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News Release of Trump Hotels & Casino Resorts, Inc., dated October 28, 2004 | | Exhibit 99.1 |
NEWS RELEASE
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| FOR: | | Trump Hotels & Casino Resorts, Inc. |
| CONTACT: | | Scott C. Butera (212) 891-1500 |
| FOR RELEASE: | | IMMEDIATELY, Thursday, October 28, 2004 |
TRUMP HOTELS & CASINO RESORTS REPORTS
2004 THIRD QUARTER AND NINE MONTHS RESULTS
NEW YORK, NY –Trump Hotels & Casino Resorts, Inc. (“THCR” or the“Company”) (OTCBB: DJTC.OB) today reported its operating results for the third quarter and nine months ended September 30, 2004. THCR reported consolidated net revenues (defined as gross revenues less promotional allowances) for the quarter ended September 30, 2004 of $309.3 million, compared to $309.0 million for the quarter ended September 30, 2003. Consolidated income from operations for the quarter ended September 30, 2004 was $36.2 million, compared to $45.4 million for the quarter ended September 30, 2003. Consolidated net loss for the quarter ended September 30, 2004 was $25.1 million, or $0.84 per share, compared to a net loss of $12.4 million, or $0.43 per share, for the quarter ended September 30, 2003. EBITDA (defined as income from operations before depreciation, amortization, non-cash New Jersey Casino Reinvestment Development Authority (“CRDA”) write-downs, non-recurring debt renegotiation costs and corporate expenses) for the quarter ended September 30, 2004 was $70.1 million, compared to EBITDA of $73.4 million reported for the quarter ended
September 30, 2003. Readers are advised that the term “EBITDA” is not a measure of financial performance under generally accepted accounting principles. The Company uses EBITDA because it believes that it is used by certain investors in measuring an entity’s operating performance. A reconciliation of EBITDA to income from operations is included in the attached schedules.
THCR reported consolidated net revenues (defined as gross revenues less promotional allowances) for the nine months ended September 30, 2004 of $878.8 million, compared to $894.7 million for the nine months ended September 30, 2003. Consolidated income from operations for the nine months ended September 30, 2004 was $103.8 million, compared to $120.0 million for the nine months ended September 30, 2003. EBITDA for the nine months ended September 30, 2004 was $194.7 million, compared to EBITDA of $205.6 million for the nine months ended September 30, 2003. Consolidated net loss for the nine months ended September 30, 2004 was $91.5 million, or $3.06 per share, compared to a net loss of $46.4 million, or $1.90 per share, net of minority interest of $5.1 million, for the nine months ended September 30, 2003.
Donald J. Trump, Chairman and Chief Executive Officer of the Company, commented, “We believe that our recently announced plan will be a turning point for the Company. Although the third quarter results are soft, we are focused on our Company’s future and positioning ourselves to take advantage of evolving gaming technologies with the power of the Trump brand.”
Scott C. Butera, the Company’s recently named President and Chief Operating Officer, added, “Atlantic City has been a growing yet competitive environment for all operators. We
believe our recapitalization plan will give us the financial resources to increase our presence in this market by refurbishing and expanding our current properties, in addition to diversifying into new markets.”
Mark A. Brown, the President and Chief Executive Officer of the Company’s casino group, commented, “Consolidated gross casino revenues, as well as all other revenue items before promotional allowances, increased $5.7 million in the 2004 third quarter, compared to 2003. However, these increases were offset by higher promotional allowances and operating expenses, leading to a decrease in consolidated operating results. The recapitalization, with its lower projected capital costs, will allow us to invest in our properties, which we believe will lead to improved operating performance.” Mr. Brown added, “The Company is developing plans for all three of its Atlantic City properties to improve their operating performance when we emerge from the process.”
Trump Taj Mahal Associates (“Taj Associates”) reported net revenues of $126.6 million for the quarter ended September 30, 2004, compared to $130.0 million for the quarter ended September 30, 2003. Income from operations for the quarter ended September 30, 2004 was $17.8 million, compared to $22.0 million for the quarter ended September 30, 2003. EBITDA was $30.3 million for the quarter ended September 30, 2004, compared to $33.9 million for the quarter ended September 30, 2003. Taj Associates reported net revenues of $359.7 million for the nine months ended September 30, 2004, compared to $376.4 million for the nine months ended September 30, 2003. Income from operations for the nine months ended September 30, 2004 was $47.9 million, compared to $59.4 million for the nine months ended September 30, 2003. EBITDA was $86.1 million for the nine months ended September 30, 2004, compared to $95.0 million for the nine months ended September 30, 2003.
Trump Plaza Associates reported (“Plaza Associates”) net revenues of $77.0 million for the quarter ended September 30, 2004, compared to $76.8 million for the quarter ended September 30, 2003. Income from operations for the quarter ended September 30, 2004 was $4.5 million, compared to $10.5 million for the quarter ended September 30, 2003. EBITDA was $13.0 million for the quarter ended September 30, 2004, compared to $16.5 million for the quarter ended September 30, 2003. Plaza Associates reported net revenues of $216.0 million for the nine months ended September 30, 2004, compared to $225.6 million for the nine months ended September 30, 2003. Income from operations for the nine months ended September 30, 2004 was $17.5 million, compared to $31.4 million for the nine months ended September 30, 2003. EBITDA was $38.0 million for the nine months ended September 30, 2004, compared to $48.4 million for the nine months ended September 30, 2003.
Trump Marina Associates (“Marina Associates”) reported net revenues of $70.0 million for the quarter ended September 30, 2004, compared to $68.3 million for the quarter ended September 30, 2003. Income from operations for the quarter ended September 30, 2004 was $11.0 million, compared to $8.1 million for the quarter ended September 30, 2003. EBITDA was $16.6 million for the quarter ended September 30, 2004, compared to $14.4 million for the quarter ended September 30, 2003. Marina Associates reported net revenues of $190.5 million for the nine months ended September 30, 2004, compared to $195.1 million for the nine months ended September 30, 2003. Income from operations for the nine months ended September 30, 2004 was $22.0 million, compared to $20.3 million for the nine months ended September 30, 2003. EBITDA was $39.2 million for the nine months ended September 30, 2004, compared to $38.5 million for the nine months ended September 30, 2003.
Trump Indiana, Inc. (“Trump Indiana”) reported net revenues of $34.0 million for the quarter ended September 30, 2004, compared to $33.1 million for the quarter ended September 30, 2003. Income from operations for the quarter ended September 30, 2004 was $4.7 million, compared to $4.6 million for the quarter ended September 30, 2003. EBITDA was $8.5 million for the quarter ended September 30, 2004, compared to $7.7 million for the quarter ended September 30, 2003. Trump Indiana reported net revenues of $106.4 million for the nine months ended September 30, 2004, compared to $94.6 million for the nine months ended September 30, 2003. Income from operations for the nine months ended September 30, 2004 was $14.9 million, compared to $11.0 million for the nine months ended September 30, 2003. EBITDA was $25.5 million for the nine months ended September 30, 2004, compared to $21.0 million for the nine months ended September 30, 2003.
