FOR IMMEDIATE RELEASE
AFFINITY GAMING ANNOUNCES RESULTS FOR THE
THREE-MONTH AND FULL-YEAR PERIODS ENDED DECEMBER 31, 2014
Las Vegas, NV - March 27, 2015 - Affinity Gaming (“Affinity” or the “Company”) today announced results for the three-month and full-year periods ended December 31, 2014.
“We finished the year on a positive note. During the fourth quarter, we improved our Adjusted EBITDA quarter-over-quarter for the first time since 2012,” said Michael Silberling, Affinity’s Chief Executive Officer. “As we begin 2015, our focus remains on increasing margins through targeted revenue enhancing initiatives combined with disciplined cost management. We expect that our efforts to further strengthen the leadership team and enhance analytics in our marketing programs will enable us to continue to improve the business.”
Fourth Quarter 2014 Financial Summary
Net revenue for the quarter ended December 31, 2014 was $92.3 million, compared to net revenue of $90.0 million for the quarter ended December 31, 2013, an increase of 2.6%. Adjusted EBITDA during the fourth quarter of 2014 was $11.4 million, compared to $11.3 million during the same quarter of 2013, an increase of 1.2%. Adjusted EBITDA from properties, which excludes corporate overhead, increased $1.8 million, or 13.5% during the fourth quarter of 2014 as compared to the same period in 2013.
Nevada – In the Company’s Nevada segment, net revenue for the quarter ended December 31, 2014 was $54.1 million compared to $52.1 million in the same quarter of the prior year. The increase of 3.8% from the prior year quarter, was driven primarily by improved casino revenue.
Nevada Adjusted EBITDA for the quarter ended December 31, 2014 was $6.7 million compared to $4.3 million in the comparable period in 2013, an increase of 55.0%. The improvement was primarily attributable to effectiveness of promotional campaigns and refined marketing programs, a trend the Company expects will continue in 2015. EBITDA from non-gaming operations increased 16.2% from the prior year’s fourth quarter with improved revenue and overall expense reductions.
Midwest – Net revenue from the Company’s Midwest segment was $29.7 million for the quarter ended December 31, 2014 compared to $28.9 million for the same quarter in 2013, an increase of 2.8%. Adjusted EBITDA from the Midwest segment increased 3.5% to $8.0 million during the fourth quarter 2014, from $7.7 million in the fourth
The following information was filed by Affinity Gaming (AFGA) on Friday, March 27, 2015 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.