XML 87 R26.htm IDEA: XBRL DOCUMENT v2.4.1.9
Note 21 - Selected Quarterly Financial Information (Unaudited)
 12 Months Ended
Dec. 28, 2014
Quarterly Financial Information Disclosure [Abstract]  
Quarterly Financial Information [Text Block]

21.  Selected Quarterly Financial Information (Unaudited):     


Quarterly results of operations for the fiscal years ended December 28, 2014 and December 29, 2013 are summarized as follows (in thousands, except per share amounts):


2014

 

First

Quarter

   

Second

Quarter (1)

   

Third

Quarter (2)

   

Fourth

Quarter (3)

 

Net revenues

  $ 12,310     $ 14,107     $ 15,930     $ 12,825  

Earnings (loss) from operations

    (1,647 )     326       (22,822 )     192  

Net earnings (loss)

    (1,768 )     57       (23,076 )     (58 )

Earnings (loss) per basic share

  $ (0.14 )   $ 0.00     $ (1.72 )   $ 0.00  

__________

         
   

(1)

Results included gain on sale of cost method investment of $1.0 million related to the investment in DEC.

   

(2)

Results included impairment losses of $21.0 million related to the write-down of the investment in Rock Ohio Ventures and charges related to arbitration award of $2.5 million related to the matter of Jerry Argovitz v. Lakes Entertainment, Inc. and Lakes Shingle Springs, Inc.

   

(3)

Results included gain on sale of cost method investment of $1.4 million related to the investment in DEC.


2013

 

First

Quarter (1)

   

Second

Quarter (1)

   

Third

Quarter (2)

   

Fourth

Quarter (3)

 

Net revenues

  $ 3,304     $ 8,549     $ 15,492     $ 11,445  

Earnings (loss) from operations

    (1,878 )     (1,243 )     18,758       (2,228 )

Net earnings (loss)

    (333 )     244       19,599       (859 )

Earnings (loss) per basic share

  $ (0.03 )   $ 0.02     $ 1.48     $ (0.06 )

__________


(1)

Results included approximately $0.3 million and $0.9 million of preopening expenses related to the Rocky Gap project for the first and second quarters of 2013, respectively.

   

(2)

 

Results included recovery of impairment on notes receivable of $17.4 million related to the Debt Termination Agreement with the Shingle Springs Tribe, gain on extinguishment of liabilities of $3.8 million associated with contract acquisition costs related to the project with the Shingle Springs Tribe that were no longer owed upon entering into the Debt Termination Agreement with the Shingle Springs Tribe, and impairment charges of $2.4 million related to the intangible assets associated with the development and management agreement with the Shingle Springs Tribe, which were considered fully impaired upon entering into the Debt Termination Agreement. Results also included an impairment charge of $1.0 million related to receivables from related parties that were directly related to the development and opening of Lakes’ Indian casino projects which were determined to be uncollectible during the third quarter of 2013.

   
(3) Results included a gain of $1.7 million related to the modification of its Financing Facility with Centennial Bank to reduce the interest rate from 10.5% to 5.5%.