TRUMP HOTELS & CASINO RESORTS, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share data)
3 MONTHS
12 MONTHS
31-Dec-04 31-Dec-03 31-Dec-04 31-Dec-03
--------------------- ----------------------
REVENUES
CASINO
$288,404 $279,847 $1,210,065 $1,218,318
ROOMS
19,444 18,687 79,200
78,941
FOOD & BEVERAGE
31,068 28,159 130,498
125,353
OTHER
10,087 8,765
44,570 38,389
PROMOTIONAL ALLOWANCES
(80,987) (69,647) (323,727) (303,486)
--------------------- ----------------------
NET REVENUES
$268,016 $265,811 $1,140,606 $1,157,515
--------------------- ----------------------
COSTS & EXPENSES
GAMING
$138,639 $133,533 $570,892 $570,825
ROOMS
7,269 7,227
29,063 30,287
FOOD & BEVERAGE
11,213 11,216 46,605
46,695
GENERAL & ADMIN
67,387 65,420 261,753
258,333
--------------------- ----------------------
TOTAL EXPENSES
$224,508 $217,396 $908,313 $906,140
--------------------- ----------------------
EBITDA (a)
$43,508 $48,415 $232,293
$251,375
Less:
CRDA
1,100 3,329
4,608 9,191
DEPRECIATION & AMORTIZATION 25,102
24,454 102,705 94,406
CORPORATE EXPENSES
2,764 2,070
9,675 8,928
REORGANIZATION EXPENSES (b) 61,414
- 61,414
-
DEBT RENEGOTIATION COSTS (c)
- -
2,857 2,951
--------------------- ----------------------
INCOME (LOSS) FROM
OPERATIONS
($46,872) $18,562 $51,034
$135,899
--------------------- ----------------------
INTEREST INCOME
(529) (324) (1,090)
(1,531)
INTEREST EXPENSE
57,289 58,763 228,539
228,521
GAIN ON DEBT RETIREMENT,
NET (d)
- -
- (2,892)
OTHER NON-OPERATING
(INCOME)EXPENSE, NET
440 (45)
(1,649) (25)
--------------------- ----------------------
TOTAL NON-OPERATING
EXPENSE, NET
$57,200 $58,394 $225,800
$224,073
--------------------- ----------------------
LOSS BEFORE LOSS IN JOINT
VENTURE, INCOME TAXES
MINORITY INTEREST &
DISCONTINUED
OPERATIONS
($104,072) ($39,832) ($174,766) ($88,174)
LOSS IN JOINT VENTURE
(1,019) (541) (2,449)
(2,396)
PROVISION FOR INCOME
TAXES (e)
(2,283) (1,370) (27,555)
(5,305)
--------------------- ----------------------
LOSS BEFORE MINORITY INTEREST
& DISCONTINUED
OPERATIONS
($107,374) ($41,743) ($204,770) ($95,875)
MINORITY INTEREST (f)
- -
- 5,061
--------------------- ----------------------
LOSS BEFORE DISCONTINUED
OPERATIONS
($107,374) ($41,743) ($204,770) ($90,814)
DISCONTINUED OPERATIONS: (g)
INCOME FROM OPERATIONS OF
TRUMP 29
1,583 880
7,480 3,523
GAIN ON TERMINATION OF
TRUMP 29 MANAGEMENT
CONTRACT
6,000 -
6,000 -
--------------------- ----------------------
NET LOSS
($99,791) ($40,863) ($191,290) ($87,291)
===================== ======================
WEIGHTED AVERAGE #
SHARES-BASIC
29,904,764 29,904,764 29,904,764 25,773,545
========== ========== ========== ===========
WEIGHTED AVERAGE #
SHARES-DILUTED
29,904,764 29,904,764 29,904,764 25,773,545
========== ========== ========== ===========
BASIC AND DILUTED LOSS
PER SHARE LOSS BEFORE
DISCONTINUED OPERATIONS
($3.59) ($1.40) ($6.85)
($3.52)
DISCONTINUED OPERATIONS
$0.25 $0.03
$0.45 $0.14
---------------------- ----------------------
NET LOSS
($3.34) ($1.37) ($6.40)
($3.39)
====================== ======================
(a) EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations,
corporate expenses, debt renegotiation costs and reorganization
expenses) is a measure of financial performance commonly
used in the
casino hotel industry. We provide EBITDA results to enhance
an
investor's understanding of our operating results. EBITDA
is a
non-GAAP financial statement measure and should not be
construed as an
alternative to operating income as determined under generally
accepted
accounting principles as an indicator of operating performance.
