Wednesday, Monarch Casino & Resort Inc. (MCRI), owner of Atlantis Casino Resort Spa, reported a decline in first quarter profit. Quarterly revenue declined 4.9% from the year ago quarter.
The Reno, Nevada-based company reported first-quarter net income of $0.92 million or $0.06 per share, compared to net income of $2.30 million or $0.12 per share in the same quarter last year.
On average, four analysts polled by Thomson Reuters expected the company to report a loss of $0.02 per share for the quarter. Analysts' estimates typically exclude special items.
Gross revenues were $38.91 million, down from $40.58 million in the year ago quarter. Net revenue for the quarter declined 4.9% to $32.6 million from $34.3 million in the comparable quarter last year.
Analysts expected the company to report revenue of $31.81 million for the quarter.
Selling, general and administrative expenses decreased 11.3% to $11.62 million from $13.10 million in the previous year quarter. The decline was due to reductions in payroll, benefits, marketing, legal and other general expense, which were the result of various cost reduction programs.
Total operating expenses were $30.65 million, compared to $31.0 million in the prior year quarter.
Income from operations was $2.0 million, down from $3.27 million in the year ago quarter.
MCRI closed Wednesday's trading at $6.89, up $0.27 or 4.08% on a volume of 0.17 million shares on the Nasdaq. In after hours, the stock gained $1.00 or 14.51%, trading at $7.89.
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