EANS-Adhoc: Century Casinos,Inc. / Century Casinos, Inc. Announces First Quarter 2012 Results (with document)

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3-month report

04.05.2012

Colorado Springs, Colorado - May 4, 2012 - Century Casinos, Inc.
(NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) today
announced its financial results for the three months ended March 31,
2012.

First Quarter 2012 Highlights**

- Net operating revenue was $17.6 million, a 3% increase compared to the
three months ended March 31, 2011.

- Adjusted EBITDA* was $2.8 million, a 9% increase from the three months
ended March 31, 2011.

- Net earnings were $1.1 million, a 211% increase from the three months
ended March 31, 2011.

- Earnings per share were $0.05, a $0.03 increase from the three months
ended March 31, 2011.

For the Three Months
Amounts in thousands, except share and per share data Ended March 31,
Consolidated Results: 2012 2011 % Change
Net operating revenue $17,569 $17,115 3%
Earnings from operations 1,572 756 108%
Net earnings 1,133 364 211%

Adjusted EBITDA* $2,760 $2,524 9%

Earnings per share:
Basic and diluted $0.05 $0.02 150%
Weighted-average common shares:
Basic 23,877,362 23,711,176
Dilutive 24,010,793 24,001,288

"We posted solid results in the first quarter. Specifically, earnings from
operations more than doubled for the three months ended March 31, 2012 compared
to the same period in 2011. Earnings were driven by strong bottom-line
performances in Colorado and Canada. We plan to drive continued growth and
considerable value in the long run. Our financial results, including the
substantial increase in earnings per share, highlight our long-term commitment
to building value for our shareholders through disciplined operating strategies
and conservative financial planning. We are actively pursuing domestic and
international casino opportunities, where we can leverage our proven development
and operating expertise as well as our strong balance sheet and attractive cost
of capital." said Erwin Haitzmann and Peter Hoetzinger, Co Chief Executive
Officers of Century Casinos.

Three Months Ended March 31, 2012 Results Net operating revenue
increased by $0.5 million, or 3%, for the three months ended March
31, 2012 compared to the three months ended March 31, 2011. Following
is a summary of the change in net operating revenue by property or
category for the three months ended March 31, 2012 compared to the
three months ended March 31, 2011: Net Operating Revenue For the
Three Months Ended March 31,

2012 vs. 2011
Amounts in millions Change % Change
Century Casino & Hotel, Edmonton $0.2 3%
Century Casino, Calgary 0.0 1%
Century Casino & Hotel, Central City 0.1 3%
Century Casino & Hotel, Cripple Creek 0.0 2%
Cruise Ships and Other 0.1 7%
Total $0.5 3%

Earnings from operations increased by a total of $0.8 million, or 108%, for the
three months ended March 31, 2012 compared to the three months ended March 31,
2011. Following is a summary of the change in earnings from operations by
property or category for the three months ended March 31, 2012 compared to the
three months ended March 31, 2011:

Earnings from Operations
For the Three Months Ended March 31,
2012 vs. 2011
Amounts in millions Change % Change
Century Casino & Hotel, Edmonton $0.2 12%
Century Casino, Calgary 0.1 154%
Century Casino & Hotel, Central City 0.3 102%
Century Casino & Hotel, Cripple Creek 0.0 0%
Cruise Ships and Other 0.0 17%
Corporate Other 0.2 13%
Total $0.8 108%

Net earnings increased by $0.8 million, or 211%, for the three months
ended March 31, 2012 compared to the three months ended March 31,
2011. Following is a summary of the change in net earnings by
property or category for the three months ended March 31, 2012
compared to the three months ended March 31, 2011: Net Earnings
For the Three Months Ended March 31,

2012 vs. 2011
Amounts in millions Change % Change
Century Casino & Hotel, Edmonton $0.2 20%
Century Casino, Calgary 0.2 105%
Century Casino & Hotel, Central City 0.2 94%
Century Casino & Hotel, Cripple Creek 0.0 1%
Cruise Ships and Other 0.0 8%
Corporate Other 0.2 26%
Total $0.8 211%

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

Overall, the increase in earnings from operations and net earnings in
the three months ended March 31, 2012 compared to the three months
ended March 31, 2011 is due to increased efforts to attract customers
and generate additional revenue, control costs at all properties and
a decrease in depreciation expense due to fully depreciated assets in
Edmonton and Central City.

