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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Full House Resorts, Inc. | AMEX:FLL | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.00 | - |
(Mark One)
|
|
þ
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the quarterly period ended September 30, 2012
|
|
or
|
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from to
|
Delaware
(State or other jurisdiction
of incorporation or organization)
|
13-3391527
(I.R.S. Employer
Identification No.)
|
|
4670 S. Fort Apache, Ste. 190
Las Vegas, Nevada
(Address of principal executive offices)
|
89147
(Zip Code)
|
Large Accelerated Filer o | Accelerated Filer o | |
Non Accelerated Filer o (Do not check if a smaller reporting company) | Smaller reporting company þ |
Page
|
||||
PART I.
|
Financial Information
|
|||
Item 1.
|
Consolidated Financial Statements
|
|||
Unaudited Consolidated Statements of Operations for the three and nine months ended September 30, 2012 and 2011
|
3
|
|||
Consolidated Balance Sheets as of September 30, 2012 (Unaudited), and December 31, 2011
|
4
|
|||
Unaudited Consolidated Statements of Stockholders’ Equity for the nine months ended September 30, 2012 and 2011
|
5
|
|||
Unaudited Consolidated Statements of Cash Flows for the nine months ended September 30, 2012 and 2011
|
6
|
|||
Notes to Consolidated Financial Statements (Unaudited)
|
7
|
|||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
18
|
||
Item 4.
|
Controls and Procedures
|
29
|
||
PART II.
|
Other Information
|
|||
Item 6.
|
Exhibits
|
30
|
||
Signatures
|
31
|
FULL HOUSE RESORTS, INC. AND SUBSIDIARIES |
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS |
Three months
ended September 30,
|
Nine months
ended September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Revenues
|
||||||||||||||||
Casino
|
$ | 27,676,298 | $ | 25,074,330 | $ | 78,743,906 | $ | 49,827,965 | ||||||||
Food and beverage
|
1,332,037 | 1,482,257 | 4,073,848 | 3,268,617 | ||||||||||||
Management fees
|
338,569 | 6,066,093 | 6,548,337 | 18,347,769 | ||||||||||||
Other operations
|
786,702 | 845,231 | 1,934,354 | 1,496,956 | ||||||||||||
30,133,606 | 33,467,911 | 91,300,445 | 72,941,307 | |||||||||||||
Operating costs and expenses
Casino
|
15,105,847 | 14,664,824 | 44,427,942 | 28,198,738 | ||||||||||||
Food and beverage
|
1,222,519 | 1,432,238 | 3,806,988 | 3,271,879 | ||||||||||||
Other operations
|
1,436,333 | 1,556,295 | 4,218,206 | 3,005,609 | ||||||||||||
Project development and acquisition costs
|
105,446 | 106,769 | 376,385 | 724,636 | ||||||||||||
Selling, general and administrative
|
7,891,402 | 8,247,119 | 24,164,409 | 16,890,277 | ||||||||||||
Depreciation and amortization
|
1,348,126 | 2,083,294 | 4,735,991 | 4,987,179 | ||||||||||||
27,109,673 | 28,090,539 | 81,729,921 | 57,078,318 | |||||||||||||
Operating gains (losses)
|
||||||||||||||||
Gain on sale of joint venture
|
-- | -- | 41,200,089 | -- | ||||||||||||
Equity in net income of unconsolidated joint venture, and related guaranteed payments
|
-- | 1,122,004 | -- | 3,306,035 | ||||||||||||
Impairment losses
|
-- | (4,919,703 | ) | -- | (4,919,703 | ) | ||||||||||
Unrealized losses on notes receivable, tribal governments
|
-- | -- | -- | (7,864 | ) | |||||||||||
-- | (3,797,699 | ) | 41,200,089 | (1,621,532 | ) | |||||||||||
Operating income
