Century Casinos Third Quarter Financials
Century Casinos, Inc (CNTY: 2.19 0.00%) announced their third quarter financial results today. Net operating revenue from continuing operations was $13.7 million. This represents a 2% decrease from the same quarter last year.
Operating earnings were reported at $788,000 from continuing operations compared to operating losses of $8.9 million in the third quarter of 2008. Including discontinued operations, a net loss of $727,000, or $0.03 per share was recorded.
The gaming company contributes the increase to improved operations at its Colorado properties primarily due to new gaming laws that went into effect in July. The third quarter results for 2008 were also impacted by a goodwill write off.
During the third quarter of 2009, the Company wrote off deferred financing charges of approximately $945,000 relating to debt at its Central City property paid off in October and established a valuation allowance on U.S. deferred taxes of approximately $6 million. The tax effect on net operating income or losses incurred in the U.S. will reduce or increase this valuation allowance.
The Company continues to not recognize tax benefits on operating losses incurred in the U.S. An accumulated deferred tax asset of $8.5 million can be applied against tax on potential future U.S. income.
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