THCR Management Services, LLC earned $1.7 million in management fees during the quarter ended September 30, 2004, compared to $0.8 million for the quarter ended September 30, 2003, and incurred $0.1 million in associated general and administrative costs for the quarter ended September 30, 2004. For the nine months ended September 30, 2004, management fees totaled $6.2 million, compared to $3.0 million for the nine months ended September 30, 2003, and incurred $0.3 million in associated general and administrative costs for the nine months ended September 30, 2004 and September 30, 2003.
Trump Atlantic City Associates (“TACA”) reported combined net revenues of Trump Plaza and Trump Taj Mahal of $203.6 million for the quarter ended September 30, 2004,
compared to net revenues of $206.8 million for the quarter ended September 30, 2003. Income from operations for the quarter ended September 30, 2004 was $20.3 million, compared to $32.5 million for the quarter ended September 30, 2003. EBITDA was $43.4 million for the quarter ended September 30, 2004, compared to $50.4 million for the quarter ended September 30, 2003. TACA reported combined net revenues of Trump Plaza and Trump Taj Mahal of $575.7 million for the nine months ended September 30, 2004, compared to net revenues of $602.0 million for the nine months ended September 30, 2003. Income from operations for the nine months ended September 30, 2004 was $63.4 million, compared to $90.3 million for the nine months ended September 30, 2003. EBITDA was $124.2 million for the nine months ended September 30, 2004, compared to $143.4 million for the nine months ended September 30, 2003.
Trump Casino Holdings, LLC (“TCH”) reported combined net revenues of Trump Marina and Trump Indiana and management fees from Trump 29 of $105.7 million for the quarter ended September 30, 2004, compared to net revenues of $102.2 million for the quarter ended September 30, 2003. Income from operations for the quarter ended September 30, 2004 was $17.7 million, compared to $14.5 million for the quarter ended September 30, 2003. EBITDA was $26.7 million for the quarter ended September 30, 2004, compared to $22.9 million for the quarter ended September 30, 2003. TCH reported combined net revenues of Trump Marina and Trump Indiana and management fees from Trump 29 of $303.1 million for the nine months ended September 30, 2004, compared to net revenues of $292.7 million for the nine months ended September 30, 2003. Income from operations for the nine months ended September 30, 2004 was $45.7 million, compared to $35.8 million for the nine months ended September 30, 2003. EBITDA was $70.5 million for the nine months ended September 30, 2004, compared to $62.2 million for the nine months ended September 30, 2003.
About Our Company:
THCR, through its wholly owned subsidiaries, owns and operates four properties and manages one property under the Trump brand name. THCR’s assets include Trump Taj Mahal Casino Resort and Trump Plaza Hotel and Casino, located on the Boardwalk in Atlantic City, New Jersey, Trump Marina Hotel Casino, located in Atlantic City’s Marina District, and the Trump Casino Hotel, a riverboat casino located in Gary, Indiana. In addition, the Company manages Trump 29 Casino, a Native American owned facility located near Palms Springs, California. Together, the properties comprise approximately 451,280 square feet of gaming space and 3,180 hotel rooms and suites. The Company is the sole vehicle through which Donald J. Trump conducts gaming activities and strives to provide customers with outstanding casino resort and entertainment experiences consistent with the Donald J. Trump standard of excellence. THCR is separate and distinct from Mr. Trump’s real estate and other holdings.
PSLRA Safe Harbor for Forward-Looking Statements
and Additional Available Information
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements so long as those statements are identified as forward-looking and are accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in such statements.
All statements, trend analysis and other information contained in this release relative to THCR’s or its subsidiaries’ performance, trends in THCR’s or its subsidiaries’ operations or financial results, plans, expectations, estimates and beliefs, as well as other statements including words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” “intend,” “will,” “could” and other similar expressions, constitute forward-looking statements under the Private Securities Litigation Reform Act of 1995. In connection with certain forward-looking statements contained in this release and those that may be made in the future by or on behalf of THCR, THCR notes that there are various factors that could cause actual results to differ materially from those set forth in any such forward-looking statements. The forward-looking statements contained in this release were prepared by management and are qualified by, and subject to, significant business, economic, competitive, regulatory and other uncertainties and contingencies (including those pertaining to the currently proposed restructuring), all of which
are difficult or impossible to predict and many of which are beyond the control of THCR. Accordingly, there can be no assurance that the forward-looking statements contained in this release will be realized or that actual results will not be significantly higher or lower. The forward-looking statements in this release reflect the opinion of the Company’s management as of the date of this release. Readers are hereby advised that developments subsequent to this release are likely to cause these statements to become outdated with the passage of time or other factors beyond the control of the Company. This Company does not intend, however, to update the guidance provided herein prior to its next release or unless otherwise required to do so. Readers of this release should consider these facts in evaluating the information contained herein. In addition, the business and operations of THCR are subject to substantial risks, including, but not limited to risks relating to liquidity and cash flows, which increase the uncertainty inherent in the forward-looking statements contained in this release. The inclusion of the forward-looking statements contained in this release should not be regarded as a representation by THCR or any other person that the forward-looking statements contained in the release will be achieved. In light of the foregoing, readers of this release are cautioned not to place undue reliance on the forward-looking statements contained herein.
Additional information concerning the potential risk factors that could affect the Company’s future performance are described from time to time in the Company’s periodic reports filed with the SEC, including, but not limited to, the Company’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports may be viewed free of charge on the SEC’s website, www.sec.gov, or on the Company’s website, www.trump.com.