|
3,023,933 | 1,579,673 | 50,770,613 | 14,241,457 | ||||||||||||
Other income (expense)
|
||||||||||||||||
Interest expense
|
(71,806 | ) | (887,482 | ) | (804,956 | ) | (2,015,961 | ) | ||||||||
Gain (loss) on derivative instrument
|
-- | (213,850 | ) | 8,472 | (564,193 | ) | ||||||||||
Other income
|
3,119 | 8,790 | 8,784 | 7,289 | ||||||||||||
Loss on extinguishment of debt
|
-- | -- | (1,719,269 | ) | -- | |||||||||||
(68,687 | ) | (1,092,542 | ) | (2,506,969 | ) | (2,572,865 | ) | |||||||||
Income before income taxes
|
2,955,246 | 487,131 | 48,263,644 | 11,668,592 | ||||||||||||
Income tax expense (benefit)
|
870,515 | (996,627 | ) | 17,416,929 | 1,867,370 | |||||||||||
Net income
|
2,084,731 | 1,483,758 | 30,846,715 | 9,801,222 | ||||||||||||
Income attributable to non-controlling interest in consolidated joint venture
|
-- | (2,623,251 | ) | (2,181,172 | ) | (7,936,751 | ) | |||||||||
Net income (loss) attributable to the Company
|
$ | 2,084,731 | $ | (1,139,493 | ) | $ | 28,665,543 | $ | 1,864,471 | |||||||
Net income (loss) attributable to the Company per common share
|
$ | 0.11 | $ | (0.06 | ) | $ | 1.53 | $ | 0.10 | |||||||
Weighted-average number of common shares outstanding
|
18,679,681 | 18,673,681 | 18,676,824 | 18,304,218 | ||||||||||||
FULL HOUSE RESORTS, INC. AND SUBSIDIARIES |
CONSOLIDATED BALANCE SHEETS |
September 30,
2012
|
December 31,
2011
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Current assets
|
||||||||
Cash and equivalents
|
$ | 21,467,492 | $ | 14,707,464 | ||||
Accounts receivable, net of allowance for doubtful accounts of $995,879 and $1,158,013
|
1,736,339 | 4,865,195 | ||||||
Prepaid expenses
|
3,261,292 | 2,486,975 | ||||||
Deferred tax asset
|
738,273 | 750,580 | ||||||
Deposits and other
|
442,158 | 404,171 | ||||||
27,645,554 | 23,214,385 | |||||||
Property and equipment, net of accumulated depreciation of $14,769,191 and $11,080,559
|
36,806,202 | 38,668,283 | ||||||
Long-term assets related to tribal casino projects
|
||||||||
Note receivable, net of allowance of $0 and $661,600
|
-- | -- | ||||||
Contract rights, net of accumulated amortization of $0 and $6,492,981
|
-- | 10,872,605 | ||||||
-- | 10,872,605 | |||||||
Other long-term assets
|
||||||||
Goodwill
|
7,455,718 | 7,455,718 | ||||||
Intangible assets, net of accumulated amortization of $850,000 and $425,000
|
11,495,620 | 11,720,727 | ||||||
Long-term deposits
|
9,446,624 | 142,114 | ||||||
Loan fees, net of accumulated amortization of $0 and $934,491
|
901,906 | 1,898,492 | ||||||
Deferred tax asset
|
432,487 | 645,617 | ||||||
29,732,355 | 21,862,668 | |||||||
$ | 94,184,111 | $ | 94,617,941 | |||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||
Current liabilities
|
||||||||
Accounts payable
|
$ | 1,888,397 | $ | 1,613,819 | ||||
Income tax payable
|
2,457,420 | 2,409,612 | ||||||
Accrued player club points and progressive jackpots
|
1,787,273 | 1,750,981 | ||||||
Accrued payroll and related
|
3,356,354 | 4,033,866 | ||||||
Other accrued expenses
|
3,041,056 | 2,427,197 | ||||||
Current portion of long-term debt
|
-- | 4,950,000 | ||||||
12,530,500 | 17,185,475 | |||||||
Long-term debt, net of current portion
|
-- | 21,987,422 | ||||||
12,530,500 | 39,172,897 | |||||||
Stockholders’ equity
|
||||||||
Common stock, $.0001 par value, 100,000,000 shares authorized; 20,036,276 and 20,030,276 shares issued
