TRUMP HOTELS & CASINO RESORTS, INC.
Condensed Consolidated Statements of Operations
(Unaudited) (In thousands, except share data)
3 MONTHS
31-Mar-05 31-Mar-04
----------------------
REVENUES
CASINO
$290,008 $290,699
ROOMS
17,134 17,277
FOOD & BEVERAGE
28,337 28,774
OTHER
8,649 9,203
PROMOTIONAL ALLOWANCES
(76,947) (72,033)
----------------------
NET REVENUES
$267,181 $273,920
----------------------
COSTS & EXPENSES
GAMING
$138,301 $138,107
ROOMS
6,565 6,864
FOOD & BEVERAGE
9,382 9,876
GENERAL & ADMIN
66,999 66,904
----------------------
TOTAL EXPENSES
$221,247 $221,751
----------------------
EBITDA (a)
$45,934 $52,169
Less:
CRDA
1,105 1,077
DEPRECIATION & AMORTIZATION
24,776 25,476
REORGANIZATION EXPENSES (b)
5,681 -
----------------------
INCOME (LOSS) FROM OPERATIONS
$14,372 $25,616
----------------------
INTEREST INCOME
(470) (85)
INTEREST EXPENSE
54,987 55,948
OTHER NON-OPERATING (INCOME)EXPENSE, NET
(120) (39)
----------------------
TOTAL NON-OPERATING EXPENSE, NET
$54,397 $55,824
----------------------
LOSS BEFORE LOSS IN JOINT VENTURE, INCOME
TAXES & DISCONTINUED OPERATIONS
($40,025) ($30,208)
LOSS IN JOINT VENTURE
(605) (613)
PROVISION FOR INCOME TAXES (c)
(4,763) (20,199)
----------------------
LOSS BEFORE DISCONTINUED OPERATIONS
($45,393) ($51,020)
DISCONTINUED OPERATIONS: (d)
INCOME FROM OPERATIONS OF TRUMP 29
- 2,230
----------------------
NET LOSS
($45,393) ($48,790)
======================
WEIGHTED AVERAGE # SHARES-BASIC
29,904,764 29,904,764
======================
WEIGHTED AVERAGE # SHARES-DILUTED
29,904,764 29,904,764
======================
BASIC AND DILUTED LOSS PER SHARE
LOSS BEFORE DISCONTINUED OPERATIONS
($1.52) ($1.71)
DISCONTINUED OPERATIONS
- $0.07
----------------------
NET LOSS
($1.52) ($1.63)
======================
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
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
for the
quarter ended March 31, 2005 consist of professional
fees associated
with the reorganization and bankruptcy proceedings.
(c) 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. Quarter
ended
March 31, 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.
In connection with the settlement agreement on March
25, 2005, Trump
Indiana recorded an additional $2.5 million charge to
income tax
provision during the quarter ended March 31, 2005.
(d)Quarter ended March 31, 2004 discontinued operations
include
operating results from the management contract with the
Twenty-Nine
Palms Band of Luiseno Mission Indians of California.
TRUMP ATLANTIC CITY ASSOCIATES
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands)
3 MONTHS
31-Mar-05 31-Mar-04
------------------------
REVENUES
CASINO
$193,511 $190,154
ROOMS
12,499 12,504
FOOD & BEVERAGE
20,534 21,023
OTHER
6,288 6,575
PROMOTIONAL ALLOWANCES
(56,308) (51,941)
------------------------
NET REVENUES
$176,524 $178,315
------------------------
COSTS & EXPENSES
GAMING
$91,064 $89,615
ROOMS
5,317 5,382
FOOD & BEVERAGE
6,613 6,783
GENERAL & ADMIN
43,037 40,907
------------------------
TOTAL EXPENSES
$146,031 $142,687
------------------------
EBITDA (a)
$30,493 $35,628
Less:
CRDA
$842 $816
DEPRECIATION & AMORTIZATION
17,535 18,217
REORGANIZATION EXPENSES (b)
4,072 -
------------------------
INCOME (LOSS) FROM OPERATIONS
$8,044 $16,595
------------------------
INTEREST INCOME
(324) (81)
INTEREST EXPENSE
37,698 38,616
OTHER NON-OPERATING (INCOME)EXPENSE, NET
(65) (39)
------------------------
TOTAL NON-OPERATING EXPENSE, NET
$37,309 $38,496
------------------------
LOSS BEFORE INCOME TAXES
(29,265) (21,901)
PROVISION FOR INCOME TAXES (c)
(1,006) (1,003)
------------------------
NET LOSS
($30,271) ($22,904)
========================
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
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
for the
quarter ended March 31, 2005 consist of professional
fees associated
with the reorganization and bankruptcy proceedings.