###
TRUMP HOTELS & CASINO RESORTS, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share data)
| | | | | | | | | | | | | | | | |
| | | 3 MONTHS
| | | 9 MONTHS
| |
| | | 30-Sep-04
| | | 30-Sep-03
| | | 30-Sep-04
| | | 30-Sep-03
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REVENUES | | | | | | | | | | | | | | | | |
CASINO | | $ | 325,100 | | | $ | 324,339 | | | $ | 921,661 | | | $ | 938,471 | |
ROOMS | | | 22,253 | | | | 21,905 | | | | 59,756 | | | | 60,254 | |
FOOD & BEVERAGE | | | 37,457 | | | | 35,897 | | | | 99,431 | | | | 97,194 | |
MANAGEMENT FEE | | | 1,672 | | | | 839 | | | | 6,161 | | | | 2,988 | |
OTHER | | | 14,541 | | | | 12,383 | | | | 34,483 | | | | 29,624 | |
PROMOTIONAL ALLOWANCES | | | (91,692 | ) | | | (86,334 | ) | | | (242,740 | ) | | | (233,839 | ) |
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NET REVENUES | | $ | 309,331 | | | $ | 309,029 | | | $ | 878,752 | | | $ | 894,692 | |
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COSTS & EXPENSES | | | | | | | | | | | | | | | | |
GAMING | | $ | 152,700 | | | $ | 150,777 | | | $ | 432,252 | | | $ | 437,292 | |
ROOMS | | | 7,354 | | | | 7,460 | | | | 21,794 | | | | 23,060 | |
FOOD & BEVERAGE | | | 12,852 | | | | 13,064 | | | | 35,392 | | | | 35,479 | |
GENERAL & ADMIN | | | 66,348 | | | | 64,363 | | | | 194,632 | | | | 193,258 | |
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TOTAL EXPENSES | | $ | 239,254 | | | $ | 235,664 | | | $ | 684,070 | | | $ | 689,089 | |
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EBITDA (a) | | $ | 70,077 | | | $ | 73,365 | | | $ | 194,682 | | | $ | 205,603 | |
Less: | | | | | | | | | | | | | | | | |
CRDA | | | 1,238 | | | | 1,227 | | | | 3,507 | | | | 5,862 | |
DEPRECIATION & AMORTIZATION | | | 27,489 | | | | 24,515 | | | | 77,603 | | | | 69,952 | |
CORPORATE EXPENSES | | | 2,328 | | | | 2,183 | | | | 6,911 | | | | 6,858 | |
DEBT RENEGOTIATION COSTS (b) | | | 2,857 | | | | — | | | | 2,857 | | | | 2,951 | |
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INCOME FROM OPERATIONS | | $ | 36,165 | | | $ | 45,440 | | | $ | 103,804 | | | $ | 119,980 | |
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INTEREST INCOME | | | (204 | ) | | | (139 | ) | | | (560 | ) | | | (1,207 | ) |
INTEREST EXPENSE | | | 57,625 | | | | 55,850 | | | | 171,250 | | | | 169,758 | |
GAIN ON DEBT RETIREMENT, NET (c) | | | — | | | | — | | | | — | | | | (2,892 | ) |
OTHER NON-OPERATING (INCOME)EXPENSE, NET | | | 702 | | | | (7 | ) | | | (2,089 | ) | | | 20 | |
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TOTAL NON-OPERATING EXPENSE, NET | | $ | 58,123 | | | $ | 55,704 | | | $ | 168,601 | | | $ | 165,679 | |
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LOSS BEFORE LOSS IN JOINT VENTURE, INCOME TAXES & MINORITY INTEREST | | $ | (21,958 | ) | | $ | (10,264 | ) | | $ | (64,797 | ) | | $ | (45,699 | ) |
LOSS IN JOINT VENTURE | | | (204 | ) | | | (625 | ) | | | (1,430 | ) | | | (1,855 | ) |
PROVISION FOR INCOME TAXES (d) | | | (2,983 | ) | | | (1,526 | ) | | | (25,272 | ) | | | (3,935 | ) |
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LOSS BEFORE MINORITY INTEREST | | $ | (25,145 | ) | | $ | (12,415 | ) | | $ | (91,499 | ) | | $ | (51,489 | ) |
MINORITY INTEREST (e) | | | — | | | | — | | | | — | | | | 5,061 | |
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NET LOSS | | $ | (25,145 | ) | | $ | (12,415 | ) | | $ | (91,499 | ) | | $ | (46,428 | ) |
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WEIGHTED AVERAGE # SHARES-BASIC | | | 29,904,764 | | | | 29,046,640 | | | �� | 29,904,764 | | | | 24,381,340 | |
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WEIGHTED AVERAGE # SHARES-DILUTED | | | 29,904,764 | | | | 29,046,640 | | | | 29,904,764 | | | | 24,381,340 | |
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BASIC AND DILUTED LOSS PER SHARE | | $ | (0.84 | ) | | $ | (0.43 | ) | | $ | (3.06 | ) | | $ | (1.90 | ) |
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| (a) | EBITDA (Earnings before interest, taxes, depreciation and amortization, valuation allowances on casino reinvestment obligations, corporate expenses and debt renegotiation costs) is a measure of financial performance commonly used in the casino hotel industry. |
We provide EBITDA results to enhance an investor’s understanding of our operating results.
EBITDA is a non-GAAP financial statement measure and should not be construed as an alternative to operating income as determined under generally accepted accounting principles as an indicator of operating performance. All companies do not calculate EBITDA in the same manner; accordingly, the EBITDA results presented above may not be comparable to EBITDA results as reported by other companies.
Corporate expenses include administrative expenses associated with the operation of THCR Holdings and lobbying and developmental costs in other gaming jurisdictions.
| (b) | Debt renegotiation costs in 2004 represent costs incurred in connection with the proposed recapitalization of the Company by the DLJ Merchant Banking Partners proposed investment which was terminated on September 22, 2004. |
Debt renegotiation costs in 2003 include the costs expensed with debt refinancing and transactional fees earned upon the successful completion of debt refinancing in 2003.
| (c) | Includes a net gain of $10.4 million of the Trump Marina PIK Notes and First Mortgage Notes, which is offset by the $2.8 million call premium on the retirement of THCR Holdings 15.5% Senior Notes, Trump Indiana’s interest rate swap of approximately $0.9 million and unamortized loan costs of approximately $3.8 million. All of these transactions occurred on March 25, 2003 in connection with the Company’s issuance of Priority Mortgage Notes and the related use of proceeds. |
| (d) | Represents Indiana state income taxes and New Jersey state income taxes due under the Business Tax Reform Act passed in July 2002 and the New Jersey Profits Tax passed in July 2003. Nine months ended September 2004 includes $19.1 million due to Indiana state waging tax add back adjustment, as a result of a ruling in the Indiana tax court for the period from commencement of operations in June 1996 through the quarter ended March 31, 2004. |
| (e) | Minority interest credit is limited to the Balance Sheet amount at December 31, 2002. |
TRUMP ATLANTIC CITY ASSOCIATES
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands)
| | | | | | | | | | | | | | | | |
| | | 3 MONTHS
| | | 9 MONTHS
| |
| | | 30-Sep-04
| | | 30-Sep-03
| | | 30-Sep-04
| | | 30-Sep-03
| |
REVENUES | | | | | | | | | | | | | | | | |
CASINO | | $ | 218,686 | | | $ | 221,313 | | | $ | 613,848 | | | $ | 638,541 | |
ROOMS | | | 16,085 | | | | 15,938 | | | | 43,250 | | | | 43,860 | |
FOOD & BEVERAGE | | | 26,803 | | | | 25,595 | | | | 72,002 | | | | 70,178 | |
OTHER | | | 10,188 | | | | 7,743 | | | | 23,806 | | | | 19,259 | |
