EANS-Adhoc: CORRECTION: Century Casinos Reports Financial Results for Third
Quarter 2013 (with document)
Geschrieben am 21-11-2013 |   
 
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Financial Figures/Balance Sheet/Company Information 
21.11.2013 
 
November 21, 2013 
 
CORRECTION: Century Casinos Reports Financial Results for Third  
Quarter 2013 
 
Colorado Springs, Colorado, November 21, 2013 - Century  Casinos,   
Inc.  (NASDAQ Capital Market® and Vienna Stock  Exchange:  CNTY)   
announced  today  due  to  a mathematical error certain corrections  
to a press release it issued on  November 14, 2013. The corrections  
did not change third quarter 2013 results and are  the following: 
 
1. On page two, Adjusted EBITDA for the nine months ended September 30,2013 
      has been changed from $14.588 million to $10.447 million. 
   2. On page five, Adjusted EBITDA for the nine months ended September 30, 
      2013 for the category Corporate Other has been changed from ($446) 
      million  to ($4.587) million. 
   3. On pages eight  and  nine,  non-cash  stock  based  compensation  for 
      the category Corporate Other has been changed from $1 thousand to $8 
      thousand for the three months ended September 30, 2013 and from $4 
      thousand to  $11 thousand for the nine months ended September 30, 2013. 
 
The November 14, 2013 earnings release  that  follows  has  been   
corrected  and restated in its entirety to reflect these corrections. 
 
Century Casinos, Inc. Announces Third Quarter 2013 Results Colorado  
Springs, Colorado - November 14, 2013 - 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, 2013. 
 
Third Quarter 2013 Highlights* 
 
- Net operating revenue was $28.8 million, a 54% increase  compared  to 
      the three months ended September 30, 2012. 
    - Adjusted EBITDA** was $3.3 million, a 20% increase from the  three 
      months ended September 30, 2012. 
    - Net earnings were $1.1 million, a 10% decrease from the three months 
      ended September 30, 2012. 
    - Earnings per share were $0.04, a 20% decrease from the three months 
      ended September 30, 2012. 
 
The period over period increases in net operating revenue  and  Adjusted  EBITDA 
relate primarily to the inclusion of  operating  results  from  Casinos  Poland, 
Ltd. (CPL) 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  now 
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. 
 
The period over period increases in net operating revenue and  
Adjusted EBITDA relate primarily to the inclusion of operating  
results from Casinos Poland, Ltd. (CPL) 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 now 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. 
 
|                        |For the Three Months  |For the Nine Months   | 
|Amounts in thousands,   |Ended September 30,   |Ended September 30,   | 
|except per share data   |                      |                      | 
|Consolidated Results:   |2013   |2012   |%     |2013   |2012   |%     | 
|                        |       |       |Change|       |       |Change| 
|Net operating revenue   |$28,826|$18,723|54%   |$75,164|$54,082|39%   | 
|Earnings from operations|1,370  |1,615  |(15%) |5,499  |4,882  |13%   | 
|Net earnings            |1,073  |1,186  |(10%) |6,392  |3,467  |84%   | 
|                        |       |       |      |       |       |      | 
|Adjusted EBITDA**       |$3,346 |$2,795 |20%   |$10,447|$8,440 |24%   | 
|                        |       |       |      |       |       |      | 
|Earnings per share:     |       |       |      |       |       |      | 
|Basic                   |$0.04  |$0.05  |(20%) |$0.26  |$0.14  |86%   | 
|Diluted                 |$0.04  |$0.05  |(20%) |$0.26  |$0.14  |86%   | 
|Weighted average common |       |       |      |       |       |      | 
|shares:                 |       |       |      |       |       |      | 
|Basic                   |24,249 |24,117 |      |24,334 |24,117 |      | 
|Diluted                 |24,413 |24,140 |      |24,464 |24,318 |      | 
 
"We posted solid results in the third quarter, even  though  both  our  Colorado 
operations and our casino in  Calgary  were  significantly  impacted  by  severe 
floods in their feeder markets. We are also very excited about the  progress  we 
made with the racetrack and casino project in  Calgary",  said  Erwin  Haitzmann 
and Peter Hoetzinger, Co Chief Executive Officers of Century Casinos.  
 
