Affinity Gaming (AFGA) 10-Q Quarterly Report May 2016

Las Vegas, NV - May 12, 2016 - Affinity Gaming (“Affinity” or the “Company”) today announced operating results for the quarter ended March 31, 2016 as summarized below (dollars in thousands):



	Quarter Ended March 31,
	2016		2015			Change
Total Net Revenue	$	95,750	$	96,978		(1.3	)%
Adjusted EBITDA ⁽¹⁾	20,202		18,222			10.9	%
Operating Income	12,392		10,762			15.1	%
Net Income (Loss)	3,111		(240		)	N/A

(1)

Adjusted EBITDA is not a generally accepted accounting principle ("GAAP") measurement and is presented solely as a supplemental disclosure because the Company believes it is a widely used measure of operating performance in the gaming industry. See “Reconciliation of GAAP Measures to Non-GAAP Measures” at the end of this release for a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating income (loss), which the Company believes is the most comparable financial measure calculated in accordance with GAAP.

Michael Silberling, Affinity’s Chief Executive Officer, commented on the results, “With strong first quarter operating results, Affinity’s financial growth momentum continues in 2016 following the 30% growth in Adjusted EBITDA in fiscal 2015. Our focus on driving profitable revenue at our properties, including our efforts to prioritize slot revenue as the core of our business, combined with process improvements and cost rationalizations led to a 10.9% increase in 2016 first quarter Adjusted EBITDA to $20.2 million. The first quarter Adjusted EBITDA growth is on top of our 33% growth in 2015 first quarter Adjusted EBITDA while marking our fifth consecutive quarter of double digit Adjusted EBITDA growth. In addition, our success in driving operating efficiencies led to a 230 basis point improvement in Adjusted EBITDA margin to 21.1%.”

“With initiatives in place to derive additional operating and cost efficiencies we expect further growth in consolidated margins and Adjusted EBITDA throughout 2016. Accordingly, we remain confident in our 2016 financial growth targets with the mid-point of our EBITDA expectations of $73 million representing full year growth of 14.1% over 2015 full year levels.”

The following information was filed by Affinity Gaming (AFGA) on Thursday, May 12, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Affinity Gaming provided additional information to their SEC Filing as exhibits

Exhibit 10.1: Material Contract

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: AFGA
CIK: 1499268
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-16-016276
Submitted to the SEC: Thu May 12 2016 4:27:49 PM EST
Accepted by the SEC: Thu May 12 2016
Period: Thursday, March 31, 2016
Industry: Hotels And Motels