(c) 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
31-Mar-05 31-Mar-04
----------------------
REVENUES
CASINO
$96,497 $100,545
ROOMS
4,635 4,773
FOOD & BEVERAGE
7,803 7,751
OTHER
2,361 2,628
PROMOTIONAL ALLOWANCES
(20,639) (20,092)
----------------------
NET REVENUES
$90,657 $95,605
----------------------
COSTS & EXPENSES
GAMING
$47,237 $48,492
ROOMS
1,248 1,482
FOOD & BEVERAGE
2,769 3,093
GENERAL & ADMIN
22,107 24,325
----------------------
TOTAL EXPENSES
$73,361 $77,392
----------------------
EBITDA (a)
$17,296 $18,213
Less:
CRDA
263 261
DEPRECIATION & AMORTIZATION
7,200 7,252
REORGANIZATION EXPENSES (b)
1,609 -
----------------------
INCOME (LOSS) FROM OPERATIONS
$8,224 $10,700
----------------------
INTEREST INCOME
(140) (3)
INTEREST EXPENSE
16,284 17,332
OTHER NON-OPERATING (INCOME)EXP
(55) -
-----------------------
TOTAL NON-OPERATING EXPENSE, NET
$16,089 $17,329
----------------------
LOSS BEFORE LOSS IN JOINT VENTURE
INCOME TAXES & DISCONTINUED OPERATIONS
(7,865) (6,629)
LOSS IN JOINT VENTURE
(605) (613)
PROVISION FOR INCOME TAXES (c)
(3,757) (19,196)
----------------------
LOSS BEFORE DISCONTINUED OPERATIONS
($12,227) ($26,438)
DISCONTINUED OPERATIONS: (d)
INCOME FROM OPERATIONS OF TRUMP 29
- 2,230
----------------------
NET LOSS
($12,227) ($24,208)
======================
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
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
for the
quarter ended March 31, 2005 consist of professional
fees associated
with the reorganization and bankruptcy proceedings.
(c) 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. Quarter
ended
March 31, 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.
In connection with the settlement agreement on March
25, 2005, Trump
Indiana recorded an additional $2.5 million charge to
income tax
provision during the quarter ended March 31, 2005.
(d)Quarter ended March 31, 2004 discontinued operations
include
operating results from the management contract with the
Twenty-Nine
Palms Band of Luiseno Mission Indians of California.
