Pinnacle Entertainment Inc. (PNK) reported that its first-quarter net loss widened to $85.39 million from $1.01 million in the year ago quarter. GAAP net loss per share was $1.46 versus a loss per share of $0.02 in the prior year period.
Loss from continuing operations was $85.3 million in the 2013 first quarter versus a loss of $0.3 million in the prior year period. Loss from continuing operations was negatively affected by the $92.2 million non-cash impairment charge related to the Company's investment in Asian Coast Development (Canada), Ltd or ACDL, pre-opening and development costs primarily associated with the Ameristar acquisition, increased interest expense related to a bond offering and term loan completed in March 2012, and generally soft economic conditions, particularly during the first two months of the 2013 first quarter.
Adjusted income per share was $0.25 in the 2013 first quarter versus $0.33 in the prior year period.
In the 2013 first quarter, revenues increased $19.7 million or 6.7% year over year to $312.6 million.
Analysts polled by Thomson Reuters expected the company to report earnings of $0.20 per share on revenues of $315.97 million for the quarter. Analysts' estimates typically exclude special items.
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