Tanail
19 years ago
The Sands Regent Reports Third Quarter and Fiscal 2005 Year-To-Date Financial Results
- Operating income increases year over year from $145,000 to $802,000 for the third quarter and from $2.1 million to $5.3 million for the year to date. - EBITDAR increases year over year from $1.3 million to $2.5 million for the third quarter and from $5.5 million to $10.5 million for the year to date. - Conference call scheduled for 10:00 a.m. PDT today. RENO, Nev. - PRNewswire-FirstCall - May 11
RENO, Nev., May 11 /PRNewswire-FirstCall/ -- The Sands Regent (NASDAQ:SNDS) today announced financial results for the third quarter and first nine months of fiscal year 2005, ended March 31, 2005.
For the quarter ended March 31, 2005, consolidated net revenues improved by 39.9% to $18.4 million, from $13.2 million for the quarter ended March 31, 2004. This primarily reflected the inclusion of $6.2 million in net revenues from Rail City Casino in Sparks, Nevada, which The Sands Regent acquired in May 2004. Net revenue from the downtown Sands Regency and Gold Ranch declined 7.1% from the prior-year period as a result of severe weather conditions during the quarter.
The Company's income from operations improved from $145,000 in the prior- year quarter to $802,000 in the most recent quarter. The improvement also resulted from the inclusion of the third full quarter of Rail City's results as a subsidiary of The Sands Regent, partially offset by the weather-impacted results at the downtown Reno Sands Regency and the Gold Ranch in Verdi, Nevada.
The Company reported consolidated net income of $259,000, or $0.04 per basic share, $0.03 diluted, for the quarter ended March 31, 2005. This compared to consolidated net income of $30,000, or $0.01 per basic and diluted share for the quarter ended March 31, 2004.
Quarterly EBITDAR for the period ended March 31, 2005 was $2.5 million, 90.3% higher than the $1.3 million in EBITDAR recorded for the prior-year quarter.
For the nine months ended March 31, 2005, consolidated net revenues for The Sands Regent grew 42.6%, to $59.7 million, from $41.8 million for the corresponding prior-year period, again reflecting strong Rail City results. Rail City's net revenues for the nine-month period totaled $18.5 million.
The Company's income from operations improved 157.8%, to $5.3 million in the nine months ended March 31, 2005, compared to $2.1 million in the corresponding prior-year period, also reflecting strong Rail City results.
Consolidated net income totaled $2.4 million, or $0.38 per basic share, $0.35 diluted for the nine months ended March 31, 2005, as compared to consolidated net income of $5.4 million, or $1.06 per basic share, $1.01 diluted for the nine months ended March 31, 2004. The results for the prior- year nine-month period included non-operating gains totaling $4.4 million in connection with sale of the Copa Casino. Nine-month EBITDAR grew 89.5% year over year, from $5.5 million in the nine months ended March 31, 2004 to $10.5 million in the nine months ended March 31, 2005.
Ferenc B. Szony, President and CEO of The Sands Regent, commented, "We continue to be pleased with the results of Rail City, the latest addition to our portfolio of properties. Unusually severe winter weather during the third quarter adversely impacted results at our downtown Sands Regency property and at Gold Ranch, which are more dependent on tourist traffic. In April, the downtown Sands Regency and Gold Ranch continued to be affected by unusual weather patterns. Rail City, with its customer base consisting almost exclusively of residents of the greater Reno/Sparks area, provided diversification and balance to our results."
Mr. Szony continued, "As previously announced, our pending acquisition of the Depot Casino and Red Hawk Sports Bar in Dayton, Nevada will allow us to continue to pursue our strategy of diversification. We expect to close on the Dayton transaction in the first quarter of fiscal 2006."
Mr. Szony concluded, "We continue to pay down long-term debt, which stood at $36.9 million at June 30, 2004 and has declined to $21.4 million at March 31, 2005."
Management of The Sands Regent will host a conference call to discuss its third-quarter and nine-month financial results today, Wednesday, May 11, at 10:00 a.m. PDT. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (800) 399-7496, International callers should dial (706) 634-6508. There is no pass code required for this call.