All
companies do not calculate EBITDA in the same manner;
accordingly, the
EBITDA results presented above may not be comparable
to EBITDA results
as reported by other companies. Corporate expenses include
administrative expenses associated with the operation
of THCR Holdings
and lobbying and developmental costs in other gaming
jurisdictions.
(b)On November 21, 2004, the Company filed voluntary petitions
in the
Bankruptcy Court under Chapter 11 of the United States
Bankruptcy
Code. The Company is preparing its financial information
in accordance
with AICPA Statement of Position 90-7, "Financial Reporting
by
Entities under the Bankruptcy Code". Reorganization expenses
principally include (i) the write-off of deferred financing
fees and
the accretion of debt discounts in the amount of $39.5
million on the
TCH and TACA Mortgage Notes in order to reflect the debt
balance at
the estimated amount of the claim that is expected to
be allowed in
the Chapter 11 proceedings and (ii) professional fees
in the amount of
$21.9 million associated with the reorganization and
bankruptcy
proceedings.
(c) Debt renegotiation costs in 2004 represent costs incurred
in
connection with the proposed recapitalization of the
Company by the
DLJ Merchant Banking Partners proposed investment which
was terminated
on September 22, 2004. Debt renegotiation costs in 2003
include the
costs expensed with debt refinancing and transactional
fees earned
upon the successful completion of debt refinancing in
2003.
(d) Includes a net gain of $10.4 million of theTrump Marina
PIK Notes
and First Mortgage Notes, which is offset by the $2.8
million call
premium on the retirement of THCR Holdings 15.5% Senior
Notes, Trump
Indiana's interest rate swap of approximately $0.9 million
and
unamortized loan costs of approximately $3.8 million.
All of these
transactions occurred on March 25, 2003 in connection
with the
Company's issuance of Priority Mortgage Notes and the
related use of
proceeds.
(e) Represents Indiana state income taxes and New Jersey
state income
taxes due under the Business Tax Reform Act passed in
July 2002 and
the New Jersey Profits Tax passed in July 2003. Year
ended December
2004 includes $19.1 million of Indiana state income taxes
due to the
Indiana state waging tax add back adjustment, as a result
of a ruling
in the Indiana tax court for the period from commencement
of
operations in June 1996 through the quarter ended March
31, 2004.
(f) Minority interest credit is limited to the Balance
Sheet amount at
December 31, 2002.
(g) Quarter and year ended December 31, 2004 discontinued
operations
includes operating results from the management contract
with the
Twenty-Nine Palms Band of Luiseno Mission Indians of
California and a
gain of $6 million related to the termination of the
management
contract.
TRUMP ATLANTIC CITY ASSOCIATES
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands)
3 MONTHS
12 MONTHS
31-Dec-04 31-Dec-03 31-Dec-04 31-Dec-03
---------------------- ---------------------
REVENUES
CASINO
$195,369 $186,527 $809,217 $825,068
ROOMS
14,195 13,651 57,445
57,511
FOOD & BEVERAGE
22,496 20,804 94,498
90,982
OTHER
7,214 6,000
31,020 25,259
PROMOTIONAL ALLOWANCES
(60,157) (50,312) (237,387) (220,141)
---------------------- ---------------------
NET REVENUES
$179,117 $176,670 $754,793 $778,679
---------------------- ---------------------
COSTS & EXPENSES
GAMING
$92,904 $88,732 $377,848
