Exhibit 99.1
Station Casinos Announces Record Fourth
Quarter and Full-Year Results, Opening Date for Red Rock Resort and
Declares Dividend
LAS VEGAS--(BUSINESS WIRE)--Jan. 31, 2006--Station Casinos, Inc.
(NYSE: STN - News; "Station" or the "Company") today announced the
results of its operations for the fourth quarter ended December 31,
2005.
Highlights include:
-- Record fourth quarter EBITDA (1) of $123.9 million, an
increase of 16% over the prior year's fourth quarter and
record EBITDA for the year of $480.9 million, an increase of
25% over the prior year.
-- Adjusted for non-recurring items and development expense,
diluted earnings per share ("EPS") of $0.69 compared to $0.58
in the prior year's fourth quarter, an increase of 19%. For
the full year 2005, diluted earnings per share were $2.74
versus $2.10 in the prior year, an increase of 30%.
-- EBITDA margins for its Major Las Vegas Operations, including
Green Valley Ranch, increased to 41.4% from 39.2% in the prior
year's fourth quarter.
-- Revenues from its Major Las Vegas Operations, including Green
Valley Ranch, increased 11% from the prior year's fourth
quarter, marking the eighth consecutive quarter of
double-digit revenue growth on a year-over-year basis. For the
full year 2005, revenues from its Major Las Vegas Operations,
including Green Valley Ranch, increased 15% over the prior
year.
-- Entering into a 50/50 joint venture with an affiliate of the
Greenspun Corporation to develop Aliante Station, a hotel and
casino to be located in the Aliante master-planned community
in North Las Vegas, Nevada.
-- Executing a letter of intent and announcing plans to open a
Bass Pro Shops Outdoor World superstore in conjunction with
the Company's proposed resort hotel and casino in Reno,
Nevada.
-- Increasing the Company's revolving credit facility from $1
billion to $2 billion, extending the maturity date of the
facility to December 2010 and reducing the borrowing costs.
-- For the second year in a row, the Company was selected as one
of FORTUNE magazine's "100 Best Companies to Work For."
Station is still the only Nevada-based company or member of
the gaming industry to ever be selected for this honor.
-- Declared a quarterly cash dividend of $0.25 per share payable
on March 3, 2006 to shareholders of record on February 10,
2006.
Results of Operations
The Company's net revenues for the fourth quarter ended December
31, 2005 were approximately $285.1 million, an increase of 8% compared
to the prior year's fourth quarter. The Company reported EBITDA for
the quarter of $123.9 million, an increase of 16% compared to the
prior year's fourth quarter. For the fourth quarter, Adjusted Earnings
(2) applicable to common stock were $46.9 million, or $0.69 per share,
an increase of 19% over the prior year's $0.58 per share on a
comparable basis. This marks the sixteenth consecutive quarter of
year-over-year growth of Adjusted EBITDA, EBITDA margin and EPS.
During the fourth quarter, the Company incurred preopening costs
related to projects under development of $3.1 million, $3.0 million in
costs to terminate certain leases and $2.0 million in costs to develop
new gaming opportunities, primarily related to Native American gaming.
Including these items, the Company reported net income of $41.7
million and diluted earnings applicable to common stock of $0.61 per
share.
The Company's earnings from its Green Valley Ranch joint venture
for the fourth quarter were $12.5 million, which represents a
combination of the Company's management fee plus 50% of Green Valley
Ranch's operating income. For the quarter, Green Valley Ranch
generated EBITDA before management fees of $28.0 million, a 33%
increase compared to the prior year's fourth quarter. These numbers
include results from the $125 million expansion of that property,
which opened in December 2004 and included approximately 300 new hotel
rooms and 25,000 square feet of additional meeting and convention
space. "We continue to be pleased with the significant returns that
have been generated on the capital invested at Green Valley Ranch.
Despite construction disruption related to the Phase III expansion of
that property, as well as the addition of new supply in the market, we
expect Green Valley Ranch to generate EBITDA for 2006 in excess of
2005's record levels," said Lorenzo J. Fertitta, vice chairman and
president.
Las Vegas Market Results
For the quarter, net revenues from the Major Las Vegas Operations,
including Green Valley Ranch, increased to $313.6 million, an 11%
increase compared to the prior year's quarter, while EBITDA from those
operations increased 18% to $129.9 million. "The fundamentals of our
business remain strong and the Las Vegas economy continues to be
vibrant. We continue to believe in the elasticity of the Las Vegas
local's market as new capacity gets absorbed during 2006," said
Lorenzo Fertitta.