TRUMP TAJ MAHAL ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS
31-Mar-05 31-Mar-04
------------------------
REVENUES
CASINO
$122,757 $117,723
# of Slots
4,330 4,368
Win per Slot/Day
$192 $193
Slot Win
$74,914 $76,785
# of Tables
127 127
Win per Table/Day
$3,669 $3,052
Table Win
$41,933 $35,272
Table Drop
$221,263 $206,029
Hold %
19.0% 17.1%
Poker, Keno, Race Win
$5,910 $5,666
ROOMS
$7,239 $7,220
# of Rooms Sold
98,938 102,190
Avg Room Rates
$73.17 $70.65
Occupancy %
87.9% 89.8%
FOOD & BEVERAGE
$12,227 $12,578
OTHER
3,636 4,660
PROMOTIONAL ALLOWANCES
(33,253) (29,454)
------------------------
NET REVENUES
$112,606 $112,727
------------------------
COSTS & EXPENSES
GAMING
$55,384 $54,665
ROOMS
3,310 3,275
FOOD & BEVERAGE
4,221 4,164
GENERAL & ADMIN
26,793 25,535
------------------------
TOTAL EXPENSES
$89,708 $87,639
------------------------
EBITDA (a)
$22,898 $25,088
========================
A reconciliation of EBITDA to income from operations for
each of the
periods is as follows:
EBITDA
$22,898 $25,088
Depreciation and amortization
(12,295) (12,490)
Reorganization expenses
(10) -
Non-cash write-downs and charges related to
required regulatory obligations (CRDA)
(516) (496)
------------------------
Income from operations
$10,077 $12,102
========================
(a)EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations
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
31-Mar-05 31-Mar-04
----------------------
REVENUES
CASINO
$70,754 $72,431
# of Slots
2,829 2,837
Win per Slot/Day
$206 $202
Slot Win
$52,375 $52,079
# of Tables
91 91
Win per Table/Day
$2,244 $2,458
Table Win
$18,379 $20,352
Table Drop
$121,102 $135,918
Hold %
15.2% 15.0%
ROOMS
$5,260 $5,284
# of Rooms Sold
71,662 70,260
Room Rates
$73.40 $75.31
Occupancy %
88.1% 85.4%
FOOD & BEVERAGE
$8,307 $8,445
OTHER
2,652 1,915
PROMOTIONAL ALLOWANCES
(23,055) (22,487)
----------------------
NET REVENUES
$63,918 $65,588
----------------------
COSTS & EXPENSES
GAMING
$35,680 $34,950
ROOMS
2,007 2,107
FOOD & BEVERAGE
2,392 2,619
GENERAL & ADMIN
16,224 15,339
----------------------
TOTAL EXPENSES
$56,303 $55,015
----------------------
EBITDA (a)
$7,615 $10,573
======================
A reconciliation of EBITDA to income from operations for
each of the
periods is as follows:
EBITDA
$7,615 $10,573
Depreciation and amortization
(5,240) (5,727)
Reorganization expenses
(10) -
Non-cash write-downs and charges related to
required regulatory obligations(CRDA)
(326) (320)
----------------------
Income (loss) from operations
$2,039 $4,526
======================
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
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 MARINA ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS
31-Mar-05 31-Mar-04
----------------------
REVENUES
CASINO
$63,033 $62,069
# of Slots
2,546 2,501
Win per Slot/Day
$215 $214
Slot Win
$49,223 $48,624
# of Tables
75 75
Win per Table/Day
$2,031 $1,952
Table Win
$13,711 $13,320
Table Drop
$76,077 $82,568
Hold %
18.0% 16.1%
Poker, Keno, Race Win
$99 $125
ROOMS
$3,953 $4,045
# of Rooms Sold
52,075 51,075
Avg Room Rates
$75.91 $79.20
Occupancy %
79.5% 77.1%
FOOD & BEVERAGE
$7,017 $6,920
OTHER
1,915 2,156
PROMOTIONAL ALLOWANCES
(18,205) (16,961)
----------------------
NET REVENUES
$57,713 $58,229
----------------------
COSTS & EXPENSES
GAMING
$29,374 $29,473
ROOMS
766 989
FOOD & BEVERAGE
1,566 1,898
GENERAL & ADMIN
15,639 16,099
----------------------
TOTAL EXPENSES
$47,345 $48,459
----------------------
EBITDA (a)
$10,368 $9,770
======================
A reconciliation of EBITDA to income from operations for
