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Caesars Entertainment Reports Profits For Fourth Quarter
Caesars Entertainment reported record earnings for the quarter and full year ended December 31, 2004.
For the fourth quarter of 2004, the company reported net income of $20 million, or $0.06 per fully diluted share. That compares to a net loss of $(84) million, or $(0.28) per fully diluted share, for the fourth quarter of 2003.
Previously, the company's highest reported fourth quarter net income was $17 million in 1999, resulting in earnings per diluted share of $0.05.
Adjusted net income for the fourth quarter of 2004 was $27 million, or $0.08 per diluted share. Adjusted net income for the quarter excluded $4 million in net income from five properties scheduled to be sold (classified as "discontinued operations"), an $8-million charge related to the termination of a lease at Caesars Atlantic City and an $11-million gain related to the sale of real estate in Atlantic City. Adjusted net income also excluded expenses of $16 million related to the company's pending acquisition by Harrah's Entertainment, Inc.
Adjusted net income for the fourth quarter of 2003 was $11 million, or $0.04 per diluted share. In that quarter, adjusted net income excluded a $57-million write-down (net of tax) of the book value of Flamingo Laughlin and a $38-million goodwill impairment at Caesars Tahoe, which is included in discontinued operations.
Net revenue for the fourth quarter of 2004 was $1.008 billion -- an all-time record after adjustment for discontinued operations. That compares to $946 million in the fourth quarter of 2003. Fourth quarter EBITDA -- earnings before interest, taxes, depreciation and amortization and charges and gains (and after corporate expense) -- was $216 million, compared to $188 million in the fourth quarter of 2003.
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