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Last10K.com | 10-K Annual Report Wed Mar 23 2016
FOR IMMEDIATE RELEASE
AFFINITY GAMING ANNOUNCES NET REVENUE INCREASES 1.9%
AND ADJUSTED EBITDA RISES 29.8% FOR THE YEAR ENDED DECEMBER 31, 2015
2015 Fourth Quarter Marks Fifth Consecutive Period of Adjusted EBITDA
Growth and All Operating Segments Generated Adjusted EBITDA Growth in Q4 and the Full Year
Las Vegas, NV - March 23, 2016 - Affinity Gaming (“Affinity” or the “Company”) today announced results for the three-month and full-year periods ended December 31, 2015. Driven primarily by operating and marketing efficiencies, Affinity generated a 31.0% year-over-year increase in operating income, excluding an $20.2 million goodwill impairment in the fourth quarter and 59.8% year-over-year growth in operating income before the goodwill impairment for the twelve-month period. Adjusted EBITDA improved 15.2% and 29.8%, respectively, for the three- and twelve-month periods ended December 31, 2015 compared with the same periods in 2014.
“Our strong fourth quarter results and our fifth consecutive quarter of Adjusted EBITDA growth reflect management’s ongoing initiatives to drive operating efficiencies along with our successful rationalization of marketing promotions and spending across the portfolio,” said Michael Silberling, Affinity’s Chief Executive Officer. “The rise in quarterly net revenues, combined with our disciplined operating approach, drove a 15.2% increase in Adjusted EBITDA to $13.1 million, and a 170 basis point expansion in Adjusted EBITDA margin, reflecting growth in each of our three regional operating segments.
“Our operating improvements were broad based as all of our properties achieved year-over-year Adjusted EBITDA growth in the quarter. With a strong fourth quarter, for the full year 2015, we reported a 29.8% Adjusted EBITDA increase over 2014 full year results. Overall results benefited from increased customer counts and trips at higher play levels combined with our ongoing focus to engage with customers that generate profitable revenue. I commend all Affinity team members for their commitment to executing on our plans for growth, customer service and the enhancement of shareholder value. While our 2015 success has been impressive, we believe our plans to implement additional operating efficiency initiatives will continue to deliver material improvements in our consolidated Adjusted EBITDA and margins,” concluded Mr. Silberling.
The following information was filed by Affinity Gaming (AFGA) on Wednesday, March 23, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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