EBITDA and Adjusted Earnings are not generally accepted accounting
principles ("GAAP") measurements and are presented solely as a
supplemental disclosure because the Company believes that they are
widely used measures of operating performance in the gaming industry
and as a principal basis for valuation of gaming companies. EBITDA and
Adjusted Earnings are further defined in footnotes 1 and 2,
respectively.
Balance Sheet Items and Capital Expenditures
Long-term debt was $1.95 billion as of December 31, 2005. Total
capital expenditures were $250.6 million for the fourth quarter.
Expansion and project capital expenditures included $152.8 million for
Red Rock Resort, $7.0 million for the expansion of Santa Fe Station,
$6.8 million for the expansion of Fiesta Henderson and $47.1 million
for the purchase of land. In addition, during the fourth quarter the
Company purchased approximately 289,000 shares of its common stock for
approximately $18.2 million. As of December 31, 2005, the Company's
debt to cash flow ratio as defined in its bank credit facility was 4.1
to 1.
Opening Date for Red Rock Resort and Future Development Plans
The Company has established April 18, 2006 as the opening date for
Phase I of Red Rock Resort, which is located in the Summerlin
master-planned community in Las Vegas, Nevada. The initial phase of
Red Rock Resort will include over 400 hotel rooms, approximately 3,000
slot machines, 94,000 square feet of meeting and convention space, a
35,000 square-foot spa, eight full service restaurants, a 16-screen
movie theater complex, a night club and parking for approximately
5,200 vehicles. The cost of Phase I is expected to be approximately
$760 million. Phase II of Red Rock Resort, which includes an
additional hotel tower containing over 400 hotel rooms, is currently
under construction and is expected to open by the end of 2006. The
total cost of both phases of the project is expected to be
approximately $925 million.
As previously announced, the next property the Company anticipates
developing is Aliante Station, which will be located in the Aliante
master-planned community in North Las Vegas, Nevada. This project is a
50/50 joint venture with an affiliate of the Greenspun Corporation,
the Company's partner in Green Valley Ranch. The first phase of
Aliante Station is expected to include 200 hotel rooms, approximately
2,000 slot machines, multiple full service restaurants and a
multi-screen movie theater complex. Construction on this project is
expected to commence in late 2006 or early 2007 with a projected
opening date in mid 2008. The project is expected to cost between $400
million and $450 million. Similar to Green Valley Ranch, Station will
manage the property and received a management fee of 2% of revenues
and approximately 5% of EBITDA.
In addition to the development of Aliante Station, the Company
owns or controls four undeveloped parcels of gaming-entitled property
located in the Las Vegas valley, as well as two undeveloped parcels in
Reno, Nevada. The Company also has numerous other development
opportunities in the form of potential master-planned expansions of
its existing properties. "The focus of our development program over
the next few years will be the Las Vegas local's market and Reno.
While we have also assembled 67 acres around the current Wild Wild
West site for future development, we anticipate that such development
will not proceed until after we further expand our local's franchise,"
said Lorenzo Fertitta.
Dividend
The Company's Board of Directors has declared a quarterly cash
dividend of $0.25 per share. The dividend is payable on March 3, 2006
to shareholders of record on February 10, 2006.
Fiscal 2006 and 2007 Guidance
The guidance detailed below is divided into two components,
earnings from core operations and total earnings. Core operations is
defined as earnings before the interest carrying costs associated with
the Company's land held for development and its advances to native
American tribes. For the first quarter of 2006, the Company expects
EBITDA of approximately $125 million to $130 million and EPS from core
operations of $0.73 to $0.78, excluding development expense and other
non-recurring items. Total EPS for the first quarter is expected to be
$0.66 to $0.72. The guidance for the first quarter assumes
approximately $7 million of construction disruption relating to the
Santa Fe Station, Fiesta Henderson and Green Valley Ranch
master-planned expansions. The projected revenue growth for the first
quarter is 7% to 10% excluding the impact of the construction
disruption. Including the impact of the construction disruption, the
projected revenue growth for the first quarter is 4% to 7%. For the
full year 2006, the Company expects EBITDA of approximately $545
million to $565 million, excluding development expense and
non-recurring items and Adjusted Earnings applicable to common stock
from its core operations of approximately $2.79 to $2.96, assuming 70
million fully diluted shares. Total EPS for 2006 is expected to be
$2.53 to $2.71. This guidance assumes approximately $16 million of
construction disruption relating to the Santa Fe Station, Fiesta
Henderson and Green Valley Ranch master-planned expansions. It also
assumes the opening of Phase I of Red Rock Resort on April 18, 2006,
the completion of most of the components of the Fiesta Henderson
expansion in the third quarter of 2006, the completion of the Santa Fe
Station expansion in phases beginning in the third quarter of 2006
through the fourth quarter of 2006 and the completion of the Green
Valley Ranch expansion from the fourth quarter of 2006 through early
2007. The full year 2006 guidance assumes revenue growth in the Major
Las Vegas Operations (excluding Green Valley Ranch) of 22% to 27% over
the prior year, with an effective tax rate of 37.2%.