Three Months and Nine Ended September 30, 2013 Results* 
Net operating revenue increased by $10.1 million, or 54%, and increased by 
$21.1 million, or 39% for the three and nine months ended September 30, 2013 
compared to the three and nine months ended September 30, 2012. Following is a 
summary of the changes in net operating revenue by property or category for the 
three and nine months ended September 30, 2013 compared to the three and nine 
months ended September 30, 2012: 
 
|                   |                                               | 
|                   |Net Operating Revenue                          | 
|                   |For the Three Months   |For the Nine Months    | 
|                   | Ended September 30,   |Ended September 30,    | 
|                   |2013/2012              |2013/2012              | 
|Amounts in millions|Change     |% Change   |Change     |% Change   | 
|Century Casino &   |$0.0       |0%         |$0.7       |4%         | 
|Hotel, Edmonton    |           |           |           |           | 
|Century Casino,    |(0.4)      |(18%)      |(0.9)      |(13%)      | 
|Calgary            |           |           |           |           | 
|Century Casino &   |(0.5)      |(10%)      |(0.7)      |(5%)       | 
|Hotel, Central City|           |           |           |           | 
|Century Casino &   |(0.1)      |(2%)       |0.0        |0%         | 
|Hotel, Cripple     |           |           |           |           | 
|Creek              |           |           |           |           | 
|Casinos Poland     |11.1       |100%       |21.9       |100%       | 
|Cruise Ships &     |0.0        |(2%)       |0.1        |2%         | 
|Other              |           |           |           |           | 
|Total              |$10.1      |54%        |$21.1      |39%        | 
 
Earnings from operations decreased by ($0.3) million, or  (15%),  and  increased 
by $0.6 million, or 13% for the three and nine months ended September  30,  2013 
compared to the three and nine months ended September 30, 2012. Following  is  a 
summary of the changes in earnings from operations by property or  category  for 
the three and nine months ended September 30, 2013 compared  to  the  three  and 
nine months ended September 30, 2012: 
 
|                  |           |           |           |           | 
|                  |Earnings from Operations           |           | 
|                  |For the Three Months   |For the Nine Months    | 
|                  | Ended September 30,   |Ended September 30,    | 
|                  |2013/2012              |2013/2012              | 
|Amounts in        |Change     |% Change   |Change     |% Change   | 
|millions          |           |           |           |           | 
|Century Casino &  |$0.2       |11%        |$0.9       |18%        | 
|Hotel, Edmonton   |           |           |           |           | 
|Century Casino,   |0.2        |57%        |0.4        |84%        | 
|Calgary           |           |           |           |           | 
|Century Casino &  |(0.2)      |(30%)      |(0.4)      |(21%)      | 
|Hotel, Central    |           |           |           |           | 
|City              |           |           |           |           | 
|Century Casino &  |(0.1)      |(12%)      |0.3        |19%        | 
|Hotel, Cripple    |           |           |           |           | 
|Creek             |           |           |           |           | 
|Casinos Poland    |(0.1)      |(100%)     |0.5        |100%       | 
|Cruise Ships &    |(0.1)      |(35%)      |0.0        |5%         | 
|Other             |           |           |           |           | 
|Corporate Other   |(0.2)      |(15%)      |(1.1)      |(31%)      | 
|Total             |($0.3)     |(15%)      |$0.6       |13%        | 
 
Net earnings decreased by ($0.1)  million,  or  (10%),  and  increased  by  $2.9 
million, or 84% for the three and nine months ended September 30, 2013  compared 
to the three and nine months ended September 30, 2012. Following  is  a  summary 
of the changes in net earnings by property or category for the  three  and  nine 
months ended September 30, 2013 compared to the  three  and  nine  months  ended 
September 30, 2012: 
 
|                   |           |           |           |           | 
|                   |Net Earnings                        |           | 
|                   |For the Three Months    |For the Nine Months     | 
|                   | Ended September 30,    |Ended September 30,     | 
|                   |2013/2012               |2013/2012               | 
|Amounts in millions|Change     |% Change   |Change     |% Change   | 
|Century Casino &   |$0.2       |15%        |$1.0       |31%        | 
|Hotel, Edmonton    |           |           |           |           | 
|Century Casino,    |0.2        |56%        |$0.5       |98%        | 
|Calgary            |           |           |           |           | 
|Century Casino &   |(0.2)      |(30%)      |(0.3)      |(21%)      | 
|Hotel, Central City|           |           |           |           | 
|Century Casino &   |0.0        |(12%)      |0.2        |19%        | 
|Hotel, Cripple     |           |           |           |           | 
|Creek              |           |           |           |           | 
|Casinos Poland     |0.0        |100%       |0.4        |100%       | 
|Cruise Ships &     |(0.0)      |(37%)      |0.0        |4.7%       | 
|Other              |           |           |           |           | 
|Corporate Other    |(0.3)      |(43%)      |1.1        |59%        | 
|Total              |($0.1)     |(10%)      |$2.9       |84%        | 
 
 
Items deducted from or added to  earnings  from  operations  to  arrive  at  net 
earnings include gain on business combination related to the acquisition of  the 
additional ownership interest in CPL, interest income, interest  expense,  gains 
on  foreign  currency  transactions,  income  tax  expense  and  non-controlling 
interest. 
 
