 |13% |$10.2 |17% |

Earnings from operations increased by a total of $1.3 million, or 368%, for the
three months ended December 31, 2011 compared to the three months ended
December 31, 2010 and by a total of $3.2 million, or 300%, for the year ended
December 31, 2011 compared to the year ended December 31, 2010. Following is a
summary of the change in earnings from operations by property or category for
the three months and year ended December 31, 2011 compared to the three months
and year ended December 31, 2010, respectively:

| |Earnings from Operations |
| |For the Three |For the Year |
| |Months |Ended December |
| |Ended December |31, |
| |31, | |
| |2011 |vs. 2010|2011 |vs. 2010|
|Amounts in millions |Change|% Change|Change|% Change|
|Century Casino & Hotel, Edmonton |$0.2 |17.0% |$1.0 |18.7% |
|Century Casino, Calgary |0.4 |129.2% |0.3 |65.8% |
|Century Casino & Hotel, Central City |0.3 |209.5% |0.2 |19.5% |
|Century Casino & Hotel, Cripple Creek|0.1 |156.7% |0.9 |206.0% |
|Cruise Ships & Other |0.2 |443.2% |0.5 |885.5% |
|Corporate Other |0.1 |6.6% |0.3 |4.9% |
|Total |$1.3 |368.0% |$3.2 |300.0% |

Net earnings decreased by $0.2 million for the three months ended
December 31, 2011 compared to the three months ended December 31,
2010 and increased by $2.0 million for the year ended December
31, 2011 compared to the year ended December 31, 2010.
Following is a summary of the change in net earnings by
property or category for the three months and year ended December
31, 2011 compared to the three months and year ended December 31,
2010, respectively:

| |Net Earnings |
| |For the Three |For the Year |
| |Months |Ended December |
| |Ended December |31, |
| |31, | |
| |2011 |vs. 2010|2011 |vs. 2010|
|Amounts in millions |Change|% Change|Change|% Change|
|Century Casino & Hotel, Edmonton |($0.0)|(1%) |$0.2 |4% |
|Century Casino, Calgary |(0.8) |(97%) |(0.4) |(147%) |
|Century Casino & Hotel, Central City |0.2 |190% |0.2 |20% |
|Century Casino & Hotel, Cripple Creek|0.0 |158% |0.5 |207% |
|Cruise Ships & Aruba |0.2 |426% |0.4 |760% |
|Corporate Other |0.2 |18% |1.1 |25% |
|Total |($0.2)|(29%) |$2.0 |196% |

Included in net earnings results for the three months and year ended December
31, 2010, is a $1.2 million gain on bargain purchase associated with our
Century Casino Calgary acquisition. Items deducted from or added to earnings
from operations to arrive at net earnings include gain on bargain purchase,
interest income, interest expense and gains on foreign currency transactions.

Overall, the increase in earnings from operations and net earnings in 2011 is
due to increased efforts to attract customers and generate additional revenue
while controlling costs at all properties. The increase is also due to a 4.0%
increase in the average exchange rate between the U.S. and Canadian dollar for
the year ended December 31, 2011 compared to the year ended December 31, 2010.

Property and Category Results
(in thousands)

| |Net |Adjusted |Net |Adjusted |
| |Operating |EBITDA* |Operating |EBITDA* |
| |Revenue | |Revenue | |
| |For the |For the |For the Year |For the Year |
| |Three Months |Three Months | | |
| |Ended |Ended |Ended |Ended |
| |December 31, |December 31, |December 31, |December 31, |
| |2011 |2010 |2011 |2010 |2011 |2010 |2011 |2010 |
|Century Casino&| | | | | | | | |
|Hotel, Edmonton|$6,116|$5,696|$1,963 |$1,775 |$23,906|$21,844|$7,899 |$6,881|
|Century Casino,| | | | | | | | |
|Calgary |2,703 |2,286 |302 |(255) |10,206 |8,090 |620 |(193) |
|Century Casino&| | | | | | | | |
|Hotel, | | | | | | | | |
|Central City |4,306 |4,138 |858 |883 |17,980 |17,368 |3,779 |4,024 |
|Century Casino&| | | | | | | | |
|Hotel, | | | | | | | | |
|Cripple Creek |2,682 |2,458 |277 |249 |12,236 |10,351 |2,296 |1,571 |
|Cruise Ships & | | | | | | | | |
|Aruba |1,796 |1,001 |261 |61 |6,538 |2,988 |1,027 |412 |
|Corporate Other|0 |52 |(1,332)|(1,346)|0 |51 |(4,929)|(4,786)
|Consolidated |17,603|15,631|2,329 |1,367 |70,866 |60,692 |10,692 |7,909 |

Balance Sheet and Liquidity

As of December 31, 2011, the Company had $25.2 million in cash and cash
equivalents and $9.1 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-K filed with the SEC for the
year ended December 31, 2011 on its website at
http://corporate.cnty.com/investor-relations/sec-filings.

