Business
Monarch Casino & Resort Reports 2023 Fourth Quarter Financial Results
Declares Cash Dividend of $0.30 per Share Payable on March 15, 2024 RENO, Nev., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI)
About this update from Monarch Casino & Resort, Inc.
[{"type":"text","content":"Declares Cash Dividend of $0.30 per Share Payable on March 15, 2024\nRENO, Nev., Feb. 14, 2024 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for the fourth quarter ended December 31, 2023, as summarized below: ($ in thousands, except per share data and percentages) Three Months Ended December 31, Twelve Months Ended December 31, 2023 2022 Change 2023 2022 ChangeNet revenue $128,186 $120,536 6.3% $501,478 $477,870 4.9% Net income (1) $18,202 $22,433 (18.9%) $82,448 $87,479 (5.8%) Adjusted EBITDA (3) $43,003 $41,588 3.4% $170,832 $167,085 2.2% Basic earnings per share $0.94 $1.17 (19.7%) $4.28 $4.60 (7.0%)Diluted earnings per share (2) $0.93 $1.14 (18.4%) $4.20 $4.47 (6.0%)(1) Net Income in the fourth quarter of 2023 was impacted by: a) the effective tax rate (28.6% in the fourth quarter of 2023 and 19.5% in the fourth quarter of 2022), which varies based on the amount of the excess tax benefit on stock compensation and drove a $2.9 million decrease in Net income; b) legal and consulting costs related to the ongoing litigation with the Monarch Black Hawk’s general contractor which impacted Net income by $2.8 million and $0.8 million, respectively, in the fourth quarter of 2023 and 2022, resulting in $2.0 million decrease in Net income; and c) higher depreciation expense in the fourth quarter of 2023 compared to the fourth quarter of 2022 which resulted in a $1.0 million decrease in Net Income.(2) Diluted EPS in the fourth quarter of 2023 was impacted by: a) the effective tax rate (28.6% in the fourth quarter of 2023 and 19.5% in the fourth quarter of 2022), which varies based on the amount of the excess tax benefit on stock compensation and drove a $0.15 decrease in diluted EPS; b) legal and consulting costs related to the ongoing litigation with the Monarch Black Hawk’s general contractor which impacted diluted EPS by $0.14 and $0.04, respectively, in the fourth quarter of 2023 and 2022, resulting in $0.10 decrease in diluted EPS; and c) higher depreciation expense in the fourth quarter of 2023 compared to the fourth quarter of 2022 which resulted in a $0.05 decrease in diluted EPS.(3) Definitions, disclosures and reconciliations of non-GAAP financial information are included later in the release. CEO Comment John Farahi, Co-Chairman and Chief Execut...