Property and Category Results (in thousands) 
 
The following are property and category results for net  operating  revenue  and 
Adjusted EBITDA. 
 
 
 
|               |               |               |               | 
|               |For the Three  |For the Three  |For the Nine   |For the Nine 
|               |Months         |Months         |Months         |Months 
|               |Ended September|Ended September|Ended Sep      |Ended Sep 
|               |30,            |30,            |30,            |30, 
|               |2013   |2012   |2013   |2012   |2013   |2012   |2013  |2012 
|Century Casino&|       |       |       |       |       |       |      | 
|Hotel, Edmonton|$6,095 |$6,091 |$2,137 |$1,958 |$18,756|$18,035|$6,757|$5,817 
|Century Casino,|       |       |       |       |       |       |      | 
|Calgary        |1,928  |2,337  |41     |(213)  |6,392  |7,336  |603   |69 
|Century Casino&|       |       |       |       |       |       |      | 
|Hotel, Central |       |       |       |       |       |       |      | 
|City           |4,559  |5,057  |937    |1,202  |13,416 |14,147 |2,662 |3,160 
|Century Casino&|       |       |       |       |       |       |      | 
|Hotel, Cripple |       |       |       |       |       |       |      | 
|Creek          |3,311  |3,377  |776    |860    |9,374  |9,406  |2,339 |2,121 
|Casinos Poland |11,115 |0      |734    |0      |21,985 |0      |1,875 |0 
|Cruise Ships & |       |       |       |       |       |       |      | 
|Other          |1,818  |1,861  |247    |313    |5,241  |5,158  |798   |773 
|Corporate      |0      |0      |(1,533)|(1,325)|0      |0     |(4,587)|(3,500 
|Consolidated  |$28,826|$17,791|$3,339 |$2,795 |$75,164|$54,082|$10,447|$8,440 
 
 
 
 
Balance Sheet and Liquidity 
 
 
As of September 30, 2013, the  Company  had  $30.4  million  in  cash  and  cash 
equivalents and $16.0 million in outstanding debt 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 September 30,  2013,  the 
Company had approximately  $14.9  million  available  for  borrowing  under  the 
credit agreement. In addition, the Company had $6.2 million in outstanding  debt 
related to CPL as of September 30, 2013. 
 
Conference Call Information 
 
Today the Company will post a copy of the Form 10-Q filed with the SEC  for  the 
quarter    ended    September     30,     2013     on     its     website     at 
http://corporate.cnty.com/investor-relations/sec-filings. 
 
 
Century Casinos will host its third quarter 2013 earnings conference call  today 
at 7:00 am MDT; 3:00 pm CET, respectively.  U.S.  domestic  participants  should 
dial 1-888-203-7667. For all other international participants, please  use 
719-234-0008 to dial-in. Participants may also listen to the call live or 
 
obtain  a recording of the call on the  Company's  website  until   
November  30, 2013  at  
http://corporate.cnty.com/investor-relations/sec-filings. 
 