The Company is initiating guidance for fiscal 2007 of
approximately $630 million to $670 million of EBITDA and $3.07 to
$3.43 of EPS from its core operations. Total EPS for 2007 is expected
to be $2.77 to $3.13. This guidance assumes that Phase II of Red Rock
Resort opens at the end of 2006, and further assumes an effective tax
rate of 37.0% and 70 million diluted shares outstanding.
Conference Call Information
The Company will host a conference call today, Tuesday, January
31, at 12:00 p.m. (Eastern Time) to discuss its fourth quarter and
full-year 2005 financial results and provide guidance for 2006 and
2007. Those interested in participating in the call should dial (866)
633-6299 or (706) 679-5908 for international callers, approximately 10
minutes before the call start time. A live audio webcast of the call,
as well as supplemental tables and charts, will also be available at
the Company's website, www.stationcasinos.com (3). A replay of the
call will be available from 3:00 p.m. (Eastern Time) on January 31,
2006, until 12:00 p.m. (Eastern Time) on February 9, 2006 at (800)
642-1687. The reservation number is 3972727.
Company Information and Forward Looking Statements
Station Casinos, Inc. is the leading provider of gaming and
entertainment to the residents of Las Vegas, Nevada. Station's
properties are regional entertainment destinations and include various
amenities, including numerous restaurants, entertainment venues, movie
theaters, bowling and convention/banquet space, as well as traditional
casino gaming offerings such as video poker, slot machines, table
games, bingo and race and sports wagering. Station owns and operates
Palace Station Hotel & Casino, Boulder Station Hotel & Casino, Santa
Fe Station Hotel & Casino, Wildfire Casino and Wild Wild West Gambling
Hall & Hotel in Las Vegas, Nevada, Texas Station Gambling Hall & Hotel
and Fiesta Rancho Casino Hotel in North Las Vegas, Nevada, and Sunset
Station Hotel & Casino, Fiesta Henderson Casino Hotel, Magic Star
Casino and Gold Rush Casino in Henderson, Nevada. Station also owns a
50% interest in Green Valley Ranch Station Casino, Barley's Casino &
Brewing Company and The Greens in Henderson, Nevada and a 6.7%
interest in the Palms Casino Resort in Las Vegas, Nevada. In addition,
Station manages Thunder Valley Casino near Sacramento, California on
behalf of the United Auburn Indian Community.
This press release contains certain forward-looking statements
with respect to the business, financial condition, results of
operations, dispositions, acquisitions and expansion projects of the
Company and its subsidiaries which involve risks and uncertainties
that cannot be predicted or quantified, and consequently, actual
results may differ materially from those expressed or implied herein.
Such risks and uncertainties include, but are not limited to,
financial market risks, the ability to maintain existing management,
integration of acquisitions, competition within the gaming industry,
the cyclical nature of the hotel business and gaming business,
economic conditions, regulatory matters and litigation and other risks
described in the filings of the Company with the Securities and
Exchange Commission, including, but not limited to, the Company's
Annual Report on Form 10-K for the year ended December 31, 2004, and
its Registration Statement on Form S-4 File No. 333-128963. All
forward-looking statements are based on the Company's current
expectations and projections about future events. All forward-looking
statements speak only as of the date hereof and the Company undertakes
no obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise.
Additional financial information, including presentations from recent
investor conferences, is available in the "Investors" section of the
Company's website at www.stationcasinos.com (3).
Construction projects such as Red Rock Resort and the
master-planned expansions of Santa Fe Station, Fiesta Henderson and
Green Valley Ranch entail significant risks, including shortages of
materials or skilled labor, unforeseen regulatory problems, work
stoppages, weather interference, floods and unanticipated cost
increases. The anticipated costs and construction periods are based on
budgets, conceptual design documents and construction schedule
estimates. There can be no assurance that the budgeted costs or
construction period will be met.
