Business
Gamehost Income Fund - Reports 2007 first quarter financial results
Gamehost Income Fund - Reports 2007 first quarter financial results.
About this update from Gamehost Inc.
[{"type":"text","content":"\n\n\n\nGamehost Income Fund (the "Fund) (TSX.V: GH.UN)\n\n\nRED DEER, AB, May 14 /CNW/ - Results for the first interim reporting\nperiod in 2007 are in. All assets performed above management expectations for\nthe three months ended March 31, 2007 (the "Period"). Management of the Fund\nis pleased again to share the results of another record quarter.\n\n\nHistorically the strongest growth quarter, the 2007 version of Q1 did not\ndisappoint. Revenues are up from $11.5 million in Q1 2006 and $13.5 million in\nQ4 2006 to $14.1 million for the Period, the fourteenth consecutive quarterly\nrecord for the Fund. These results represent growth of 22.3% and 4.4%\nrespectively to the prior periods noted. More impressive were the results for\nearnings before interest, taxes, depreciation and amortization ("EBITDA") and\nEBITDA margins. EBITDA totaled $7.0 million for the Period. This is up\n$1.4 million or 25.5% from Q1 2006 and up $0.7 million or 13.6% from Q4 2006.\nEBITDA margins for the Period were 49.7% up significantly by 1.2% and 2.7%\nyear over year and quarter over quarter respectively.\n\n\nMid March marked the beginning of spring breakup in Alberta together with\nroad bans and weight restrictions for trucking. The seasonal affect of this\nresults in a drop in occupancy at our Grande Prairie hotel and an increase in\nactivity at our northern casinos. The 2006 expansion of Boomtown Casino in Ft.\nMcMurray is now showing real signs of traction. Mega projects either underway\nor nearing startup in the oil sands rich area has bolstered the number of\nconstruction personal in the community. To meet growing demand, an additional\n31 slot machines were added at our Deerfoot Joint Venture property in Calgary\nduring the Period. The Deerfoot Joint Venture property continues to benefit\nfrom promotional efforts which are growing market awareness. The Deerfoot\nJoint Venture facility is quickly becoming the destination of choice in the\ncities fast growing southeast. A varied lineup of entertainment events\nintended to attract a wide range of entertainment seekers continues to attract\nnew patrons. The recent launch of loyalty programs are proving successful in\nencouraging what their name suggests.\n\n\nInterim Consolidated Statements of Operations\n(Unaudited)\n-----------------------------------------------------...