|
2,004 | 2,003 | ||||||
Additional paid-in capital
|
44,396,700 | 43,447,798 | ||||||
Treasury stock, 1,356,595 common shares
|
(1,654,075 | ) | (1,654,075 | ) | ||||
Retained earnings
|
38,908,982 | 8,507,926 | ||||||
81,653,611 | 50,303,652 | |||||||
Non-controlling interest in consolidated joint venture
|
-- | 5,141,392 | ||||||
81,653,611 | 55,445,044 | |||||||
$ | 94,184,111 | $ | 94,617,941 |
FULL HOUSE RESORTS, INC. AND SUBSIDIARIES |
UNAUDITED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY |
Common stock
|
Additional
paid-in
|
Treasury stock
|
Retained
|
Non-controlling
|
Total
stockholders’
|
|||||||||||||||||||||||||||
Nine months ended
September 30, 2012
|
Shares
|
Dollars
|
Capital
|
Shares
|
Dollars
|
earnings
|
Interest
|
equity
|
||||||||||||||||||||||||
Beginning balances
|
20,030,276 | $ | 2,003 | $ | 43,447,798 | 1,356,595 | $ | (1,654,075 | ) | $ | 8,507,926 | $ | 5,141,392 | $ | 55,445,044 | |||||||||||||||||
Previously deferred share-based compensation recognized
|
-- | -- | 931,203 | -- | -- | -- | -- | 931,203 | ||||||||||||||||||||||||
Issuance of common stock
|
6,000 | 1 | 17,699 | -- | -- | -- | -- | 17,700 | ||||||||||||||||||||||||
Distribution to non-controlling interest in consolidated joint venture
|
-- | -- | -- | -- | -- | -- | (3,587,051 | ) | (3,587,051 | ) | ||||||||||||||||||||||
Sale of interest in joint venture
|
-- | -- | -- | -- | -- | 1,735,513 | (3,735,513 | ) | (2,000,000 | ) | ||||||||||||||||||||||
Net income
|
-- | -- | -- | -- | -- | 28,665,543 | 2,181,172 | 30,846,715 | ||||||||||||||||||||||||
Ending balances
|
20,036,276 | $ | 2,004 | $ | 44,396,700 | 1,356,595 | $ | (1,654,075 | ) | $ | 38,908,982 | $ | -- | $ | 81,653,611 | |||||||||||||||||
Common stock
|
Additional
paid-in
|
Treasury stock
|
Retained
|
Non-controlling
|
Total
Stockholders’
|
|||||||||||||||||||||||||||
Nine months ended
September 30, 2011
|
Shares
|
Dollars
|
Capital
|
Shares
|
Dollars
|
earnings
|
Interest
|
equity
|
||||||||||||||||||||||||
Beginning balances
|
19,364,276 | $ | 1,936 | $ | 42,699,533 | 1,356,595 | $ | (1,654,075 | ) | $ | 6,164,927 | $ | 5,582,526 | $ | 52,794,847 | |||||||||||||||||
Issuance of share based compensation
|
660,000 | 66 | (66 | ) | -- | -- | -- | -- | -- | |||||||||||||||||||||||
Previously deferred share-based compensation recognized
|
-- | -- | 413,871 | -- | -- | -- | -- | 413,871 | ||||||||||||||||||||||||
Issuance of common stock
|
6,000 | 1 | 24,059 | -- | -- | -- | -- | 24,060 | ||||||||||||||||||||||||
Distribution to non-controlling interest in consolidated joint venture
|
-- | -- | -- | -- | -- | -- | (8,189,702 | ) | (8,189,702 | ) | ||||||||||||||||||||||
Net income
|
-- | -- | -- | -- | -- | 1,864,471 | 7,936,751 | 9,801,222 | ||||||||||||||||||||||||
Ending balances
|
20,030,276 | $ | 2,003 | $ | 43,137,397 | 1,356,595 | $ | (1,654,075 | ) | $ | 8,029,398 | $ | 5,329,575 | $ | 54,844,298 |
FULL HOUSE RESORTS, INC. AND SUBSIDIARIES |
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS |
Nine months
ended September, 30
,
|
||||||||
2012
|
2011
|
|||||||
Net cash provided by (used in) operating activities
|
$ | (389,641 | ) | $ | 20,997,328 | |||
Cash flows from investing activities:
|
||||||||
Purchase of property and equipment
|
(1,855,363 | ) | (1,233,284 | ) | ||||
