Global Casinos, Inc. (OTCBB: GBCS) today announced financial
results for its third quarter ended March 31, 2009.
Third quarter net revenue increased 71% to $1,584,000 versus net
revenue of $928,000 in the third quarter last year. The increase
was due largely to Global's March 2008 acquisition of the Doc
Holliday Casino in Central City, which contributed only 13 days of
revenue to last year's third quarter. The improvement also resulted
from a 14 percent quarter-over-quarter revenue increase at Global's
flagship Bull Durham Casino.
Global reported third quarter operating income of $26,000 versus
an operating loss of $25,000 in the third quarter a year ago. The
Company reported a third quarter net loss attributable to common
shareholders of $25,000, or less than $0.01 per diluted share,
versus a net loss attributable to common shareholders of $51,000,
or $0.01 per diluted share, in the third quarter last year.
Through nine months, net revenue increased 76% to $4,764,000
from $2,714,000 in the comparable period last year. Global reported
a loss from operations of $46,000 versus income from operations of
$143,000 in the comparable prior-year period. The decline in
operating income relates primarily to increased expenses associated
with the acquisition of Doc Holliday. Net loss attributable to
common shareholders was $218,000, or $0.04 per diluted share,
versus net income of $71,000, or $0.01 per diluted share, at the
nine-month mark last year.
For the nine months ended March 31, 2009, Global reported cash
flow from operations of $547,000, up 50% versus the $365,000
reported at the nine-month mark last year. The Company ended the
third quarter with cash and cash equivalents of $1,305,000 and
total current assets of $1,505,000.
Clifford L. Neuman, president, said, "The continued growth at
our legacy Bull Durham Casino continues to buck the trends of the
broader gaming industry, which is still being challenged by the
weak economy. An outstanding management team, strong loyalty
program, superior customer service and advanced player tracking
system are collectively fueling Bull Durham's solid
quarter-over-quarter growth."
Neuman added, "We continue to focus on implementing similar
programs at our Doc Holliday property, and are currently seeking
options to fund these investments, as well as to refinance our debt
and enhance our working capital position.
"We are preparing to enter the most active period of our fiscal
year, and we expect this summer to be particularly busy given the
upcoming kick off of expanded gaming in Colorado's casino towns.
Beginning July 2, higher wager limits, extended hours of operation
and new casino games should begin to attract larger crowds and a
broader demographic to our gaming communities. We remain optimistic
about the impact these changes, coupled with our internal
continuous improvement efforts, could have on Global Casinos'
long-range financial performance."
About Global Casinos, Inc.
Global Casinos, Inc. owns and operates the Bull Durham Saloon
and Casino and Doc Holliday Casino, located in Colorado's limited
stakes gaming districts of Black Hawk and Central City,
respectively.
Safe Harbor Statement
Certain statements in this news release that are not historical
facts are forward-looking statements, such as statements relating
to anticipated enhancements in the Company's financial performance,
and future development or expansion activities. Such
forward-looking statements involve a number of risks and
uncertainties that may significantly affect performance and
financial results in the future and, accordingly, actual results
may differ materially from those expressed in any forward-looking
statements. Such risks and uncertainties include, but are not
limited to, those related to effects of competition, leverage and
debt service financing and refinancing efforts, general economic
conditions, changes in gaming laws or regulations (including the
legalization of gaming in various jurisdictions), risks related to
development and construction activities, as well as the other risks
detailed from time to time in the Company's SEC reports, including
the report on Form 10-KSB for the year ended June 30, 2008.
