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

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Company Information

08.08.2012

Century Casinos, Inc. Announces Second Quarter 2012 Results

Colorado Springs, Colorado - August 8, 2012 - Century Casinos,
Inc. (NASDAQ Capital Market® and Vienna Stock Exchange: CNTY) today
announced its financial results for the three and six months ended
June 30, 2012.

Second Quarter 2012 Highlights*

- Adjusted EBITDA** was $2.9 million, a 5% increase from the three
months ended June 30, 2011.

- Net earnings were $1.2 million, a 78% increase from the three months
ended June 30, 2011.

- Earnings per share were $0.05, a $0.02 per share increase from the
three months ended June 30, 2011.

| |For the Three Months |For the Six Months |
|Amounts in thousands, |Ended June 30, |Ended June 30, |
|except share and per | | |
|share data | | |
|Consolidated Results: |2012 |2011 |%Ch|2012 |2011 |%Ch |
| | | | | | | |
|Net operating revenue |$17,791 |$18,002 |-1%|$35,360 |$35,117 |1% |
|Earnings from |1,695 |977 |74%|3,267 |1,733 |89% |
|operations | | | | | | |
|Net earnings |1,148 |644 |78%|2,281 |1,008 |126%|
| | | | | | | |
|Adjusted EBITDA** |$2,886 |$2,760 |5% |$5,645 |$5,284 |7% |
| | | | | | | |
|Earnings per share: | | | | | | |
|Basic |$0.05 |$0.03 |67%|$0.10 |$0.04 |150%|
|Diluted |$0.05 |$0.03 |67%|$0.09 |$0.04 |125%|
|Weighted-average common| | | | | | |
|shares: | | | | | | |
|Basic |23,890,405|23,717,165| |23,883,919|23,714,215| |
|Dilutive |24,060,322|24,026,095| |24,054,904|24,015,947| |

"We posted solid results in the second quarter, but the Waldo Canyon wildfires
had a significant negative impact on our operations in Cripple Creek, Colorado.
During the more than 15 days it took to contain the wildfires, more than 35,000
people in Colorado Springs, the metropolitan population which the casino
primarily serves, had to be evacuated, and the main highway to the casino was
closed for a total of eight days. Still, we managed to increase earnings from
operations by 74% and net earnings by 78% compared to the same period in 2011.
The continued growth in our earnings per share, together with the new CAD 28
million credit agreement with the Bank of Montreal, give us support to actively
pursue domestic and international casino opportunities." said Erwin Haitzmann
and Peter Hoetzinger, Co Chief Executive Officers of Century Casinos.

Three and Six Months Ended June 30, 2012 Results*

Net operating revenue decreased by $0.2 million, or 1%, and increased $0.2
million, or 1%, for the three and six months ended June 30, 2012 compared to
the three and six months ended June 30, 2011, respectively. Following is a
summary of the changes in net operating revenue by property or category for the
three and six months ended June 30, 2012 compared to the three and six months
ended June 30, 2011:

| |Net Operating Revenue |
| |For the Three |For the Six Months |
| |Months |Ended June 30, |
| |Ended June 30, | |
| |2012 |vs. 2011 |2012 |vs. 2011 |
|Amounts in millions |Change |% Change |Change |% Change |
|Century Casino & Hotel, Edmonton |($0.2) |(3%) |$0.0 |0% |
|Century Casino, Calgary |(0.1) |(3%) |(0.1) |(1%) |
|Century Casino & Hotel, Central City |0.1 |1% |0.2 |2% |
|Century Casino & Hotel, Cripple Creek|(0.1) |(2%) |(0.0) |0% |
|Cruise Ships & Other |0.0 |2% |0.1 |4% |
|Total |($0.2) |(1%) |$0.2 |1% |

