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Yahoo
2 days ago
- Business
- Yahoo
Monroe Capital Corp (MRCC) Q2 2025 Earnings Call Highlights: Strategic Merger with Horizon ...
Incremental Equity Capital: Estimated $165 million based on MRCC's June 30, 2025 preliminary NAV range estimate. Net Asset Value (NAV): Combined company's estimated NAV to approximately $446 million. Shareholder Value Unlock: MRCC shareholders expected to realize approximately a 33% premium to the market trading price as of August 5, 2025. G&A Expense Reduction: Expected elimination of approximately $2.5 million, translating to a 30% reduction. Advisory Fee Waivers: Up to $4 million over the first four full fiscal quarters following the closing, up to $1 million per quarter. Exchange Ratio: Illustrative exchange ratio of 1.1313 to 1.1373 shares of Horizon common stock for each share of MRCC common stock. MRCC Shareholder Ownership: Expected to own approximately 37% of the combined company immediately following closing. Warning! GuruFocus has detected 4 Warning Signs with MRCC. Release Date: August 07, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Positive Points The merger between Monroe Capital Corp (NASDAQ:MRCC) and Horizon Technology Finance Corporation is expected to unlock shareholder value, with MRCC shareholders realizing approximately a 33% premium to the market trading price. The transaction is structured to be accretive, preserving net asset value (NAV) integrity while creating long-term upside for shareholders. The merger will provide Horizon with an estimated $165 million of incremental equity capital, enhancing its scale and resources for growth. The combined entity is expected to benefit from operational efficiencies, cost savings, and accelerated growth, with a projected $2.5 million reduction in G&A expenses. The merger is expected to be accretive to core net investment income over time, supported by fee waivers from the investment adviser and potential access to lower-cost financing. Negative Points The merger is subject to various closing conditions, including regulatory approvals and shareholder votes, which could delay or prevent the transaction from closing. There is a risk that the anticipated operational efficiencies and cost savings may not be fully realized, impacting the expected financial benefits of the merger. The integration of the two companies may present challenges, although management believes there is minimal overlap operationally. The transaction involves significant transaction expenses and NAV adjustments, which could affect the final NAV used to determine the exchange ratio. The merger may lead to changes in the company's strategic focus, which could impact existing operations and relationships with borrowers. Q & A Highlights Q: Can you confirm the process of MRCC's portfolio being sold to Monroe's non-traded BDC and the subsequent cash proceeds being transferred to Horizon? A: Yes, that is correct. The MRCC portfolio will be sold at fair value to Monroe's non-traded BDC, and the cash proceeds will be used to pay down debt and then transferred to Horizon. (Theodore Koenig, Chairman and CEO of Monroe Capital LLC) Q: Is the transaction between MRCC and Horizon considered a cost-efficient equity raise for Horizon? A: Yes, the transaction is structured as a NAV-to-NAV exchange, making it a very cost-efficient equity raise for Horizon. (Daniel Trolio, CFO of Horizon Technology Finance Corp) Q: Are there any specific targets for yield or net investment income yield on NAV post-merger? A: We do not set hard targets but aim to run the company efficiently. Venture debt is a high-yielding portfolio, and we will continue to manage it accordingly. (Daniel Trolio, CFO of Horizon Technology Finance Corp) Q: What is the expected timeline for deploying the capital from the merger? A: We anticipate deploying the capital fairly rapidly and aim to make the merger neutral to EPS within the first year. (Michael Balkin, CEO of Horizon Technology Finance Corp) Q: Will the merger allow Horizon to engage in larger deals than before? A: Yes, the merger provides the opportunity to engage in larger deals due to a larger capital base and the relationship with Monroe, which allows for substantially larger deals. (Michael Balkin, CEO of Horizon Technology Finance Corp) For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
