Thursday, April 23, 2009 | 11:11 a.m.
Penn National Gaming Financial Information
| 1Q 2009 | 1Q 2008 | % Change | 4Q 2009 | |
|---|---|---|---|---|
| Revenue | $612.2 million | $613.5 million | -.3% | $571.1 million |
| Net income | $40.7 million | $40.7 million | Unchanged | ($378.6 million) |
| Net income per share | 38 cents | 46 cents | -17% | ($4.77) |
Despite the hit the casino industry has taken in recent months, casino operator Penn National Gaming reported virtually unchanged first quarter earnings today.
The Pennsylvania-based casino operator reported a net income of $40.7 million, or 38 cents a share, in the first quarter of 2009 and surpassed its 2009 first quarter guidance by $6.9 million. The company earned $40.7 million, or 46 cents a share, in the same quarter of 2008.
“Our first quarter results are impressive when considering the current macro-economic environment and they highlight the strength and diversity of our gaming operations, the resilience of many of the markets where we operate and the dedication and focus of our managers and employees,” Penn Chairman and CEO Peter Carlino said.
Net revenues fell 0.3 percent to $612.2 million from $613.5 million in the same period of 2008. Earnings before interest, taxes, depreciation and amortization slipped 1.8 percent to $158.9 million from $161.8 million in the comparable of 2008.
Penn National Gaming operates 19 properties in Colorado, Florida, Illinois, Indiana, Iowa, Louisiana, Maine, Mississippi, Missouri, New Jersey, New Mexico, Ohio, Pennsylvania, West Virginia, Canada and has expressed an interest during the past year in purchasing a Las Vegas casino.
Penn’s shares were up $2.52, or 9 percent, to $30.24 during afternoon trading.
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