If you are unable to participate in the call at this time, a replay will be available on Wednesday, May 11 at 12 noon PDT through Wednesday, May 18 at 9:00 p.m. PDT; call (800) 642-1687 and enter the conference ID number 6073820; international callers should call (706) 645-9291.
About The Sands Regent
The Sands Regent owns and operates the Sands Regency Casino and Hotel in downtown Reno, Nevada, Gold Ranch Casino and RV Resort in Verdi, Nevada and Rail City Casino in Sparks, Nevada. The Sands Regency is an 833-room hotel and casino with 29,000 square feet of gaming space offering table games, a sports book, poker room, keno, bingo and slot machines. In addition to the amenities and on-site brand name restaurants, the Company's property also includes a 12,000 square foot convention and meeting center which seats close to 1,000 people. For further information, visit http://www.sandsregency.com/.
The Gold Ranch Casino and RV Resort is located in Verdi, Nevada, twelve miles west of Reno. Gold Ranch offers slot machines in an 8,000 square foot casino, a sports book, two restaurants, a 105-space RV park, a California lottery station, an ARCO gas station and a convenience store. Web site: http://www.goldranchrvcasino.com/.
Rail City Casino, located in Sparks, Nevada, has approximately 16,600 square feet of gaming space housing slot machines, table games, keno, a sports book, and the City Cafe family-style restaurant. Located near Victorian Square at 2121 Victorian Avenue in Sparks, it is the first casino a motorist encounters when exiting Interstate 80 at the Rock Boulevard exit (Exit 16). Web site: http://www.railcity.com/.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements. Such risks and uncertainties include, among others, the future performance of the Company's management team general economic financial and business conditions, overall conditions in the gaming and entertainment industries, our ability to successfully integrate the operations of casinos that we acquire and realize the expected benefits of these acquisitions, and other factors discussed in our Annual Report on Form 10-K for the year ended June 30, 2004, subsequent Forms 10-Q and other filings with the Securities and Exchange Commission. The Sands is providing this information as of the date of this release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
Contact:
Ferenc B. Szony, President and Chief Executive Officer
The Sands Regent
(775) 348-2210
or
Sean Collins, Partner
CCG Investor Relations
(818) 789-0100
(financial tables follow)
Tanail
20 years ago
PERIOD ENDING 31-Dec-04 30-Sep-04 30-Jun-04 31-Mar-04
Total Revenue 17,525 23,707 25,020 13,173
Cost of Revenue 9,833 14,500 13,256 11,812
Gross Profit 7,692 9,207 11,764 1,361
Operating Expenses
Research Development - - - -
Selling General and Administrative 4,806 4,537 7,388 216
Non Recurring - - - -
Others 1,516 1,545 1,526 1,000
Total Operating Expenses - - - -
Operating Income or Loss 1,370 3,125 2,849 145
Income from Continuing Operations
Total Other Income/Expenses Net 182 (46) (12) 4
Earnings Before Interest And Taxes 1,552 3,079 2,837 149
Interest Expense 799 606 660 109
Income Before Tax 753 2,473 2,178 40
Income Tax Expense 255 833 734 10
Minority Interest - - - -
Net Income From Continuing Ops 498 1,640 1,444 30
Non-recurring Events
Discontinued Operations - - - -
Extraordinary Items - - - -
Effect Of Accounting Changes - - - -
Other Items - - - -
Net Income 498 1,640 1,444 30
Preferred Stock And Other Adjustments - - - -
Net Income Applicable To Common Shares $498 $1,640 $1,444 $30
Tanail
20 years ago
RENO, Nev. - PRNewswire-FirstCall - March 14
RENO, Nev., March 14 /PRNewswire-FirstCall/ -- The Sands Regent today announced the appointment of Cornelius ("Cory") T. Klerk as Chief Financial Officer.
