Note 20 - Selected Quarterly Financial Information (Unaudited)

12 Months Ended

Dec. 31, 2015

Quarterly Financial Information [Text Block]

20. Selected Quarterly Financial Information (Unaudited):

Quarterly results of operations for the years ended December 31, 2015 and December 28, 2014 are summarized as follows:

	First			Second			Third			Fourth
	Quarter (1)			Quarter (2)			Quarter (3)			Quarter (4)
	(In thousands, except per share amounts)
2015
Net revenues	$	12,766		$	15,329		$	62,512		$	86,435
Income (loss) from operations		(1,341	)		16			(7,752	)		27,440
Net income (loss)		(1,725	)		(179	)		3,018			23,406
Net income (loss) per basic share (5)	$	(0.13	)	$	(0.01	)	$	0.16		$	1.07

(1)	Results included gain on sale of cost method investment of $0.8 million related to the investment in Rock Ohio Ventures and approximately $0.8 million in transaction-related costs associated with the Merger .

(2)	Results included approximately $0.4 million in transaction-related costs associated with the Merger .

(3)

Results included the operating results of Sartini Gaming from and after August 1, 2015

, following the consummation of the Merger, a $1.2 million loss on extinguishment of debt, approximately $9.3 million in transaction-related costs associated with the Merger and an income tax benefit of $12.9 million attributable primarily to the income tax benefit recorded from the reversal of an existing valuation allowance on deferred tax assets as a result of the net deferred tax liabilities assumed in connection with the Merger

(4)

Results included the operating results of Sartini Gaming for the entire fourth quarter, a gain on recovery of impaired notes receivable of $23.6 million related to the disposition of the Jamul Note, approximately $0.9 million in transaction-related costs associated with the Merger and an income tax provision of $2.7 million

(5)

Because net income (loss) per share amounts are calculated using the weighted average number of common equivalent shares outstanding during each quarter, the sum of the per share amounts for the four quarters does not equal the total net income (loss) per share amounts for the year. The per share amounts in the second half of 2015 were impacted by the issuance of an aggregate of approximately 8.5 million shares of the Company’s common stock in connection with the Merger.

	First			Second		Third			Fourth
	Quarter			Quarter (1)		Quarter (2)			Quarter (3)
	(In thousands, except per share amounts)
2014
Net revenues	$	12,310		$	14,107	$	15,930		$	12,825
Income (loss) from operations		(1,647	)		326		(22,822	)		192
Net income (loss)		(1,768	)		57		(23,076	)		(58	)
Net loss per basic share	$	(0.14	)	$	—	$	(1.72	)	$	—

(1)	Results included gain on sale of cost method investment of $1.0 million related to the Company’s former investment in Dania Entertainment.

(2)	Results included impairment losses of $21.0 million related to the write-down of the Company’s former 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 Company’s former investment in Dania Entertainment and approximately $0.5 million in transaction-related costs associated with the Merger .