$379,903
ROOMS
5,676 5,758
22,605 23,996
FOOD & BEVERAGE
7,916 7,959
32,130 31,985
GENERAL & ADMIN (b)
46,992 37,368 172,429
162,543
---------------------- ---------------------
TOTAL EXPENSES
$153,488 $139,817 $605,012 $598,427
---------------------- ---------------------
EBITDA (a)
$25,629 $36,853 $149,781
$180,252
Less:
CRDA
$841 $3,081 $3,512
$7,303
DEPRECIATION & AMORTIZATION 17,304
16,710 72,753 64,555
CORPORATE EXPENSES
641 156
1,322 853
REORGANIZATION EXPENSES (c) 19,569
- 19,569
-
DEBT RENEGOTIATION COSTS (d)
- -
2,000 300
---------------------- ---------------------
INCOME (LOSS) FROM
OPERATIONS
($12,726) $16,906 $50,625
$107,241
---------------------- ---------------------
INTEREST INCOME
(364) (242)
(766) (774)
INTEREST EXPENSE
38,846 42,105 155,786
158,026
OTHER NON-OPERATING
(INCOME)EXPENSE, NET
- (45)
(1,480) (45)
---------------------- ---------------------
TOTAL NON-OPERATING
EXPENSE, NET
$38,482 $41,818 $153,540
$157,207
---------------------- ---------------------
LOSS BEFORE INCOME TAXES (51,208)
(24,912) (102,915) (49,966)
PROVISION FOR INCOME
TAXES (e)
(1,026) (983) (4,225)
(3,930)
---------------------- ---------------------
NET LOSS
($52,234) ($25,895) ($107,140) ($53,896)
====================== =====================
(a) EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations,
corporate expenses, debt renegotiation costs and reorganization
expenses) is a measure of financial performance commonly
used in the
casino hotel industry. We provide EBITDA results to enhance
an
investor's understanding of our operating results. EBITDA
is a
non-GAAP financial statement measure and should not be
construed as an
alternative to operating income as determined under generally
accepted
accounting principles as an indicator of operating performance.
All
companies do not calculate EBITDA in the same manner;
accordingly, the
EBITDA results presented above may not be comparable
to EBITDA results
as reported by other companies.
(b) The increase in general and administrative expense
for the quarter
and year ended December 31, 2004 is due to a reserve
of $8.0 million
which was recorded for the real estate tax assessment
appeal against
the City of Atlantic City.
(c) On November 21, 2004, the Company filed voluntary
petitions in the
Bankruptcy Court under Chapter 11 of the United States
Bankruptcy
Code. The Company is preparing its financial information
in accordance
with AICPA Statement of Position 90-7, "Financial Reporting
by
Entities under the Bankruptcy Code". Reorganization expenses
principally include (i) the write-off of deferred financing
fees and
the accretion of debt discounts in the amount of $4.5
million on the
TACA Mortgage Notes in order to reflect the debt balance
at the
estimated amount of the claim that is expected to be
allowed in the
Chapter 11 proceedings and (ii) professional fees in
the amount of
$15.1 million associated with the reorganization and
bankruptcy
proceedings.
(d) Debt renegotiation costs in 2004 represent costs incurred
in
connection with the proposed recapitalization of the
Company by the
DLJ Merchant Banking Partners proposed investment which
was terminated
on September 22, 2004. Debt renegotiation costs in 2003
include the
costs expensed with debt refinancing.
(e) Represents New Jersey state income taxes due under
the Business
Tax Reform Act passed in July 2002 and the New Jersey
Profits Tax
passed in July 2003.
