Please wait while we load the requested 10-K report or click the link below:
Trans World Corporation Announces Substantial Year Over Year Earnings Increase of 36% for 2008
Fiscal 2008 Versus Fiscal 2007:
- Revenues Increased by 19%
- EBITDA Increased 36% to $5.9 million
- Net Income Increased 36% to $3.7 million, or $0.42/fully diluted share
NEW YORK--(BUSINESS WIRE)--March 3, 2009--Trans World Corporation (“TWC” or the “Company”) (OTC BB: TWOC), a premier owner and operator of casinos in Europe, today reported a 36.5% increase in net income for the year ended December 31, 2008 versus the same period for 2007. The Company’s net income was $3,704,000, or $0.42 per diluted share for fiscal 2008, up from $2,714,000, or $0.33 per diluted share for fiscal 2007.
As depicted in the following summary table, TWC posted double-digit, annual growth in key financial measurements.
|For the Years Ended December 31,|
|Gross Operating Profit||$||16,750||$||13,823||$||2,927||21.2%|
|EBITDA from Operations||$||8,109||$||6,477||$||1,632||25.2%|
These record earnings resulted mainly from 6.3% and 12.6% increases in live-game and slot game attendances, respectively. In addition, the earnings were enhanced by a two percentage point improvement in the live-game win percentage, while slot revenues per head showed a 15.6% increase. The Company’s double-digit improvements were largely due to its proven operational and aggressive marketing strategies and promotional events. EBITDA from Operations represents earnings before interest, taxes, depreciation and amortization for the European operating entities and surpassed $8.0 million in 2008, a 25.2% year over year increase.
For the three months ended December 31, 2008, EBITDA increased 52.1% to approximately $1.8 million, representing a 20.2% EBITDA margin, from an EBITDA of about $1.2 million, representing a 13.5% EBITDA margin, for the same quarter in 2007. For the three months ended December 31, 2008, the Company posted net income of nearly $1.3 million, or $0.14 per diluted share, a 79.3% increase from the $704,000, or $0.08 per diluted share, earned for the same quarter in 2007.
The per-share calculations in this release were based on fully diluted shares of 8,873,353 and 8,880,997 for the year and quarter ended December 31, 2008, respectively, and 8,321,503 for the comparable periods in 2007. Total assets increased to $50.7 million in 2008 from $43.1 million in 2007, for an increase of 17.6%. Stockholders’ equity improved to $32.3 million, or $3.64 per diluted share.
“We are very pleased with the revenue and profitability milestones achieved in 2008 versus 2007,” stated Rami Ramadan, CEO of Trans World Corporation. “We believe that this positive business momentum can be sustained through 2009, which will help us to weather the global economic crisis. Additionally, in January 2009, we opened our newest operating unit, Hotel Savannah, a four-star property connected to the Route 59 casino, which is also linked to a new, full-service spa and wellness center. The hotel, which is located 45-minutes driving distance north of Vienna, Austria, on the main highway to Prague, Czech Republic, has begun to attract new patrons to its facilities as well as to the Route 59 casino.”
The following information was filed by Trans World Corp (TWOC) on Monday, March 9, 2009 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 Trans World Corp's financial trajectory
Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were
removed , and by Trans World Corp.