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Pinnacle Entertainment Reports Fourth Quarter
LAS VEGAS -- Pinnacle Entertainment, Inc. today reported financial
results for the fourth quarter and full year ended December 31, 2003.
For the fourth quarter, revenues rose to $125.7 million from $125.0
million a year earlier. Adjusted EBITDA(1) increased 16.4% to $19.8
million from $17.0 million for the prior-year period, mainly as a
result of improved marketing efficiency and cost containment. The
Company's adjusted EBITDA margin in the quarter was 15.8% versus
13.6%.
Adjusted net loss(1) for the quarter was $2.6 million, or $0.10 per
share, compared to adjusted net loss of $4.0 million, or $0.16 per
share, for the fourth quarter of 2002. Non-routine items net of taxes
for the quarter were approximately $6.0 million, including a loss on
the early extinguishment of debt of $7.1 million, offset in part by a
reversal of $1.0 million of reserves for litigation that were deemed
no longer necessary. In the fourth quarter of 2002, non-routine items
net of taxes were approximately $2.7 million, including asset
impairment charges of $1.7 million. On a GAAP ('Generally Accepted
Accounting Principles') basis, the Company reported a net loss of $8.6
million, or $0.34 per share, for the fourth quarter, versus a net loss
of $6.7 million, or $0.26 per share, for the prior-year quarter.
"We are pleased that our fourth quarter results reflect operating
improvements at almost all of our properties," said Daniel R. Lee,
Pinnacle Entertainment's Chairman and Chief Executive Officer.
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