PROMOTIONAL ALLOWANCES | | | (68,174 | ) | | | (63,781 | ) | | | (177,230 | ) | | | (169,829 | ) |
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NET REVENUES | | $ | 203,588 | | | $ | 206,808 | | | $ | 575,676 | | | $ | 602,009 | |
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COSTS & EXPENSES | | | | | | | | | | | | | | | | |
GAMING | | $ | 102,186 | | | $ | 100,752 | | | $ | 284,944 | | | $ | 291,171 | |
ROOMS | | | 5,634 | | | | 5,821 | | | | 16,929 | | | | 18,238 | |
FOOD & BEVERAGE | | | 8,404 | | | | 8,522 | | | | 24,214 | | | | 24,026 | |
GENERAL & ADMIN | | | 43,998 | | | | 41,275 | | | | 125,437 | | | | 125,175 | |
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TOTAL EXPENSES | | $ | 160,222 | | | $ | 156,370 | | | $ | 451,524 | | | $ | 458,610 | |
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EBITDA (a) | | $ | 43,366 | | | $ | 50,438 | | | $ | 124,152 | | | $ | 143,399 | |
Less: | | | | | | | | | | | | | | | | |
CRDA | | $ | 936 | | | $ | 940 | | | $ | 2,670 | | | $ | 4,222 | |
DEPRECIATION & AMORTIZATION | | | 19,936 | | | | 16,772 | | | | 55,449 | | | | 47,845 | |
CORPORATE EXPENSES | | | 232 | | | | 275 | | | | 681 | | | | 697 | |
DEBT RENEGOTIATION COSTS (b) | | | 2,000 | | | | — | | | | 2,000 | | | | 300 | |
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INCOME FROM OPERATIONS | | $ | 20,262 | | | $ | 32,451 | | | $ | 63,352 | | | $ | 90,335 | |
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INTEREST INCOME | | | (111 | ) | | | (91 | ) | | | (401 | ) | | | (532 | ) |
INTEREST EXPENSE | | | 38,952 | | | | 38,528 | | | | 116,940 | | | | 115,921 | |
OTHER NON-OPERATING (INCOME)EXPENSE, NET | | | 686 | | | | (7 | ) | | | (1,480 | ) | | | — | |
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TOTAL NON-OPERATING EXPENSE, NET | | $ | 39,527 | | | $ | 38,430 | | | $ | 115,059 | | | $ | 115,389 | |
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LOSS BEFORE INCOME TAXES | | | (19,265 | ) | | | (5,979 | ) | | | (51,707 | ) | | | (25,054 | ) |
| | | | |
PROVISION FOR INCOME TAXES (c) | | | (1,128 | ) | | | (1,138 | ) | | | (3,199 | ) | | | (2,947 | ) |
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NET LOSS | | $ | (20,393 | ) | | $ | (7,117 | ) | | $ | (54,906 | ) | | $ | (28,001 | ) |
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| (a) | EBITDA (Earnings before interest, taxes, depreciation and amortization, valuation allowances on casino reinvestment obligations, corporate expenses and debt renegotiation costs) is a measure of financial performance commonly used in the casino hotel industry. |
We provide EBITDA results to enhance an investor’s understanding of our operating results.
EBITDA is a non-GAAP financial statement measure and should not be construed as an alternative to operating income as determined under generally accepted accounting principles as an indicator of operating performance. All companies do not calculate EBITDA in the same manner; accordingly, the EBITDA results presented above may not be comparable to EBITDA results as reported by other companies.
| (b) | Debt renegotiation costs in 2004 represent costs incurred in connection with the proposed recapitalization of the Company by the DLJ Merchant Banking Partners proposed investment which was terminated on September 22, 2004. Debt renegotiation costs in 2003 include the costs expensed with debt refinancing. |
| (c) | Represents New Jersey state income taxes due under the Business Tax Reform Act passed in July 2002 and the New Jersey Profits Tax passed in July 2003. |
TRUMP CASINO HOLDINGS, LLC
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands)
| | | | | | | | | | | | | | | | |
| | | 3 MONTHS
| | | 9 MONTHS
| |
| | | 30-Sep-04
| | | 30-Sep-03
| | | 30-Sep-04
| | | 30-Sep-03
| |
REVENUES | | | | | | | | | | | | | | | | |
CASINO | | $ | 106,414 | | | $ | 103,026 | | | $ | 307,813 | | | $ | 299,930 | |
ROOMS | | | 6,168 | | | | 5,967 | | | | 16,506 | | | | 16,394 | |
FOOD & BEVERAGE | | | 10,654 | | | | 10,302 | | | | 27,429 | | | | 27,016 | |
MANAGEMENT FEE | | | 1,672 | | | | 839 | | | | 6,161 | | | | 2,988 | |
OTHER | | | 4,353 | | | | 4,640 | | | | 10,677 | | | | 10,365 | |
PROMOTIONAL ALLOWANCES | | | (23,518 | ) | | | (22,553 | ) | | | (65,510 | ) | | | (64,010 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
NET REVENUES | | $ | 105,743 | | | $ | 102,221 | | | $ | 303,076 | | | $ | 292,683 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
COSTS & EXPENSES | | | | | | | | | | | | | | | | |
GAMING | | $ | 50,514 | | | $ | 50,025 | | | $ | 147,308 | | | $ | 146,121 | |
ROOMS | | | 1,720 | | | | 1,639 | | | | 4,865 | | | | 4,822 | |
FOOD & BEVERAGE | | | 4,448 | | | | 4,542 | | | | 11,178 | | | | 11,453 | |
GENERAL & ADMIN | | | 22,350 | | | | 23,088 | | | | 69,195 | | | | 68,083 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
TOTAL EXPENSES | | $ | 79,032 | | | $ | 79,294 | | | $ | 232,546 | | | $ | 230,479 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
EBITDA (a) | | $ | 26,711 | | | $ | 22,927 | | | $ | 70,530 | | | $ | 62,204 | |
Less: | | | | | | | | | | | | | | | | |
CRDA | | | 302 | | | | 287 | | | | 837 | | | | 1,640 | |
DEPRECIATION & AMORTIZATION | | | 7,528 | | | | 7,737 | | | | 22,108 | | | | 22,086 | |
CORPORATE EXPENSES | | | 355 | | | | 389 | | | | 1,014 | | | | 2,241 | |
DEBT RENEGOTIATION COSTS (b) | | | 857 | | | | — | | | | 857 | | | | 401 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INCOME FROM OPERATIONS | | $ | 17,669 | | | $ | 14,514 | | | $ | 45,714 | | | $ | 35,836 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
INTEREST INCOME | | | (93 | ) | | | (43 | ) | | | (158 | ) | | | (657 | ) |
INTEREST EXPENSE | | | 18,673 | | | | 17,322 | | | | 54,310 | | | | 55,530 | |
GAIN ON DEBT RETIREMENT, NET (c) | | | — | | | | — | | | | — | | | | (7,931 | ) |
OTHER NON-OPERATING (INCOME)EXP | | | 16 | | | | — | | | | (609 | ) | | | 20 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
TOTAL NON-OPERATING EXPENSE, NET | | $ | 18,596 | | | $ | 17,279 | | | $ | 53,543 | | | $ | 46,962 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
LOSS BEFORE LOSS IN JOINT VENTURE & INCOME TAXES | | | (927 | ) | | | (2,765 | ) | | | (7,829 | ) | | | (11,126 | ) |
LOSS IN JOINT VENTURE | | | (204 | ) | | | (625 | ) | | | (1,430 | ) | | | (1,855 | ) |
PROVISION FOR INCOME TAXES (d) | | | (1,855 | ) | | | (388 | ) | | | (22,073 | ) | | | (988 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
NET LOSS | | $ | (2,986 | ) | | $ | (3,778 | ) | | $ | (31,332 | ) | | $ | (13,969 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| (a) | EBITDA (Earnings before interest, taxes, depreciation and amortization, valuation allowances on casino reinvestment obligations, corporate expenses and debt renegotiation costs) is a measure of financial performance commonly used in the casino hotel industry. |
We provide EBITDA results to enhance an investor’s understanding of our operating results.
