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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K/A
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): December 5, 1996
BOYD GAMING CORPORATION
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(Exact name of registrant as specified in its Charter)
NEVADA
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(State or Other Jurisdiction of
Incorporation or Organization)
1-12168 88-0242733
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(Commission File Number) (I.R.S. Employer
Identification No.)
2950 SOUTH INDUSTRIAL ROAD
LAS VEGAS, NEVADA
89109
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(Address of principal executive offices)
(Zip Code)
(702) 792-7200
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(Registrant's telephone number, including area code)
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Item 7. Financial Statements and Exhibits
This item is amended to include the following:
(a) Par-A-Dice Gaming Corporation Unaudited Consolidated Condensed
Financial Statements.
Consolidated Condensed Balance Sheets, as of September 30, 1996
and December 31, 1995
Consolidated Condensed Statements of Income for the nine months
ended September 30, 1996 and 1995
Consolidated Condensed Statements of Cash Flows for the nine
months ended September 30, 1996 and 1995
Consolidated Condensed Statements of Stockholders' Equity for
the nine months ended September 30, 1996
Notes to Consolidated Condensed Financial Statements
(b) Pro Forma Financial Information
Pro Forma Consolidated Condensed Balance Sheet as of September
30, 1996
Pro Forma Consolidated Condensed Statement of Operations for the
three months ended September 30, 1996
Notes to Pro Forma Consolidated Condensed Financial Statements
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PAR-A-DICE GAMING CORPORATION
CONSOLIDATED CONDENSED BALANCE SHEETS (Unaudited)
SEPTEMBER 30, DECEMBER 31,
(IN THOUSANDS, EXCEPT SHARE DATA) 1996 1995
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ASSETS
Current assets
Cash and cash equivalents $ 3,513 $ 4,232
Accounts receivable, net 438 541
Inventories 277 377
Prepaid expenses 770 628
------- -------
Total current assets 4,998 5,778
Property, equipment and leasehold interests, net 56,197 46,866
Due from related parties 1,117 1,117
Other assets, net 120 171
------- -------
Total assets $62,432 $53,932
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Trade accounts payable $ 1,371 $ 1,794
Accrued expenses 3,826 4,019
Notes payable and current portion of long-term debt 2,400 3,100
------- -------
Total current liabilities 7,597 8,913
Long-term debt, net of current maturities 13,500 11,800
Minority Interest 1,000 1,000
Commitments
Stockholders' equity
Common stock, no par value; 13,000,000 shares
authorized;
9,308,535 and 9,568,535 shares outstanding 8,787 9,048
Retained earnings 31,548 23,171
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Total stockholders' equity 40,335 32,219
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Total liabilities and stockholders' equity $62,432 $53,932
======= =======
The accompanying notes are an integral part of these
consolidated condensed financial statements.
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PAR-A-DICE GAMING CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
NINE MONTHS ENDED
SEPTEMBER 30,
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(IN THOUSANDS) (UNAUDITED) 1996 1995
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Revenues
Casino $ 72,744 $ 71,583
Admissions and parking 869 1,805
Food and beverage 4,097 3,430
Other 391 462
-------- --------
Total operating revenues 78,101 77,280
-------- --------
Costs and expenses
Casino 20,563 22,699
Food and beverage 5,421 4,928
Selling, general and administrative 30,708 26,465
-------- --------
Total 56,692 54,092
-------- --------
Operating income 21,409 23,188
-------- --------
Other income (expense)
Loss on disposition of property 0 24
Interest and other income (415) (332)
Interest expense 957 1,161
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Total 542 853
-------- --------
Income before provision for income taxes 20,867 22,335
Provision for income taxes 271 326
-------- --------
Net income $ 20,596 $ 22,009
======== ========
The accompanying notes are an integral part of these consolidated
condensed financial statements.