|                                   |        |        |        |        | 
|                                   |        |        |        |        | 
|                                   |For the Three    |For the Nine     | 
|                                   |Months           |Months           | 
|                                   |Ended September  |Ended September  | 
|                                   |30,              |30,              | 
|Amounts in thousands, except for   |2013    |2012    |2013    |2012    | 
|per share information              |        |        |        |        | 
|Operating revenue:                 |        |        |        |        | 
|  Gaming                           |$26,758 |$16,778 |$68,603 |$47,746 | 
|  Hotel, bowling, food and beverage|3,141   |3,189   |9,554   |9,645   | 
|  Other                            |923     |1,041   |2,802   |3,086   | 
|           Gross revenue           |30,822  |21,008  |80,959  |60,477  | 
|Less: Promotional allowances       |(1,996) |(2,285) |(5,795) |(6,395) | 
|Net operating revenue              |28,826  |18,723  |75,164  |54,082  | 
|Operating costs and expenses:      |        |        |        |        | 
|  Gaming                           |13,959  |7,954   |34,401  |22,645  | 
|  Hotel, bowling, food and beverage|2,691   |2,534   |7,787   |7,391   | 
|  General and administrative       |9,121   |5,385   |22,678  |16,010  | 
|  Depreciation and amortization    |1,685   |1,178   |4,671   |3,535   | 
|Total operating costs and expenses |27,456  |17,051  |69,537  |49,581  | 
|Earnings from equity investment    |0       |(57)    |(128)   |381     | 
|Earnings from operations           | 1,370  | 1,615  | 5,499  | 4,882  | 
|Non-operating income (expense):    |        |        |        |        | 
|Gain on business combination       |0       |0       | 2,074  |0       | 
|  Interest income                  |7       |7       |18      |36      | 
|  Interest expense                 | (206)  | (57)   | (550)  | (600)  | 
|  Gains on foreign currency        | 66     | (36)   | 234    |(19)    | 
|transactions and other             |        |        |        |        | 
|Non-operating income (expense), net| (133)  | (86)   | 1,776  | (583)  | 
|Earnings before income taxes and   | 1,237  | 1,529  | 7,275  | 4,299  | 
|non-controlling interest           |        |        |        |        | 
|Income tax provision               | 132    | 343    | 685    |832     | 
|Net earnings                       | 1,105  | 1,186  | 6,590  | 3,467  | 
|Less: Net earnings attributable to | 32     |0       | 198    |0       | 
|non-controlling interest           |        |        |        |        | 
|Net earnings attributable to       |$1,073  |$1,186  |$6,392  |$3,467  | 
|Century Casinos, Inc. shareholders |        |        |        |        | 
|                                   |        |        |        |        | 
|Earnings per share attributable to |        |        |        |        | 
|Century Casinos, Inc.:             |        |        |        |        | 
|  Basic                            |$0.04   |$0.05   |$0.26   |$0.14   | 
|  Diluted                          |$0.04   |$0.05   |$0.26   |$0.14   | 
 
 
CENTURY CASINOS, INC. AND SUBSIDIARIES 
FINANCIAL INFORMATION - US GAAP BASIS 
 
 
|                                               |           |           | 
|Century Casinos, Inc.                          |           |           | 
|Condensed Consolidated Balance Sheets          |           |           | 
|(Amounts in thousands)                         |           |           | 
|                                               |September  |December   | 
|                                               |30,        |31,        | 
|                                               |2013       |2012       | 
|Assets                                         |           |           | 
|Current assets                                 |$33,333    |$26,535    | 
|Property and equipment, net                    |113,726    |99,526     | 
|Other assets                                   |22,283     |11,275     | 
|Total assets                                   |$169,342   |$137,336   | 
|                                               |           |           | 
|Liabilities and Shareholders' Equity           |           |           | 
|Current liabilities                            |$27,205    |$13,071    | 
|Non-current liabilities                        |13,591     |6,109      | 
|Shareholders' equity                           |128,546    |118,156    | 
|Total liabilities and shareholders' equity     |$169,342   |$137,336   | 
 
 
 
 
CENTURY CASINOS, INC. AND SUBSIDIARIES 
SUPPLEMENTAL INFORMATION 
 
 
Century Casinos, Inc. 
Adjusted EBITDA Margins * by Property or Category (Unaudited) 
 
 
 
|                              |          |         |         |         | 
|                              |For the Three Months|For the Nine Months| 
|                              |Ended September 30, |Ended September 30,| 
|                              |2013     |2012      |2013     |2012      | 
|Century Casino & Hotel,       |         |          |         |          | 
|Edmonton                      |35%      |32%       |36%      |32%       | 
|Century Casino, Calgary       |2%       |(9%)      |9%       |1%        | 
|Century Casino & Hotel,       |         |          |         |          | 
|Central City                  |21%      |24%       |20%      |22%       | 
|Century Casino & Hotel,       |         |          |         |          | 
|Cripple Creek                 |23%      |25%       |25%      |23%       | 
|Casinos Poland                |7%       |0%        |9%       |0%        | 
|Cruise Ships & Other          |14%      |17%       |15%      |15%       | 
|Consolidated Adjusted EBITDA  |         |          |         |          | 
|Margin                        |12%      |15%       |19%      |16%       | 
 
 
 
Reconciliation of Adjusted EBITDA * to Net Earnings (Loss) by Property or 
Category For the three months ended September 30, 2013 
 