Earnings from operations increased by a total of $0.7 million, or 74%, and $1.5
million, or 89%, for the three and six months ended June 30, 2012 compared to
the three and six months ended June 30, 2011, respectively. Following is a
summary of the change in earnings from operations by property or category for
the three and six months ended June 30, 2012 compared to the three and six
months ended June 30, 2011:

| |Earnings from Operations |
| |For the Three |For the Six Months |
| |Months |Ended June 30, |
| |Ended June 30, | |
| |2012 |vs. 2011 |2012 |vs. 2011 |
|Amounts in millions |Change |% Change |Change |% Change |
|Century Casino & Hotel, Edmonton |($0.1) |(3%) |$0.1 |3% |
|Century Casino, Calgary |(0.1) |(142%) |0.0 |21% |
|Century Casino & Hotel, Central City |0.4 |134% |0.7 |118% |
|Century Casino & Hotel, Cripple Creek|0.1 |12% |0.1 |7% |
|Cruise Ships & Other |(0.1) |(35%) |(0.1) |(13%) |
|Corporate Other |0.5 |33% |0.7 |24% |
|Total |$0.7 |74% |$1.5 |89% |

Net earnings increased by $0.5 million, or 78%, and $1.3 million, or 126%, for
the three and six months ended June 30, 2012 compared to the three and six
months ended June 30, 2011, respectively. Following is a summary of the changes
in net earnings by property or category for the three and six months ended June
30, 2012 compared to the three and six months ended June 30, 2011:

| |Net Earnings |
| |For the Three |For the Six Months |
| |Months |Ended June 30, |
| |Ended June 30, | |
| |2012 |vs. 2011 |2012 |vs. 2011 |
|Amounts in millions |Change |% Change |Change |% Change |
|Century Casino & Hotel, Edmonton |($0.1) |(9%) |$0.1 |4% |
|Century Casino, Calgary |(0.0) |(26%) |0.2 |64% |
|Century Casino & Hotel, Central City |0.2 |124% |0.4 |109% |
|Century Casino & Hotel, Cripple Creek|0.0 |12% |0.0 |7% |
|Cruise Ships & Other |(0.1) |(43%) |(0.1) |(22%) |
|Corporate Other |0.5 |42% |0.7 |35% |
|Total |$0.5 |78% |$1.3 |126% |

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 and six months ended June 30, 2012 compared to the three
and six months ended June 30, 2011 is due to increased efforts to
attract customers and generate additional revenue and 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)

The following table shows net operating revenue and Adjusted
EBITDA** by property or category For the three and six months ended
June 30, 2012 and June 30, 2011.

| |Net |Adjusted |Net |Adjusted |
| |Operating |EBITDA** |Operating |EBITDA** |
| |Revenue | |Revenue | |
| |For the |For the |For the |For the |
| |Three |Three |Six Months |Six Months|
| |Months |Months | | |
| |Ended June |Ended June|Ended June |Ended June|
| |30, |30, |30, |30, |
| | | | | |
|Condensed Consolidated Statements of Earnings |
| | | | | |
| | | | | |
| |For the Three Months |For the Six Months |
| |Ended June 30, |Ended June 30, |
|Amounts in thousands, |2012 |2011 |2012 |2011 |
|except for per share | | | | |
|information | | | | |
|Operating revenue: | | | | |
| Gaming |$15,709 |$15,928 |$30,968 |$30,753 |
| Hotel, bowling, food | | | | |
|and beverage |3,135 |3,141 |6,456 |6,384 |
| Other |1,103 |1,004 |2,046 |1,939 |
| Gross revenue |19,947 |20,073 |39,470 |39,076 |
|Less: Promotional | | | | |
|allowances |(2,156) |(2,071) |(4,110) |(3,959) |
|Net operating revenue |17,791 |18,002 |35,360 |35,117 |
|Operating costs and | | | | |
|expenses: | | | | |
| Gaming |7,459 |7,341 |14,692 |14,272 |
| Hotel, bowling, food | | | | |
|and beverage |2,420 |2,553 |4,857 |5,064 |
| General and | | | | |
|administrative |5,320 |5,848 |10,624 |11,216 |
| Depreciation |1,180 |1,665 |2,358 |3,306 |
|Total operating costs | | | | |
|and expenses |16,379 |17,407 |32,531 |33,858 |
|Earnings from equity | | | | |
|investment |283 |382 |438 |474 |
|Earnings from | | | | |
|operations |1,695 |977 |3,267 |1,733 |
|Non-operating income | | | | |
|(expense): | | | | |
| Interest income |23 |5 |29 |7 |
| Interest expense |(395) |(197) |(543) |(443) |
| Gains on foreign | | | | |
|currency transactions | | | | |
|and other |22 |114 |17 |189 |
|Non-operating (expense)| | | | |
|income, net |(350) |(78) |(497) |(247) |
|Earnings before income | | | | |
|taxes |1,345 |899 |2,770 |1,486 |
|Income tax provision | | | | |
|(benefit) |197 |255 |489 |478 |
|Net earnings |$1,148 |$644 |$2,281 |$1,008 |
| | | | | |
|Earnings per share: | | | | |
| Basic |$0.05 |$0.03 |$0.10 |$0.04 |
| Diluted |$0.05 |$0.03 |$0.09 |$0.04 |
| | | | | |
| | | | | |