TRUMP CASINO HOLDINGS, LLC
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands)
3 MONTHS
12 MONTHS
31-Dec-04 31-Dec-03 31-Dec-04 31-Dec-03
--------------------- ---------------------
REVENUES
CASINO
$93,035 $93,320 $400,848
$393,250
ROOMS
5,249 5,036
21,755 21,430
FOOD & BEVERAGE
8,572 7,355
36,000 34,371
OTHER
2,873 2,765
13,550 13,130
PROMOTIONAL ALLOWANCES
(20,830) (19,335) (86,340) (83,345)
--------------------- ---------------------
NET REVENUES
$88,899 $89,141 $385,813
$378,836
--------------------- ---------------------
COSTS & EXPENSES
GAMING
$45,735 $44,801 $193,044
$190,922
ROOMS
1,593 1,469
6,458 6,291
FOOD & BEVERAGE
3,297 3,257
14,475 14,710
GENERAL & ADMIN
20,395 28,052 89,324
95,790
--------------------- ---------------------
TOTAL EXPENSES
$71,020 $77,579 $303,301
$307,713
--------------------- ---------------------
EBITDA (a)
$17,879 $11,562 $82,512
$71,123
Less:
CRDA
259 248
1,096 1,888
DEPRECIATION & AMORTIZATION 7,762
7,737 29,870 29,823
CORPORATE EXPENSES
653 115
1,667 2,356
REORGANIZATION EXPENSES (b) 41,845
- 41,845
-
DEBT RENEGOTIATION COSTS (c)
- -
857 401
--------------------- ---------------------
INCOME (LOSS) FROM
OPERATIONS
($32,640) $3,462 $7,177
$36,655
--------------------- ---------------------
INTEREST INCOME
(146) (78)
(304) (735)
INTEREST EXPENSE
18,088 16,658 72,398
72,188
GAIN ON DEBT RETIREMENT,
NET (d)
- -
- (7,931)
OTHER NON-OPERATING (INCOME)EXP 36
- (573)
20
--------------------- ---------------------
TOTAL NON-OPERATING
EXPENSE, NET
$17,978 $16,580 $71,521
$63,542
--------------------- ---------------------
LOSS BEFORE LOSS IN JOINT
VENTURE INCOME TAXES &
DISCONTINUED OPERATIONS (50,618)
(13,118) (64,344) (26,887)
LOSS IN JOINT VENTURE
(1,019) (541) (2,449)
(2,396)
PROVISION FOR INCOME
TAXES (e)
(1,257) (387) (23,330)
(1,375)
--------------------- ---------------------
LOSS BEFORE DISCONTINUED
OPERATIONS
($52,894) ($14,046) ($90,123) ($30,658)
DISCONTINUED OPERATIONS: (f)
INCOME FROM OPERATIONS OF
TRUMP 29
1,583 880
7,480 3,523
GAIN ON TERMINATION OF
TRUMP 29 MANAGEMENT
CONTRACT
6,000 -
6,000 -
--------------------- ---------------------
NET LOSS
($45,311) ($13,166) ($76,643) ($27,135)
===================== =====================
(a) EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations,
corporate expenses, debt renegotiation costs and reorganization
expenses) is a measure of financial performance commonly
used in the
casino hotel industry. We provide EBITDA results to enhance
an
investor's understanding of our operating results. EBITDA
is a
non-GAAP financial statement measure and should not be
construed as an
alternative to operating income as determined under generally
accepted
accounting principles as an indicator of operating performance.
All
companies do not calculate EBITDA in the same manner;
accordingly, the
EBITDA results presented above may not be comparable
to EBITDA results
as reported by other companies.
(b) On November 21, 2004, the Company filed voluntary
petitions in the
Bankruptcy Court under Chapter 11 of the United States
Bankruptcy
Code. The Company is preparing its financial information
in accordance
with AICPA Statement of Position 90-7, "Financial Reporting
by
Entities under the Bankruptcy Code". Reorganization expenses
principally include (i) the write-off of deferred financing
fees and
the accretion of debt discounts in the amount of $35.0
million on the
TCH Mortgage Notes in order to reflect the debt balance
at the
estimated amount of the claim that is expected to be
allowed in the
Chapter 11 proceedings and (ii) professional fees in
the amount of
$6.8 million associated with the reorganization and bankruptcy
proceedings.
(c) Debt renegotiation costs in 2004 represent costs incurred
in
connection with the proposed recapitalization of the
Company by the
DLJ Merchant Banking Partners proposed investment which
was terminated
on September 22, 2004. Debt renegotiation costs in 2003
include
transactional fees earned upon the successful completion
of debt
refinancing in 2003.
(d) Includes a net gain of $10.4 million of theTrump Marina
PIK Notes
and First Mortgage Notes, which is offset by Trump Indiana's
interest
rate swap of approximately $0.9 million and unamortized
loan costs of
approximately $1.6 million. All of these transactions
occurred on
March 25, 2003 in connection with the Company's issuance
of Priority
Mortgage Notes and the related use of proceeds.
(e) Represents Indiana state income taxes and New Jersey
state income
taxes due under the Business Tax Reform Act passed in
July 2002 and
the New Jersey Profits Tax passed in July 2003. Year
ended December
2004 includes $19.1 million of Indiana state income taxes
due to the
Indiana state waging tax add back adjustment, as a result
of a ruling
in the Indiana tax court for the period from commencement
of
operations in June 1996 through the quarter ended March
31, 2004.
