Boyd Gaming Corporation (BYD) swung to a net profit for the quarter ended Dec. 31, 2016. The company has made a net profit of $12.22 million, or $ 0.11 a share in the quarter, against a net loss of $6.87 million, or $0.06 a share in the last year period. On the other hand, adjusted net income for the quarter stood at $44.29 million, or $0.38 a share compared with $10.32 million or $0.09 a share, a year ago.
Revenue during the quarter went up marginally by 2.24 percent to $554.82 million from $542.67 million in the previous year period. Gross margin for the quarter expanded 50 basis points over the previous year period to 46.14 percent. Total expenses were 94.60 percent of quarterly revenues, up from 91.38 percent for the same period last year. That has resulted in a contraction of 322 basis points in operating margin to 5.40 percent.
Operating income for the quarter was $29.97 million, compared with $46.80 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $138.80 million compared with $131.32 million in the prior year period. At the same time, adjusted EBITDA margin improved 82 basis points in the quarter to 25.02 percent from 24.20 percent in the last year period.
Keith Smith, president and chief executive officer of Boyd Gaming, said: "The fourth quarter was the culmination of an eventful and successful year, as we further positioned our Company for long-term growth. Our Las Vegas Locals segment grew at a healthy pace in the fourth quarter, with same-store Adjusted EBITDA reaching its highest levels in nearly a decade. We were also encouraged to see meaningful sequential improvement in our regional operations, which performed in-line with prior-year results after considering the impact of severe winter weather. And in December, we completed the acquisition of the Cannery and Eastside Cannery, further expanding our footprint in the attractive Las Vegas market."
For the full year 2017, Boyd Gaming Corporation projects total Adjusted EBITDA of $585 million to $605 million.
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