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

|Century Casinos, Inc. |
|Condensed Consolidated Balance Sheets |
|(Amounts in thousands) |
| |June 30, |December 31, |
| |2012 |2011 |
|Assets | | |
|Current Assets |$21,956 |$27,286 |
|Property and equipment, net |98,748 |99,605 |
|Other Assets |10,680 |9,836 |
|Total Assets |$131,384 |$136,727 |
| | | |
|Liabilities and Shareholders' Equity | | |
|Current Liabilities |$10,381 |$21,359 |
|Non-Current Liabilities |6,234 |2,828 |
|Shareholders' Equity |114,769 |112,540 |
|Total Liabilities and Shareholders' Equity |$131,384 |$136,727 |

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

The following tables show Adjusted EBITDA margins and Adjusted EBITDA to net
earnings reconciliations by property or category. 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. A discussion of Adjusted EBITDA follows the
tables.

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

| |For the Three |For the Six |
| |Months |Months |
| |Ended June 30, |Ended June 30, |
| |2012 |2011 |2012 |2011 |
|Century Casino & Hotel, Edmonton |33% |35% |32% |34% |
|Century Casino, Calgary |1% |5% |6% |4% |
|Century Casino & Hotel, Central City |22% |21% |22% |21% |
|Century Casino & Hotel, Cripple Creek|23% |21% |21% |20% |
|Cruise Ships & Other |13% |19% |14% |17% |
|Consolidated Adjusted EBITDA Margin |16% |15% |16% |15% |

Reconciliation of Adjusted EBITDA * to Net Earnings (Loss) by Property or
Category
For the three months ended June 30, 2012

Amounts in thousands
| |Three Months Ended June 30, 2012 |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total|
| | | |City |Creek |Ships | | |
| | | | | |&Other| | |
|Net earnings (loss) |1,075 |(92) |396 |300 |93 |(624) |1,148|
| | | | | | | | |
|Interest income |(5) |0 |0 |0 |0 |(18) |(23) |
|Interest expense |394 |0 |0 |0 |0 |1 |395 |
|Income taxes | | | | | | | |
|(benefit) |280 |(75) |243 |183 |11 |(444) |197 |
|Depreciation |244 |209 |347 |253 |98 |29 |1,180|
| | | | | | | | |
|Non-cash stock based| | | | | | | |
|compensation |0 |0 |0 |0 |0 |(5) |(5) |
|Foreign currency | | | | | | | |
|(gains) losses |(19) |(12) |0 |0 |3 |6 |(22) |
|Loss on disposition | | | | | | | |
|of fixed assets |0 |0 |0 |0 |16 |0 |16 |
|Adjusted EBITDA* |1,969 |30 |986 |736 |220 |(1,055) |2,886|

CENTURY CASINOS, INC. AND SUBSIDIARIES
SUPPLEMENTAL INFORMATION

Century Casinos, Inc.
Reconciliation of Adjusted EBITDA * to Net Earnings (Loss) by Property or
Category
For the three months ended June 30, 2011