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PAR-A-DICE GAMING CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(UNAUDITED)
NINE MONTHS ENDED
SEPTEMBER 30,
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(IN THOUSANDS) 1996 1995
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CASH FLOWS FROM OPERATING ACTIVITIES
Net income $ 20,596 $ 22,009
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 3,425 3,270
Other -- 38
Changes in assets and liabilities:
Trade receivables, net 102 5
Inventories 101 11
Prepaid expenses and other (283) (496)
Other assets -- (2)
Accounts payable (437) (695)
Due to affiliate -- (2,852)
Accrued expenses (178) 12
-------- --------
Net cash provided by operating activities 23,326 21,300
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CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property -- 77
Acquisition of property, equipment and other assets (12,565) (3,867)
Investment in affiliates -- (504)
-------- --------
Net cash used by investing activities (12,565) (4,294)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from notes payable and long-term debt 5,800 --
Payments on notes payable and long-term debt (4,800) (1,800)
Distributions to stockholders (11,000) (20,208)
Stockholder redemption (1,480) --
-------- --------
Net cash used in financing activities (11,480) (22,008)
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NET DECREASE IN CASH AND CASH EQUIVALENTS (719) (5,002)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD 4,232 7,726
-------- --------
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 3,513 $ 2,724
======== ========
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest, net of amounts capitalized $ 945 $ 1,141
======== ========
State income taxes paid $ 341 $ 391
======== ========
The accompanying notes are an integral part of these
consolidated condensed financial statements.
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PAR-A-DICE GAMING CORPORATION
CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 1996
(UNAUDITED)
(IN THOUSANDS, EXCEPT SHARE DATA)
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COMMON STOCK TOTAL
------------------------------ RETAINED STOCKHOLDERS'
SHARES AMOUNT EARNINGS EQUITY
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BALANCES, JANUARY 1, 1996 9,568,535 $ 9,048 $ 23,171 $ 32,219
NET INCOME FOR THE NINE MONTHS
ENDED SEPTEMBER 30, 1996 20,596 20,596
DISTRIBUTION TO STOCKHOLDERS (11,000) (11,000)
STOCKHOLDER REDEMPTION (260,000) (260) (1,220) (1,480)
---------- ---------- ---------- ----------
BALANCES, SEPTEMBER 30, 1996 9,308,535 $ 8,788 $ 31,547 $ 40,335
========== ========== ========== ==========
The accompanying notes are an integral part of these
consolidated condensed financial statements.
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PAR-A-DICE GAMING CORPORATION
NOTES TO UNAUDITED CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
In the opinion of Par-A-Dice Gaming Corporation ("Par-A-Dice"), the
accompanying unaudited consolidated condensed financial statements contain all
adjustments necessary, consisting of only normal recurring adjustments, to
present fairly the results of its operations and its cash flows for the nine
month periods ended September 30, 1996 and 1995. This report should be read in
conjunction with the Par-A-Dice's audited consolidated financial statements. The
operating results and cash flows for the nine months ended September 30, 1996
are not necessary indicative of the results that will be achieved for the full
year or for future periods.
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BOYD GAMING CORPORATION
PRO FORMA CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
The accompanying pro forma consolidated condensed financial
statements present pro forma information for Boyd Gaming Corporation (the
"Company") and Par-A-Dice giving effect to the acquisition of Par-A-Dice (the
"Par-A-Dice Acquisition") using the purchase method of accounting. The pro forma
consolidated condensed financial statements of the Company are based on the
historical consolidated financial statements of the Company and Par- A-Dice
Gaming as of and for the three months ended September 30, 1996.
The accompanying pro forma consolidated condensed income statements
for the three months ended September 30, 1996 have been presented as if the
Par-A-Dice Acquisition occurred on July 1, 1996. The accompanying pro forma
consolidated condensed balance sheet as of September 30, 1996 has been presented
as if the Par-A-Dice Acquisition occurred on July 1, 1996.
The pro forma adjustments are based on currently available
information and upon certain assumptions that management of the Company believes
are reasonable under the circumstances.