GLOBAL CASINOS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
for the three months ended March 31, 2009 and 2008
(unaudited)
2009 2008
----------- -----------
Revenues:
Casino $ 1,627,142 $ 966,364
Promotional allowances (43,246) (38,590)
----------- -----------
Net Revenues 1,583,896 927,774
Expenses:
Casino operations 1,514,393 926,156
Operating, general, and administrative 43,301 26,276
----------- -----------
1,557,694 952,432
Income (loss) from operations 26,202 (24,658)
Other income (expense):
Interest (37,355) (21,689)
Equity in earnings of Global Gaming
Technologies (60) (904)
Income (loss) before provision for income taxes (11,213) (47,251)
Provision for income taxes - -
----------- -----------
Net income (loss) (11,213) (47,251)
Series D Preferred dividends (14,000) (3,700)
----------- -----------
Net income (loss) attributable to common
shareholders $ (25,213) $ (50,951)
=========== ===========
Earnings (loss) per common share:
Basic $ (0.00) $ (0.01)
=========== ===========
Diluted $ (0.00) $ (0.01)
=========== ===========
Weighted average shares outstanding:
Basic 5,955,215 5,282,193
=========== ===========
Diluted 5,955,215 5,282,193
=========== ===========
GLOBAL CASINOS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
for the nine months ended March 31, 2009 and 2008
(unaudited)
2009 2008
----------- -----------
Revenues:
Casino $ 4,884,500 $ 2,829,589
Promotional allowances (120,155) (115,241)
----------- -----------
Net Revenues 4,764,345 2,714,348
Expenses:
Casino operations 4,588,744 2,445,784
Operating, general, and administrative 221,440 124,937
----------- -----------
4,810,184 2,570,721
Income (loss) from operations (45,839) 143,627
Other income (expense):
Interest (120,009) (61,581)
Equity in earnings of Global Gaming
Technologies (6,743) (7,126)
Loss on asset disposals (2,743) -
----------- -----------
Income (loss) before provision for income taxes (175,334) 74,920
Provision for income taxes - -
----------- -----------
Net income (loss) (175,334) 74,920
Series D Preferred dividends (42,622) (3,700)
----------- -----------
Net income (loss) attributable to common
shareholders $ (217,956) $ 71,220
=========== ===========
Earnings (loss) per common share:
Basic $ (0.04) $ 0.01
=========== ===========
Diluted $ (0.04) $ 0.01
=========== ===========
Weighted average shares outstanding:
Basic 5,935,507 5,272,634
=========== ===========
Diluted 5,935,507 5,359,814
=========== ===========
GLOBAL CASINOS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, June 30,
2009 2008
----------- -----------
(unaudited)
ASSETS
Current Assets
Cash and cash equivalents $ 1,305,104 $ 1,163,416
Accrued gaming income 148,746 219,821
Inventory 21,415 16,469
Prepaid expenses and other current assets 29,789 92,972
----------- -----------
Total current assets 1,505,054 1,492,678
Investment in Global Gaming Technologies 54,104 60,847
Land, building and improvements, and equipment:
Land 517,950 517,950
Building and improvements 4,121,308 4,121,308
Equipment 3,119,816 3,057,670
----------- -----------
Total land, building and improvements, and
equipment 7,759,074 7,696,928
Accumulated depreciation (4,267,595) (3,900,633)
----------- -----------
Land, building and improvements, and equipment,
net 3,491,479 3,796,295
Goodwill 1,898,496 1,898,496
----------- -----------
Total assets $ 6,949,133 $ 7,248,316
=========== ===========
GLOBAL CASINOS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
March 31, June 30,
2009 2008
----------- -----------
(unaudited)
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable, trade $ 239,053 $ 75,196
Accounts payable, related parties 16,781 68,332
Accrued expenses 301,501 359,461
Accrued interest 4,361 6,390
Joint venture obligation 28,150 30,000
Current portion of long-term debt 2,074,270 589,581
Other 252,133 254,105
----------- -----------
Total current liabilities 2,916,249 1,383,065
Long-term debt, less current portion - 1,659,411
Commitments and contingencies
Stockholders' equity:
Preferred stock: 10,000,000 shares authorized
Series A - no dividends, $2.00 stated value,
non-voting, 2,000,000 shares authorized,
200,500 shares issued and outstanding 401,000 401,000
Series B - 8% cumulative, convertible, $10.00
stated value, non-voting, 400,000 shares
authorized, no shares issued and outstanding - -
Series C - 7% cumulative, convertible, $1.20
stated value, voting 600,000 shares
authorized, no shares issued and outstanding - -
Series D - 8% cumulative, convertible, $1.00
stated value, non-voting 1,000,000 shares
authorized, 700,000 shares issued and
outstanding 700,000 700,000
Common stock - $0.05 par value; 50,000,000
shares authorized; 5,955,215 and 5,865,215
shares issued and outstanding 297,761 293,261
Additional paid-in capital 14,024,971 14,027,093
Accumulated deficit (11,390,848) (11,215,514)
----------- -----------
Total equity 4,032,884 4,205,840
----------- -----------
Total liabilities and stockholders' equity $ 6,949,133 $ 7,248,316
=========== ===========
CONTACTS: Clifford L. Neuman President and CEO Global Casinos,
Inc. 303-449-2100 Geoff High Principal Pfeiffer High Investor
Relations, Inc. 303-393-7044
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