Harrah's Entertainment Reports Third-Quarter Results
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Harrah's Entertainment Reports Third-Quarter Results
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Category: Worldwide
This is a press release selected by our editorial committee and published online for free on 2007-11-08
Revenues increase 13.0 percent from 2006 third quarter
Same-store sales gain 4.0 percent
Property EBITDA rises 15.4 percent
Adjusted EPS from continuing operations increase 6.4 percent
Third-quarter announcements include Las Vegas expansions, Tunica project and Macau acquisition, all designed to enhance long-term results
Property EBITDA and Adjusted EPS from Continuing Operations are not Generally Accepted Accounting Principles (GAAP) measurements but are commonly used in the gaming industry as measures of performance and as bases for valuation of gaming companies. In addition, analysts' per-share earnings estimates for gaming companies are comparable to Adjusted EPS from Continuing Operations. Reconciliations of Adjusted EPS from Continuing Operations to GAAP EPS and Property EBITDA to income from operations are attached to this release.
On a GAAP basis, third-quarter income from operations was $577.2 million, compared with $441.9 million in the year-ago quarter. Net income was $244.4 million, up 37.9 percent from $177.2 million in the 2006 third quarter. Diluted earnings per share from continuing operations were $1.16, an increase of 20.8 percent from the 96 cents achieved in the year-ago quarter.
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