(f) Quarter and year ended December 31, 2004 discontinued
operations
includes operating results from the management contract
with the
Twenty-Nine Palms Band of Luiseno Mission Indians of
California and a
gain of $6 million related to the termination of the
management
contract.
TRUMP TAJ MAHAL ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS
12 MONTHS
31-Dec-04 31-Dec-03 31-Dec-04 31-Dec-03
--------------------- ---------------------
REVENUES
CASINO
$118,658 $116,673 $496,350 $511,896
# of Slots
4,419 4,670
4,405 4,695
Win per Slot/Day
$194 $171
$206 $196
Slot Win
$78,734 $73,476 $330,662
$336,462
# of Tables
127 127
127 127
Win per Table/Day
$2,887 $3,248 $3,040
$3,309
Table Win
$33,736 $37,949 $141,225
$153,379
Table Drop
$225,725 $211,535 $879,025 $896,706
Hold %
14.9% 17.9%
16.1% 17.1%
Poker, Keno, Race
Win
$6,188 $5,248 $24,463
$22,055
ROOMS
$8,124 $7,928 $33,028
$33,435
# of Rooms Sold
103,855 103,697 428,187
428,447
Avg Room Rates
$78.22 $76.45 $77.13
$78.04
Occupancy %
90.3% 90.2%
93.6% 93.9%
FOOD & BEVERAGE
$13,185 $12,458 $56,120
$54,973
OTHER
4,404 3,945
20,223 16,888
PROMOTIONAL ALLOWANCES
(34,043) (30,156) (135,691) (129,899)
---------------------- ---------------------
NET REVENUES
$110,328 $110,848 $470,030 $487,293
---------------------- ----------------------
COSTS & EXPENSES
GAMING
$56,013 $54,193 $227,281
$232,018
ROOMS
3,474 3,517
13,804 14,867
FOOD & BEVERAGE
4,638 4,896
18,975 19,632
GENERAL & ADMIN
23,803 23,071 101,457
100,597
---------------------- ---------------------
TOTAL EXPENSES
$87,928 $85,677 $361,517
$367,114
---------------------- ---------------------
EBITDA (a)
$22,400 $25,171 $108,513
$120,179
====================== =====================
A reconciliation of EBITDA to
income from operations for
each of the periods is as
follows:
EBITDA
$22,400 $25,171 $108,513
$120,179
Depreciation and
amortization
(12,699) (11,704) (49,269) (44,405)
Reorganization expenses
(2,697) -
(2,697) -
Non-cash write-downs and
charges related to
required regulatory
obligations (CRDA)
(505) (507) (2,100)
(3,405)
---------------------- ---------------------
Income from operations
$6,499 $12,960 $54,447
$72,369
====================== =====================
(a) EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations,
corporate expenses, debt renegotiation costs and reorganization
expenses) is a measure of financial performance commonly
used in the
casino hotel industry. We provide EBITDA results to enhance
an
investor's understanding of our operating results. EBITDA
is a
non-GAAP financial statement measure and should not be
construed as an
alternative to operating income as determined under generally
accepted
accounting principles as an indicator of operating performance.
All
companies do not calculate EBITDA in the same manner;
accordingly, the
EBITDA results presented above may not be comparable
to EBITDA results
as reported by other companies.