Mr. Klerk, 51, will be responsible for accounting, finance, public company reporting, Sarbanes-Oxley compliance and internal audit. He has extensive financial and accounting experience in the gaming industry. Formerly CFO of GameTech International, Inc., between August 2004 and March, 2005, Mr. Klerk served as Vice President of Finance for Aristocrat Technologies, Inc., the Americas Division of Aristocrat Leisure Limited, from August 2003 to July 2004. With 28 years of experience in the gaming industry, Mr. Klerk has held a variety of senior financial positions with Silverton Hotel Casino, Aladdin Hotel Casino, Hilton Gaming and Harrah's Entertainment. He began his career as a CPA with Price Waterhouse & Co.
Ferenc B. Szony, President and Chief Executive Officer of The Sands Regent, commented, "As The Sands Regent continues to expand as a regional gaming and entertainment company, it is important that we augment our management team to best manage our properties and to capitalize on opportunities as they develop. Cory brings a wealth of public company experience to his duties as CFO, and his addition strengthens our management team. Further, his appointment as CFO will allow COO Rob Medeiros to focus on operations, expansion projects, and continued acquisitions."
About The Sands Regent
The Sands Regent owns and operates the Sands Regency Casino and Hotel in downtown Reno, Nevada, Gold Ranch Casino and RV Resort in Verdi, Nevada and Rail City Casino in Sparks, Nevada. The Sands Regency is an 833-room hotel and casino with 29,000 square feet of gaming space offering table games, a sports book, keno, bingo, live poker and slot machines. In addition to complete amenities and on-site brand-name restaurants, the Company's property also includes a 12,000-square-foot convention and meeting center which seats close to 1,000 people. For further information, visit http://www.sandsregency.com/.
The Gold Ranch Casino and RV Resort is located in Verdi, Nevada, twelve miles west of Reno. Gold Ranch offers 260 slot machines in an 8,000 square foot casino, a sports book, two restaurants, a 105-space RV park, a California lottery station, an ARCO gas station and a convenience store. Web site: http://www.goldranchrvcasino.com/.
Rail City Casino, located in Sparks, Nevada, has approximately 16,600 square feet of gaming space housing slot machines, table games, keno, a sports book, and the City Cafe family-style restaurant. Located near Victorian Square at 2121 Victorian Avenue in Sparks, it is the first casino a motorist encounters when exiting Interstate 80 at the Rock Boulevard exit (Exit 16). Web site: http://www.railcity.com/.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are based on current expectations and entail various risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements. Such risks and uncertainties include, among others, the future performance of the Company's management team, general economic financial and business conditions, overall conditions in the gaming and entertainment industries, our ability to successfully integrate the operations of casinos that we acquire and realize the expected benefits of these acquisition and other factors discussed in our Annual Report on Form 10-K for the year ended June 30, 2004. The Sands is providing this information as of the date of this release and does not undertake any obligation to update any forward-looking statements contained in this document as a result of new information, future events or otherwise.
Contact:
Ferenc Szony, President and Chief Executive Officer
The Sands Regent
(775) 348-2210
or
Sean Collins, Partner
CCG Investor Relations
(818) 789-0100
The Sands Regent
Web site: http://www.railcity.com/
Web site: http://www.goldranchrvcasino.com/
Web site: http://www.sandsregency.com/
Tanail
20 years ago
Thursday , February 17, 2005 08:01 ET
RENO, Nev., Feb 17, 2005 (BUSINESS WIRE) --The Sands Regent (Nasdaq:SNDS) announced today that its management is scheduled to present at the Roth Capital Partners 17th Annual Growth Stock Conference, being held February 21-23, 2005 at the St. Regis Monarch Beach Hotel, One Monarch Beach Resort, Dana Point, California.
The Sands Regent's presentation will take place at 10:00 a.m. PST on Tuesday, February 22, 2005. To register for this invitation-only conference, please contact your Roth sales representative at 800-678-9147. To schedule a one-on-one meeting with Company management, please contact Sean Collins of CCG Investor Relations at 818-789-0100; media representatives, please contact Valerie Bent at 702-270-9696.