Proceeds from sale of joint venture, less holdback
|
49,669,096 | -- | ||||||
Deposits and other costs of Silver Slipper acquisition
|
(10,319,012 | ) | -- | |||||
Deposits and other costs of Rising Star acquisition
|
-- | (19,514,157 | ) | |||||
Other
|
(85,100 | ) | 60,047 | |||||
Net cash provided by (used in) investing activities
|
37,409,621 | (20,687,394 | ) | |||||
Cash flows from financing activities:
|
||||||||
Repayment of long term debt and swap
|
(26,937,422 | ) | (3,300,000 | ) | ||||
Proceeds from borrowing
|
-- | 15,103,891 | ||||||
Distributions to non-controlling interest in consolidated joint venture
|
(3,322,530 | ) | (8,189,703 | ) | ||||
Loan fees
|
-- | (648,792 | ) | |||||
Other
|
-- | (35,802 | ) | |||||
Net cash provided by (used in) financing activities
|
(30,259,952 | ) | 2,929,594 | |||||
Net increase (decrease) in cash and equivalents
|
||||||||
Cash and equivalents, beginning of period
|
6,760,028 | 3,239,528 | ||||||
Cash and equivalents, end of period
|
14,707,464 | 13,294,496 | ||||||
$ | 21,467,492 | $ | 16,534,024 | |||||
2012 | 2011 | |||||||
SUPPLEMENTAL CASH FLOW INFORMATION:
|
||||||||
Cash paid for interest
|
$ | 547,147 | $ | 1,378,383 | ||||
Cash paid for income taxes
|
$ | 17,915,291 | $ | 3,941,118 | ||||
NON-CASH INVESTING AND FINANCING ACTIVITIES:
|
||||||||
Deposit and other costs of Rising Star acquisition made through term loan
|
$ | -- | $ | 17,896,109 | ||||
Capital expenditures financed with accounts payable
|
$ | 8,820 | $ | -- | ||||
Purchases of property and equipment financed with prior year deposit
|
$ | -- | $ | 5,000,000 | ||||
Non-cash distributions for non-controlling interest in consolidated joint venture
|
$ | 279,374 | $ | -- |
1.
|
BASIS OF PRESENTATION
|
2.
|
SHARE-BASED COMPENSATION
|
3.
|
VARIABLE INTEREST ENTITIES
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
2012
|
September 30,
2011
|
September 30,
2012
|
September 30,
2011
|
|||||||||||||
Revenues
|
$ | -- | $ | 5,207,935 | $ | -- | $ | 21,291,578 | ||||||||
Net income
|
-- | 752,797 | -- | 3,507,322 |
Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
2012
|
September 30,
2011
|
September 30,
2012
|
September 30,
2011
|
|||||||||||||
Revenues
|
$ | -- | $ | 6,001,093 | $ | 5,340,398 | $ | 18,277,769 | ||||||||
Net income
|
-- | 5,246,502 | 4,362,345 | 15,873,502 |
2012
|
Cost
|
Accumulated
Amortization
|
Disposal
|
Net
|
||||||||||||
FireKeepers project, initial cost
|
$ | 4,155,213 | $ | (1,582,938 | ) | $ | (2,572,275 | ) | $ | -- | ||||||
FireKeepers project, additional
|
13,210,373 | (5,503,093 | ) | (7,707,280 | ) | -- | ||||||||||
$ | 17,365,586 | $ | (7,086,031 | ) | $ | (10,279,555 | ) | $ | -- |
2011
|
Cost
|
Accumulated
amortization
|
Disposal
|
Net
|
||||||||||||
FireKeepers project, initial cost
|
$ | 4,155,213 | $ | (1,434,539 | ) | $ | -- | $ | 2,720,674 | |||||||
FireKeepers project, additional
|
13,210,373 | (5,058,442 | ) | -- | 8,151,931 | |||||||||||
$ | 17,365,586 | $ | (6,492,981 | ) | $ | -- | $ | 10,872,605 |
September 30, 2012 (unaudited)
|
||||||||||||||||||||
Estimated
Life (years) |
Gross
Carrying
Value
|
Accumulated Amortization
|
Cumulative Expense / (Disposals)
|
Intangible
Asset, Net
|
||||||||||||||||
Amortizing intangible assets:
|
||||||||||||||||||||
Player Loyalty Program - Rising Star
|
3 | $ | 1,700,000 | $ | (850,000 | ) | $ | -- | $ | 850,000 | ||||||||||
