Business
Monarch Casino & Resort Reports Record 2022 Fourth Quarter Financial Results
RENO, Nev., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for
About this update from Monarch Casino & Resort, Inc.
[{"type":"text","content":"RENO, Nev., Feb. 14, 2023 (GLOBE NEWSWIRE) -- Monarch Casino & Resort, Inc. (Nasdaq: MCRI) (“Monarch” or “the Company”) today reported operating results for the fourth quarter and full year ended December 31, 2022, as summarized below: ($ in thousands, except per share data and percentages) Three Months Ended December 31, Twelve Months Ended December 31, 2022 2021 Increase 2022 2021 IncreaseNet revenue$120,536 $111,068 8.5% $477,870 $395,377 20.9% Net income(1)$22,433 $19,871 12.9% $87,479 $68,488 27.7% Adjusted EBITDA(3)$41,588 $39,015 6.6% $167,085 $137,294 21.7% Basic earnings per share$1.17 $1.06 10.4% $4.60 $3.68 25.0%Diluted earnings per share(2)$1.14 $1.02 11.8% $4.47 $3.53 26.6% Net Income was negatively impacted by legal and consulting costs, related to the ongoing litigation with the Monarch Black Hawk general contractor, PCL Construction Services, Inc. The impact during the fourth quarter of 2022 and 2021 was $0.8 million and $2.1 million, respectively, and the impact during the twelve months of 2022 and 2021 was $7.3 million and $5.1 million, respectively. Diluted EPS was negatively impacted by legal and consulting costs, related to the ongoing litigation with the Monarch Black Hawk general contractor, PCL Construction Services, Inc. The impact during the fourth quarter of 2022 and 2021 was $0.03 and $0.09 per share, respectively, and the impact during the twelve months of 2022 and 2021 was $0.30 and $0.21 per share, respectively. Definitions, disclosures and reconciliations of non-GAAP financial information are included later in the release. CEO Comment John Farahi, Co-Chairman and Chief Executive Officer of Monarch, commented: “Monarch ended a strong 2022 with record fourth quarter and fiscal year financial results. We continue to benefit from the ongoing ramp up of our expanded and enhanced Black Hawk property. Net revenue and Adjusted EBITDA growth of over 20% in 2022 drove free cash flow to a record high, positioning Monarch to return capital to stockholders in the form of the one-time cash dividend and the recurring annual cash dividend to be paid quarterly, which we announced last week. As of now, we have approximately $30 million cash in the bank. We expect to pay the one-time dividend with the available cash, including additional cash generated from operations, with the remaining balance to be drawn from the...