Please wait while we load the requested 10-K report or click the link below:
AFGA Annual Reports
AFGA Quarterly Reports
Last10K.com | 10-K Annual Report Mon Apr 01 2013
FOR IMMEDIATE RELEASE
AFFINITY GAMING ANNOUNCES THREE MONTH AND FULL YEAR RESULTS FOR THE PERIOD ENDED DECEMBER 31, 2012
Las Vegas, NV - April 1, 2013 - Affinity Gaming (the "Company") today announced results for the three-month and full year periods ended December 31, 2012. For the full year 2012, net revenue from continuing operations increased $24.6 million, or 6.5%, to $403.2 million, compared to $378.6 million for the year ended December 31, 2011. For the full year 2012, income from continuing operations was $4.6 million, compared to $7.9 million for the full year 2011. For the fourth quarter of 2012, net revenue improved 4.6% to $97.7 million, from $93.4 million in the prior-year period. Income from continuing operations was $0.5 million in the fourth quarter of 2012, compared to $4.4 million in the prior-year period.
Fourth Quarter 2012 Highlights and Subsequent Events
The Nevada region adjusted EBITDA for the fourth quarter 2012 was $6.9 million, versus $7.2 million for the prior-year period. Net revenue earned during the fourth quarter decreased by $2.6 million, or 4.1%, primarily due to a $1.4 million decrease in fuel sales and related revenues at the Company's Primm, Nevada service stations.
The Midwest region produced adjusted EBITDA results for the fourth quarter 2012 of $9.6 million compared to $12.8 million in the prior-year period. Excluding $3.3 million of business interruption insurance proceeds recorded in the fourth quarter of 2011, year-over-year EBITDA in the Midwest region remained relatively unchanged.
Corporate expense for the fourth quarter 2012 of $3.4 million increased approximately $0.9 million from the prior-year quarter due mostly to one-time professional fees. For the full year 2012, corporate expense remained relatively unchanged at $10.7 million compared to 2011.
On October 19, 2012, the Company and key personnel received Colorado gaming licenses from the Colorado Limited Gaming Control Commission. Receipt of the licenses allowed the Company to take full operational control of its three casino properties in Black Hawk, Colorado on November 1, 2012.
On February 1, 2013 the Company closed the sale of its casino properties located in Reno, Verdi and Dayton, Nevada to Truckee Gaming LLC, a limited liability company owned by a group of private investors.
The following information was filed by Affinity Gaming (AFGA) on Monday, April 1, 2013 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.
View differences made from one year to another to evaluate Affinity Gaming's financial trajectory
Assess how Affinity Gaming's management team is paid from their Annual Proxy
Affinity Gaming's Definitive Proxy Statement (Form DEF 14A) filed after their 2013 10-K Annual Report includes:
- Voting Procedures
- Board Members
- Executive Team
- Salaries, Bonuses, Perks
- Peers / Competitors