 
 
Amounts in thousands 
 
 
 
 
|            |Three Months Ended September 30, 2013                          | 
|            |Edmonton|Calgary|Central|Cripple|Casinos|Cruise|Corpor  |Total | 
|            |        |       |City   |Creek  |Poland |Ships&|ate     |      | 
|            |        |       |       |       |       |Other |        |      | 
|Net         |        |       |       |       |       |      |        |      | 
|earnings    |        |       |       |       |       |      |        |      | 
|(loss)      |$1,296  |($177) |$385   |$330   |$62    |$125  |($948)  |$1,073| 
|Interest    |        |       |       |       |       |      |        |      | 
|income      |0       |0      |0      |0      |(1)    |0     |(6)     |(7)   | 
|Interest    |        |       |       |       |       |      |        |      | 
|expense     |114     |0      |0      |1      |88     |0     |3       |206   | 
|Income      |        |       |       |       |       |      |        |      | 
|taxes       |        |       |       |       |       |      |        |      | 
|(benefit)   |464     |(10)   |237    |203    |(174)  |17    |(605)   |132   | 
|Depreciation|        |       |       |       |       |      |        |      | 
|and         |        |       |       |       |       |      |        |      | 
|amortization|258     |228    |315    |242    |512    |101   |29      |1,685 | 
|Non-        |        |       |       |       |       |      |        |      | 
|controlling |        |       |       |       |       |      |        |      | 
|interest    |0       |0      |0      |0      |32     |0     |0       |32    | 
|Non-cash    |        |       |       |       |       |      |        |      | 
|stock based |        |       |       |       |       |      |        |      | 
|compensation|0       |0      |0      |0      |0      |0     |8       |8     | 
|Foreign     |        |       |       |       |       |      |        |      | 
|currency    |        |       |       |       |       |      |        |      | 
|losses      |        |       |       |       |       |      |        |      | 
|(gains)     |5       |0      |0      |0      |(64)   |0     |(7)     |(66)  | 
|(Gain) loss |        |       |       |       |       |      |        |      | 
|on          |        |       |       |       |       |      |        |      | 
|disposition |        |       |       |       |       |      |        |      | 
|of fixed    |        |       |       |       |       |      |        |      | 
|assets      |0       |0      |0      |0      |279    |4     |0       |283   | 
|Adjusted    |        |       |       |       |       |      |        |      | 
|EBITDA*     |$2,137  |$41    |$937   |$776   |$734   |$247  |($1,526)|$3,346| 
 
 
 
 
|                |Three Months Ended September 30, 2012                  | 
|                |Edmonton|Calgary|Central|Cripple|Cruise|Corpor  |Total | 
|                |        |       |City   |Creek  |Ships&|ate     |      | 
|                |        |       |       |       |Other |        |      | 
|Net earnings    |        |       |       |       |      |        |      | 
|(loss)          |$1,127  |($399) |$550   |$375   |$198  |($665)  |$1,186| 
|Interest income |(3)     |(1)    |0      |0      |0     |(3)     |(7)   | 
|Interest expense|57      |0      |0      |0      |0     |0       |57    | 
|Income taxes    |        |       |       |       |      |        |      | 
|(benefit)       |485     |(50)   |336    |230    |20    |(678)   |343   | 
|Depreciation and|        |       |       |       |      |        |      | 
|amortization    |260     |217    |319    |255    |96    |31      |1,178 | 
|Non-cash stock  |        |       |       |       |      |        |      | 
|stock based     |        |       |       |       |      |        |      | 
|compensation    |0       |0      |0      |0      |0     |2       |2     | 
|Foreign currency|        |       |       |       |      |        |      | 
|losses (gains)  |30      |19     |0      |0      |(1)   |(12)    |36    | 
|(Gain) loss on  |        |       |       |       |      |        |      | 
|disposition of  |        |       |       |       |      |        |      | 
|fixed assets    |2       |1      |(3)    |0      |0     |0       |0     | 
|Adjusted EBITDA*|$1,958  |($213) |$1,202 |$860   |$313  |($1,325)|$2,795| 
 
 
 
Reconciliation of Adjusted EBITDA * to Net Earnings (Loss) by Property or 
Category 
For the nine months ended September 30, 2013 
 