TRUMP PLAZA ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS
12 MONTHS
31-Dec-04 31-Dec-03 31-Dec-04 31-Dec-03
--------------------- ---------------------
REVENUES
CASINO
$76,711 $69,854 $312,867
$313,172
# of Slots
2,850 2,907
2,864 2,941
Win per Slot/Day
$210 $184
$220 $209
Slot Win
$55,155 $49,342 $229,978
$224,647
# of Tables
91 90
91 90
Win per Table/Day
$2,575 $2,477 $2,496
$2,695
Table Win
$21,556 $20,512 $82,889
$88,525
Table Drop
$134,270 $131,518 $555,158 $574,812
Hold %
16.1% 15.6%
14.9% 15.4%
ROOMS
$6,071 $5,723 $24,417
$24,076
# of Rooms Sold
75,147 71,548 307,963
302,198
Room Rates
$80.79 $79.99 $79.29
$79.67
Occupancy %
90.4% 86.0%
93.1% 91.6%
FOOD & BEVERAGE
$9,311 $8,346 $38,378
$36,009
OTHER
2,810 2,055
10,797 8,371
PROMOTIONAL ALLOWANCES
(26,114) (20,156) (101,696) (90,242)
---------------------- ---------------------
NET REVENUES
$68,789 $65,822 $284,763
$291,386
---------------------- ---------------------
COSTS & EXPENSES
GAMING
$36,891 $34,539 $150,567
$147,885
ROOMS
2,202 2,241
8,801 9,129
FOOD & BEVERAGE
3,278 3,063
13,155 12,353
GENERAL & ADMIN (b)
23,189 14,297 70,972
61,946
---------------------- ---------------------
TOTAL EXPENSES
$65,560 $54,140 $243,495
$231,313
---------------------- ---------------------
EBITDA (a)
$3,229 $11,682 $41,268
$60,073
====================== =====================
A reconciliation of EBITDA to
income from operations for
each of the periods is as
follows:
EBITDA
$3,229 $11,682 $41,268
$60,073
Depreciation and
amortization
(4,605) (5,006) (23,484)
(20,150)
Reorganization expenses
(1,795) -
(1,795) -
Non-cash write-downs and
charges related to
required regulatory
obligations(CRDA)
(336) (2,574) (1,412)
(3,898)
Corporate charges
(610) (120) (1,175)
(660)
---------------------- ---------------------
Income (loss) from
operations
($4,117) $3,982 $13,402
$35,365
====================== =====================
(a) EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations,
corporate expenses, debt renegotiation costs and reorganization
expenses) is a measure of financial performance commonly
used in the
casino hotel industry. We provide EBITDA results to enhance
an
investor's understanding of our operating results. EBITDA
is a
non-GAAP financial statement measure and should not be
construed as an
alternative to operating income as determined under generally
accepted
accounting principles as an indicator of operating performance.
All
companies do not calculate EBITDA in the same manner;
accordingly, the
EBITDA results presented above may not be comparable
to EBITDA results
as reported by other companies.
(b) The increase in general and administrative expense
for the quarter
and year ended December 31, 2004 is due to a reserve
of $8.0 million
which was recorded for the real estate tax assessment
appeal against
the City of Atlantic City.
TRUMP MARINA ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS
12 MONTHS
31-Dec-04 31-Dec-03 31-Dec-04 31-Dec-03
---------------------- ---------------------
REVENUES
CASINO
$61,256 $57,828 $260,246
$258,399
# of Slots
2,543 2,501
2,522 2,506
Win per Slot/Day
$217 $193
$225 $216
Slot Win
$50,755 $44,361 $207,243
$197,424
# of Tables
76 75
76 80
Win per Table/Day
$1,484 $1,935 $1,886
$2,068
Table Win
$10,377 $13,354 $52,470
$60,395
Table Drop
$81,394 $75,973 $348,019
$354,529
Hold %
12.7% 17.6%
15.1% 17.0%
Poker, Keno, Race
Win
$124 $113
$533 $580
ROOMS
$4,496 $4,241 $18,551
$18,149
# of Rooms Sold
56,391 51,545 230,302
230,626
Avg Room Rates
$79.73 $82.28 $80.55
$78.69
Occupancy %
84.2% 77.0%
86.4% 86.8%
FOOD & BEVERAGE
$7,845 $6,576 $32,850
$31,303
OTHER
2,434 2,599
11,588 11,189
PROMOTIONAL ALLOWANCES
(18,423) (15,872) (75,090) (68,609)
---------------------- ---------------------
NET REVENUES
$57,608 $55,372 $248,145
$250,431
---------------------- ---------------------
COSTS & EXPENSES
GAMING
$28,540 $27,510 $120,601
$122,587
ROOMS
1,103 1,062
4,435 4,359
FOOD & BEVERAGE
2,152 2,120
9,757 10,173
GENERAL & ADMIN
15,442 14,693 63,814
64,781
---------------------- ---------------------
TOTAL EXPENSES
$47,237 $45,385 $198,607
$201,900
---------------------- ---------------------
EBITDA (a)
$10,371 $9,987 $49,538
$48,531
====================== ====================
A reconciliation of EBITDA to
income from operations for
each of the periods is as
follows:
EBITDA
$10,371 $9,987 $49,538
$48,531
Depreciation and
amortization
(5,950) (5,875) (22,256)
(22,535)
Reorganization
expenses
(10,722) -
(10,722) -
Non-cash write-downs and
charges related to
required regulatory
obligations
(259) (248) (1,096)
(1,888)
Debt renegotiation costs
- -
- 47
---------------------- ---------------------
Income (loss) from
operations
($6,560) $3,864 $15,464
$24,155
====================== =====================
Note: Certain prior year reclassifications have
been made to conform
to current year presentation.
