Century Casinos, Inc (CNTY) has reported 5.35 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $2.16 million, or $0.09 a share in the quarter, compared with $2.28 million, or $0.09 a share for the same period last year. Revenue during the quarter grew 9.54 percent to $36.40 million from $33.23 million in the previous year period. Gross margin for the quarter expanded 5 basis points over the previous year period to 12.34 percent. Total expenses were 87.66 percent of quarterly revenues, down from 87.71 percent for the same period last year. This has led to an improvement of 5 basis points in operating margin to 12.34 percent.
Operating income for the quarter was $4.49 million, compared with $4.08 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $6.71 million compared with $6.31 million in the prior year period. At the same time, adjusted EBITDA margin contracted 55 basis points in the quarter to 18.44 percent from 18.98 percent in the last year period.
“Overall, we are quite pleased with the results of the first quarter, taking into account a pretty unfavorable New Year’s holiday calendar as well as severe inclement weather in Colorado compared to last year,” Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos, said. “We are very excited about having received regulatory approvals for our racetrack and casino project in Edmonton, Canada,” they continued.
Working capital increases sharply
Century Casinos, Inc has recorded an increase in the working capital over the last year. It stood at $19.66 million as at Mar. 31, 2017, up 52.62 percent or $6.78 million from $12.88 million on Mar. 31, 2016. Current ratio was at 1.78 as on Mar. 31, 2017, up from 1.59 on Mar. 31, 2016. Days sales outstanding went down to 4 days for the quarter compared with 8 days for the same period last year.
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