Amounts in thousands
| |Three Months Ended June 30, 2011 |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total|
| | | |City |Creek |Ships | | |
| | | | | |&Other| | |
|Net earnings (loss) |1,182 |(73) |177 |268 |160 |(1,070) |644 |
| | | | | | | | |
|Interest income |(5) |0 |0 |0 |0 |0 |(5) |
|Interest expense |197 |1 |0 |0 |0 |(1) |197 |
|Income taxes | | | | | | | |
|(benefit) |414 |(2) |96 |164 |3 |(420) |255 |
|Depreciation |377 |194 |664 |258 |108 |64 |1,665|
| | | | | | | | |
|Non-cash stock based| | | | | | | |
|compensation |0 |0 |0 |0 |0 |96 |96 |
|Foreign currency | | | | | | | |
|(gains) losses |(2) |0 |0 |0 |0 |(112) |(114)|
|Loss (gain) on | | | | | | | |
|disposition | | | | | | | |
|of fixed assets |0 |0 |14 |(5) |43 |(30) |22 |
|Adjusted EBITDA* |2,163 |120 |951 |685 |314 |(1,473) |2,760|

Century Casinos, Inc.
Reconciliation of Adjusted EBITDA * to Net Earnings (Loss) by Property or
Category
For the six months ended June 30, 2012

Amounts in thousands
| |Six Months Ended June 30, 2012 |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total|
| | | |City |Creek |Ships | | |
| | | | | |&Other| | |
|Net earnings (loss) |2,153 |(84) |776 |469 |219 |(1,252) |2,281|
| | | | | | | | |
|Interest income |(8) |0 |0 |0 |0 |(21) |(29) |
|Interest expense |541 |0 |0 |0 |0 |2 |543 |
|Income taxes | | | | | | | |
|(benefit) |694 |(31) |475 |287 |24 |(960) |489 |
|Depreciation |486 |413 |701 |505 |195 |58 |2,358|
| | | | | | | | |
|Non-cash stock based| | | | | | | |
|compensation |0 |0 |0 |0 |0 |(2) |(2) |
|Foreign currency | | | | | | | |
|(gains) losses |(6) |(15) |0 |0 |3 |1 |(17) |
|Loss on | | | | | | | |
|disposition | | | | | | | |
|of fixed assets |0 |0 |6 |0 |16 |0 |22 |
|Adjusted EBITDA* |3,869 |283 |1,958 |1,261 |457 |(2,174) |5,645|

Century Casinos, Inc.
Reconciliation of Adjusted EBITDA * to Net Earnings (Loss) by Property or
Category
For the six months ended June 30, 2011

Amounts in thousands
| |Six Months Ended June 30, 2011 |
| |Edmonton|Calgary|Central|Cripple|Cruise|Corporate|Total|
| | | |City |Creek |Ships | | |
| | | | | |&Other| | |
|Net earnings (loss) |2,080 |(236) |372 |437 |279 |(1,924) |1,008|
| | | | | | | | |
|Interest income |(7) |0 |0 |0 |0 |0 |(7) |
|Interest expense |440 |1 |0 |0 |0 |2 |443 |
|Income taxes | | | | | | | |
|(benefit) |756 |32 |203 |268 |5 |(786) |478 |
|Depreciation |741 |383 |1,319 |516 |219 |128 |3,306|
| | | | | | | | |
|Non-cash stock based| | | | | | | |
|compensation |0 |0 |0 |0 |0 |192 |192 |
|Foreign currency | | | | | | | |
|(gains) losses |(7) |39 |0 |0 |0 |(221) |(189)|
|Loss (gain) on | | | | | | | |
|disposition | | | | | | | |
|of fixed assets |0 |0 |15 |(5) |43 |0 |53 |
|Adjusted EBITDA* |4,003 |219 |1,909 |1,216 |546 |(2,609) |5,284|

* 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.

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 eight 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

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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