EBITDA is a non-GAAP financial statement measure and should not be construed as an alternative to operating income as determined under generally accepted accounting principles as an indicator of operating performance. All companies do not calculate EBITDA in the same manner; accordingly, the EBITDA results presented above may not be comparable to EBITDA results as reported by other companies.
| (b) | Debt renegotiation costs in 2004 represent costs incurred in connection with the proposed recapitalization of the Company by the DLJ Merchant Banking Partners proposed investment which was terminated on September 22, 2004. |
Debt renegotiation costs in 2003 include transactional fees earned upon the successful completion of debt refinancing in 2003.
| (c) | Includes a net gain of $10.4 million of the Trump Marina PIK Notes and First Mortgage Notes, which is offset by Trump Indiana’s interest rate swap of approximately $0.9 million and unamortized loan costs of approximately $1.6 million. All of these transactions occurred on March 25, 2003 in connection with the Company’s issuance of Priority Mortgage Notes and the related use of proceeds. |
| (d) | Represents Indiana state income taxes and New Jersey state income taxes due under the Business Tax Reform Act passed in July 2002 and the New Jersey Profits Tax passed in July 2003. Nine months ended September 2004 includes $19.1 million due to Indiana state wagering tax add back adjustment, as a result of a ruling in the Indiana tax court for the period from commencement of operations in June 1996 through the quarter ended March 31, 2004. |
TRUMP TAJ MAHAL ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
| | | | | | | | | | | | | | | | |
| | | 3 MONTHS
| | | 9 MONTHS
| |
| | | 30-Sep-04
| | | 30-Sep-03
| | | 30-Sep-04
| | | 30-Sep-03
| |
REVENUES | | | | | | | | | | | | | | | | |
CASINO | | $ | 135,006 | | | $ | 137,858 | | | $ | 377,692 | | | $ | 395,223 | |
| | | | |
# of Slots | | | 4,419 | | | | 4,670 | | | | 4,401 | | | | 4,703 | |
Win per Slot/Day | | $ | 226 | | | $ | 220 | | | $ | 209 | | | $ | 205 | |
Slot Win | | $ | 91,860 | | | $ | 94,643 | | | $ | 251,929 | | | $ | 262,985 | |
| | | | |
# of Tables | | | 127 | | | | 127 | | | | 127 | | | | 127 | |
Win per Table/Day | | $ | 3,084 | | | $ | 3,183 | | | $ | 3,089 | | | $ | 3,329 | |
Table Win | | $ | 36,037 | | | $ | 37,189 | | | $ | 107,489 | | | $ | 115,430 | |
Table Drop | | $ | 237,644 | | | $ | 233,611 | | | $ | 653,300 | | | $ | 685,171 | |
Hold % | | | 15.2 | % | | | 15.9 | % | | | 16.5 | % | | | 16.8 | % |
| | | | |
Poker, Keno, Race Win | | $ | 7,109 | | | $ | 6,026 | | | $ | 18,274 | | | $ | 16,808 | |
| | | | |
ROOMS | | $ | 9,319 | | | $ | 9,349 | | | $ | 24,904 | | | $ | 25,507 | |
# of Rooms Sold | | | 113,545 | | | | 113,270 | | | | 324,332 | | | | 324,750 | |
Avg Room Rates | | $ | 82.07 | | | $ | 82.54 | | | $ | 76.79 | | | $ | 78.54 | |
Occupancy % | | | 98.7 | % | | | 98.5 | % | | | 94.7 | % | | | 95.2 | % |
| | | | |
FOOD & BEVERAGE | | $ | 16,168 | | | $ | 15,351 | | | $ | 42,935 | | | $ | 42,515 | |
OTHER | | | 6,750 | | | | 5,390 | | | | 15,819 | | | | 12,943 | |
PROMOTIONAL ALLOWANCES | | | (40,671 | ) | | | (37,981 | ) | | | (101,648 | ) | | | (99,743 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
NET REVENUES | | $ | 126,572 | | | $ | 129,967 | | | $ | 359,702 | | | $ | 376,445 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
COSTS & EXPENSES | | | | | | | | | | | | | | | | |
GAMING | | $ | 60,837 | | | $ | 61,796 | | | $ | 171,268 | | | $ | 177,825 | |
ROOMS | | | 3,418 | | | | 3,627 | | | | 10,330 | | | | 11,350 | |
FOOD & BEVERAGE | | | 4,782 | | | | 4,962 | | | | 14,337 | | | | 14,736 | |
GENERAL & ADMIN | | | 27,189 | | | | 25,655 | | | | 77,654 | | | | 77,526 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
TOTAL EXPENSES | | $ | 96,226 | | | $ | 96,040 | | | $ | 273,589 | | | $ | 281,437 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
EBITDA (a) | | $ | 30,346 | | | $ | 33,927 | | | $ | 86,113 | | | $ | 95,008 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
A reconciliation of EBITDA to income from operations for each of the periods is as follows: | | | | | | | | | | | | | | | | |
EBITDA | | $ | 30,346 | | | $ | 33,927 | | | $ | 86,113 | | | $ | 95,008 | |
Depreciation and amortization | | | (12,015 | ) | | | (11,349 | ) | | | (36,570 | ) | | | (32,701 | ) |
Non-cash write-downs and charges related to required regulatory obligations (CRDA) | | | (568 | ) | | | (577 | ) | | | (1,594 | ) | | | (2,898 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Income from operations | | $ | 17,763 | | | $ | 22,001 | | | $ | 47,949 | | | $ | 59,409 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| (a) | EBITDA (Earnings before interest, taxes, depreciation and amortization, valuation allowances on casino reinvestment obligations, corporate expenses and debt renegotiation costs) is a measure of financial performance commonly used in the casino hotel industry. |
We provide EBITDA results to enhance an investor’s understanding of our operating results.
EBITDA is a non-GAAP financial statement measure and should not be construed as an alternative to operating income as determined under generally accepted accounting principles as an indicator of operating performance. All companies do not calculate EBITDA in the same manner; accordingly, the EBITDA results presented above may not be comparable to EBITDA results as reported by other companies.
