Boyd Gaming Reports Third Quarter Results

  • Boyd Gaming Corporation
  • 10.25.10
Boyd Gaming Corporation (NYSE: BYD) reported financial results for the third quarter ended September 30, 2010.

For the quarter, the company reported net income of $5.6 million, or $0.06 per share, compared to net income of $6.3 million, or $0.07 per share, in the same period last year.  Certain pre-tax items resulted in a net decrease in income of $7.5 million ($4.2 million, net of tax, or $0.04 per share) during the third quarter 2010.  By comparison, the third quarter 2009 included certain pre-tax items that had a net effect of increasing net income by $1.3 million ($1.7 million, net of tax, or $0.02 per share).  Pre-tax items in the third quarter 2010 and 2009 are listed in a table at the end of this press release.

Adjusted Earnings1 for the third quarter 2010 were $1.4 million, or $0.02 per share, compared to $8.0 million, or $0.09 per share, for the same period in 2009. 

Net revenues were $595.4 million for the third quarter 2010, compared to $620.8 million2 during the same quarter in 2009, a decrease of 4.1 percent.  Total Adjusted EBITDA was $115.4 million for the quarter, a decrease of 18.2 percent from $141.0 million2 in the prior year.

Commenting on the quarter, Keith Smith, president and chief executive officer of Boyd Gaming, said, "We saw both stabilization and improvement in our business, as we reported the smallest declines in revenues and EBITDA since the third quarter of 2009.  We are encouraged by our results so far in October, and expect fourth-quarter comparisons will be the best of the year.  As conditions improve, we remain focused on deleveraging our balance sheet and controlling costs, ensuring we will be well-positioned to capitalize on the opportunities presented by a recovering economy."

1 See footnotes at the end of the release for additional information relative to non-GAAP financial measures. 
 
2 See financial schedules at the end of this release for reconciliations relative to the pro forma effect of the consolidation of Borgata as if such consolidation had occurred as of the beginning of the period presented.
 

Year-To-Date Results 
Boyd Gaming reported net income for the nine months ended September 30, 2010 of $17.4 million, or $0.20 per share. By comparison, the company reported net income of $5.3 million, or $0.06 per share for the nine months ended September 30, 2009. 

Adjusted Earnings for the nine months ended September 30, 2010 were $14.5 million, or $0.17 per share, compared to $31.4 million, or $0.36 per share for the nine-month period in 2009.

Net revenues as reported were $1.59 billion and $1.26 billion for the nine months ended September 30, 2010 and September 30, 2009, respectively. Total Adjusted EBITDA was $320.3 million for the current nine-month period, as compared to $314.2 million in the prior-year period. The periods ended September 30, 2010 reflect the consolidation of Borgata, effective March 24, 2010. Given the proforma effect of the consolidation of Borgata, as of the beginning of the nine-month periods ended September 30, 2010 and 2009, net revenues were $1.75 billion and $1.86 billion, respectively, and Adjusted EBITDA on a comparable basis was $345.2 million and $424.5 million for those periods, respectively.

Key Operations Review
Las Vegas Locals
In the Las Vegas Locals segment, third quarter 2010 net revenues were $145.6 million versus $150.7 million for the third quarter of 2009.  Third quarter 2010 Adjusted EBITDA was $26.1 million, versus $31.4 million in the same quarter of 2009.  As expected, Boyd Gaming saw trends similar to the second quarter, as consumers remained cautious with discretionary spending.  However, in actual dollars, the Adjusted EBITDA decline matches the smallest quarterly gap in the last two years.  Although spend-per-visit was lower, visitation to the Las Vegas Locals properties remained strong.

Downtown 
Boyd's Downtown Las Vegas properties generated net revenues of $51.9 million for the third quarter 2010, compared to $54.9 million in the third quarter 2009. Adjusted EBITDA was $5.7 million, down from $8.7 million in the third quarter 2009.  Results reflect lower spend-per-visit, combined with lower ticket prices and increased fuel costs associated with the company's Hawaiian charter business. There is evidence of a strengthening recovery in Hawaii's tourism economy, which bodes well for the company's Hawaiian visitation.

Midwest and South
In Boyd's Midwest and South region, the company recorded $188.7 million in net revenues for the third quarter 2010, compared to $190.9 million for the same period in 2009.  Adjusted EBITDA for the current period was $38.4 million, a decrease of 9.9 percent from the $42.6 million reported in the third quarter of 2009.  The region delivered the best revenue and EBITDA comparisons so far this year, as the company's Louisiana properties made considerable progress toward closing the gap on their strong 2009 results.  In addition, the company maintained or increased market share at all six properties in the region.