On February 14, 2005, The Sands Regent reported EBITDAR for the quarter ended December 31, 2004 of $3.1 million, a 117% improvement on the $1.4 million in EBITDAR recorded for the prior-year quarter. Six-month EBITDAR grew 89.2% year over year, from $4.2 million in the six months ended December 31, 2003 to $7.9 million in the corresponding period of 2004. These year-over-year improvements primarily reflect the inclusion in the quarter and six months of net revenues from Rail City Casino in Sparks, Nevada, acquired in May 2004. The EBITDAR figures do not include non-operating gains that stemmed from final settlement of a note receivable in connection with the Company's 1998 sale of the Copa Casino in Gulfport, MS. The Company feels that the EBITDAR disclosure enhances the understanding of the financial performance of a company with substantial interest expense, depreciation, amortization and real property rent. Please refer to the earnings announcement and Form 10-Q of February 14 for details and a reconciliation of the Company's EBITDAR disclosure with GAAP results.
Ferenc B. Szony, President and CEO of The Sands Regent, commented, "With three great Reno-area properties in our portfolio, our regional gaming and entertainment growth strategy is working. We look forward to updating the Roth Conference attendees on the great strides we have made in fiscal 2005 so far and our strategic outlook for coming quarters."
The Roth conference will feature more than 220 leading growth companies in sectors such as Consumer Products, Technology, Healthcare, and Financial Services. A concentrated, two-day program will allow institutional investors to meet the executives from a select group of companies that have been hand-picked by the Roth Capital Partners research team.
About Roth Capital Partners
Roth Capital Partners, LLC, is a full service investment bank serving corporate and institutional clients throughout the world. Based in Newport Beach, Calif. and with offices in strategic locations in the Western U.S., it offers a wide array of investment banking services including: initial public offerings, follow-ons, PIPEs, private placements, mergers and acquisitions, investment research, and institutional sales and trading. The firm is perhaps best known for finding, funding and fostering the growth of emerging companies. Visit the Roth Capital Partners website at http://www.rothcp.com/.
About The Sands Regent
The Sands Regent owns and operates the Sands Regency Casino and Hotel in downtown Reno, Nevada, Gold Ranch Casino and RV Resort in Verdi, Nevada and Rail City Casino in Sparks, Nevada. The Sands Regency is an 833-room hotel and casino with 29,000 square feet of gaming space offering table games, a sports book, keno, bingo, live poker and slot machines. In addition to complete amenities and on-site brand-name restaurants, the Company's property also includes a 12,000-square-foot convention and meeting center which seats close to 1,000 people. For further information, visit www.sandsregency.com.
The Gold Ranch Casino and RV Resort is located in Verdi, Nevada, twelve miles west of Reno. Gold Ranch offers slot machines in an 8,000 square foot casino, a sports book, two restaurants, a 105-space RV park, a California lottery station, an ARCO gas station and a convenience store. Web site: www.goldranchrvcasino.com.
Rail City Casino, located in Sparks, Nevada, has approximately 16,600 square feet of gaming space housing slot machines, table games, keno, a sports book, and the City Cafe family-style restaurant. Located near Victorian Square at 2121 Victorian Avenue in Sparks, it is the first casino a motorist encounters when exiting Interstate 80 at the Rock Boulevard exit (Exit 16). Web site: www.railcity.com.
Statements contained in this release, which are not historical facts, are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties detailed from time to time in The Sands Regent's periodic reports and registration statements filed with the Securities and Exchange Commission. Such risks could cause actual results to differ materially from those projected or implied in the forward-looking statements.
SOURCE: The Sands Regent
The Sands Regent, Reno
Ferenc Szony, 775-348-2210
Fax: 775-348-6241
or
CCG Investor Relations, Sherman Oaks, Calif.
Sean Collins, 818-789-0100
Fax: 818-789-1152
Copyright (C) 2005 Business Wire. All rights reserved.
Tanail
20 years ago
Wednesday, February 16, 2005 10:51 ET
This is the 7th VOLUME alert for SNDS in the past 7 calendar days.
Trading for Sands Regent (The) (NASDAQ SC: SNDS) has been heavier than usual in today's session. By 10:50 ET, the stock had already traded 129,300 shares via 70 trades. The cumulative volume is 29.10% above its 20-day average of 100,152. Normally the stock experiences around 170 individual trades per session.
So far, today's volume surge has caused a net rise in SNDS's stock price. At the time of this alert, the stock was trading at $11.250, up $0.659 (+6.22%).