?
Property and Category Results
(in thousands)

Net Operating Revenue Adjusted EBITDA*
For the Three Months For the Three Months
Ended March 31, Ended March 31,
2012 2011 2012 2011
Century Casino & Hotel, Edmonton $5,940 $5,753 $1,888 $1,839
Century Casino, Calgary 2,603 2,588 254 98
Century Casino & Hotel, Central City 4,510 4,400 974 959
Century Casino & Hotel, Cripple Creek 2,879 2,837 525 530
Cruise Ships and Other 1,638 1,535 237 232
Corporate 0 2 (1,118) (1,134)
Consolidated $17,569 $17,115 $2,760 $2,524

Balance Sheet and Liquidity As of March 31, 2012, the Company had
$22.9 million in cash and cash equivalents and $6.7 million in debt
obligations on its balance sheet compared to $25.2 million in cash
and cash equivalents and $9.1 million in debt obligations at December
31, 2011.

Conference Call Information

Today the Company will post a copy of the Form 10-Q filed with the
SEC for the quarter ended March 31, 2012 on its website at
http://corporate.cnty.com/investor-relations/sec-filings.

Century Casinos will host its first quarter 2012 earnings conference
call May 7, 2012 at 10:00 am MDT; 6:00 pm CET, respectively. U.S.
domestic participants should dial 1-800-894-5910. For all other
international participants, please use +1-785-424-1052 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. (continued)

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

For the three months ended March 31, Amounts in
thousands, except for per share information 2012 2011
Operating revenue:

Gaming $15,259 $14,825
Hotel, bowling, food and beverage 3,321 3,243
Other 943 935
Gross revenue 19,523 19,003
Less: Promotional allowances (1,954) (1,888)
Net operating revenue 17,569 17,115
Operating costs and expenses:
Gaming 7,233 6,931
Hotel, bowling, food and beverage 2,437 2,511
General and administrative 5,304 5,368
Depreciation 1,178 1,641
Total operating costs and expenses 16,152 16,451
Earnings from equity investment 155 92
Earnings from operations 1,572
756
Non-operating income (expense):
Interest income 6 2
Interest expense (148) (246)
(Losses) gains on foreign currency transactions and other
(5) 75
Non-operating income (expense), net (147)
(169)
Earnings before income taxes 1,425
587
Income tax provision 292 223
Net earnings $1,133 $364

Earnings per share:
Basic $0.05 $0.02
Diluted $0.05 $0.02

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

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

March 31, December 31,
2012 2011
Assets
Current Assets $25,234 $27,286
Property and equipment, net 99,820 99,605
Other Assets 10,215 9,836
Total Assets $135,269 $136,727

Liabilities and Shareholders' Equity
Current Liabilities $17,629 $21,359
Non-Current Liabilities 2,896 2,828
Shareholders' Equity 114,744 112,540
Total Liabilities and Shareholders' Equity $135,269 $136,727

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

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

For the Three Months
Ended March 31,
2012 2011

Century Casino & Hotel, Edmonton 32% 32%
Century Casino, Calgary 10% 4%
Century Casino & Hotel, Central City 22% 22%
Century Casino & Hotel, Cripple Creek 18% 19%
Cruise Ships & Other 15% 15%
Consolidated Adjusted EBITDA Margin 16% 15%

Reconciliation of Adjusted EBITDA * to Net Earnings (Loss) by
Property or Category (Unaudited)

Amounts in thousands

Three Months Ended March 31, 2012
Edmonton Calgary Central City Cripple Creek Cruise Ships &
Other Corporate Total