Globe and Mail
4 days ago
- Business
- Globe and Mail
Century Casinos, Inc. Announces Second Quarter 2025 Results
Company Initiates Strategic Review Process to Enhance Shareholder Value. COLORADO SPRINGS, Colo. , /CNW/ -- Century Casinos , Inc. (the "Company", "we", "us", or "our") (Nasdaq Capital Market®: CNTY) today announced its financial results for the three and six months ended June 30, 2025 . Second Quarter 2025 Highlights* Compared to the three months ended June 30, 2024 : Net operating revenue was $150.8 million , an increase of 3%. Earnings from operations was $16.6 million , an increase of 16%. Net loss attributable to Century Casinos , Inc. shareholders was ($12.3) million , a decrease in net loss of 70%, and basic net loss per share was ($0.40) . Adjusted EBITDAR** was $30.3 million , an increase of 10%. "We are proud of the strength and momentum we have built across our portfolio, which has shown solid year over year growth and generated positive cash flow in the quarter. Following various inquiries from third parties about potential asset sales and strategic partnerships, we have initiated a strategic review process as part of our ongoing commitment to driving long-term value creation and optimizing our portfolio of assets and operations," Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos remarked. UPDATES Sports Betting – Missouri – In May 2025 , the Company announced that it has partnered with BetMGM to operate an online and mobile sports betting application under the Company's license in Missouri . The agreement includes a percentage of net gaming revenue payable to the Company, with a guaranteed minimum, as well as retail sportsbook options to be exercised at the Company's discretion. Sports betting is expected to begin in Missouri in the fourth quarter of 2025. Caruthersville, Missouri – Since the opening of the new casino and hotel on November 1, 2024 , net operating revenue and Adjusted EBITDAR** have increased 26% and 31% respectively. Poland – The Company was awarded a second license in the city of Wroclaw in March 2025 . The Company expects to open the casino in the fourth quarter of 2025. The Company was notified in June 2025 that it had not received a new license for a second casino in Warsaw and closed the casino at the Hilton Hotel. The license for the Company's flagship casino in Warsaw at The Presidential Hotel runs through 2028. Strategic Review Process – The Company's Board of Directors (the "Board") has initiated a comprehensive strategic review of its operations, capital structure and strategic growth options. The review will explore a range of potential strategic alternatives for the Company's assets and businesses aimed at enhancing shareholder value and supporting long-term growth. These alternatives may include opportunities to unlock value within our existing property portfolio, optimize the Company's capital structure, evaluate potential mergers, strategic partnerships, or the sale of the Company, and to analyze potential divestments of assets or other asset-level transactions. In connection with this review, the Company has engaged Faegre Drinker Biddle & Reath LLP as legal counsel and Macquarie Capital as financial advisor. This review follows the Company's recent substantial capital expenditure program and solid operational performance in the second quarter of 2025 and reflects the Board's proactive approach to positioning the Company for future success in an evolving market landscape. The Board has not set a timetable for the conclusion of this review. At this stage, no commitments or decisions have been made and there can be no assurance that the review will result in any transaction or particular change to the Company's business. The Company does not intend to make further public comments on the process unless and until it determines that further disclosure is appropriate or necessary. The consolidated results for the three and six months ended June 30, 2025 and 2024 are as follows: