Management and Directors of Gamehost Inc. (the "Company") (TSX:GH)
are pleased to present results for the three months ended March 31,
2013 (the "Period", or "Quarter").
Total operating revenues for the Quarter grew by 1.1% to $19.1
million from $18.9 in the same quarter of 2012. This is again a
quarterly revenue record for the Company. Earnings before interest,
taxes, depreciation and amortization ("EBITDA") that is
attributable to owners of the Company ("EBITDA to Owners") fell
marginally by $0.1 million or 1.2% to $8.3 million for the Quarter
compared to $8.4 million for the same quarter in 2012 as a result
of higher spending on repairs and maintenance. EBITDA to Owners
margin percentage was lower by 92 basis points to 45.6% from 46.5%
in the Quarter compared to one year earlier.
The corporate objective to maintain and/or grow the
distributions of the Company has been stated consistently over the
lifespan of the Company. The Company maintained a monthly dividend
rate of $0.0733/Share during the Quarter and declared an April 2013
dividend of the same amount payable in May 2013 for the 28th
consecutive monthly dividend since converting to a corporation at
the end of 2010.
Debenture holders have witnessed our commitment to this
objective and in growing numbers have been converting their
debentures to common stock ("Shares"). During the Quarter, $3.6
million face value debentures were presented for conversion to
341,492 Shares. A further $1.7 million face value debentures were
converted during April 2013 to 161,780 Shares leaving $26.3 million
of the original $55.0 million debenture issue outstanding at the
date of writing.
It's true in real-estate and more specifically in gaming
real-estate. We maintain our belief that Company gaming assets are
the envy of the Alberta gaming world.
Ft. McMurray, a gem location, is poised for some exciting
potential over the coming years. Despite recent headwinds in the
heavy oil business, the municipality is forging ahead with long
term plans for a complete redevelopment of the downtown core where
our casino is located. Plans for redevelopment will showcase to the
world that the town is shedding its frontier boom/bust image and
intends to become the cosmopolitan epicentre of the north. Family
friendly plans are intended to motivate migrant workers to
permanently relocate to the area. The City of Ft. Murray is
anticipating substantial growth over the next 10 to 20 years. We
are following the City's development plans closely for any
opportunities or risks that may arise.
Grande Prairie continues to be a very stable market for us. We
anticipate long term benefits to our business from the construction
of a new hospital adjacent to our site. We are currently developing
plans of our own to expand the food & beverage and
entertainment amenities at our Great Northern Casino and to give
the exterior a facelift.
Development continues in the area surrounding our Deerfoot Inn
& Casino. The new South Health Campus is now open and
additional office projects have been announced in Quarry Park. Both
of these multi-year, multi-million dollar developments will
continue to draw workers and residents to this fastest growing
quadrant of the city of Calgary.
Interim condensed consolidated statements of profit and
comprehensive income
In Canadian dollars (un-audited)
------------------------------
three months ended March 31
------------------------------
2013 2012
------------------------------
------------------------------
Operating revenue $ 19,115,221 $ 18,859,337
Cost of sales
Other (9,701,045) (9,432,770)
Depreciation (526,413) (535,190)
------------------------------
(10,227,458) (9,967,960)
------------------------------
Gross profit 8,887,763 8,891,377
Other income 61,618 57,812
Administrative expenses
Other (807,023) (759,919)
Depreciation (496,211) (567,732)
------------------------------
(1,303,234) (1,327,651)
------------------------------
Profit from operating activities 7,646,147 7,621,538
------------------------------
Finance income 25,508 22,942
Finance costs (1,117,001) (1,940,696)
------------------------------
Profit before income taxes 6,554,654 5,703,784
Income tax expense (1,896,815) (1,515,278)
-----------------------------
Profit and comprehensive income $ 4,657,839 $ 4,188,506
-----------------------------
-----------------------------
Profit and comprehensive income attributable
to:
Owners of the Company $ 4,334,702 $ 3,873,520
Non-controlling interest 323,137 314,986
------------------------------
$ 4,657,839 $ 4,188,506
------------------------------
------------------------------
Earnings per share
Basic and diluted earnings per share $ 0.19 $ 0.18
EBITDA to Owners $ 8,332,812 $ 8,392,186
EBITDA to Owners % 45.6% 46.5%
This press release may contain forward-looking statements.
Forward-looking statements may contain words such as "anticipates",
"believes", "could", "expects", "indicates", "plans" or other
similar expressions that suggest future outcomes or events. Use of
these statements reflect reasonable assumptions made on the basis
of management's current beliefs with information known by
management at the time of writing. Many factors could cause actual
results to differ from the results discussed in forward-looking
statements. Actual results may not be consistent with these
forward- looking statements.
Gamehost is a corporation established under the laws of the
Province of Alberta. The Company's operations are all located in
the Province of Alberta, Canada. Operations of the Company include
the Boomtown Casino in Ft. McMurray, the Great Northern Casino,
Service Plus Inns & Suites hotel and a strip mall all located
in Grande Prairie. The Company also holds a 91% ownership position
in Deerfoot Inn & Casino Inc. in Calgary.
This interim consolidated financial results announcement
includes the accounts of Gamehost Inc. and its subsidiaries;
however, it does not include all disclosures normally provided in
interim or annual consolidated financial statements and should be
read in conjunction with the 2013 Q1 interim consolidated financial
statements and the 2012 annual consolidated financial statements.
Further, while the financial figures included in this results
announcement have been computed in accordance with IFRS applicable
to interim periods, this announcement does not contain sufficient
information to constitute an interim financial report. The company
has published and filed an interim financial report for the interim
period ended March 31, 2013. This report, along with historical
financial reports can be found on the Company's website at
www.gamehost.ca and will be filed in its entirety along with the
Company's other continuous disclosure documents, when they are
available, on SEDAR at www.sedar.com.
Gamehost common shares and convertible debentures trade on the
Toronto Stock Exchange (TSX) under the symbols GH and GH.DB
respectively.
Contacts: Gamehost Inc. Craig M. Thomas (877) 703-4545 (403)
340-0683 Gamehost Inc. Darcy J. Will (877) 703-4545 (403)
340-0683info@gamehost.ca www.gamehost.ca
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