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Most Recent Online Casino News

Pinnacle Entertainment Reports Fourth Quarter

LAS VEGAS — Pinnacle Entertainment, Inc. today reported financial results for the fourth quarter and full year ended December 31, 2003.

For the fourth quarter, revenues rose to $125.7 million from $125.0 million a year earlier. Adjusted EBITDA(1) increased 16.4% to $19.8 million from $17.0 million for the prior-year period, mainly as a result of improved marketing efficiency and cost containment. The Company’s adjusted EBITDA margin in the quarter was 15.8% versus 13.6%.

Adjusted net loss(1) for the quarter was $2.6 million, or $0.10 per share, compared to adjusted net loss of $4.0 million, or $0.16 per share, for the fourth quarter of 2002. Non-routine items net of taxes for the quarter were approximately $6.0 million, including a loss on the early extinguishment of debt of $7.1 million, offset in part by a reversal of $1.0 million of reserves for litigation that were deemed no longer necessary. In the fourth quarter of 2002, non-routine items net of taxes were approximately $2.7 million, including asset impairment charges of $1.7 million. On a GAAP (‘Generally Accepted Accounting Principles’) basis, the Company reported a net loss of $8.6 million, or $0.34 per share, for the fourth quarter, versus a net loss of $6.7 million, or $0.26 per share, for the prior-year quarter.

"We are pleased that our fourth quarter results reflect operating improvements at almost all of our properties," said Daniel R. Lee, Pinnacle Entertainment’s Chairman and Chief Executive Officer.

Read the entire article at: Yahoo Finance! 

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