For the three months For the six months Amounts in thousands, except per share data ended June 30, % ended June 30, % Consolidated Results: 2025 2024 Change 2025 2024 Change Net Operating Revenue $ 150,818 $ 146,435 3 % $ 281,261 $ 282,451 — Earnings from operations 16,575 14,261 16 % 23,715 22,547 5 % Net loss attributable to Century Casinos, Inc. shareholders $ (12,309) $ (41,613) 70 % $ (32,922) $ (55,157) 40 % Net loss per share attributable to Century Casinos , Inc. shareholders: Diluted $ (0.40) $ (1.36) 71 % $ (1.08) $ (1.81) 40 % RESULTS BY REPORTABLE SEGMENT* Following is a summary of the changes in net operating revenue by reportable segment for the three and six months ended June 30, 2025 , compared to the three and six months ended June 30, 2024 : Net Operating Revenue For the three months For the six months Amounts in ended June 30, $ % ended June 30, $ % thousands 2025 2024 Change Change 2025 2024 Change Change United States $ 106,104 $ 106,515 $ (411) — $ 199,401 $ 202,543 $ (3,142) (2 %) Canada 20,005 19,827 178 1 % 36,521 38,153 (1,632) (4 %) Poland 24,709 20,093 4,616 23 % 45,339 41,742 3,597 9 % Corporate and Other — — — — — 13 (13) (100 %) Consolidated $ 150,818 $ 146,435 $ 4,383 3 % $ 281,261 $ 282,451 $ (1,190) — Following is a summary of the changes in earnings (loss) from operations by reportable segment for the three and six months ended June 30, 2025 , compared to the three and six months ended June 30, 2024 : Earnings (Loss) from Operations For the three months For the six months Amounts in ended June 30, $ % ended June 30, $ % thousands 2025 2024 Change Change 2025 2024 Change Change United States $ 14,729 $ 14,102 $ 627 4 % $ 22,076 $ 22,561 $ (485) (2 %) Canada 4,533 4,362 171 4 % 7,894 8,398 (504) (6 %) Poland 464 (181) 645 356 % 355 (202) 557 276 % Corporate and Other (3,151) (4,022) 871 22 % (6,610) (8,210) 1,600 20 % Consolidated $ 16,575 $ 14,261 $ 2,314 16 % $ 23,715 $ 22,547 $ 1,168 5 % Following is a summary of the changes in net (loss) earnings attributable to Century Casinos , Inc. shareholders by reportable segment for the three and six months ended June 30, 2025 , compared to the three and six months ended June 30, 2024 : Net (Loss) Earnings Attributable to Century Casinos , Inc. Shareholders For the three months For the six months Amounts in ended June 30, $ % ended June 30, $ % thousands 2025 2024 Change Change 2025 2024 Change Change United States $ (487) $ (27,593) $ 27,106 98 % $ (8,030) $ (29,137) $ 21,107 72 % Canada 599 1,009 (410) (41 %) 533 2,146 (1,613) (75 %) Poland 245 (40) 285 713 % 81 (35) 116 331 % Corporate and Other (12,666) (14,989) 2,323 16 % (25,506) (28,131) 2,625 9 % Consolidated $ (12,309) $ (41,613) $ 29,304 70 % $ (32,922) $ (55,157) $ 22,235 40 % Items deducted from or added to earnings (loss) from operations to arrive at net (loss) earnings attributable to Century Casinos , Inc. shareholders include interest income, interest expense, gains (losses) on foreign currency transactions and other, income tax (benefit) expense, and non-controlling interests. Following is a summary of the changes in Adjusted EBITDAR** by reportable segment for the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 : Adjusted EBITDAR** For the three months For the six months Amounts in ended June 30, $ % ended June 30, $ % thousands 2025 2024 Change Change 2025 2024 Change Change United States $ 25,693 $ 25,037 $ 656 3 % $ 44,092 $ 44,175 $ (83) — Canada 5,607 5,451 156 3 % 9,967 10,599 (632) (6 %) Poland 1,942 450 1,492 332 % 2,488 1,208 1,280 106 % Corporate and Other (2,938) (3,490) 552 16 % (6,088) (7,285) 1,197 16 % Consolidated $ 30,304 $ 27,448 $ 2,856 10 % $ 50,459 $ 48,697 $ 1,762 4 % BALANCE SHEET AND LIQUIDITY As of June 30, 2025 , the Company had $85 .5 million in cash and cash equivalents compared to $84.7 million at March 31, 2025 and $98 .8 million at December 31, 2024 . Cash and cash equivalents decreased compared to December 31, 2024 primarily due to purchases of property and equipment of $12.5 million . As of June 30, 2025 , the Company had $338.1 million in outstanding debt compared to $339.6 million in outstanding debt at December 31, 2024 . The outstanding debt