Borgata
Borgata's net revenues for the third quarter 2010 were $207.7 million, versus $222.6 million in the third quarter 2009.  Adjusted EBITDA was $54.3 million, down 19.7 percent from $67.6 million in the comparable period in 2009.  Slot win was nearly flat during the quarter, compared to a 9 percent decline overall in the market, and hotel occupancy rose slightly year-over-year.  However, these positive trends were offset by unusually lucky play by table game customers during the quarter, which decreased the company's hold percentage to below historical levels.

Key Financial Statistics
The following is additional information as of September 30, 2010:

Cash, excluding Borgata: $77.0 million
Cash at Borgata: $15.6 million
Debt, excluding Borgata: $2.35 billion (including $1.73 billion outstanding under Boyd Gaming's bank credit facility)
Debt at Borgata: $820.8 million (including $47.1 million outstanding under Borgata's bank credit facility)

Conference Call Information 
Boyd Gaming will host its third quarter 2010 conference call today, October 25, at 1:00 p.m. Eastern.  The conference call number is 888.680.0869 and the passcode is 50084553.  Please call up to 15 minutes in advance to ensure you are connected prior to the start of the call. 

The conference call will also be available live on the Internet at www.boydgaming.com, www.streetevents.com, or:

Following the call's completion, a replay will be available by dialing 888.286.8010, October 25, beginning at 4:00 p.m. Eastern and continuing through Monday, November 1.  The passcode for the replay will be 50979831.  The replay will also be available on the Internet at www.boydgaming.com.
 
The results of Borgata for the period from July 1, 2010 through September 30, 2010 are included in the company's condensed consolidated statement of operations for the three months ended September 30, 2010, and its results for the period from March 24, 2010 through September 30, 2010 are included in Boyd's condensed consolidated statement of operations for the nine months ended September 30, 2010.
 


Three Months Ended


Nine Months Ended


September 30,


September 30,


2010


2009


2010


2009

Revenues

(In thousands, except per share data)

   Gaming

$ 503,746


$ 332,054


$ 1,344,283


$ 1,051,714

   Food and beverage

101,164


55,695


255,166


173,424

   Room

64,142


30,062


154,247


93,251

   Other

33,960


24,722


91,595


76,143

Gross revenues

703,012


442,533


1,845,291


1,394,532

Less promotional allowances

107,634


44,290


256,332


138,494

       Net revenues

595,378


398,243


1,588,959


1,256,038









Costs and expenses








   Gaming

237,601


161,690


635,461


502,029

   Food and beverage

50,690


31,026


132,481


94,524

   Room

13,661


10,186


36,767


30,212

   Other

28,089


19,863


74,333


58,730

   Selling, general and administrative

100,697


70,901


270,641


217,492

   Maintenance and utilities

42,661


24,753


104,770


70,111

   Depreciation and amortization

52,451


40,578


147,905


125,324

   Corporate expense

11,021


11,356


36,636


35,077

   Preopening expenses

2,684


4,880


4,990


14,773

   Write-downs and other charges, net

1,340


14,287


4,932


41,415

       Total costs and expenses

540,895


389,520


1,448,916


1,189,687









Operating income from Borgata

-


38,189


8,146


63,921

Operating income

54,483


46,912


148,189


130,272









Other expense (income)








   Interest income

-


(1)


(4)


(5)

   Interest expense, net of amounts capitalized

45,781


32,300


109,438


113,806

   Gain on early retirements of debt

-


(3,604)


(3,949)


(12,061)

   Other income

(10,000)


-


(10,000)


-

   Gain on equity distribution

(2,535)


-


(2,535)


-

   Other non-operating expenses

-


30


-


30

   Other non-operating expenses from Borgata, net

-


7,204


3,133


16,230

       Total other expense, net

33,246


35,929


96,083


118,000









Income before income taxes

21,237


10,983


52,106


12,272

Income taxes

(6,371)


(4,668)


(15,532)


(7,007)

Net income

14,866


6,315


36,574


5,265

Noncontrolling interest

(9,275)


-


(19,166)


-

Net income attributable to Boyd Gaming Corporation

$     5,591


$     6,315


$      17,408


$        5,265









Basic net income per common share

$       0.06


$       0.07


$          0.20


$          0.06









Weighted average basic shares outstanding

86,582


86,264


86,508


86,481









Diluted net income per common share

$       0.06


$       0.07


$          0.20


$          0.06









Weighted average diluted shares outstanding

86,684


86,436


86,724


86,550




The following table sets forth the consolidation of Borgata from a basis comparable to the historical reporting by Boyd Gaming Corporation. For purposes of this presentation, and consistent with GAAP, Borgata has been consolidated for the entire period presented, or for the period from July 1, 2010 through September 30, 2010. The historical column reflects the equity method accounting for Borgata. The consolidating columns are presented for purposes of additional disclosure and as a reconciliation to the current GAAP presentation of Boyd Gaming Corporation.






