Boyd Gaming Corp. (BYD) Tuesday reported a decline in profit for the third quarter, mainly reflecting lower revenues from all segments and higher interest expenses. Both earnings and revenues of the company missed analysts' predictions. Following the results, the company's shares were trading down 10% on the NYSE.
Net income for the third quarter declined to $6.31 million or $0.07 per share from $8.70 million or $0.10 per share in the previous year. Results for the quarter include preopening expenses of $4.88 million, the company's share of Borgata's other items and write-downs amounted to $14.34 million, write-downs and other charges of $14.29 million and gain on early retirements of debt of $3.60 million.
On an adjusted basis, earnings were $7.99 million or $0.09 per share, compared to $13.96 million or $0.16 per share reported in the same period last year.
On average, 14 analysts polled by Thomson Reuters expected the company to report earnings of $0.10 per share for the third quarter. Analysts' estimates typically exclude special items.
The Las Vegas, Nevada-based company's net revenues for the quarter declined 6.6% to $398.24 million from $426.45 million a year ago. Analysts expected a revenue of $411.24 million for the quarter.
Gaming revenues were $332.05 million, down from $351.79 million last year. Food and beverage revenues declined to $55.69 million from $59.77 million in the earlier year. Room revenues declined to $30.06 million from $33.06 million in the previous year. Other revenues were $24.72 million, compared to $28.02 million a year ago.
By segment, Vegas Locals reported net revenues of $150.7 million for the quarter, down from $181.8 million in the third quarter 2008 due to lower consumer spending and room rate pressures throughout the entire market. Downtown Las Vegas properties generated net revenues of $54.9 million versus $55.6 million in the third quarter 2008.
In the Midwest and South region, the company recorded $192.6 million in net revenues for the third quarter 2009, compared to $189.1 million in the same period in 2008. Regional results were boosted by a the performance at a recently expanded Blue Chip property, as well as continued growth at Delta Downs. Net revenues for Borgata were $222.6 million for the quarter, compared to $239.9 million recorded in the same quarter in 2008.
Total other expense for the quarter increased to $35.93 million from $30.88 million last year. Interest expense increased to $32.30 million from $27.40 million while interest income declined to $1 thousand from $1,056 thousand in the previous year.
For the nine-month period, net income was $5.26 million or $0.06 per share, compared to a loss of $2.23 million or $0.03 per share in the same period of the previous year. Net revenues for the period declined to $1.26 billion from $1.36 billion last year.
BYD is currently trading at $9.61, down 1.07 or 10.02%, on a volume of $269K shares on the NYSE.
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