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Boyd Gaming quarterly profit more than doubles


2005-08-25

Casino operator Boyd Gaming Corp. on Tuesday said its second-quarter earnings per share more than doubled, driven by business at its Las Vegas casinos that cater to local residents and at its Borgata casino in Atlantic City.

The Las Vegas-based company said net income rose to $48.6 million, or 54 cents a share, from $15.5 million, or 23 cents a share, a year earlier. The number of company shares outstanding rose 22 percent in the latest quarter due to a merger with Coast Casinos.
"The Las Vegas economy is very strong -- population, income and jobs are all growing," said Ellis Landau, Boyd's chief financial officer. On an adjusted basis, Boyd said it earned 56 cents a share, edging over the average Wall Street estimate of 55 cents a share.
For the third-quarter, Landau projected an adjusted profit of 53 cents to 56 cents a share, compared with the average analyst estimate of 52 cents.
The company's shares, which rose 2 percent to close at $54.82 on Nasdaq, were down 5 percent at $52.09 in after hours trading. "The rumor was that they were going to have a blow-out quarter, but 1 cent is not a blow out," said Eric Hausler, an analyst at Susquehanna Financial Group.
He said there may have been some disappointment with results at Borgata, where the casino's table game win fell short of average. "You're spending to bring in the high-rollers, so you need that table win," Hausler said.
Overall Boyd's revenue rose 62 percent to $554 million, with a 4.7 percent increase at casinos open at least a year.
The company attributed the strong results to higher profits at Borgata, jointly owned with MGM Mirage, and its recently acquired Coast Casinos chain, which caters to Las Vegas residents, and other Las Vegas operations.
Earnings before interest, tax, depreciation and amortization rose 87 percent to $159 million, while EBITDA at casinos open at least a year rose 14.1 percent.
Boyd's share of Borgata's operating income rose 13.5 percent.
EBITDA at the four Las Vegas properties of Coast Casinos increased 32 percent, while EBITDA at Boyd's downtown Las Vegas properties rose 63 percent, the company said.

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