Full House Resorts (FLL), a developer and manager of gaming facilities, reported Monday a breakeven per share for the fourth quarter, as in the previous year, while revenue decreased marginally.
For the fourth quarter, net income was $6,380, compared to $8,596 for the previous year. On a per share basis, the company posted a break-even for both the periods.
The quarterly results of 2008 results included litigation settlement cost related to the company's Gaming Entertainment, LLC subsidiary of $500 thousand, of which $225 thousand was paid in the quarter. Excluding the one-time items, net income was $0.3 million, or $0.02 per share.
For the same period last year, the company reported a net income of $0.01 per share, excluding an impairment charge of $407 thousands related to discontinued projects in New Mexico.
Income from continuing operations for the quarter increased to $278 thousands from $126 thousands in the prior-year period. Excluding special items, income from continuing operations rose to $778 thousands from $534 thousand in the prior-year period.
For the quarter, casino, food and beverage, and other revenue declined 5% to $2.3 million, from $2.4 million in the year-ago period, primarily as a result of lower slot revenue at Stockman's Casino due to the economic downturn.
Andre Hilliou, chief executive of Full House said that considering the progress in the construction work of FireKeepers Casino, the company expects to open the casino this summer.
For the full year, net income rose to $1.6 million, or $0.08 per share, from $0.9 million, or $0.05 per share, in 2007. Excluding one-time charges, net income was $2.0 million or $0.10 per share for 2008.
Income from continuing operations 2008 doubled to $3.6 million from to $1.8 million last year. Excluding one-time charges, income from continuing operations for the full year climbed to $4.2 million from $1.9 million in 2007.
For 2008, food and beverage, and other revenue grew slightly to $9.7 million from $9.6 million last year, primarily because of full-year operations of Stockman's in 2008, compared to only 11 months of operations in 2007.
FLL is currently trading at $1.14, down $0.01 or 0.87%.
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