The accompanying pro forma consolidated condensed financial
statements are provided for informational purposes only and are not necessarily
indicative of the results that will be achieved for future periods. The
accompanying pro forma consolidated condensed financial statements do not
purport to represent what the Company's results of operations or financial
position would actually have been if the Par-A-Dice Acquisition in fact had
occurred at July 1, 1996 or September 30, 1996. The accompanying pro forma
consolidated condensed financial statements and the related notes thereto should
be read in conjunction with the Company's audited financial statements included
in its Annual Report on Form 10-K for the fiscal year ended June 30, 1996 and
the consolidated financial statements of Par-A-Dice previously incorporated by
reference included in the original 8K filing.
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BOYD GAMING CORPORATION AND SUBSIDIARIES
PRO FORMA CONSOLIDATED CONDENSED BALANCE SHEETS
SEPTEMBER 30, 1996
ADJUSTMENTS COMPANY
COMPANY PAR-A-DICE AND PRO FORMA
(IN THOUSANDS, EXCEPT SHARE DATA) HISTORICAL HISTORICAL ELIMINATIONS AS ADJUSTED
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ASSETS
Current assets
Cash and cash equivalents $ 45,519 $ 3,513 $ 177,402 (a)
(3,000)(b)
(15,900)(c)
(158,502)(d) $ 49,032
Accounts receivable, net 16,302 438 16,740
Inventories 6,746 277 7,023
Prepaid expenses 17,819 -- 17,819
Deferred income taxes 1,909 770 2,679
----------- ----------- ----------- -----------
Total current assets 88,295 4,998 93,293
Property, equipment and leasehold interests, net 813,335 56,197 3,298 (d) 872,830
Other assets and deferred charges 57,158 1,237 3,000 (b)
(1,117)(d) 60,278
Goodwill and intangibles, net 10,432 -- 115,986 (d) 126,418
----------- ----------- ----------- -----------
Total assets $ 969,220 $ 62,432 $ 121,167 $ 1,152,819
=========== =========== =========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current maturities of long-term debt $ 1,746 $ 2,400 $ (2,400)(c) $ 1,746
Accounts payable 59,648 1,371 61,019
Accrued liabilities
Payroll and related 22,353 -- 22,353
Interest and other 23,157 3,826 26,983
Income taxes payable -- -- 0
----------- ----------- ----------- -----------
Total current liabilities 106,904 7,597 (2,400) 112,101
Long-term debt, net of current maturities 596,143 13,500 177,402 (a)
773,545
Deferred income taxes 34,131 -- (13,500)(c) 34,131
Minority interest -- 1,000 1,000
Commitments
Stockholders' equity
Preferred stock -- -- -- --
Common stock 572 572
Additional paid-in capital 102,583 8,787 (8,787)(d) 102,583
Retained earnings 128,887 31,548 (31,548)(d) 128,887
----------- ----------- ----------- -----------
Total stockholders' equity 232,042 40,335 (40,335) 232,042
----------- ----------- ----------- -----------
Total liabilities and stockholders' equity $ 969,220 $ 62,432 $ 121,167 $ 1,152,819
=========== =========== =========== ===========
The accompanying notes are an integral part of these pro forma
consolidated condensed financial statements.