Three Months Ended September 30, 2010




Boyd Gaming Corp






Boyd Gaming Corp




Historical


MDDC LLC


Adjustments


Consolidated




(In thousands, except per share data)

Revenues









   Gaming


$          326,907


$         176,839


$                   -


$        503,746

   Food and beverage


57,932


43,232


-


101,164

   Room


30,052


34,090


-


64,142

   Other


21,273


12,687


-


33,960

Gross revenues


436,164


266,849


-


703,012

Less promotional allowances


48,473


59,161


-


107,634

       Net revenues


387,691


207,688


-


595,378











Costs and expenses









   Gaming


167,025


70,576


-


237,601

   Food and beverage


30,990


19,700


-


50,690

   Room


9,292


4,369


-


13,661

   Other


17,754


10,335


-


28,089

   Selling, general and administrative


69,524


31,173


-


100,697

   Maintenance and utilities


25,446


17,215


-


42,661

   Depreciation and amortization


35,999


16,452


-


52,451

   Corporate expense


11,021


-


-


11,021

   Preopening expenses


2,684


-


-


2,684

   Write-downs and other charges, net


1,344


(4)


-


1,340

       Total costs and expenses


371,079


169,816


-


540,895











Operating income from Borgata


18,942


-


(18,942)


-

Operating income


35,554


37,871


(18,942)


54,483











Other expense (income)









   Interest income


-


-


-


-

   Interest expense, net of amounts capitalized


28,506


17,275


-


45,781

   Gain on early retirements of debt


-


-


-


-

   Other income


(10,000)


-


-


(10,000)

   Gain on equity distribution


(2,535)


-


-


(2,535)

   Other non-operating expenses from Borgata, net


9,667


-


(9,667)


-

       Total other expense, net


25,638


17,275


(9,667)


33,246











Income before income taxes


9,916


20,596


(9,275)


21,237

Income taxes


(4,325)


(2,046)


-


(6,371)

Net income


5,591


18,550


(9,275)


14,866

Noncontrolling interest


-


-


(9,275)


(9,275)

Net income attributable to Boyd Gaming Corporation


$              5,591


$           18,550


$        (18,550)


$            5,591











Basic net income per common share


$                0.06






$              0.06











Weighted average basic shares outstanding


86,582






86,582











Diluted net income per common share


$                0.06






$              0.06











Weighted average diluted shares outstanding


86,684






86,684




The following supplemental pro forma information presents the financial results as if the effective control of Borgata had occurred on July 1, 2009 for the three months ended September 30, 2009, to provide a basis of comparability to the three months ended September 30, 2010. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what the actual results would have been had the consolidation of Borgata been completed as of the earlier dates, nor are they indicative of any future results.






Three Months Ended September 30, 2009




Boyd Gaming Corp






Boyd Gaming Corp




Historical


MDDC LLC


Adjustments


Pro Forma




(In thousands, except per share data)

Revenues









   Gaming


$          332,054


$  195,355


$                   -


$          527,409

   Food and beverage


55,695


42,630


-


98,325

   Room


30,062


33,892


-


63,954

   Other


24,722


12,889


-


37,611

Gross revenues


442,533


284,766


-


727,299

Less promotional allowances


44,290


62,169


-


106,459

       Net revenues


398,243


222,597


-


620,840











Costs and expenses









   Gaming


161,690


74,726


-


236,416

   Food and beverage


31,026


18,745


-


49,771

   Room


10,186


3,736


-


13,922

   Other


19,863


10,505


-


30,368

   Selling, general and administrative


70,901


31,620


-


102,521

   Maintenance and utilities


24,753


15,706


-


40,459

   Depreciation and amortization


40,578


19,208


325


60,111

   Corporate expense


11,356


-


-


11,356

   Preopening expenses


4,880


-


-


4,880

   Write-downs and other charges, net


14,287


(28,677)