(a) EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations,
corporate expenses, debt renegotiation costs and reorganization
expenses) is a measure of financial performance commonly
used in the
casino hotel industry. We provide EBITDA results to enhance
an
investor's understanding of our operating results. EBITDA
is a
non-GAAP financial statement measure and should not be
construed as an
alternative to operating income as determined under generally
accepted
accounting principles as an indicator of operating performance.
All
companies do not calculate EBITDA in the same manner;
accordingly, the
EBITDA results presented above may not be comparable
to EBITDA results
as reported by other companies.
TRUMP INDIANA, INC.
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS
12 MONTHS
31-Dec-04 31-Dec-03 31-Dec-04 31-Dec-03
---------------------- ---------------------
REVENUES
CASINO
$31,779 $35,492 $140,602
$134,851
# of Slots
1,628 1,693
1,682 1,600
Win per Slot/Day
$170 $195
$189 $199
Slot Win
$25,438 $30,299 $116,214
$115,983
# of Tables
39 43
40 42
Win per Table/Day
$1,349 $1,283 $1,289
$1,234
Table Win
$4,842 $5,076 $18,869
$18,751
Table Drop
$29,272 $30,609 $122,138
$116,045
Hold %
16.5% 16.6%
15.4% 16.2%
Poker (Start
12/16/03)
$1,499 $117
$5,519 $117
ROOMS
$753 $795
$3,204 $3,281
# of Rooms Sold
13,136 13,470 56,337
58,164
Avg Room Rates
$57.32 $59.02 $56.87
$56.41
Occupancy %
47.6% 48.8%
51.3% 53.1%
FOOD & BEVERAGE
$727 $779
$3,150 $3,068
OTHER
439 166
1,962 1,941
PROMOTIONAL ALLOWANCES
(2,407) (3,463) (11,250)
(14,736)
---------------------- ---------------------
NET REVENUES
$31,291 $33,769 $137,668
$128,405
---------------------- ---------------------
COSTS & EXPENSES
GAMING
$17,195 $17,291 $72,443
$68,335
ROOMS
490 407
2,023 1,932
FOOD & BEVERAGE
1,145 1,137
4,718 4,537
GENERAL & ADMIN (b)
4,953 13,359 25,510
31,009
---------------------- ---------------------
TOTAL EXPENSES
$23,783 $32,194 $104,694
$105,813
---------------------- ---------------------
EBITDA (a)
$7,508 $1,575 $32,974
$22,592
====================== =====================
A reconciliation of EBITDA to
income from operations for
each of the periods is as
follows:
EBITDA
$7,508 $1,575 $32,974
$22,592
Depreciation and
amortization
(1,812) (1,862) (7,614)
(7,288)
Reorganization
expenses
(2,133) -
(2,133) -
Management and services
agreement
(1,262) (928) (6,038)
(5,568)
---------------------- ---------------------
Income (loss) from
operations
$2,301 ($1,215) $17,189
$9,736
====================== =====================
(a) EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations,
corporate expenses, debt renegotiation costs and reorganization
expenses) is a measure of financial performance commonly
used in the
casino hotel industry. We provide EBITDA results to enhance
an
investor's understanding of our operating results. EBITDA
is a
non-GAAP financial statement measure and should not be
construed as an
alternative to operating income as determined under generally
accepted
accounting principles as an indicator of operating performance.
All
companies do not calculate EBITDA in the same manner;
accordingly, the
EBITDA results presented above may not be comparable
to EBITDA results
as reported by other companies.
(b) Property tax expense decreased $4.5 million for the
twelve month
period ended December 31, 2004 and $7.3 million for the
three month
period ended December 31, 2004 when compared to the comparable
period
in 2003. This change resulted from the unstable property
tax situation
in Indiana and revisions to the property tax payable
in response to
both legislated and anticipated changes in tax rates
and assessed
values.