each of the
periods is as follows:
EBITDA
$10,368 $9,770
Depreciation and amortization
(5,433) (5,523)
Reorganization expenses
(10) -
Non-cash write-downs and charges related to
required regulatory obligations
(263) (261)
----------------------
Income (loss) from operations
$4,662 $3,986
======================
(a)EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations
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
31-Mar-05 31-Mar-04
----------------------
REVENUES
CASINO
$33,464 $38,476
# of Slots
1,624 1,663
Win per Slot/Day
$185 $214
Slot Win
$27,076 $32,344
# of Tables
39 42
Win per Table/Day
$1,352 $1,308
Table Win
$4,747 $5,001
Table Drop
$30,271 $33,879
Hold %
15.7% 14.8%
Poker
$1,641 $1,131
ROOMS
$682 $728
# of Rooms Sold
12,435 12,752
Avg Room Rates
$54.89 $57.07
Occupancy %
46.1% 46.7%
FOOD & BEVERAGE
$786 $831
OTHER
446 472
PROMOTIONAL ALLOWANCES
(2,434) (3,131)
----------------------
NET REVENUES
$32,944 $37,376
----------------------
COSTS & EXPENSES
GAMING
$17,863 $19,019
ROOMS
482 493
FOOD & BEVERAGE
1,203 1,195
GENERAL & ADMIN
6,179 7,812
----------------------
TOTAL EXPENSES
$25,727 $28,519
----------------------
EBITDA (a)
$7,217 $8,857
======================
A reconciliation of EBITDA to income from operations for
each of the
periods is as follows:
EBITDA
$7,217 $8,857
Depreciation and amortization
(1,767) (1,729)
Reorganization expenses
(11) -
Management and services agreement
(1,470) (1,601)
----------------------
Income (loss) from operations
$3,969 $5,527
======================
(a)EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations
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 HOTELS & CASINO RESORTS, INC.
Supplemental Information
(Unaudited)
(In thousands)
3 MONTHS
31-Mar-05 31-Mar-04
----------------------
CRDA WRITE-DOWN
TAJ
$516 $496
PLAZA
326 320
MARINA
263 261
----------------------
TOTAL CRDA WRITE-DOWN
$1,105 $1,077
======================
DEPRECIATION & AMORTIZATION
TAJ
$12,295 $12,490
PLAZA
5,240 5,727
MARINA
5,433 5,523
INDIANA
1,767 1,729
THCR HOLDINGS
41 7
----------------------
TOTAL DEPRECIATION/AMORT
$24,776 $25,476
======================
INTEREST EXPENSE
TAJ
$24,303 $24,603
PLAZA
13,395 14,013
MARINA
11,192 10,968
INDIANA
1,689 2,122
TRUMP CASINO HOLDINGS
3,403 4,242
THCR HOLDINGS
1,005 -
----------------------
TOTAL INTEREST EXPENSE
$54,987 $55,948
======================
LOAN COST AMORT INCLUDED IN INT EXP
TAJ
- $581
PLAZA
- 382
MARINA
- 500
INDIANA
- 95
TRUMP CASINO HOLDINGS
- 729
THCR HOLDINGS
564 -
----------------------
TOTAL LOAN COST AMORT
$564 $2,287
======================
TRUMP HOTELS & CASINO RESORTS, INC.
Supplemental Information
(Unaudited)
Cash & Cash Equivalents
(in millions)
31-Mar- 31-Mar-
05 04
Trump Atlantic City Consolidated
$72.5 $91.4
Trump Casino Holdings Consolidated
37.6 32.8
Trump Hotels & Casino Resorts Holdings,
L.P.
0.1 0.1
---------------
Total Cash & Cash Equivalents
$110.2 $124.3
===============
Capital Expenditures
(in thousands)
Purchase Capital
of Property Lease/
Total
& Financed
Capital
Equipment Additions Expenditures
For the Three Months Ended March 31, 2005
TAJ
$7,805 -
$7,805
PLAZA
7,343 -
7,343
MARINA
4,765 -
4,765
INDIANA
1,294 122
1,416
THCR HOLDINGS
17 -
17
-------------- -------- ------------
TOTAL
$21,224 $122
$21,346
============== ======== ============
For the Three Months Ended March 31, 2004
TAJ
$2,981 $11,786
$14,767
PLAZA
1,558 4,573
6,131
MARINA
898 4,752
5,650
INDIANA
1,085 -
1,085
THCR HOLDINGS
29 -
29
-------------- -------- ------------
TOTAL
$6,551 $21,111
$27,662
============== ======== ====== |
