Boyd Gaming Corp (BYD)

[MCArmel1]

Boyd Gaming misses by $0.02, beats on revenue

Oct 30 2014, 16:29 ET | About: Boyd Gaming Corporation (BYD) | By: Niloofer Shaikh, SA News Editor

Boyd Gaming (NYSE:BYD): Q3 EPS of $0 misses by $0.02.
Revenue of $738.84M (flat Y/Y) beats by $3.95M.
Shares +2.18%.
Press Release

http://seekingalpha.com/news/2079155-boyd-gaming-misses-by-0_02-beats-on-revenue?uprof=45#email_link


Boyd Gaming Reports Third-Quarter 2014 Results
Thu October 30, 2014 4:05 PM|PR Newswire | About: BYD

LAS VEGAS, Oct. 30, 2014 /PRNewswire/ -- Boyd Gaming Corporation (BYD) today reported financial results for the third quarter ended September 30, 2014.
photos.prnewswire.com/prnvar/20030219/BOYDLOGO
Boyd Gaming reported third-quarter 2014 net revenues of $738.8 million, up slightly from $738.6 million during the same quarter in 2013. Total Adjusted EBITDA(1) rose 5.5% to $163.9 million, compared to $155.3 million in the year-ago quarter.

Keith Smith, President and Chief Executive Officer of Boyd Gaming, said: "This was a solid quarter for our operations, as we improved operating margins in every segment of our business. Growth resumed in our Nevada business, as our Las Vegas Locals and Downtown Las Vegas operations both achieved positive EBITDA comparisons. We saw initial signs of stabilization in our regional business as well. We paid down an additional $70 million in debt in the quarter, bringing our total debt reduction to more than $165 million so far this year, as we continue to use free cash flow to deleverage the balance sheet. And we began work on several projects in our long-term initiative to reposition and enhance select non-gaming amenities in our portfolio. In all, we continue to make good progress executing on our strategy to drive profitable growth and increase long-term shareholder value."

Adjusted Earnings(1) for the third quarter 2014 were $0.3 million, breakeven on a per-share basis, compared to a loss of $8.3 million, or $0.08 per share, for the same period in 2013. The calculations of Adjusted Earnings and Adjusted Earnings per share are presented in a table at the end of this press release.

On a GAAP basis, the Company reported a net loss of $15.1 million, or $0.14 per share, for the third quarter 2014, compared to a net loss of $37.3 million, or $0.37 per share, for the year-ago period.

The Company's GAAP results include a third-quarter pretax impairment charge of $12.1 million to adjust the value of the Company's equity ownership interest in Borgata as a result of its deconsolidation. In addition, the Company's third-quarter results include a pretax impairment charge of $6.2 million to write down certain non-operating assets to their estimated recoverable value. The prior-year third quarter included an aggregate pretax loss on early extinguishments of debt of $27.1 million due to debt refinancing activities that were completed during that period.

More...

http://seekingalpha.com/pr/11512165-boyd-gaming-reports-third-quarter-2014-results