as of June 30, 2025 included $335.1 million related to a term loan under the Company's credit agreement with Goldman Sachs Bank USA ("Goldman"), $0.8 million of bank debt related to Century Resorts Management GmbH ("CRM") and $2.2 million related to a revolving credit facility related to CasinosPoland ("CPL"). The Company also has a revolving line of credit with Goldman of up to $30.0 million . If the Company has aggregate outstanding revolving loans, swingline loans and letters of credit greater than $10.5 million under the credit agreement with Goldman as of the last day of any fiscal quarter, it is required to maintain a Consolidated First Lien Net Leverage Ratio of 5.50 to 1.00 or less for such fiscal quarter. As of June 30, 2025 , the Consolidated First Lien Net Leverage Ratio exceeded 5.50 to 1.00, but the Company had no outstanding revolving loans, swingline loans or letters of credit under the credit agreement with Goldman. The Company also has a $712.9 million long-term financing obligation under its master lease with subsidiaries of VICI Properties, Inc. (the "Master Lease"). CONFERENCE CALL INFORMATION Today the Company will post a copy of its quarterly report on Form 10-Q filed with the SEC for the quarter ended June 30, 2025 on its website at The Company will also post its current presentation, which may be used in one or more meetings with current and potential investors from time to time, at the Company's website under The Company will host its second quarter 2025 earnings conference call today, Thursday, August 7, 2025 at 10:00 am EDT / 8:00 am MDT . U.S. domestic participants should dial 888-999-6281. For all international participants, please use 848-280-6550 to dial-in. The conference ID is ' Casinos '. Participants may listen to the call live at or obtain a recording of the call on the Company's website until August 31, 2025 at Condensed Consolidated Balance Sheets June 30, December 31, Amounts in thousands 2025 2024 Assets Current assets $ 119,292 $ 135,549 Property and equipment, net 916,120 922,146 Other assets 173,039 168,617 Total assets $ 1,208,451 $ 1,226,312 Liabilities and Equity Current liabilities $ 84,230 $ 86,044 Non-current liabilities 1,074,022 1,058,264 Century Casinos, Inc. shareholders' equity (deficit) (41,493) (9,300) Non-controlling interests 91,692 91,304 Total liabilities and equity $ 1,208,451 $ 1,226,312 CENTURY CASINOS , INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION Reconciliation of Adjusted EBITDAR* to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. For the three months ended June 30, 2025 Amounts in thousands United States Canada Poland Corporate and Other Total Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ (487) $ 599 $ 245 $ (12,666) $ (12,309) Interest expense (income), net (1) 13,082 3,338 49 9,469 25,938 Income tax expense 223 748 241 38 1,250 Depreciation and amortization 11,010 1,074 741 18 12,843 Net earnings attributable to non-controlling interests 1,840 772 124 — 2,736 Non-cash stock-based compensation — — — 195 195 (Gain) loss on foreign currency transactions, cost recovery income and other (2) — (922) (210) 8 (1,124) Loss (gain) on disposition of fixed assets 25 (2) 11 — 34 Pre-opening and termination expenses — — 741 — 741 Adjusted EBITDAR $ 25,693 $ 5,607 $ 1,942 $ (2,938) $ 30,304 (1) See "Summary of Interest Expense (Income), Net" below for a breakdown of interest expense (income), net and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. (2) Includes $1.0 million related to cost recovery income for Century Downs Racetrack and Casino ("CDR") in the Canada segment. For the three months ended June 30, 2024 Amounts in thousands United States Canada Poland Corporate and Other Total Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ (27,593) $ 1,009 $ (40) $ (14,989) $ (41,613) Interest expense (income), net (1) 11,694 3,152 (20) 10,257 25,083 Income tax expense 28,225 456 87 851 29,619 Depreciation and amortization 10,803 1,088 515 43 12,449 Net earnings (loss) attributable to non-controlling interests 1,776 843 (19) — 2,600 Non-cash stock-based compensation — — — 343 343 (Gain) loss on foreign currency transactions and cost recovery