One year ago, the Company's shares closed at $6.200. The price has gained more than 81 percent since then.
Over the last 10 trading session SNDS has traded in a range between $8.700 and $11.370 and is currently trading 40.91% below its 52-week high of $19.040 set on December 22,2004 and 94.97% above its 52-week low of $5.770 from February 18,2004.
In the previous 3 sessions, SNDS trading has displayed a positive trend. Closing results have been as follows:
February 15, 2005 --- closed at $10.591 up $1.441 (+15.75%) on 287,100 shares
February 14, 2005 --- closed at $9.150 up $0.056 (+0.62%) on 179,200 shares
February 11, 2005 --- closed at $9.094 up $0.064 (+0.71%) on 162,900 shares
The Company last released news on February 14, 2005:
"The Sands Regent Reports Second-Quarter and Fiscal 2005 Year-to-Date Financial Results"
SANDS REGENT (THE)
The Sands Regent, through a wholly owned subsidiary, Zante, Inc., owns and operates the Sands Regency casino/hotel in downtown Reno, Nevada. The Sands Regency casino/hotel has approximately 29,000 square feet of gaming space and 850 hotel rooms, including 29 suites of various sizes. The complex also includes a "Tony Roma's" restaurant, a "Pizza Hut", an "Arby's" restaurant, a coffee house/deli-style restaurant, an "Original Mel’s" diner restaurant, operated by a third party, opened in October 2000 and one other restaurant.
Tanail
20 years ago
The Sands Regent Announces Conference Call on Second-Quarter Fiscal 2005 Results
Tuesday February 8, 8:01 am ET
RENO, Nev., Feb. 8 /PRNewswire-FirstCall/ -- The Sands Regent (Nasdaq: SNDS - News) announced today that it will release its second-quarter fiscal year 2005 financial results before the stock markets open on Monday, February 14, followed by a conference call at 10:00 a.m. PST. To participate in the conference call, please dial the following number five to ten minutes prior to the scheduled conference call time: (800) 399-7496. International callers should dial (706) 634-6508. There is no pass code required for this call.
If you are unable to participate in the call at this time, a replay will be available on Monday, February 14 at 12:00 noon PST through Monday, February 21 at 9:00 p.m. PST; call (800) 642-1687 and enter the conference ID number 3881779. International callers should call (706) 645-9291.
About The Sands Regent
The Sands Regent owns and operates the Sands Regency Casino and Hotel in downtown Reno, Nevada, Gold Ranch Casino and RV Resort in Verdi, Nevada and Rail City Casino in Sparks, Nevada. The Sands Regency is an 832-room hotel and casino with 29,000 square feet of gaming space offering table games, a sports book, keno, bingo and slot machines. In addition to complete amenities and on-site brand-name restaurants, the Company's property also includes a 12,000-square-foot convention and meeting center which seats close to 1,000 people. For further information, visit www.sandsregency.com.
The Gold Ranch Casino and RV Resort is located in Verdi, Nevada, twelve miles west of Reno. Gold Ranch offers slot machines in an 8,000 square foot casino, a sports book, two restaurants, two bars, a 105-space RV park, a California lottery station, an ARCO gas station and a convenience store. Web site: www.goldranchrvcasino.com.
Rail City Casino, located in Sparks, Nevada, has approximately 16,600 square feet of gaming space housing slot machines, table games, keno, a sports book, the City Cafe family-style restaurant and a bar. Located near Victorian Square at 2121 Victorian Avenue in Sparks, it is the first casino a motorist encounters when exiting Interstate 80 at the Rock Boulevard exit (Exit 16). Web site: www.railcity.com.
Statements contained in this release, which are not historical facts, are "forward-looking" statements as contemplated by the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties detailed from time to time in The Sands Regent's periodic reports and registration statements filed with the Securities and Exchange Commission. Such risks could cause actual results to differ materially from those projected or implied in the forward-looking statements.
Contact:
Ferenc Szony, President and Chief Executive Officer
The Sands Regent
(775) 348-2210
or
Sean Collins, Partner
CCG Investor Relations
(818) 789-0100
Source: The Sands Regent
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