Century Casinos, Inc. (Nasdaq: CNTY) had a rough ride in April but times may change after the company released Q1 financial results on Wednesday. Revenue went up, but unfortunately company reported loss of $31,8 million
First Quarter 2020 CNTY key takeaways
- Net operating revenue was $87.7 million, compared to $45.6 million for the three months ended March 31, 2019, an increase of 92%.
- Loss from operations was ($31.8) million, compared to earnings of $3.4 million for the three months ended March 31, 2019, a decrease of (1022%).
- Net loss attributable to Century Casinos, Inc. shareholders was ($45.9) million, compared to net earnings attributable to Century Casinos, Inc. shareholders of $1.1 million for the three months ended March 31, 2019, a decrease of (4394%).
- Adjusted EBITDA was $9.6 million, compared to $6.7 million for the three months ended March 31, 2019, an increase of 44%.
- Loss per share was ($1.55).
- Book value per share at March 31, 2020 was $3.54.
Century Casinos’s Q1 2020 net operating revenue and were, according to SEC filing, significantly impacted by the acquisition of Mountaineer Casino, Racetrack & Resort, Century Casino Cape Girardeau and Century Casino Caruthersville in December 2019. Furthermore, according to CNTY the coronavirus (COVID-19) “pandemic significantly impacted the Company’s first quarter 2020 results of operations, which included a $33.0 million impairment of goodwill and casino licenses.”
CNTY stock price is hovering around $4 since mid March and it is a question when will the price bounce back to pre-coronavirus levels.