Development of the proposed gaming and entertainment project with
the Gun Lake Tribe and the operation of Class III gaming at that
project are subject to certain governmental and regulatory approvals,
including, but not limited to, the governor of the State of Michigan
signing the Gun Lake Tribe's state gaming compact, the Department of
the Interior completing the process of taking land into trust for the
benefit of the Gun Lake Tribe and approval of the management agreement
by the National Indian Gaming Commission. No assurances can be given
as to when, or if, these governmental and regulatory approvals will be
received.
(1) EBITDA consists of net income plus income tax provision,
interest and other expense, loss on early retirement of debt,
preopening expenses, lease terminations, depreciation, amortization,
development expense, certain litigation, Regulation 6A fine and
related investigative costs. EBITDA is presented solely as a
supplemental disclosure because the Company believes that it is a
widely used measure of operating performance in the gaming industry
and as a principal basis for valuation of gaming companies. The
Company believes that in addition to cash flows and net income, EBITDA
is a useful financial performance measurement for assessing the
operating performance of the Company. Together with net income and
cash flows, EBITDA provides investors with an additional basis to
evaluate the ability of the Company to incur and service debt and
incur capital expenditures. To evaluate EBITDA and the trends it
depicts, the components should be considered. The impact of income tax
provision, interest and other expense, loss on early retirement of
debt, preopening expenses, lease terminations, depreciation,
amortization, development expense, certain litigation, Regulation 6A
fine and related investigative costs, each of which can significantly
affect the Company's results of operations and liquidity and should be
considered in evaluating the Company's operating performance, cannot
be determined from EBITDA. Further, EBITDA does not represent net
income or cash flows from operating, financing and investing
activities as defined by generally accepted accounting principles
("GAAP") and does not necessarily indicate cash flows will be
sufficient to fund cash needs. It should not be considered as an
alternative to net income, as an indicator of the Company's operating
performance or to cash flows as a measure of liquidity. In addition,
it should be noted that not all gaming companies that report EBITDA or
adjustments to such measures may calculate EBITDA or such adjustments
in the same manner as the Company, and therefore, the Company's
measure of EBITDA may not be comparable to similarly titled measures
used by other gaming companies. A reconciliation of EBITDA to net
income is included in the financial schedules accompanying this
release.
(2) Adjusted Earnings excludes development expense, preopening
expenses, lease terminations, loss on early retirement of debt, loss
on sale of land, certain litigation, Regulation 6A fine and related
investigative costs. Adjusted Earnings is presented solely as a
supplemental disclosure because the Company believes that it is a
widely used measure of operating performance in the gaming industry
and as a principal basis for valuation of gaming companies, as this
measure is considered by the Company to be a better measure on which
to base expectations of future results than GAAP net income. A
reconciliation of Adjusted Earnings and EPS to GAAP net income and EPS
is included in the financial schedules accompanying this release.
(3) The hyperlink to the Company's URL is included herein solely
for the convenience of investors in accessing the audio webcast of the
fourth quarter conference call. All other references herein to the
Company's URL are inactive textual references. None of the information
contained on the Company's website shall be deemed incorporated by
reference or otherwise included herein.
Station Casinos, Inc.
Condensed Consolidated Balance Sheets
(amounts in thousands)
(unaudited)
December 31,
-----------------------
2005 2004
----------- -----------
Assets:
Cash and cash equivalents $85,552 $68,417
Receivables, net 19,604 21,452
Other current assets 34,055 29,652
----------- -----------
Total current assets 139,211 119,521
Property and equipment, net 1,990,584 1,367,957
Other long-term assets 799,248 558,106
----------- -----------
Total assets $2,929,043 $2,045,584
=========== ===========
Liabilities and stockholders'
equity:
Current portion of long-term debt $108 $16,917
Other current liabilities 228,657 159,099
----------- -----------
Total current liabilities 228,765 176,016
Revolving credit facility 330,000 51,500
Senior and senior subordinated notes 1,606,545 1,265,686
Other debt 9,136 6,037
Interest rate swaps, mark-to-market (1,461) (1,927)
Other long-term liabilities 125,244 59,351
----------- -----------
Total liabilities 2,298,229 1,556,663
Stockholders' equity 630,814 488,921
----------- -----------
Total liabilities and stockholders'
equity $2,929,043 $2,045,584
=========== ===========
Station Casinos, Inc.