income (2) — (1,098) (189) 5 (1,282) Loss on disposition of fixed assets 132 1 116 — 249 Adjusted EBITDAR $ 25,037 $ 5,451 $ 450 $ (3,490) $ 27,448 (1) See "Summary of Interest Expense (Income), Net" below for a breakdown of interest expense (income), net and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. (2) Includes $1.1 million related to cost recovery income for CDR in the Canada segment. CENTURY CASINOS , INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION Reconciliation of Adjusted EBITDAR* to Net (Loss) Earnings Attributable to Century Casinos, Inc. Shareholders by Reportable Segment. For the six months ended June 30, 2025 Amounts in thousands United States Canada Poland Corporate and Other Total Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ (8,030) $ 533 $ 81 $ (25,506) $ (32,922) Interest expense (income), net (1) 26,189 6,546 91 18,768 51,594 Income tax expense 223 964 331 214 1,732 Depreciation and amortization 22,016 2,073 1,111 36 25,236 Net earnings attributable to non-controlling interests 3,623 805 42 — 4,470 Non-cash stock-based compensation — — — 486 486 Gain on foreign currency transactions, cost recovery income and other (2) — (952) (205) (86) (1,243) Loss (gain) on disposition of fixed assets 71 (2) 15 — 84 Pre-opening and termination expenses — — 1,022 — 1,022 Adjusted EBITDAR $ 44,092 $ 9,967 $ 2,488 $ (6,088) $ 50,459 (1) See "Summary of Interest Expense (Income), Net" below for a breakdown of interest expense (income), net and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. For the six months ended June 30, 2024 Amounts in thousands United States Canada Poland Corporate and Other Total Net (loss) earnings attributable to Century Casinos, Inc. shareholders $ (29,137) $ 2,146 $ (35) $ (28,131) $ (55,157) Interest expense (income), net (1) 23,440 6,061 (55) 20,765 50,211 Income tax expense (benefit) 24,705 1,184 238 (494) 25,633 Depreciation and amortization 21,093 2,237 1,053 97 24,480 Net earnings (loss) attributable to non-controlling interests 3,553 914 (17) — 4,450 Non-cash stock-based compensation — — — 846 846 Gain on foreign currency transactions, cost recovery income and other (2) — (1,907) (333) (350) (2,590) Loss (gain) on disposition of fixed assets 521 (36) 357 1 843 Acquisition costs — — — (19) (19) (1) See "Summary of Interest Expense (Income), Net" below for a breakdown of interest expense (income), net and "Cash Rent Payments" below for more information on the rent payments related to the Master Lease. Reconciliation of Caruthersville Adjusted EBITDAR* to Net Earnings Attributable to Century Casinos, Inc. Shareholders. Amounts in thousands Q4 2024 (1) Q1 2025 Q2 2025 Total Net earnings attributable to Century Casinos, Inc. shareholders $ 1,070 $ 1,497 $ 1,185 $ 3,752 Interest expense (income), net 1,906 3,051 3,165 8,122 Income tax expense 129 — 223 352 Depreciation and amortization 869 1,508 1,512 3,889 Loss on disposition of fixed assets 3 — 23 26 Adjusted EBITDAR $ 3,977 $ 6,056 $ 6,108 $ 16,141 Amounts in thousands Q4 2023 (2) Q1 2024 Q2 2024 Total Net earnings (loss) attributable to Century Casinos, Inc. shareholders $ 436 $ 1,468 $ (1,375) $ 529 Interest expense (income), net 1,277 1,928 1,849 5,054 Income tax expense 261 494 3,053 3,808 Depreciation and amortization 691 1,046 1,063 2,800 Loss on disposition of fixed assets 20 3 116 139 Adjusted EBITDAR $ 2,685 $ 4,939 $ 4,706 $ 12,330 (1) Results for November 1, 2024 to December 31, 2024. (2) Results for November 1, 2023 to December 31, 2023. Net Earnings (Loss) Margins and Adjusted EBITDAR Margins * For the three months For the six months ended June 30, ended June 30, 2025 2024 2025 2024 United States Net Operating Revenue $ 106,104 $ 106,515 $ 199,401 $ 202,543 Net Earnings (Loss) Margin (1 %) (26 %) (4 %) (14 %) Adjusted EBITDAR Margin 24 % 24 % 22 % 22 % Canada Net Operating Revenue $ 20,005 $ 19,827 $ 36,521 $ 38,153 Net Earnings (Loss) Margin 3 % 5 % 2 % 6 % Adjusted EBITDAR Margin 28 % 28 % 27 % 28 % Poland Net Operating Revenue $ 24,709 $ 20,093 $ 45,339 $ 41,742 Net Earnings (Loss) Margin 1 % — — — Adjusted EBITDAR Margin 8 % 2 % 6 % 3 % Corporate and Other Net Operating Revenue $ — $ — $ — $ 13 Net