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Summarized Quarterly Data (Unaudited)
 12 Months Ended
Dec. 31, 2014
Summarized Quarterly Data (Unaudited)  
Summarized Quarterly Data (Unaudited)

17.   Summarized Quarterly Data (Unaudited)

        The following table summarizes the quarterly results of operations for the years ended December 31, 2014 and 2013:

                                                                                                                                                                                    

 

 

Fiscal Quarter

 

 

 

First

 

Second

 

Third

 

Fourth

 

 

 

(in thousands, except per share data)

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$
641,080

 

$
652,146

 

$
645,940

 

$
651,361

 

Income (loss) from operations

 

 
18,051

 

 
23,382

 

 
22,831

 

 
(304,686

)

Net income (loss)

 

 
4,537

 

 
4,176

 

 
8,499

 

 
(250,407

)

Earnings (loss) per common share:

 

 


 

 

 


 

 

 


 

 

 


 

 

Basic earnings (loss) per common share

 

$
0.05

 

$
0.05

 

$
0.10

 

$
(3.18

)

Diluted earnings (loss) per common share

 

$
0.05

 

$
0.05

 

$
0.10

 

$
(3.18

)

2013

 

 


 

 

 


 

 

 


 

 

 


 

 

Net revenues

 

$
798,246

 

$
761,371

 

$
714,435

 

$
644,702

 

Income (loss) from operations

 

 
133,315

 

 
46,881

 

 
93,280

 

 
(1,045,448

)

Net income (loss)

 

 
65,271

 

 
(12,180

)

 
41,317

 

 
(888,747

)

Earnings (loss) per common share:

 

 


 

 

 


 

 

 


 

 

 


 

 

Basic earnings (loss) per common share

 

$
0.68

 

$
(0.16

)

$
0.43

 

$
(11.40

)

Diluted earnings (loss) per common share

 

$
0.63

 

$
(0.16

)

$
0.40

 

$
(11.40

)

        During the fourth quarter of 2014, the Company recorded pre-tax goodwill and other intangible assets impairment charges of $316.5 million ($253.5 million, net of taxes), as it determined that a portion of the value of its goodwill and other intangible assets was impaired due to the Company's outlook of continued challenging regional gaming conditions which persisted in 2014 at certain properties in its Southern Plains segment, as well as for the write-off of a trademark intangible asset in the West segment. During the second quarter of 2014, the Company recorded a pre-tax impairment charge of $4.6 million ($2.8 million, net of taxes) to write-down certain idle assets to their estimated salvage value.

        During the first, second, third and fourth quarters of 2014, the Company paid rental expense related to the Master Lease, which became effective November 1, 2013, of $104.3 million, $104.6 million, $104.6 million and $107.8 million, respectively.

        During the fourth quarter of 2013, primarily as a result of the Spin-Off, the Company recorded pre-tax impairment charges of $1,058.4 million ($842.9 million, net of taxes), as it determined that a portion of the value of its goodwill and other intangible assets was impaired. In addition, in conjunction with the relocation of the Company's two racetracks in Ohio, the Company recorded a pre-tax impairment charge of $2.2 million ($1.4 million, net of taxes) during the fourth quarter of 2013 for the parcels of land that the racetracks resided on, as the land was reclassified as held for sale. Additionally, during the second quarter of 2013, as a result of a new gaming license being awarded for the development of a new casino in Sioux City, Iowa to another applicant in April 2013, the Company recorded a pre-tax impairment charge of $71.8 million ($70.5 million, net of taxes) for Argosy Casino Sioux City, as the Company determined that the fair value of its Sioux City reporting unit was less than its carrying amount based on the Company's analysis of the estimated future expected cash flows the Company anticipated receiving from the operations of the Sioux City facility.

        Results for the fourth quarter of 2013 only include results for one month for Hollywood Casino Baton Rouge and Hollywood Casino Perryville as they were contributed to GLPI on November 1, 2013. The Company paid rental expense related to the Master Lease of $69.5 million during this time period.

        During the first, second, third and fourth quarters of 2013, the Company incurred transaction costs of $2.3 million, $3.5 million, $8.9 million and $14.1 million, respectively, associated with the Spin-Off.

        During the fourth quarter of 2013, the Company recorded a loss on the early extinguishment of debt of $61.7 million in connection with the repayments of its previous indebtedness.