Century Casinos will host its fourth quarter 2011 earnings conference call
today at 10:00 am MDT; 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/sec-filings.

| |Net |Adjusted|Net |Adjusted|
| |Operating|EBITDA* |Operating|EBITDA* |
| |Revenue | |Revenue | |
| |For the |For the |For the |For the |
| |3 Months |3 Months|Year |Year |
| |Ended |Ended |Ended |Ended |
| |Dec. 31, |Dec. 31,|Dec. 31, |Dec. 31,|
| |2011 |2010 |2011 |2010 |
|Amounts in thousands, except for | | | | |
|per share information | | | | |
|Operating revenue: | | | | |
| Gaming |$15,081 |$13,467 |$62,070 |$53,635 |
| Hotel, bowling, food and | | | | |
| beverage |3,410 |3,193 |12,946 |11,505 |
| Other |1,138 |792 |4,033 |2,914 |
| Gross revenue |19,629 |17,452 |79,049 |68,054 |
|Less: Promotional allowances |(2,026) |(1,821) |(8,183) |(7,362) |
|Net operating revenue |17,603 |15,631 |70,866 |60,692 |
|Operating costs and expenses: | | | | |
| Gaming |7,550 |6,573 |29,365 |24,150 |
| Hotel, bowling, food and | | | | |
| beverage |2,465 |2,632 |10,094 |9,378 |
| General and administrative |5,153 |5,428 |21,582 |20,493 |
| Impairments and other | | | | |
| write-offs, net of recoveries |5 |0 |5 |13 |
| Depreciation |1,312 |1,583 |6,144 |6,125 |
|Total operating costs and | | | | |
|expenses |16,485 |16,216 |67,190 |60,159 |
|Earnings from equity investment |(134) |218 |589 |534 |
|Earnings from operations |984 |(367) |4,265 |1,067 |
|Non-operating income (expense): | | | | |
| Gain on bargain purchase |0 |1180 |0 |1,180 |
| Interest income |25 |11 |38 |50 |
| Interest expense |(173) |(313) |(802) |(1,174) |
| Gains on foreign currency | | | |169 |
| transactions & othe |25 |143 |187 | |
|Non-operating (expense) income, | | | | |
|net |(123) |1,021 |(577) |225 |
|Earnings before income taxes |861 |654 |3,688 |1,292 |
|Income tax provision (benefit) |271 |(176) |667 |270 |
|Net earnings |590 |830 |$3,021 |$1,022 |
| | | | | |
|Earnings per share: | | | | |
| Basic |$0.03 |$0.04 |$0.13 |$0.04 |
| Diluted |$0.03 |$0.03 |$0.13 |$0.04 |

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

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

| | |Revised |
| |December |December |
| |31, |31, |
| |2011 |2010 |
|Assets | | |
|Current Assets |$27,286 |$23,467 |
|Property and equipment, net |99,605 |103,956 |
|Other Assets |9,836 |9,169 |
|Total Assets |$136,727 |$136,592 |
| | | |
|Liabilities and Shareholders´ Equity | | |
|Current Liabilities |$21,359 |$14,243 |
|Non-Current Liabilities |2,828 |11,374 |
|Shareholders´ Equity |112,540 |110,975 |
|Total Liabilities and Shareholders´ Equity |$136,727 |$136,592 |

CENTURY CASINOS, INC. AND SUBSIDIARIES

SUPPLEMENTAL INFORMATION

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

| |For the Three |For the Year |
| |Months | |
| |Ended December |Ended December |
| |31, |31, |
| |2011 |2010 |2011 |2010 |
|Century Casino & Hotel, Edmonton |32% |31% |33% |32% |
|Century Casino, Calgary |11% |(11%) |6% |(2%) |
|Century Casino & Hotel, Central City |20% |21% |21% |23% |
|Century Casino & Hotel, Cripple Creek |10% |10% |19% |15% |
|Cruise Ships & Aruba |15% |6% |16% |14% |
|Consolidated Adjusted EBITDA Margin |13% |9% |15% |13% |