Condensed Consolidated Statements of Operations
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------- ---------------------
2005 2004 2005 2004
--------- --------- ---------- ----------
Operating revenues:
Casino $212,674 $197,568 $825,995 $730,584
Food and beverage 37,433 36,881 146,774 140,332
Room 15,167 14,512 61,238 57,057
Other 14,341 11,035 52,550 42,008
Management fees 24,214 22,444 95,144 84,618
--------- --------- ---------- ----------
Gross revenues 303,829 282,440 1,181,701 1,054,599
Promotional allowances (18,761) (17,702) (72,868) (67,857)
--------- --------- ---------- ----------
Net revenues 285,068 264,738 1,108,833 986,742
--------- --------- ---------- ----------
Operating costs and
expenses:
Casino 73,340 70,577 286,503 273,816
Food and beverage 26,436 26,336 102,970 100,548
Room 5,368 5,452 21,094 21,053
Other 4,577 4,238 17,799 16,820
Selling, general and
administrative 47,221 46,017 181,670 172,923
Corporate 14,763 13,315 57,619 47,189
Development 1,998 2,374 8,747 10,683
Depreciation and
amortization 25,833 23,690 101,356 85,807
Preopening 3,106 271 6,560 848
Lease terminations 3,000 - 14,654 -
--------- --------- ---------- ----------
205,642 192,270 798,972 729,687
--------- --------- ---------- ----------
Operating income 79,426 72,468 309,861 257,055
Earnings from joint
ventures 10,529 8,275 38,885 26,524
--------- --------- ---------- ----------
Operating income and
earnings from joint
ventures 89,955 80,743 348,746 283,579
--------- --------- ---------- ----------
Other income (expense):
Interest expense, net (22,062) (18,299) (80,378) (76,799)
Interest and other
expense from joint
ventures (1,648) (1,214) (6,947) (4,485)
Loss on early retirement
of debt - - (1,278) (93,265)
Other (318) (502) (3,916) (3,801)
--------- --------- ---------- ----------
(24,028) (20,015) (92,519) (178,350)
--------- --------- ---------- ----------
Income before income taxes 65,927 60,728 256,227 105,229
Income tax provision (24,250) (22,716) (94,341) (38,879)
--------- --------- ---------- ----------
Net income $41,677 $38,012 $161,886 $66,350
========= ========= ========== ==========
Basic and diluted earnings
per common share:
Net income
Basic $0.63 $0.57 $2.46 $1.03
Diluted $0.61 $0.55 $2.40 $1.00
Weighted average common
shares outstanding
Basic 66,189 66,494 65,707 64,362
Diluted 68,102 68,494 67,588 66,264
Dividends paid per common
share $0.250 $0.210 $0.920 $0.685
Station Casinos, Inc.
Summary Information and
Reconciliation of Net Income to EBITDA
(amounts in thousands, except occupancy percentage and ADR)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------- -----------------------
2005 2004 2005 2004
--------- --------- ----------- -----------
Major Las Vegas
Operations (a):
- ----------------
Net revenues $248,872 $232,135 $968,017 $868,248
Net income $38,825 $34,077 $154,907 $112,692
Income tax provision 22,802 20,015 90,977 66,186
Interest and other
expense, net 16,064 13,033 57,299 53,800
Depreciation and
amortization 24,157 22,272 94,784 80,809
Preopening expenses - - 147 -
Litigation,
Regulation 6A fine
and related
investigative costs - - - 3,303
--------- --------- --------- ---------
EBITDA $101,848 $89,397 $398,114 $316,790
========= ========= ========= =========
Green Valley Ranch (50%
owned):
- -----------------------
Net revenues $64,702 $49,563 $238,355 $177,189
Net income $16,072 $11,970 $55,532 $36,461
Interest and other
expense, net 6,059 4,585 24,503 16,611
Depreciation and
amortization 5,873 4,500 22,262 17,147
Lease terminations - - 1,632 7,284
Litigation - - - 75
--------- --------- --------- --------
EBITDA $28,004 $21,055 $103,929 $77,578
========= ========= ========= ========
Major Las Vegas Operations
including Green Valley Ranch:
----------------------------
Net revenues $313,574 $281,698 $1,206,372 $1,045,437
Net income $54,897 $46,047 $210,439 $149,153
