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October 26, 2006
Operator of casino and related entertainment facilities, Ameristar Casinos, Inc. (ASCA | charts | news | PowerRating) on Wednesday announced third quarter results, reporting net income that rose from the previous year quarter with 6.3% increase in revenues. The third quarter results are above the analysts' consensus estimates. The company also provided guidance for the fourth quarter and raised the fiscal year guidance.
The Las Vegas Nevada based company's third quarter net income rose to $21.09 million or $0.37 per share from $16.10 million or $0.28 per share in the same quarter last year. According to the company the current quarter earnings per share were negatively impacted by stock based compensation expense of $0.03.
On average, 13 analysts polled by First Call/Thomson Financial expected earnings of $0.35 per share.
Net revenues for the third quarter rose to $253.58 million from $238.59 million in the comparable period last year. The revenue increase was attributable to increases over the prior-year third quarter of 101.8% at Ameristar Black Hawk and 11.2% at Ameristar Vicksburg. Eight Wall Street analysts expected revenues of $251.29 million.
Operating income for the third quarter rose to $46.25 million from $40.48 million in the corresponding period last year. EBITDA for the quarter rose to $69.58 million from $61.79 million in the year-ago quarter. Consolidated operating income and EBITDA were adversely affected by the $2.5 million in stock-based compensation expense.
For the nine-month period, net income rose to $41.73 million or $0.73 per share from $51.98 million or $0.91 per share in the previous-year period. Net revenues for the period rose to $756.26 million from $715.57 million in the prior-year period.
Looking ahead, for the fourth quarter, the company expects earnings to be in the range of $0.24 -$0.26 per share. Operating income is expected in the range of $35 - $37 million and EBITDA to range between $58 and $60 million. Street analysts, on average expect earnings to be $0.27 per share on revenues of $249.40 million.
For the full year, the company raised its earnings per share to the range of $0.97 - $0.99 per share from the earlier announced range of $0.86 - $0.92 per share. Operating income is now expected to be in the range of $164 - $166 million higher than the previously announced range of $154 - $160 million. EBITDA is now seen in the range of $257 - $259 million compared to the prior announced EBITDA range of $248 - $254 million. Wall Street analysts expect the company to record full year earnings of $1.29 per share on revenues of $1 billion.
ASCA closed Wednesday's regular trading session at $25.20, up $0.23 or 0.92%. However, shares fell $2.20 to $23 in after-hours.
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