Reconciliation of Adjusted EBITDA * to Earnings (Loss) by Property or Category
(Unaudited) For the Three Months Ended December 31, 2011

Amounts In thousands
| |Three Months Ended December 31, 2011 |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total |
| | | |City |Creek |Ships | | |
| | | | | |& | | |
| | | | | |Aruba | | |
|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 |
|Interest 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) losses |(12) |(5) |0 |0 |0 |(8) |(25) |
|(Gain) loss on | | | | | | | |
|disposition of | | | | | | | |
|fixed assets |0 |0 |(4) |0 |0 |28 |24 |
|Impairments and | | | | | | | |
|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 Earnings (Loss) by Property or Category
(Unaudited) For the Three Months Ended December 31, 2010

Amounts In thousands
| |Three Months Ended December 31, 2010 |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total |
| | | |City |Creek |Ships | | |
| | | | | |& | | |
| | | | | |Aruba | | |
|Earnings (loss) |1,067 |871 |106 |(19) |(42) |(1,153) |830 |
|Interest income |(2) |0 |0 |0 |0 |(17) |(11) |
|Interest expense |309 |0 |0 |0 |0 |4 |313 |
|Interest taxes | | | | | | | |
|(benefit) |28 |(43) |52 |(11) |(2) |(200) |(176) |
|Depreciation |360 |87 |675 |278 |105 |78 |1,583 |
|Non-cash stock | | | | | | | |
|based compensation|0 |0 |0 |0 |0 |96 |96 |
|Foreign currency | | | | | | | |
|(gains) losses |13 |10 |0 |0 |0 |(166) |(143) |
|Gain on bargain | | | | | | | |
|purchase |0 |(1,180)|0 |0 |0 |0 |(1,180)|
|(Gain) loss on | | | | | | | |
|disposition of | | | | | | | |
|fixed assets |0 |0 |50 |1 |0 |4 |55 |
|Adjusted EBITDA* |1,775 |(255) |883 |249 |61 |(1,346) |1,367 |

Reconciliation of Adjusted EBITDA * to Earnings (Loss) by Property or Category
(Unaudited) For the Year Ended December 31, 2011

Amounts In thousands
| |Year Ended December 31, 2011 |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total |
| | | |City |Creek |Ships | | |
| | | | | |& | | |
| | | | | |Aruba | | |
|Earnings (loss) |4,298 |(126) |983 |788 |456 |(3,378) |3,027 |
|Interest income |(21) |0 |0 |0 |0 |(17) |(38) |
|Interest expense |794 |4 |0 |0 |0 |4 |802 |
|Interest 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 | | | | | | | |
|(gains) losses |(18) |31 |0 |0 |0 |(200) |(187) |
|(Gain) loss on | | | | | | | |
|disposition of | | | | | | | |
|fixed assets |0 |0 |11 |(5) |43 |30 |79 |
|Impairments and | | | | | | | |
|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 |

Reconciliation of Adjusted EBITDA * to Earnings (Loss) by Property or Category
(Unaudited) For the Year Ended December 31, 2010

Amounts In thousands
| |Year Ended December 31, 2010 |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total |
| | | |City |Creek |Ships | | |
| | | | | |& | | |
| | | | | |Aruba | | |
|Earnings (loss) |4,148 |266 |821 |257 |53 |(4,523) |1,022 |
|Interest income |(22) |(1) |0 |0 |0 |(27) |(50) |
|Interest expense |1,166 |0 |0 |0 |0 |8 |1,174 |
|Interest taxes | | | | | | | |
|(benefit) |133 |441 |454 |158 |2 |(918) |270 |
|Depreciation |1,406 |272 |2,698 |1,150 |357 |242 |6,125 |
|Non-cash stock | | | | | | | |
|based compensation|0 |0 |0 |0 |0 |482 |482 |
|Foreign currency | | | | | | | |
|(gains) losses |31 |9 |0 |0 |0 |(110) |(70) |
|Gain on bargain | | | | | | | |
|purchase |0 |(1,180)|0 |0 |0 |0 |(1,180)|
|(Gain) loss on | | | | | | | |
|disposition of | | | | | | | |
|fixed assets |9 |0 |51 |2 |0 |61 |123 |
|Impairments and | | | | | | | |
|other write-offs |10 |0 |0 |4 |0 |(1) |13 |
|Adjusted EBITDA* |6,881 |(193) |4,024 |1,571 |412 |(4,786) |7,909 |

* 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 within the gaming industry. 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 four 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, 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.

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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