TRUMP PLAZA ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
| | | | | | | | | | | | | | | | |
| | | 3 MONTHS
| | | 9 MONTHS
| |
| | | 30-Sep-04
| | | 30-Sep-03
| | | 30-Sep-04
| | | 30-Sep-03
| |
REVENUES | | | | | | | | | | | | | | | | |
CASINO | | $ | 83,680 | | | $ | 83,455 | | | $ | 236,156 | | | $ | 243,318 | |
| | | | |
# of Slots | | | 2,863 | | | | 2,946 | | | | 2,851 | | | | 2,953 | |
Win per Slot/Day | | $ | 237 | | | $ | 231 | | | $ | 224 | | | $ | 217 | |
Slot Win | | $ | 62,452 | | | $ | 62,552 | | | $ | 174,824 | | | $ | 175,305 | |
| | | | |
# of Tables | | | 90 | | | | 90 | | | | 91 | | | | 90 | |
Win per Table/Day | | $ | 2,564 | | | $ | 2,525 | | | $ | 2,460 | | | $ | 2,768 | |
Table Win | | $ | 21,228 | | | $ | 20,903 | | | $ | 61,332 | | | $ | 68,013 | |
Table Drop | | $ | 148,155 | | | $ | 158,096 | | | $ | 420,888 | | | $ | 443,295 | |
Hold % | | | 14.3 | % | | | 13.2 | % | | | 14.6 | % | | | 15.3 | % |
| | | | |
ROOMS | | $ | 6,766 | | | $ | 6,589 | | | $ | 18,346 | | | $ | 18,353 | |
# of Rooms Sold | | | 81,990 | | | | 80,492 | | | | 232,816 | | | | 230,650 | |
Room Rates | | $ | 82.52 | | | $ | 81.86 | | | $ | 78.80 | | | $ | 79.57 | |
Occupancy % | | | 98.6 | % | | | 96.8 | % | | | 94.0 | % | | | 93.5 | % |
| | | | |
FOOD & BEVERAGE | | $ | 10,635 | | | $ | 10,244 | | | $ | 29,067 | | | $ | 27,663 | |
OTHER | | | 3,438 | | | | 2,353 | | | | 7,987 | | | | 6,316 | |
PROMOTIONAL ALLOWANCES | | | (27,503 | ) | | | (25,800 | ) | | | (75,582 | ) | | | (70,086 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
NET REVENUES | | $ | 77,016 | | | $ | 76,841 | | | $ | 215,974 | | | $ | 225,564 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
COSTS & EXPENSES | | | | | | | | | | | | | | | | |
GAMING | | $ | 41,349 | | | $ | 38,956 | | | $ | 113,676 | | | $ | 113,346 | |
ROOMS | | | 2,216 | | | | 2,194 | | | | 6,599 | | | | 6,888 | |
FOOD & BEVERAGE | | | 3,622 | | | | 3,560 | | | | 9,877 | | | | 9,290 | |
GENERAL & ADMIN | | | 16,809 | | | | 15,620 | | | | 47,783 | | | | 47,649 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
TOTAL EXPENSES | | $ | 63,996 | | | $ | 60,330 | | | $ | 177,935 | | | $ | 177,173 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
EBITDA (a) | | $ | 13,020 | | | $ | 16,511 | | | $ | 38,039 | | | $ | 48,391 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
A reconciliation of EBITDA to income from operations for each of the periods is as follows: | | | | | | | | | | | | | | | | |
EBITDA | | $ | 13,020 | | | $ | 16,511 | | | $ | 38,039 | | | $ | 48,391 | |
Depreciation and amortization | | | (7,921 | ) | | | (5,423 | ) | | | (18,879 | ) | | | (15,144 | ) |
Non-cash write-downs and charges related to required regulatory obligations (CRDA) | | | (368 | ) | | | (363 | ) | | | (1,076 | ) | | | (1,324 | ) |
Corporate charges | | | (198 | ) | | | (180 | ) | | | (565 | ) | | | (540 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Income from operations | | $ | 4,533 | | | $ | 10,545 | | | $ | 17,519 | | | $ | 31,383 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
| (a) | EBITDA (Earnings before interest, taxes, depreciation and amortization, valuation allowances on casino reinvestment obligations, corporate expenses and debt renegotiation costs) is a measure of financial performance commonly used in the casino hotel industry. |
We provide EBITDA results to enhance an investor’s understanding of our operating results.
EBITDA is a non-GAAP financial statement measure and should not be construed as an alternative to operating income as determined under generally accepted accounting principles as an indicator of operating performance. All companies do not calculate EBITDA in the same manner; accordingly, the EBITDA results presented above may not be comparable to EBITDA results as reported by other companies.
TRUMP MARINA ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
| | | | | | | | | | | | | | | | |
| | | 3 MONTHS
| | | 9 MONTHS
| |
| | | 30-Sep-04
| | | 30-Sep-03
| | | 30-Sep-04
| | | 30-Sep-03
| |
REVENUES | | | | | | | | | | | | | | | | |
CASINO | | $ | 71,761 | | | $ | 68,395 | | | $ | 198,990 | | | $ | 200,571 | |
| | | | |
# of Slots | | | 2,538 | | | | 2,495 | | | | 2,516 | | | | 2,507 | |
Win per Slot/Day | | $ | 240 | | | $ | 231 | | | $ | 227 | | | $ | 224 | |
Slot Win | | $ | 56,137 | | | $ | 53,076 | | | $ | 156,488 | | | $ | 153,063 | |
| | | | |
# of Tables | | | 76 | | | | 81 | | | | 75 | | | | 81 | |
Win per Table/Day | | $ | 2,212 | | | $ | 2,037 | | | $ | 2,048 | | | $ | 2,127 | |
Table Win | | $ | 15,467 | | | $ | 15,176 | | | $ | 42,093 | | | $ | 47,041 | |
Table Drop | | $ | 97,799 | | | $ | 95,470 | | | $ | 266,625 | | | $ | 278,556 | |
Hold % | | | 15.8 | % | | | 15.9 | % | | | 15.8 | % | | | 16.9 | % |
| | | | |
Poker, Keno, Race Win | | $ | 157 | | | $ | 143 | | | $ | 409 | | | $ | 467 | |
| | | | |
ROOMS | | $ | 5,286 | | | $ | 5,041 | | | $ | 14,055 | | | $ | 13,908 | |
# of Rooms Sold | | | 64,079 | | | | 63,002 | | | | 173,911 | | | | 179,081 | |
Avg Room Rates | | $ | 82.49 | | | $ | 80.01 | | | $ | 80.82 | | | $ | 77.66 | |
Occupancy % | | | 95.7 | % | | | 94.1 | % | | | 87.2 | % | | | 90.1 | % |
| | | | |
FOOD & BEVERAGE | | $ | 9,888 | | | $ | 9,459 | | | $ | 25,005 | | | $ | 24,727 | |
OTHER | | | 3,835 | | | | 4,142 | | | | 9,154 | | | | 8,590 | |
PROMOTIONAL ALLOWANCES | | | (20,734 | ) | | | (18,711 | ) | | | (56,667 | ) | | | (52,737 | ) |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
NET REVENUES | | $ | 70,036 | | | $ | 68,326 | | | $ | 190,537 | | | $ | 195,059 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