Earnings (Loss) Margin NM (1) NM NM NM Adjusted EBITDAR Margin NM NM NM NM Consolidated Net Operating Revenue $ 150,818 $ 146,435 $ 281,261 $ 282,451 Net Earnings (Loss) Margin (8 %) (28 %) (12 %) (20 %) Adjusted EBITDAR Margin 20 % 19 % 18 % 17 % (1) Not meaningful. Summary of Interest Expense (Income), Net For the three months For the six months ended June 30, ended June 30, Amounts in thousands 2025 2024 2025 2024 Interest income $ (273) $ (673) $ (653) $ (1,359) Interest expense - Credit Agreements 8,864 9,821 17,656 19,720 Interest expense - Master Lease Financing Obligation 16,494 15,175 32,896 30,374 Interest expense - Deferred Financing Costs 674 674 1,348 1,348 Interest expense - Miscellaneous 179 86 347 128 Interest expense (income), net $ 25,938 $ 25,083 $ 51,594 $ 50,211 Cash Rent Payments For the three months For the six months ended June 30, ended June 30, Amounts in thousands 2025 2024 2025 2024 Master Lease $ 14,404 $ 15,195 $ 28,731 $ 24,639 Nugget Lease (1) 1,936 1,913 3,849 3,175 (1) Represents payments with respect to the 50% interest in the Nugget Lease owned by Marnell Gaming, LLC through Smooth Bourbon, LLC ("Smooth Bourbon"), a 50% owned subsidiary of the Company that owns the real estate assets underlying the Nugget Casino Resort. The table below shows the Company's reporting units and operating segments that are included in each of the Company's reportable segments as of June 30, 2025 . UNAUDITED SUPPLEMENTAL INFORMATION * We define Adjusted EBITDAR as net earnings (loss) attributable to Century Casinos , Inc. shareholders before interest expense (income) (including interest expense related to the Master Lease), net, income taxes (benefit), depreciation, amortization, non-controlling interests net earnings (losses) and transactions, pre-opening expenses, termination expenses related to closing a casino , acquisition costs, non-cash stock-based compensation charges, asset impairment costs, loss (gain) on disposition of fixed assets, discontinued operations, (gain) loss on foreign currency transactions, cost recovery income and other, gain on business combination and certain other one-time transactions. The Master Lease is accounted for as a financing obligation. As such, a portion of the periodic payment under the Master Lease is recognized as interest expense with the remainder of the payment impacting the financing obligation using the effective interest method. Intercompany transactions consisting primarily of management and royalty fees and interest, along with their related tax effects, are excluded from the presentation of net earnings (loss) attributable to Century Casinos , Inc. shareholders and Adjusted EBITDAR reported for each segment. Not all of the aforementioned items occur in each reporting period, but have been included in the definition based on historical activity. These adjustments have no effect on the consolidated results as reported under GAAP. Adjusted EBITDAR is used outside of our financial statements solely as a valuation metric and is not considered a measure of performance recognized under GAAP. Adjusted EBITDAR is an additional metric used by analysts in valuing gaming companies subject to triple net leases such as our Master Lease since it eliminates the effects of variability in leasing methods and capital structures. This metric is included as supplemental disclosure because (i) we believe Adjusted EBITDAR is used by gaming operator analysts and investors to determine the equity value of gaming operators and (ii) financial analysts refer to Adjusted EBITDAR when valuing our business. We believe Adjusted EBITDAR is useful for equity valuation purposes because (i) its calculation isolates the effects of financing real estate, and (ii) using a multiple of Adjusted EBITDAR to calculate enterprise value allows for an adjustment to the balance sheet to recognize estimated liabilities arising from operating leases related to real estate. Adjusted EBITDAR should not be construed as an alternative to net earnings (loss) attributable to Century Casinos , Inc. shareholders, the most directly comparable GAAP measure, as indicators of our performance. In addition, consolidated Adjusted