TRUMP HOTELS & CASINO RESORTS, INC.
Supplemental Information
(Unaudited)
(In thousands)
3 MONTHS
12 MONTHS
31-Dec-04 31-Dec-03 31-Dec-04 31-Dec-03
--------------------- ----------------------
CRDA WRITE-DOWN
TAJ
$505 $507
$2,100 $3,405
PLAZA
336 2,574
1,412 3,898
MARINA
259 248
1,096 1,888
---------------------- ---------------------
TOTAL CRDA WRITE-DOWN
$1,100 $3,329 $4,608
$9,191
====================== =====================
DEPRECIATION & AMORTIZATION
TAJ
$12,699 $11,704 $49,269
$44,405
PLAZA
4,605 5,006
23,484 20,150
THCR HOLDINGS
36 7
82 28
MARINA
5,950 5,875
22,256 22,535
INDIANA
1,812 1,862
7,614 7,288
---------------------- ---------------------
TOTAL DEPRECIATION/
AMORT
$25,102 $24,454 $102,705
$94,406
====================== =====================
INTEREST EXPENSE
TAJ
$24,605 $24,613 $98,997
$98,315
PLAZA
14,241 17,492 56,789
59,711
TRUMP CASINO
HOLDINGS
4,245 4,183
17,663 12,523
MARINA
11,643 10,389 45,972
46,236
INDIANA
2,200 2,086
8,763 6,962
THCR HOLDINGS
355 -
355 4,533
THCR MGMT
- -
- 241
---------------------- ---------------------
TOTAL INTEREST EXPENSE $57,289
$58,763 $228,539 $228,521
====================== =====================
LOAN COST AMORT/BOND DISC
INCL INT EXP
TAJ
$297 $597
$1,989 $2,495
PLAZA
196 393
1,310 1,642
THCR HOLDINGS
- -
- 192
TRUMP CASINO
HOLDINGS
434 743
2,676 2,129
MARINA
278 62
1,778 3,591
INDIANA
53 38
340 409
THCR MGMT
- -
- 223
---------------------- ---------------------
TOTAL LOAN COST
AMORT/BOND DISC
$1,258 $1,833 $8,093
$10,681
====================== =====================
TRUMP HOTELS & CASINO RESORTS, INC.
Supplemental Information
(Unaudited)
Cash & Cash
Equivalents
(in millions)
31-Dec-04 31-Dec-03
Trump Atlantic City Consolidated
$70.3 $59.8
Trump Casino Holdings Consolidated
33.4 34.8
Trump Hotels & Casino Resorts Holdings, L.P.
1.6 1.1
------------------
Total Cash & Cash Equivalents
$105.3 $95.7
==================
Capital
Capital Expenditures
Purchase Lease/ Total
(in thousands)
of Property Financed Capital
& Equipment Additions Expenditures
For the Three Months Ended
December 31, 2004
TAJ
$3,693 $7,951 $11,644
PLAZA
3,650 278
3,928
MARINA
2,832 167
2,999
INDIANA
880 -
880
THCR HOLDINGS
250 -
250
------------ --------- ---------
TOTAL
$11,305 $8,396 $19,701
============ ========= =========
For the Three Months Ended
December 31, 2003
TAJ
$16 2,620
$2,636
PLAZA
1,336 4,248
5,584
MARINA
1,537 2,011
3,548
INDIANA
(28) 115
87
THCR HOLDINGS
12 -
12
------------ --------- ---------
TOTAL
$2,873 $8,994 $11,867
============ ========= =========
For the Twelve Months Ended
December 31, 2004
TAJ
$9,334 $21,364 $30,698
PLAZA
6,316 12,609
18,925
MARINA
5,493 6,159
11,652
INDIANA
2,831 89
2,920
THCR HOLDINGS
611 -
611
------------ --------- ---------
TOTAL
$24,585 $40,221 $64,806
============ ========= ========
For the Twelve Months Ended
December 31, 2003
TAJ
$14,470 $13,229 $27,699
PLAZA
4,521 11,371
15,892
MARINA
5,505 7,842
13,347
INDIANA
1,780 4,825
6,605
THCR HOLDINGS
47 -
47
------------ --------- ---------
TOTAL
$26,323 $37,267 $63,590
============ ========= =========
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