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BOYD GAMING CORPORATION AND SUBSIDIARIES
PRO FORMA CONSOLIDATED CONDENSED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED SEPTEMBER 30, 1996
ADJUSTMENTS
COMPANY PAR-A-DICE AND COMPANY
(IN THOUSANDS, EXCEPT PER SHARE DATA) HISTORICAL HISTORICAL ELIMINATIONS PRO FORMA
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Revenues
Casino $ 130,197 $ 24,149 $ $ 154,346
Food and beverage 35,894 2,022 37,916
Rooms 17,201 17,201
Other 13,256 612 13,868
Management fees and joint venture 10,312 10,312
--------------- -------------- --------------- ---------------
Gross revenues 206,860 26,783 233,643
Less promotional allowances 20,123 381 20,504
--------------- -------------- --------------- ---------------
Net revenues 186,737 26,402 213,139
--------------- -------------- --------------- ---------------
Costs and expenses
Casino 72,070 7,444 79,514
Food and beverage 24,878 1,829 26,707
Rooms 6,260 6,260
Other 11,191 1,843 13,034
Selling, general and administrative 30,634 6,086 36,720
Maintenance and utilities 9,037 787 9,824
Depreciation and amortization 15,117 1,155 774 (E)(F) 17,046
Corporate expense 6,429 6,429
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Total 175,616 19,144 774 195,534
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Operating income 11,121 7,258 (774) 17,605
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Other income (expense)
Interest income 177 111 (111)(G) 177
Interest expense, net of amounts capitalized (13,258) (418) (2,908)(H)(I) (16,584)
--------------- -------------- --------------- ---------------
Total (13,081) (307) (3,019) (16,407)
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Income (loss) before provision (benefit)
for income taxes (1,960) 6,951 (3,793) 1,198
Provision (benefit) for income taxes (745) 91 982 (J) 328
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Income (loss) from continuing operations $ (1,215) $ 6,860 $ (4,775) $ 870
=============== ============== =============== ===============
Income (loss) per common share $ 0.02 $ 0.02
=============== ===============
The accompanying notes are an integral part of these pro forma
consolidated condensed financial statements.
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BOYD GAMING CORPORATION
NOTES TO PRO FORMA CONSOLIDATED CONDENSED FINANCIAL STATEMENTS
(IN THOUSANDS)
The pro forma adjustments contained in the accompanying pro forma consolidated
condensed financial statements reflect:
(a) The proceeds from borrowings under the New Bank Credit Facility to
fund the Par-A-Dice Acquisition.
(b) The payment of fees related to the Par-A-Dice Acquisition.
(c) The retirement of assumed indebtedness of Par-A-Dice.
(d) The payment of approximately $158,502 to the Par-A-Dice shareholders,
the transfer of certain assets of $1,117 not associated with the
Par-A-Dice to the Par-A-Dice shareholders (the "Transferred Assets"),
the elimination of Par-A-Dice's equity ($8,788 in common stock and
$31,548 in retained earnings) and the allocation of the excess purchase
price over historical value of acquired assets ($3,297 additional
amounts allocated to property, equipment and leasehold interest related
to construction in process of the hotel facility, $115,986 allocated to
intangibles-license rights) based on the Company's estimates of the
fair market values of the assets being acquired.
(e) The elimination of Par-A-Dice's historical depreciation and
amortization expense for the three months ended September 30, 1996.
(f) Depreciation and amortization expense as follows:
THREE MONTHS
AMOUNT LIFE DEPRECIATION
------ ---- ------------
Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,453 --- ---
Buildings, equipment and leasehold interest . . . . . . . . . . . 36,943 8 $ 1,154
Construction in process --- Hotel . . . . . . . . . . . . . . . . 21,098 --- ---
---------- ------------
Total property, equipment and leasehold interest . . . . . . . 59,494 1,154
Other assets . . . . . . . . . . . . . . . . . . . . . . . . . . 3,000 15 50
Intangibles-license rights . . . . . . . . . . . . . . . . . . . 115,986 40 725
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,929
============
(g) The elimination of interest income for the three months ended
September 30, 1996 related to the Transferred Assets.
(h) The elimination of Par-A-Dice's historical interest expense for the
three months ended September 30, 1996.
(i) Interest expense on $177,402 in debt at an assumed interest rate of
7.5%.
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(j) An adjustment to the provision for income taxes of $982 for the three
months ended September 30, 1996 in order to result in a 36% combined
state and federal corporate tax rate due to the conversion of
Par-A-Dice from Subchapter S status to C corporate status under the
Internal Revenue Code.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the Registrant has duly caused this amendment to be signed on its
behalf by the undersigned thereunto duly authorized.
BOYD GAMING CORPORATION
(Registrant)
Date: February 19, 1997 By /s/ Keith Smith
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Keith Smith
Senior Vice President and
Controller (Chief Accounting Officer)
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