Wells Fargo Bank Loan Fees
|
5 | 2,614,438 | (924,336 | ) | (1,690,102 | ) | -- | |||||||||||||
Capital One Bank Loan Fees
|
3 | 901,906 | -- | -- | 901,906 | |||||||||||||||
Non-amortizing intangible assets:
|
||||||||||||||||||||
Gaming License-Indiana
|
Indefinite
|
9,900,000 | -- | -- | 9,900,000 | |||||||||||||||
Gaming License-Mississippi
|
Indefinite
|
171,402 | -- | -- | 171,402 | |||||||||||||||
Gaming Licensing Costs - Nevada
|
Indefinite
|
541,653 | -- | -- | 541,653 | |||||||||||||||
Trademark-Rising Star
|
Indefinite
|
32,565 | -- | -- | 32,565 | |||||||||||||||
$ | 15,861,964 | $ | (1,774,336 | ) | $ | (1,690,102 | ) | $ | 12,397,526 |
December 31, 2011
|
||||||||||||||||||||
Estimated
Life (years) |
Gross
Carrying
Value
|
Accumulated Amortization
|
Cumulative Expense / (Disposals)
|
Intangible
Assets, Net |
||||||||||||||||
Amortizing intangible assets:
|
||||||||||||||||||||
Player Loyalty Program - Rising Star
|
3 | $ | 1,700,000 | $ | (425,000 | ) | $ | -- | $ | 1,275,000 | ||||||||||
Nevada State Bank Loan Fees
|
15 | 218,545 | (218,545 | ) | -- | -- | ||||||||||||||
Wells Fargo Bank Loan Fees
|
5 | 2,614,438 | (715,946 | ) | -- | 1,898,492 | ||||||||||||||
Non-amortizing intangible assets:
|
||||||||||||||||||||
Gaming License - Indiana
|
Indefinite
|
9,900,000 | -- | -- | 9,900,000 | |||||||||||||||
Gaming Licensing Costs - Nevada
|
Indefinite
|
484,676 | -- | 32,131 | 516,807 | |||||||||||||||
Trademark – Rising Star
|
Indefinite
|
26,889 | -- | 2,031 | 28,920 | |||||||||||||||
$ | 14,944,548 | $ | (1,359,491 | ) | $ | 34,162 | $ | 13,619,219 |
2012
|
2011
|
|||||||
Long-term debt, net of current portion:
|
||||||||
Term loan agreement, $33.0 million on October 29, 2010, maturing June 30, 2016, interest greater of 1 month LIBOR, or 1.5%, plus margin [4.5%-5.5%], LIBOR rates and margins are adjusted quarterly. (7.0% during the quarter ended March 31, 2012). Paid in full March 30, 2012.
|
$ | -- | $ | 26,400,000 | ||||
Swap agreement, $20.0 million on January 7, 2011, effective April 1, 2011, maturing April 1, 2016, interest received based on 1 month LIBOR, and paid at a fixed rate of 1.9% through August 31, 2011. The Swap was re-designated in September 2011 with interest to be received at the greater of 1.5% or 1 month LIBOR, and paid at a fixed rate of 3.06% until maturity. (average net settlement rates during the quarter ended March 31, 2012 were 1.56%). Terminated effective March 30, 2012.
|
-- | 537,422 | ||||||
Less current portion
|
-- | ( 4,950,000 | ) | |||||
$ | -- | $ | 21,987,422 |
Casino Operations
Nevada
|
Casino
Operations
Mid-west
|
Development/
Management
|
Corporate
|
Consolidated
|
||||||||||||||||
2012
|
||||||||||||||||||||
Revenues
|
$ | 7,442,752 | $ | 22,252,285 | $ | 438,569 | $ | -- | $ | 30,133,606 | ||||||||||
Selling, general and administrative expense
|
1,524,595 | 5,085,082 | -- | 1,281,725 | 7,891,402 | |||||||||||||||
Depreciation and amortization
|
218,430 | 1,127,707 | -- | 1,989 | 1,348,126 | |||||||||||||||
Operating gains
|
-- | -- | -- | -- | -- | |||||||||||||||
Operating income (loss)
|
2,382,096 | 1,592,428 | 425,897 | (1,376,488 | ) | 3,023,933 | ||||||||||||||
Net income (loss) attributable to Company
|
1,573,110 | 1,500,692 | (33,714 | ) | (955,357 | ) | 2,084,731 |
Casino Operations
Nevada
