Thursday, Penn National Gaming, Inc. (PENN) said that it had narrowed its fourth quarter loss.
According to the company, net loss attributable to the shareholders of Penn National Gaming, Inc. and subsidiaries narrowed to $355 million or $4.54 per share from $378.57 million or $4.77 per share a year-ago.
On average, 15 analysts polled by Thomson Reuters expected the company to earn $0.18 per share. Analysts' estimates typically exclude special items.
Net revenues declined to $555.80 million from $571.08 a year-ago.
Eleven Wall Street analysts estimated a revenue of $573.63 million for the quarter.
According to the Wyomissing, Pennsylvania-based company, total operating expenses including expenses towards gaming, food and beverages, general and administrative expenses, impairment losses, empress casino and hotel fire and depreciation and amortizaiton expenses increased to $1.01 billion from $986 million in the year-ago period.
Also, there were total other expenses of $39.12 million, compared with $29.41 million a year-ago.
For the first quarter of 2010, the net income attributable to shareholders is expected to be $24.9 million or $0.23 per share. The company expects first quarter net revenues of $596.7 million.
Street estimates earnings of $0.34 per share on a revenue of $634.67 million for the quarter.
For the entire year 2010, net income attributable to shareholders is expected to be $107.7 million or $1.00 per share. Fiscal 2010 net revenues are expected to be $2.43 billion.
Street estimates earnings of $1.39 per share on a revenue of $2.52 billion for the fiscal year.
Year-to-date, the net loss attributable to the shareholders of Penn National Gaming, Inc. and subsidiaries widened to $264.94 million or $3.39 per share from $153.32 million or $1.81 per share a year-ago. The year-to-date net revenue declined to $2.36 billion from $2.42 billion in the year-ago period.
Street estimated earnings of $1.39 per share on a revenue of $2.52 billion.
PENN is currently trading at $23.95, down $3.25 or 11.98%, on a volume of 4.6 million shares on the Nasdaq.
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