Net earnings (loss) 1,076 8 380 169 127 (627) 1,133
Interest income (3) 0 0 0 0 (3) (6)
Interest expense 147 0 0 0 0 1 148
Income taxes (benefit) 413 44 233 104 13 (515) 292
Depreciation 242 205 355 252 97 27 1,178
Non-cash stock based compensation 0 0 0 0 0
4 4
Foreign currency losses (gains) 13 (3) 0 0 0 (5)
5
Loss on disposition of fixed assets 0 0 6 0 0 0
6
Adjusted EBITDA* 1,888 254 974 525 237 (1,118) 2,760

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CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

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

Amounts in thousands

Three Months Ended March 31, 2011
Edmonton Calgary Central City Cripple Creek Cruise Ships &
Other Corporate Total

Net earnings (loss) 895 (163) 196 168 118 (850) 364
Interest income (2) 0 0 0 0 0 (2)
Interest expense 244 0 0 0 0 2 246
Income taxes (benefit) 342 34 107 104 2 (366) 223
Depreciation 365 189 655 258 112 62 1,641
Non-cash stock based compensation 0 0 0 0 0
96 96
Foreign currency (gains) losses (5) 38 0 0 0 (108)
(75)
Loss on disposition of fixed assets 0 0 1 0 0
30 31
Adjusted EBITDA* 1,839 98 959 530 232 (1,134) 2,524

* The Company defines Adjusted EBITDA as net earnings (loss) before interest,
income taxes, depreciation, amortization, pre-opening expenses, non-cash stock
based compensation charges, asset impairment costs, gains (losses) on
disposition of fixed assets, discontinued operations, realized foreign currency
gains (losses) and certain other one-time items. Intercompany transactions
consisting primarily of management and royalty fees and interest, along with
their related tax effects, are excluded from the presentation of net earnings
and Adjusted EBITDA reported for each property. Not all of the aforementioned
items occur in each reporting period, but have been included in the definition
based on historical activity. These adjustments have no effect on the
consolidated results as reported under accounting principles generally accepted
in the United States of America ("US GAAP"). Adjusted EBITDA is not considered a
measure of performance recognized under US GAAP. Management believes that
Adjusted EBITDA is a valuable measure of the relative performance of its
properties and the Company. The gaming industry commonly uses Adjusted EBITDA as
a method of arriving at the economic value of a casino operation. Management
uses Adjusted EBITDA to compare the relative operating performance of separate
operating units by eliminating the above mentioned items associated with the
varying levels of capital expenditures for infrastructure required to generate
revenue, and the often high cost of acquiring existing operations. EBITDA
(Earnings before interest, taxes, depreciation and amortization) is used by the
Company's lending institution to gauge operating performance. The Company's
computation of Adjusted EBITDA may be different from, and therefore may not be
comparable to, similar measures used by other companies within the gaming
industry. Please see the reconciliation of Adjusted EBITDA to net earnings
(loss) above.

** The Company defines Adjusted EBITDA margin as Adjusted EBITDA divided by net
operating revenue. Management uses this margin as one of several measures to
evaluate the efficiency of the Company's casino operations.

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

About Century Casinos, Inc.: Century Casinos, Inc. is an
international casino entertainment company that owns and operates
Century Casino & Hotels in Cripple Creek and Central City, Colorado,
and in Edmonton, Alberta, Canada and the Century Casino in Calgary,
Alberta, Canada. The Company also operates casinos aboard twelve
luxury cruise vessels (Regatta, Nautica, Marina, Riviera, Mein Schiff
1, Mein Schiff 2, Wind Surf, Wind Star, Wind Spirit, Seven Seas
Voyager, Seven Seas Mariner and Seven Seas Navigator). Through its
Austrian subsidiary, Century Casinos Europe GmbH, the Company holds a
33.3% ownership interest in Casinos Poland Ltd., the owner and
operator of seven 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.

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

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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