Income tax provision 22,802 20,015 90,977 66,186
Interest and other
expense, net 22,123 17,618 81,802 70,411
Depreciation and
amortization 30,030 26,772 117,046 97,956
Lease terminations - - 1,632 7,284
Preopening expenses - - 147 -
Litigation,
Regulation 6A fine
and related
investigative costs - - - 3,378
--------- --------- ---------- ---------
EBITDA $129,852 $110,452 $502,043 $394,368
========= ========= =========- =========
Total Station Casinos,
Inc. (b):
- ----------------------
Net income $41,677 $38,012 $161,886 $66,350
Income tax provision 24,250 22,716 94,341 38,879
Interest and other
expense, net 24,028 20,015 91,241 85,085
Depreciation and
amortization 25,833 23,690 101,356 85,807
Development expense 1,998 2,374 8,747 10,683
Preopening expenses 3,106 271 6,560 848
Lease terminations 3,000 - 15,470 3,642
Loss on early
retirement of debt - - 1,278 93,265
Litigation,
Regulation 6A fine
and related
investigative costs - - - 813
--------- --------- ---------- ---------
EBITDA $123,892 $107,078 $480,879 $385,372
========= ========= ========== =========
Occupancy percentage 94% 96% 96% 96%
ADR $60 $57 $61 $56
(a) The Major Las Vegas Operations include the wholly owned properties
of Palace Station, Boulder Station, Texas Station, Sunset Station,
Santa Fe Station, Fiesta Rancho and Fiesta Henderson.
(b) Total Station Casinos, Inc. includes the Major Las Vegas
Operations, Wild Wild West, Wildfire, Magic Star (since August 2,
2004), Gold Rush (since August 2, 2004), the Company's earnings
from joint ventures, management fees and Corporate expense.
Station Casinos, Inc.
Reconciliation of GAAP Net Income and EPS
to Adjusted Earnings and EPS
(amounts in thousands, except per share data)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
------------------ -------------------
2005 2004 2005 2004
--------- -------- -------- -------
Adjusted Earnings
Net income $41,677 $38,012 $161,886 $66,350
Development expense, net 1,299 1,543 5,686 6,944
Preopening expenses, net 2,019 176 4,264 551
Loss on sale of land, net - - 2,220 1,782
Loss on early retirement
of debt, net - - 831 60,622
Lease terminations, net 1,950 - 10,055 2,367
Litigation, Regulation 6A
fine and related
investigative costs, net - - - 528
--------- -------- -------- --------
Adjusted Earnings $46,945 $39,731 $184,942 $139,144
========= ======== ======== ========
Adjusted basic earnings per common
share:
Net income $0.63 $0.57 $2.46 $1.03
Development expense, net 0.02 0.02 0.09 0.11
Preopening expenses, net 0.03 0.01 0.07 0.01
Loss on sale of land, net - - 0.03 0.03
Loss on early retirement
of debt, net - - 0.01 0.94
Lease terminations, net 0.03 - 0.15 0.03
Litigation, Regulation 6A
fine and related
investigative costs, net - - - 0.01
--------- -------- ------- --------
Adjusted basic earnings per
common share $0.71 $0.60 $2.81 $2.16
========= ======== ======== ========
Weighted average common
shares outstanding - basic 66,189 66,494 65,707 64,362
Adjusted diluted earnings per
common share:
Net income $0.61 $0.55 $2.40 1.00
Development expense, net 0.02 0.02 0.08 0.11
Preopening expenses, net 0.03 0.01 0.07 0.01
Loss on sale of land, net - - 0.03 0.03
Loss on early retirement of
debt, net - - 0.01 0.91
Lease terminations, net 0.03 - 0.15 0.03
Litigation, Regulation 6A fine
and related
investigative costs, net - - - 0.01
-------- -------- -------- --------
Adjusted diluted earnings per
common share $0.69 $0.58 $2.74 $2.10
======== ======== ======== ========
Weighted average common
shares outstanding - diluted 68,102 68,494 67,588 66,264
CONTACT: Station Casinos, Inc., Las Vegas
Glenn C. Christenson, 800-544-2411 or 702-367-2484
Executive Vice President/Chief Financial Officer/
Chief Administrative Officer
or
Thomas M. Friel, 800-544-2411 or 702-221-6793
Vice President of Finance/Controller
or
Lori B. Nelson, 800-544-2411 or 702-367-2427
Director of Corporate Communications