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Segment Information
 3 Months Ended
Mar. 31, 2015
Segment Information [Abstract]  
Segment Information

 

12.SEGMENT INFORMATION

 

As a result of the Company’s recent and continuing expansion efforts, during the fourth quarter of 2014, the Company reorganized its internal management reporting structure. Although the Company’s consolidated results of operations, financial position and cash flows were not impacted, the Company has updated the segment disclosures for prior periods to reflect the new internal management reporting structure.

 

The Company reports its financial performance in three reportable segments based on the geographical locations in which its casinos operate: the United States, Canada and Poland. Operating segments are aggregated within reportable segments based on their similar characteristics, types of customers, types of services and products provided, the regulatory environments in which they operate, and their management and reporting structure. The Company’s casino properties provide gaming, hotel accommodations, dining facilities and other amenities to the Company’s customers. The Company’s operations related to concession, management and consulting fee revenues and certain other corporate and management operations have not been identified as separate reportable segments; therefore, these operations are included in Corporate and Other in the following segment disclosures to reconcile to consolidated results. All significant intercompany transactions are eliminated in consolidation.

 

The table below provides information about the aggregation of the Company’s operating segments into reportable segments:

 

 

 

Reportable Segment

Operating Segment

Canada

Century Casino & Hotel - Edmonton

Canada

Century Casino Calgary

Canada

Century Downs Racetrack and Casino

Canada

Century Bets!

United States

Century Casino & Hotel – Central City

United States

Century Casino & Hotel – Cripple Creek

Poland

Casinos Poland

Corporate and Other

Cruise Ships & Other

Corporate and Other

Corporate Other

 

The Company’s chief operating decision maker is a management function comprised of two individuals.  These two individuals are our Co Chief Executive Officers. The Company’s chief operating decision makers and management utilize Adjusted EBITDA as a primary profit measure for its reportable segments. Adjusted EBITDA is a non-GAAP measure defined as net earnings (loss) before interest, income taxes (benefit), depreciation and amortization, pre-opening expenses, non-cash stock based compensation charges, asset impairment costs, (gains) losses on disposition of fixed assets, discontinued operations, realized foreign currency (gains) losses, gain on business combinations, acquisition costs, intercompany transactions and certain other one-time items. Non-cash stock-based compensation expense is presented under Corporate and Other in the tables below as the expense is not allocated to reportable segments when reviewed by the Company’s chief operating decision makers.

 

The following summaries provide information regarding the Company’s segment information for the three months ended March 31, 2015 and 2014:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended March 31, 2015

 

 

 

 

 

 

Canada

 

 

United States

 

 

Poland

 

 

Corporate and Other

 

 

Consolidated

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating revenue

 

$
8,445 

 

$
6,793 

 

$
13,534 

 

$
1,633 

 

$
30,405 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

 

$
2,138 

 

$
476 

 

$
781 

 

$
(1,550)

 

$
1,845 

Interest expense (income), net

 

 
632 

 

 
0 

 

 
35 

 

 
(3)

 

 
664 

Income taxes (benefit)

 

 
348 

 

 
369 

 

 
248 

 

 
(531)

 

 
434 

Depreciation and amortization

 

 
418 

 

 
634 

 

 
610 

 

 
149 

 

 
1,811 

Non-controlling interests

 

 
(739)

 

 
0 

 

 
391 

 

 
0 

 

 
(348)

Non-cash stock-based compensation

 

 
0 

 

 
0 

 

 
0 

 

 
388 

 

 
388 

Foreign currency (gains) losses

 

 
(164)

 

 
0 

 

 
(333)

 

 
2 

 

 
(495)

Loss on disposition of fixed assets

 

 
0 

 

 
0 

 

 
122 

 

 
0 

 

 
122 

Acquisition costs

 

 
36 

 

 
0 

 

 
0 

 

 
(36)

 

 
0 

Preopening expenses

 

 
345 

 

 
0 

 

 
0 

 

 
0 

 

 
345 

Other one-time (income) expense items

 

 
0 

 

 
0 

 

 
0 

 

 
0 

 

 
0 

Adjusted EBITDA

 

$
3,014 

 

$
1,479 

 

$
1,854 

 

$
(1,581)

 

$
4,766 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating revenue for Corporate and Other of $1.5 million, $0.1 million and less than $0.1 million is attributable to cruise ships operating on internationals waters, Aruba and Argentina, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts in thousands

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended March 31, 2014

 

 

 

 

 

Canada

 

United States

 

Poland

 

Corporate and Other

 

Consolidated

Revenue

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating revenue

 

$
8,563 

 

$
6,462 

 

$
12,413 

 

$
1,672 

 

$
29,110 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Results

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings (loss) attributable to Century Casinos, Inc. shareholders

 

$
1,478 

 

$
210 

 

$
32 

 

$
(1,210)

 

$
510 

Interest expense (income), net

 

 
589 

 

 
0 

 

 
94 

 

 
(11)

 

 
672 

Income taxes (benefit)

 

 
380 

 

 
135 

 

 
(19)

 

 
(281)

 

 
215 

Depreciation and amortization

 

 
456 

 

 
534 

 

 
693 

 

 
127 

 

 
1,810 

Non-controlling interests

 

 
(300)

 

 
0 

 

 
16 

 

 
0 

 

 
(284)

Non-cash stock-based compensation

 

 
0 

 

 
0 

 

 
0 

 

 
21 

 

 
21 

Foreign currency (gains) losses

 

 
(48)

 

 
0 

 

 
(97)

 

 
15 

 

 
(130)

Loss on disposition of fixed assets

 

 
0 

 

 
0 

 

 
59 

 

 
0 

 

 
59 

Acquisition costs

 

 
0 

 

 
0 

 

 
0 

 

 
0 

 

 
0 

Preopening expenses

 

 
0 

 

 
0 

 

 
0 

 

 
0 

 

 
0 

Other one-time (income) expense items

 

 
(103)

 

 
0 

 

 
0 

 

 
0 

 

 
(103)

Adjusted EBITDA

 

$
2,452 

 

$
879 

 

$
778 

 

$
(1,339)

 

$
2,770 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net operating revenue for Corporate and Other of $1.6 million and $0.1 million is attributable to cruise ships operating on internationals waters and Aruba, respectively.