-


(14,390)

       Total costs and expenses


389,520


145,569


325


535,414











Operating income from Borgata


38,189


-


(38,189)


-

Operating income


46,912


77,028


(38,514)


85,426











Other expense (income)









   Interest income


(1)






(1)

   Interest expense, net of amounts capitalized


32,300


6,423


-


38,723

   Gain on early retirements of debt


(3,604)


-


-


(3,604)

   Other non-operating expenses


30


-


-


30

   Other non-operating expenses from Borgata, net


7,204


-


(7,204)


-

       Total other expense, net


35,929


6,423


(7,204)


35,148











Income before income taxes


10,983


70,605


(31,310)


50,278

Income taxes


(4,668)


(7,986)


-


(12,654)

Net income


6,315


62,619


(31,310)


37,624

Noncontrolling interest


-


-


(31,309)


(31,309)

Net income attributable to Boyd Gaming Corporation


$              6,315


$    62,619


$        (62,619)


$              6,315











Basic net income per common share


$                0.07






$                0.07











Weighted average basic shares outstanding


86,264






86,264











Diluted net income per common share


$                0.07






$                0.07











Weighted average diluted shares outstanding


86,436






86,436




The following table sets forth the consolidation of Borgata from a basis comparable to the historical reporting by Boyd Gaming Corporation. For purposes of this presentation, and consistent with GAAP, Borgata has been consolidated for the period from March 24, 2010 through September 30, 2010. The historical column reflects the equity method accounting for Borgata. The consolidating columns are presented for purposes of additional disclosure and as a reconciliation to the current GAAP presentation of Boyd Gaming Corporation.






Nine Months Ended September 30, 2010




Boyd Gaming Corp


MDDC LLC




Boyd Gaming Corp




Historical


3/24/2010 to 9/30/2010


Adjustments


Consolidated




(In thousands, except per share data)

Revenues









   Gaming


$           986,969


$          357,314


$              -


$        1,344,283

   Food and beverage


172,794


82,372


-


255,166

   Room


90,205


64,042


-


154,247

   Other


67,548


24,047


-


91,595

Gross revenues


1,317,516


527,775


-


1,845,291

Less promotional allowances


139,912


116,420


-


256,332

       Net revenues


1,177,604


411,355


-


1,588,959











Costs and expenses









   Gaming


493,812


141,649


-


635,461

   Food and beverage


92,888


39,593


-


132,481

   Room


28,174


8,593


-


36,767

   Other


54,805


19,528


-


74,333

   Selling, general and administrative


206,168


64,473


-


270,641

   Maintenance and utilities


69,433


35,337


-


104,770

   Depreciation and amortization


111,592


36,313


-


147,905

   Corporate expense


36,636


-


-


36,636

   Preopening expenses


4,990


-


-


4,990

   Write-downs and other charges, net


4,924


8


-


4,932

       Total costs and expenses


1,103,422


345,494


-


1,448,916











Operating income from Borgata


41,083


-


(32,937)


8,146

Operating income


115,265


65,861


(32,937)


148,189











Other expense (income)









   Interest income


(4)


-


-


(4)

   Interest expense, net of amounts capitalized


86,091


23,347


-


109,438

   Gain on early retirements of debt


(3,949)


-


-


(3,949)

   Other income


(10,000)






(10,000)

   Gain on equity distribution


(2,535)






(2,535)

   Other non-operating expenses from Borgata, net


16,905


-


(13,772)


3,133

       Total other expense, net


86,508


23,347


(13,772)


96,083











Income before income taxes


28,757


42,514


(19,165)


52,106

Income taxes


(11,349)


(4,183)


-


(15,532)

Net income


17,408


38,331


(19,165)


36,574

Noncontrolling interest


-


-


(19,166)


(19,166)

Net income attributable to Boyd Gaming Corporation


$             17,408


$            38,331


$   (38,331)


$             17,408











Basic net income per common share


$                 0.20






$                 0.20











Weighted average basic shares outstanding


86,508






86,508











Diluted net income per common share


$                 0.20






$                 0.20











Weighted average diluted shares outstanding


86,724






86,724




The following supplemental pro forma information presents the financial results as if the effective control of Borgata had occurred on July 1, 2009 for the nine months ended September 30, 2009, to provide a basis of comparability to the nine months ended September 30, 2010. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what the actual results would have been had the consolidation of Borgata been completed as of the earlier dates, nor are they indicative of any future results.






