2016 Second Quarter Marks Sixth Consecutive Period of Double-Digit Adjusted EBITDA Growth
Las Vegas, NV - August 15, 2016 - Affinity Gaming (“Affinity” or the “Company”) today announced operating results for the second quarter and six months ended June 30, 2016 as summarized below:
Quarter Ended June 30,
Six Months Ended June 30,
($ in thousands)
Total Net Revenue
Adjusted EBITDA (1)
See “Reconciliation of Adjusted EBITDA” at the end of this release for a definition of Adjusted EBITDA and a reconciliation of Adjusted EBITDA to operating income.
Michael Silberling, Affinity’s Chief Executive Officer, commented on the results, “The 2016 second quarter was another active and productive period for Affinity Gaming. During the quarter our property level teams extended their success in driving more profitable play in our gaming operations, managing costs and growing Adjusted EBITDA margins. Our focus on elevating the effectiveness of our promotional campaigns and refining our marketing programs is leading to higher margin revenue at our properties, which when combined with process improvements and realized cost efficiencies drove a 10.1% increase in 2016 second quarter Adjusted EBITDA to $19.4 million. The 2016 second quarter Adjusted EBITDA growth is on top of our 39% growth in 2015 second quarter Adjusted EBITDA and marks our sixth consecutive quarter of double digit Adjusted EBITDA improvements. In addition, our success in building operating efficiencies led to a 320 basis point improvement in 2016 second quarter Adjusted EBITDA margin to 20.5%.”
During the second quarter, Affinity’s Nevada segment generated double-digit Adjusted EBITDA growth of 11.0%. In the Nevada segment, the combined Primm casinos, the Company’s largest location, continues to benefit from improvements in the effectiveness and efficiency of marketing and promotional campaigns as well as improved labor utilization. The increased Adjusted EBITDA at Primm is particularly impressive in light of the declines in traffic along Interstate 15 resulting in a decrease in fuel gallons sold while fuel prices have dropped year over year combining to cause a $2.2 million decrease in fuel and retail revenue while increasing Adjusted EBITDA at the service centers. The Adjusted EBITDA margin for the Nevada segment rose approximately 380 basis points to 21.9% in the 2016 second
The following information was filed by Affinity Gaming (AFGA) on Monday, August 15, 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.
View differences made from one quarter to another to evaluate Affinity Gaming's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Affinity Gaming.
Ticker: AFGA CIK: 1499268 Form Type:10-Q Quarterly Report Accession Number: 0001628280-16-019036 Submitted to the SEC: Mon Aug 15 2016 3:23:31 PM EST Accepted by the SEC: Mon Aug 15 2016 Period: Thursday, June 30, 2016 Industry: Hotels And Motels