COSTS & EXPENSES | | | | | | | | | | | | | | | | |
GAMING | | $ | 32,356 | | | $ | 32,953 | | | $ | 92,061 | | | $ | 95,077 | |
ROOMS | | | 1,215 | | | | 1,105 | | | | 3,332 | | | | 3,297 | |
FOOD & BEVERAGE | | | 3,276 | | | | 3,334 | | | | 7,605 | | | | 8,053 | |
GENERAL & ADMIN | | | 16,627 | | | | 16,550 | | | | 48,372 | | | | 50,088 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
TOTAL EXPENSES | | $ | 53,474 | | | $ | 53,942 | | | $ | 151,370 | | | $ | 156,515 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
EBITDA (a) | | $ | 16,562 | | | $ | 14,384 | | | $ | 39,167 | | | $ | 38,544 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
A reconciliation of EBITDA to income from operations for each of the periods is as follows: | | | | | | | | | | | | | | | | |
EBITDA | | $ | 16,562 | | | $ | 14,384 | | | $ | 39,167 | | | $ | 38,544 | |
Depreciation and amortization | | | (5,265 | ) | | | (6,017 | ) | | | (16,306 | ) | | | (16,660 | ) |
Non-cash write-downs and charges related to required regulatory obligations | | | (302 | ) | | | (287 | ) | | | (837 | ) | | | (1,640 | ) |
Debt renegotiation costs | | | — | | | | — | | | | — | | | | 47 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Income from operations | | $ | 10,995 | | | $ | 8,080 | | | $ | 22,024 | | | $ | 20,291 | |
| | |
|
|
| |
|
|
| |
|
|
| |
|
|
|
Note: Certain prior year reclassifications have been made to conform to current year presentation.
| (a) | EBITDA (Earnings before interest, taxes, depreciation and amortization, valuation allowances on casino reinvestment obligations, corporate expenses and debt renegotiation costs) is a measure of financial performance commonly used in the casino hotel industry. |
We provide EBITDA results to enhance an investor’s understanding of our operating results.
EBITDA is a non-GAAP financial statement measure and should not be construed as an alternative to operating income as determined under generally accepted accounting principles as an indicator of operating performance. All companies do not calculate EBITDA in the same manner; accordingly, the EBITDA results presented above may not be comparable to EBITDA results as reported by other companies.
TRUMP INDIANA, INC.
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
| | | | | | | | | | | | | | | | |
| | | 3 MONTHS
| | | 9 MONTHS
| |
| | | 30-Sep-04
| | | 30-Sep-03
| | | 30-Sep-04
| | | 30-Sep-03
| |
REVENUES | | | | | | | | | | | | | | | | |
CASINO | | $ | 34,653 | | | $ | 34,631 | | | $ | 108,823 | | | $ | 99,359 | |
| | | | |
# of Slots | | | 1,714 | | | | 1,732 | | | | 1,700 | | | | 1,726 | |
Win per Slot/Day | | $ | 182 | | | $ | 189 | | | $ | 195 | | | $ | 182 | |
Slot Win | | $ | 28,622 | | | $ | 30,100 | | | $ | 90,776 | | | $ | 85,684 | |
| | | | |
# of Tables | | | 39 | | | | 45 | | | | 40 | | | | 45 | |
Win per Table/Day | | $ | 1,234 | | | $ | 1,095 | | | $ | 1,280 | | | $ | 1,106 | |
Table Win | | $ | 4,428 | | | $ | 4,531 | | | $ | 14,027 | | | $ | 13,675 | |
Table Drop | | $ | 28,047 | | | $ | 29,683 | | | $ | 92,865 | | | $ | 85,437 | |
Hold % | | | 15.8 | % | | | 15.3 | % | | | 15.1 | % | | | 16.0 | % |
| | | | |
Poker (Start 12/16/03) | | $ | 1,603 | | | | N/A | | | $ | 4,020 | | | | N/A | |
| | | | |
ROOMS | | $ | 882 | | | $ | 926 | | | $ | 2,451 | | | $ | 2,486 | |
# of Rooms Sold | | | 15,633 | | | | 16,592 | | | | 43,201 | | | | 44,694 | |
Avg Room Rates | | $ | 56.42 | | | $ | 55.81 | | | $ | 56.73 | | | $ | 55.62 | |
Occupancy % | | | 56.6 | % | | | 60.1 | % | | | 52.6 | % | | | 54.6 | % |
| | | | |
FOOD & BEVERAGE | | $ | 766 | | | $ | 843 | | | $ | 2,424 | | | $ | 2,289 | |
OTHER | | | 518 | | | | 498 | | | | 1,523 | | | | 1,775 | |
PROMOTIONAL ALLOWANCES | | | (2,784 | ) | | | (3,842 | ) | | | (8,843 | ) | | | (11,273 | ) |
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NET REVENUES | | $ | 34,035 | | | $ | 33,056 | | | $ | 106,378 | | | $ | 94,636 | |
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COSTS & EXPENSES | | | | | | | | | | | | | | | | |
GAMING | | $ | 18,158 | | | $ | 17,072 | | | $ | 55,247 | | | $ | 51,044 | |
ROOMS | | | 505 | | | | 534 | | | | 1,533 | | | | 1,525 | |
FOOD & BEVERAGE | | | 1,172 | | | | 1,208 | | | | 3,573 | | | | 3,400 | |
GENERAL & ADMIN | | | 5,661 | | | | 6,496 | | | | 20,559 | | | | 17,650 | |
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TOTAL EXPENSES | | $ | 25,496 | | | $ | 25,310 | | | $ | 80,912 | | | $ | 73,619 | |
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EBITDA (a) | | $ | 8,539 | | | $ | 7,746 | | | $ | 25,466 | | | $ | 21,017 | |
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A reconciliation of EBITDA to income from operations for each of the periods is as follows: | | | | | | | | | | | | | | | | |
EBITDA | | $ | 8,539 | | | $ | 7,746 | | | $ | 25,466 | | | $ | 21,017 | |
Depreciation and amortization | | | (2,263 | ) | | | (1,720 | ) | | | (5,802 | ) | | | (5,426 | ) |
Management and services agreement | | | (1,573 | ) | | | (1,454 | ) | | | (4,776 | ) | | | (4,640 | ) |
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Income from operations | | $ | 4,703 | | | $ | 4,572 | | | $ | 14,888 | | | $ | 10,951 | |
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| (a) | EBITDA (Earnings before interest, taxes, depreciation and amortization, valuation allowances on casino reinvestment obligations, corporate expenses and debt renegotiation costs) is a measure of financial performance commonly used in the casino hotel industry. |
We provide EBITDA results to enhance an investor’s understanding of our operating results.