 
Amounts in thousands 
 
 
|            |Nine Months Ended September 30, 2013                           | 
|            |Edmonton|Calgary|Central|Cripple|Casinos|Cruise|Corpor |Total  | 
|            |        |       |City   |Creek  |Poland |Ships&|ate    |       | 
|            |        |       |       |       |       |Other |       |       | 
|Net         |        |       |       |       |       |      |       |       | 
|earnings    |        |       |       |       |       |      |       |       | 
|(loss)      |$4,312  |($9)   |$1,048 |$1,005 |$395   |$433  |($792) |$6,392 | 
|Interest    |        |       |       |       |       |      |       |       | 
|income      |0       |0      |0      |0      |(2)    |0     |(16)   |(18)   | 
|Interest    |        |       |       |       |       |      |       |       | 
|expense     |325     |0      |0      |2      |226    |(3)   |0      |550    | 
|Income      |        |       |       |       |       |      |       |       | 
|taxes       |        |       |       |       |       |      |       |       | 
|(benefit)   |1,362   |(75)   |642    |615    |(186)  |59    |(1,732)|685    | 
|Depreciation|        |       |       |       |       |      |       |       | 
|and         |        |       |       |       |       |      |       |       | 
|amortization|775     |691    |977    |717    |1,119  |302   |90     |4,671  | 
|Non-        |        |       |       |       |       |      |       |       | 
|controlling |        |       |       |       |       |      |       |       | 
|interest    |0       |0      |0      |0      |198    |0     |0      |198    | 
|Non-cash    |        |       |       |       |       |      |       |       | 
|stock based |        |       |       |       |       |      |       |       | 
|compensation|0       |0      |0      |0      |0      |0     |4      |4      | 
|Foreign     |        |       |       |       |       |      |       |       | 
|currency    |        |       |       |       |       |      |       |       | 
|losses      |        |       |       |       |       |      |       |       | 
|(gains)     |(17)    |(4)    |0      |0      |(138)  |(1)   |(74)   |(234)  | 
|(Gain) loss |        |       |       |       |       |      |       |       | 
|on          |        |       |       |       |       |      |       |       | 
|disposition |        |       |       |       |       |      |       |       | 
|of fixed    |        |       |       |       |       |      |       |       | 
|assets      |0       |0      |(5)    |0      |263    |8     |0      |266    | 
|Gain on     |        |       |       |       |       |      |       |       | 
|business    |        |       |       |       |       |      |       |       | 
|combination |0       |0      |0      |0      |0      |0     |(2,074)|(2,074)| 
|Adjusted    |        |       |       |       |       |      |       |       | 
|EBITDA*     |$6,757  |$603   |$2,662 |$2,339 |$1,875 |$798 |($4,587)|$10,447| 
 
 
 
 
|                |Nine  Months Ended September 30, 2012                  | 
|                |Edmonton|Calgary|Central|Cripple|Cruise|Corpor  |Total | 
|                |        |       |City   |Creek  |Ships&|ate     |      | 
|                |        |       |       |       |Other |        |      | 
|Net earnings    |        |       |       |       |      |        |      | 
|(loss)          |$3,281  |($486) |$1,323 |$844   |$420  |($1,915)|$3,467| 
|Interest income |(12)    |(1)    |0      |0      |0     |(23)    |(36)  | 
|Interest expense|598     |0      |0      |0      |0     |2       |600   | 
|Income taxes    |        |       |       |       |      |        |      | 
|(benefit)       |1,178   |(80)   |812    |517    |44    |(1,639) |832   | 
|Depreciation and|        |       |       |       |      |        |      | 
|amortization    |746     |631    |1,021  |760    |291   |86      |3,535 | 
|Non-cash stock  |        |       |       |       |      |        |      | 
|stock based     |        |       |       |       |      |        |      | 
|compensation    |0       |0      |0      |0      |0     |0       |0     | 
|Foreign currency|        |       |       |       |      |        |      | 
|losses (gains)  |24      |4      |0      |0      |2     |(11)    |19    | 
|(Gain) loss on  |        |       |       |       |      |        |      | 
|disposition of  |        |       |       |       |      |        |      | 
|fixed assets    |2       |1      |4      |0      |16    |0       |23    | 
|Adjusted EBITDA*|$5,817  |$69    |$3,160 |$2,121 |$773  |($3,500)|$8,440| 
 
 
*  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  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 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  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  30,  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: 
---------------------------------------------- 
http://resources.euroadhoc.com/us/SutZikaB 
 
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 
-------------------------------------------------------------------------------- 
 
Attachments with Announcement: 
---------------------------------------------- 
http://resources.euroadhoc.com/us/SutZikaB 
 
 
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
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