EBITDAR also should not be viewed as a measure of overall operating performance or considered in isolation or as an alternative to net earnings (loss) attributable to Century Casinos , Inc. shareholders, because it excludes the rent expense associated with our Master Lease and several other items. Adjusted EBITDAR as used by us may not be defined in the same manner as other companies in our industry, and, as a result, may not be comparable to similarly titled non-GAAP financial measures of other companies. ** We define net earnings (loss) margin as net earnings (loss) attributable to Century Casinos , Inc. shareholders divided by net operating revenue. *** We define Adjusted EBITDAR margin as Adjusted EBITDAR divided by net operating revenue. Adjusted EBITDAR margins are a non-US GAAP measure. Management uses these margins as one of several measures to evaluate the efficiency of our casino operations. CENTURY CASINOS , INC. AND SUBSIDIARIES UNAUDITED SUPPLEMENTAL INFORMATION ABOUT CENTURY CASINOS , INC.: Century Casinos , Inc. is a casino entertainment company. In the United States the Company operates the following operating segments: (i) in the East, the Mountaineer Casino , Resort & Races in New Cumberland, West Virginia and Rocky Gap Casino , Resort & Golf in Flintstone, Maryland ; (ii) in the Midwest, the Century Casinos & Hotels Cape Girardeau and Caruthersville in Missouri , and Century Casinos & Hotels in Cripple Creek and Central City, Colorado ; and (iii) in the West, the Nugget Casino Resort, in Reno - Sparks, Nevada . In Alberta, Canada , the Company operates Century Casino & Hotel in Edmonton , the Century Casino in St. Albert , Century Mile Racetrack and Casino in Edmonton and CDR in Calgary . In Poland , the Company operates five casinos through its subsidiary Casinos Poland Ltd. The Company continues to pursue other projects in various stages of development. Century Casinos ' common stock trades on The Nasdaq Capital Market® under the symbol CNTY. For more information about Century Casinos , visit our website at This release may contain "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. These statements are based on the beliefs and assumptions of the management of Century Casinos based on information currently available to management. Such forward-looking statements include, but are not limited to, statements regarding our strategic review process and the results thereof, the commencement of sports betting in Missouri , our agreement with BetMGM and any expected benefits thereto, our recently opened Caruthersville land-based casino and hotel, licensing and opening of our Polandcasinos , expectations for our Poland segment moving forward, the Goldman credit agreement and obligations under our Master Lease and our ability to repay our debt and other obligations, outcomes of legal proceedings, changes in our tax provisions or exposure to additional income tax liabilities, and plans for our casinos and our Company, including expectations regarding 2025 and later results. Such forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Important factors that could cause actual results to differ materially from the forward-looking statements include, among others, the risks described in the section entitled "Risk Factors" under Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2024 , and in subsequent periodic and current SEC filings we may make. Century Casinos disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.
Bloomberg
30-07-2025
- Business
- Bloomberg
Dye & Durham Strikes Truce With Activist, Starts Review
Legal software provider Dye & Durham Ltd. launched a review of strategic options, including a potential sale, in a bid to maximize shareholder value after reaching a truce with one of its largest investors. The shares jumped as much as 22% in early trading. Plantro Ltd., an investment firm controlled by former Dye & Durham Chief Executive Officer Matt Proud, agreed to withdraw its demand for a special shareholder meeting. As part of the truce, David Danziger, a veteran accountant and corporate director, will join the Toronto-based firm's board and chair a new special committee overseeing the review.
