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Riviera Reports Record Results for Third Quarter 2006
 Message was posted: 08:07 Nov 5th, 2006     
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November 01, 2006

LAS VEGAS, Nov. 1 /PRNewswire-FirstCall/ -- Riviera Holdings Corporation RIV today reported record financial results for the three-month and nine-month periods ended September 30, 2006. Net revenues for the quarter were $50.3 million, consistent with the net revenues for third quarter of 2005. Income from operations was $6.0 million, up $668,000 or 12.6 percent from the third quarter of 2005. Included in income from operations in the third quarter of 2006 was $281,000 in merger related costs compared to $126,000 in 2005. Net loss for the quarter was $432,000 or $0.04 per share, an improvement of $841,000 from the third quarter of 2005 when the Company had a net loss of $1.3 million. Adjusted EBITDA (1) was $9.8 million in the third quarter of 2006 compared to $9.7 million in 2005 Adjusted EBITDA consists of earnings before interest, income taxes, depreciation, amortization, equity-based compensation, asset impairments, Sarbanes-Oxley Act expenses and mergers, acquisitions and development costs, as shown in the reconciliation with net income in the tables and notes of this release.





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