|
Casino
Operations
Mid-west
|
Development/
Management
|
Corporate
|
Consolidated
|
||||||||||||||||
2011
|
||||||||||||||||||||
Revenues
|
$ | 3,340,887 | $ | 24,060,931 | $ | 6,066,093 | $ | -- | $ | 33,467,911 | ||||||||||
Selling, general and administrative expense
|
895,864 | 5,848,882 | 163,077 | 1,339,296 | 8,247,119 | |||||||||||||||
Depreciation and amortization
|
248,928 | 1,238,588 | 593,052 | 2,726 | 2,083,294 | |||||||||||||||
Operating gains (losses)
|
(4,500,000 | ) | -- | 702,301 | -- | (3,797,699 | ) | |||||||||||||
Operating income (loss)
|
(4,148,282 | ) | 1,164,480 | 5,969,188 | (1,405,713 | ) | 1,579,673 | |||||||||||||
Net income (loss) attributable to Company
|
(2,737,802 | ) | 743,425 | 2,509,532 | (1,654,648 | ) | (1,139,493 | ) |
Casino Operations
Nevada
|
Casino
Operations
Mid-west
|
Development/
Management
|
Corporate
|
Consolidated
|
||||||||||||||||
2012
|
||||||||||||||||||||
Revenues
|
$ | 17,508,229 | $ | 67,143,879 | $ | 6,648,337 | $ | -- | $ | 91,300,445 | ||||||||||
Selling, general and administrative expense
|
4,661,737 | 14,746,887 | 136,386 | 4,619,399 | 24,164,409 | |||||||||||||||
Depreciation and amortization
|
706,814 | 3,429,735 | 593,052 | 6,390 | 4,735,991 | |||||||||||||||
Operating gains
|
-- | -- | 41,200,089 | -- | 41,200,089 | |||||||||||||||
Operating income (loss)
|
3,462,683 | 5,191,119 | 46,985,732 | (4,868,921 | ) | 50,770,613 | ||||||||||||||
Net income (loss) attributable to Company
|
2,282,395 | 1,913,151 | 29,924,892 | (5,454,895 | ) | 28,665,543 |
Casino Operations
Nevada
|
Casino
Operations
Mid-west
|
Development/
Management
|
Corporate
|
Consolidated
|
||||||||||||||||
2011
|
||||||||||||||||||||
Revenues
|
$ | 7,341,965 | $ | 47,251,568 | $ | 18,347,774 | $ | -- | $ | 72,941,307 | ||||||||||
Selling, general and administrative expense
|
1,841,926 | 11,052,326 | 446,275 | 3,549,750 | 16,890,277 | |||||||||||||||
Depreciation and amortization
|
723,878 | 2,458,771 | 1,779,395 | 25,135 | 4,987,179 | |||||||||||||||
Operating gains (losses)
|
(4,500,000 | ) | -- | 2,878,468 | -- | (1,621,532 | ) | |||||||||||||
Operating income (loss)
|
(3,608,860 | ) | 3,149,266 | 18,475,417 | (3,774,366 | ) | 14,241,457 | |||||||||||||
Net income (loss) attributable to Company
|
(2,381,619 | ) | 1,213,457 | 7,226,438 | (4,193,805 | ) | 1,864,471 |
Casino Operations
Nevada
|
Casino
Operations
Mid-west
|
Development/ Management
|
Corporate
|
Consolidated
|
||||||||||||||||
2012
|
||||||||||||||||||||
Total assets
|
$ | 16,881,939 | $ | 52,231,566 | $ | 4,896 | $ | 25,065,710 | $ | 94,184,111 | ||||||||||
Property and equipment, net
|
7,099,033 | 29,690,820 | -- | 16,349 | 36,806,202 | |||||||||||||||
Goodwill
|
5,808,520 | 1,647,198 | -- | -- | 7,455,718 | |||||||||||||||
Liabilities
|
2,220,384 | 6,310,155 | -- | 3,999,961 | 12,530,500 |
Casino Operations
Nevada |
Casino
Operations
Mid-west
|
Development/
Management
|
Corporate
|
Consolidated
|
||||||||||||||||
2011
|
||||||||||||||||||||
Total assets
|
$ | 18,488,888 | $ | 54,923,492 | $ | 13,192,504 | $ | 8,013,057 | $ | 94,617,941 | ||||||||||
Property and equipment, net
|
7,350,840 | 31,296,224 | -- | 21,219 | 38,668,283 | |||||||||||||||
Goodwill
|
5,808,520 | 1,647,198 | -- | -- | 7,455,718 | |||||||||||||||
Liabilities
|
4,604,218 | 9,649,198 | 102,709 | 24,816,772 | 39,172,897 |
10.