Yahoo
11-07-2025
- Business
- Yahoo
Cygnus Metals Limited: Issue of Performance Rights
TORONTO, July 11, 2025 (GLOBE NEWSWIRE) -- Cygnus Metals Limited ('Cygnus' or the 'Company') advises that it has issued an aggregate of 67,050,000 performance rights ('Performance Rights') to directors, and key employees and consultants, under the Company's Omnibus Equity Incentive Plan ('Plan'). Shareholders approved the Plan and the issue of Performance Rights to directors at the Company's annual general meeting held on May 14, 2025. The Performance Rights to key personnel were issued on the same terms and conditions as the director Performance Rights, as set out in the notice of annual general meeting released to ASX on April 14, 2025. The Performance Rights vest on the later of (a) one year after their date of issue, and (b) the successful completion of specific key performance objectives within three years from the date of issue. Each vested Performance Right is exercisable to one fully paid ordinary share in the capital of the Company (net of applicable withholdings) and will expire on May 31, 2030 unless exercised on or before this date. The objective of Cygnus' Plan is to promote the long-term success of the Company and the creation of shareholder value by aligning the interests of eligible persons under the Plan with the interests of the Company. This announcement has been authorised for release by the Board of Directors of Cygnus. David SouthamExecutive ChairT: +61 8 6118 1627E: info@ Ernest MastPresident & Managing DirectorT: +1 647 921 0501E: info@ Media:Paul Armstrong Read Corporate +61 8 9388 1474 About Cygnus Metals Cygnus Metals Limited (ASX: CY5, TSXV: CYG) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
15-06-2025
- Business
- Globe and Mail
Why FTAI Aviation Stock Deserves a Spot in Your Portfolio for Now
FTAI Aviation Ltd. FTAI, with robust earnings and revenue estimates, efficient solvency, strong liquidity and the ability to raise shareholder value via regular dividends, offers a great investment opportunity in the Zacks Aerospace Defense Equipment industry. Let's focus on the reasons that make this Zacks Rank #2 (Buy) stock an attractive investment pick at the moment. FTAI's Earnings & Revenue Forecast The Zacks Consensus Estimate for FTAI's 2025 earnings per share (EPS) has increased 1.6% to $5.14 in the past 30 days. The Zacks Consensus Estimate for the company's total revenues for 2025 stands at $2.11 billion, which indicates year-over-year growth of 21.8%. Overview of FTAI's Solvency FTAI's times interest earned ratio at the end of the first quarter of 2025 was 7.6. The ratio, being greater than one, reflects the company's ability to meet future interest obligations without difficulties. FTAI's Liquidity Position FTAI's current ratio at the end of the first quarter of 2025 was 3.95, much higher than the industry's average of 1.74. The ratio being greater than one indicates the company's ability to meet its future short-term liabilities without difficulties. FTAI's ROIC FTAI Aviation's return on invested capital (ROIC) has outperformed the industry average in the trailing 12 months. Currently, FTAI's ROIC is 6.11% compared with the industry average of 4.43%. The ROIC evaluates a company's ability to earn returns on its investments. FTAI's Return to Shareholders FTAI Aviation has increased shareholder value by continuously paying dividends. Currently, the company's quarterly dividend is 30 cents per share, resulting in an annualized dividend of $1.20. FTAI's current dividend yield is 0.93%, better than the industry's average of 0.17%. FTAI Stock Price Performance In the past three months, FTAI Aviation shares have rallied 32.2% compared with the industry's average return of 22.5%. Other Stocks to Consider A few other top-ranked stocks from the same industry are Curtiss-Wright Corp. CW, Woodward, Inc. WWD and Leonardo DRS, Inc. DRS, each carrying a Zacks Rank #2 at present. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. CW's long-term (three to five years) earnings growth rate is 12%. The Zacks Consensus Estimate for the company's total revenues for 2025 stands at $3.39 billion, which indicates year-over-year growth of 8.5%. Woodward's long-term earnings growth rate is 13.7%. The Zacks Consensus Estimate for WWD's fiscal 2025 sales is pegged at $3.45 billion, which implies an improvement of 3.7%. DRS' long-term earnings growth rate is 14.6%. The Zacks Consensus Estimate for the company's total revenues for 2025 stands at $3.52 billion, which indicates year-over-year growth of 9%. Zacks Names #1 Semiconductor Stock It's only 1/9,000th the size of NVIDIA which skyrocketed more than +800% since we recommended it. NVIDIA is still strong, but our new top chip stock has much more room to boom. With strong earnings growth and an expanding customer base, it's positioned to feed the rampant demand for Artificial Intelligence, Machine Learning, and Internet of Things. Global semiconductor manufacturing is projected to explode from $452 billion in 2021 to $803 billion by 2028. See This Stock Now for Free >> Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Curtiss-Wright Corporation (CW): Free Stock Analysis Report Woodward, Inc. (WWD): Free Stock Analysis Report FTAI Aviation Ltd. (FTAI): Free Stock Analysis Report Leonardo DRS, Inc. (DRS): Free Stock Analysis Report