EBITDA is a non-GAAP financial statement measure and should not be construed as an alternative to operating income as determined under generally accepted accounting principles as an indicator of operating performance. All companies do not calculate EBITDA in the same manner; accordingly, the EBITDA results presented above may not be comparable to EBITDA results as reported by other companies.
TRUMP HOTELS & CASINO RESORTS, INC.
Supplemental Information
(Unaudited)
(In thousands)
| | | | | | | | | | | | |
| | | 3 MONTHS
| | 9 MONTHS
|
| | | 30-Sep-04
| | 30-Sep-03
| | 30-Sep-04
| | 30-Sep-03
|
CRDA WRITE-DOWN | | | | | | | | | | | | |
TAJ | | $ | 568 | | $ | 577 | | $ | 1,594 | | $ | 2,898 |
PLAZA | | | 368 | | | 363 | | | 1,076 | | | 1,324 |
MARINA | | | 302 | | | 287 | | | 837 | | | 1,640 |
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TOTAL CRDA WRITE-DOWN | | $ | 1,238 | | $ | 1,227 | | $ | 3,507 | | $ | 5,862 |
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DEPRECIATION & AMORTIZATION | | | | | | | | | | | | |
TAJ | | $ | 12,015 | | $ | 11,349 | | $ | 36,570 | | $ | 32,701 |
PLAZA | | | 7,921 | | | 5,423 | | | 18,879 | | | 15,144 |
THCR HOLDINGS | | | 25 | | | 6 | | | 46 | | | 21 |
MARINA | | | 5,265 | | | 6,017 | | | 16,306 | | | 16,660 |
INDIANA | | | 2,263 | | | 1,720 | | | 5,802 | | | 5,426 |
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TOTAL DEPRECIATION/AMORT | | $ | 27,489 | | $ | 24,515 | | $ | 77,603 | | $ | 69,952 |
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INTEREST EXPENSE | | | | | | | | | | | | |
TAJ | | $ | 24,653 | | $ | 24,606 | | $ | 74,392 | | $ | 73,702 |
PLAZA | | | 14,299 | | | 13,922 | | | 42,548 | | | 42,219 |
THCR HOLDINGS | | | — | | | — | | | — | | | 4,533 |
TRUMP CASINO HOLDINGS | | | 4,655 | | | 4,063 | | | 13,418 | | | 8,340 |
MARINA | | | 11,811 | | | 11,078 | | | 34,329 | | | 35,847 |
INDIANA | | | 2,207 | | | 2,181 | | | 6,563 | | | 4,876 |
THCR MGMT | | | — | | | — | | | — | | | 241 |
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TOTAL INTEREST EXPENSE | | $ | 57,625 | | $ | 55,850 | | $ | 171,250 | | $ | 169,758 |
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LOAN COST AMORT/BOND DISC INCL INT EXP | | | | | | | | | | | | |
TAJ | | $ | 548 | | $ | 614 | | $ | 1,692 | | $ | 1,898 |
PLAZA | | | 361 | | | 404 | | | 1,114 | | | 1,249 |
THCR HOLDINGS | | | — | | | — | | | — | | | 192 |
TRUMP CASINO HOLDINGS | | | 765 | | | 691 | | | 2,242 | | | 1,386 |
MARINA | | | 500 | | | 708 | | | 1,500 | | | 3,529 |
INDIANA | | | 93 | | | 140 | | | 287 | | | 371 |
THCR MGMT | | | — | | | — | | | — | | | 223 |
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TOTAL LOAN COST AMORT/BOND DISC | | $ | 2,267 | | $ | 2,557 | | $ | 6,835 | | $ | 8,848 |
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TRUMP HOTELS & CASINO RESORTS, INC.
Supplemental Information
(Unaudited)
| | | | | | |
Cash & Cash Equivalents (in millions)
| | 30-Sep-04
| | 30-Sep-03
|
Trump Atlantic City Consolidated | | $ | 74.2 | | $ | 109.0 |
Trump Casino Holdings Consolidated (a) | | | 49.7 | | | 30.7 |
Trump Hotels & Casino Resorts Holdings, L.P. | | | 0.1 | | | 2.2 |
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Total Cash & Cash Equivalents | | $ | 124.0 | | $ | 141.9 |
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| (a) | On October 14, 2004, TCH made the September interest payment on the TCH Notes. The interest payment (of approximately $17.9 million), which was due on September 15, 2004, was paid within the 30-day grace period provided under the indentures governing the TCH Notes. |
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Capital Expenditures (in thousands)
| | Purchase
of Property
& Equipment
| | Capital Lease/
Financed
Additions
| | Total Capital
Expenditures
|
For the Three Months Ended September 30, 2004 | | | | | | | | | |
TAJ | | $ | 340 | | $ | 1,627 | | $ | 1,967 |
PLAZA | | | 292 | | | 5,843 | | | 6,135 |
MARINA | | | 1,179 | | | — | | | 1,179 |
INDIANA | | | 358 | | | — | | | 358 |
THCR HOLDINGS | | | 30 | | | — | | | 30 |
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TOTAL | | $ | 2,199 | | $ | 7,470 | | $ | 9,669 |
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For the Three Months Ended September 30, 2003 | | | | | | | | | |
TAJ | | $ | 4,577 | | $ | — | | $ | 4,577 |
PLAZA | | | 1,185 | | | 2,576 | | | 3,761 |
MARINA | | | 1,560 | | | — | | | 1,560 |
INDIANA | | | 124 | | | — | | | 124 |
THCR HOLDINGS | | | 13 | | | — | | | 13 |
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TOTAL | | $ | 7,459 | | $ | 2,576 | | $ | 10,035 |
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For the Nine Months Ended September 30, 2004 | | | | | | | | | |
TAJ | | $ | 5,641 | | $ | 13,413 | | $ | 19,054 |
PLAZA | | | 2,666 | | | 12,331 | | | 14,997 |
MARINA | | | 2,661 | | | 5,992 | | | 8,653 |
INDIANA | | | 1,951 | | | 89 | | | 2,040 |
THCR HOLDINGS | | | 361 | | | — | | | 361 |
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TOTAL | | $ | 13,280 | | $ | 31,825 | | $ | 45,105 |
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For the Nine Months Ended September 30, 2003 | | | | | | | | | |
TAJ | | $ | 14,454 | | $ | 10,609 | | $ | 25,063 |
PLAZA | | | 3,185 | | | 7,123 | | | 10,308 |
MARINA | | | 3,968 | | | 5,831 | | | 9,799 |
INDIANA | | | 1,808 | | | 4,710 | | | 6,518 |
THCR HOLDINGS | | | 35 | | | — | | | 35 |
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TOTAL | | $ | 23,450 | | $ | 28,273 | | $ | 51,723 |
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