|
ACQUISITION OF SILVER SLIPPER CASINO
|
Building
|
$ | 42.2 | ||
Land improvements
|
0.5 | |||
Equipment
|
4.5 | |||
Intangibles
|
1.4 | |||
Player loyalty program
|
5.9 | |||
Goodwill (excess purchase price over the assets purchased)
|
15.5 | |||
Working capital
|
2.8 | |||
$ | 72.8 |
In thousands, except for
per share amounts
|
Three months ended Sept
30,
|
Nine months ended Sept
30,
|
||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net revenues
|
$ | 43,615 | $ | 47,709 | $ | 134,036 | $ | 116,921 | ||||||||
Depreciation and amortization
|
3,072 | 3,763 | 9,916 | 10,016 | ||||||||||||
Operating income
|
3,115 | 2,427 | 53,398 | 18,024 | ||||||||||||
Net income (loss) attributable to the Company
|
(230 | ) | (4,172 | ) | 23,889 | (3,498 | ) | |||||||||
Net income (loss) per share
|
$ | (0.01 | ) | $ | (0.22 | ) | $ | 1.28 | $ | (0.19 | ) |
●
|
Overview
|
|
●
|
Results of continuing operations
|
|
●
|
Liquidity and capital resources
|
|
●
|
Off-balance-sheet arrangements
|
|
●
|
Seasonality
|
|
●
|
Regulation and taxes
|
|
●
|
Critical accounting estimates and policies
|
Gross proceeds, before $0.1 million holdback receivable
|
$ | 48.8 | ||
Plus: April 2012 ‘Wind up’ fee received, net of $0.03 million deduction
|
0.9 | |||
49.7 | ||||
Less: Net basis of contract rights expensed
|
(2.8 | ) | ||
Less: Our interest in joint venture
|
(5.7 | ) | ||
Gain on sale of joint venture
|
$ | 41.2 |
|
●
|
our growth strategies;
|
|
●
|
our development and potential acquisition of new facilities;
|
|
●
|
successful integration of acquisitions;
|
|
●
|
risks related to development and construction activities; including weather, labor, supply and other unforeseen interruptions, including development of hotel or other amenities in conjunction with the Silver Slipper and Rising Star;
|
|
●
|
anticipated trends in the gaming industries;
|
|
●
|
patron demographics;
|
|
●
|
general market and economic conditions;
|
|
●
|
access to capital and credit, including our ability to finance future business requirements;
|
|
●
|
the availability of adequate levels of insurance;
|
|
●
|
changes in federal, state, and local laws and regulations, including environmental and gaming licenses or added types of gaming legislation, regulations and taxes;
|
|
●
|
ability to obtain and maintain gaming and other governmental licenses;
|
|
●
|
regulatory approvals;
|
|
●
|
competitive environment, including increased competition from existing and new jurisdictions, such as Ohio, Illinois, California, Kentucky, Arkansas, Alabama, Florida, Louisiana and Mississippi and new forms of gaming such as internet gaming;
|
|
●
|
risks, uncertainties and other factors described from time to time in this and our other SEC filings and reports.
|
10.1
|
Second Lien Credit Agreement dated as of October 1, 2012, by and among Full House Resorts, Inc. as borrower, the Lenders named therein and ABC Funding, LLC as Administrative Agent (Incorporated by reference to Exhibit 10.1 to Full House’s Current Report on Form 8-K/A as filed with the Securities and Exchange Commission on October 5, 2012.)
|
|
31.1
|
Certification of principal executive officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
31.2
|
Certification of principal financial officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|
32.1
|
Certification of principal executive officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|
32.2
|
Certification of principal financial officer pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
101.INS
|
XBRL Instance*
|
|
101.SCH
|
XBRL Taxonomy Extension Schema*
|
|
101.CAL
|
XBRL Taxonomy Extension Calculation*
|
|
101.DEF
|
XBRL Taxonomy Extension Definition*
|
|
101.LAB
|
XBRL Taxonomy Extension Labels*
|
|
101.PRE
|
XBRL Taxonomy Extension Presentation*
|
FULL HOUSE RESORTS, INC. | ||
Date: November 6, 2012 | ||
By : | /s/ MARK J. MILLER | |
Mark J. Miller | ||
Chief Financial Officer and Chief Operating Officer | ||
(on behalf of the Registrant and as principal financial officer) |
1 Year Full House Resorts Chart |
1 Month Full House Resorts Chart |
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