Nine Months Ended September 30, 2009




Boyd Gaming Corp






Boyd Gaming Corp




Historical


MDDC LLC


Adjustments


Pro Forma




(In thousands, except share and per share data)

Revenues









   Gaming


$    1,051,714


$ 538,041


$                -


$       1,589,755

   Food and beverage


173,424


111,113


-


284,537

   Room


93,251


87,056


-


180,307

   Other


76,143


32,496


-


108,639

Gross revenues


1,394,532


768,706


-


2,163,238

Less promotional allowances


138,494


166,706


-


305,200

       Net revenues


1,256,038


602,000


-


1,858,038











Costs and expenses









   Gaming


502,029


215,268


-


717,297

   Food and beverage


94,524


48,822


-


143,346

   Room


30,212


8,998


-


39,210

   Other


58,730


26,585


-


85,315

   Selling, general and administrative


217,492


96,250


-


313,742

   Maintenance and utilities


70,111


44,866


-


114,977

   Depreciation and amortization


125,324


59,339


973


185,636

   Corporate expense


35,077


-


-


35,077

   Preopening expenses


14,773


699


-


15,472

   Write-downs and other charges, net


41,415


(28,616)


-


12,799

       Total costs and expenses


1,189,687


472,211


973


1,662,871











Operating income from Borgata


63,921


-


(63,921)


-

Operating income


130,272


129,789


(64,894)


195,167











Other expense (income)









   Interest income


(5)


-


-


(5)

   Interest expense, net of amounts capitalized


113,806


21,881


-


135,687

   Gain on early retirements of debt


(12,061)


-


-


(12,061)

   Other non-operating expenses


30


-


-


30

   Other non-operating expenses from Borgata, net


16,230


-


(16,230)


-

       Total other expense, net


118,000


21,881


(16,230)


123,651











Income before income taxes


12,272


107,908


(48,664)


71,516

Income taxes


(7,007)


(10,579)


-


(17,586)

Net income


5,265


97,329


(48,664)


53,930

Noncontrolling interest


-


-


(48,665)


(48,665)

Net income attributable to Boyd Gaming Corporation


$           5,265


$   97,329


$     (97,329)


$              5,265











Basic net income per common share


$             0.06






$                0.06











Weighted average basic shares outstanding


86,481






86,481











Diluted net income per common share


$             0.06






$                0.06











Weighted average diluted shares outstanding


86,550






86,550




The following table reconciles the net income in accordance with GAAP to adjusted earnings and adjusted earnings per share.























Three Months Ended



Nine Months Ended



September 30,



September 30,



2010


2009



2010


2009



(In thousands, except per share data)

Net income attributable to Boyd Gaming Corporation


$           5,591


$           6,315



$         17,408


$           5,265

  Adjustments related to Boyd Gaming:










     Preopening expenses


2,684


4,880



4,990


14,773

     Gain on early retirements of debt


-


(3,604)



(3,949)


(12,061)

     Other income


(10,000)


-



(10,000)


-

     Gain on equity distribution


(2,535)


-



(2,535)


-

     Write-downs and other charges, net


1,344


14,287



4,924


41,415

     Other non-operating expenses


-


30



-


30

     Prior period interest expense related to the finalization










     of our purchase price for Dania Jai-Alai


-


-



-


8,883











   Adjustments related to Borgata:










     Our share of Borgata's preopening expenses


-


-



-


349

     Our share of Borgata's write-downs and other items, net


-


(14,339)



34


(14,308)

     Accelerated amortization of deferred loan fees


2,012





2,012



     Write-downs and other charges, net


(4)





8



           Impact on noncontrolling interest


(1,004)





(1,010)













     Income tax effect for above adjustments


3,322


424



2,620


(12,922)

        Adjusted earnings


$           1,410


$           7,993



$         14,502


$         31,424











     Adjusted earnings per diluted share (Adjusted EPS)


$             0.02


$             0.09



$             0.17


$             0.36











     Weighted average diluted shares outstanding


86,684


86,436



86,724


86,550






The following table illustrates the impact of the above adjustments on earnings per share.  














Three Months Ended


Nine Months Ended



September 30,


September 30,



2010


2009


2010


2009




Diluted net income per share


$         0.06


$         0.07


$       0.20


$         0.06

  Adjustments related to Boyd Gaming:









     Preopening expenses


0.03


0.06


0.06


0.17

     Gain on early retirements of debt


-


(0.04)


(0.05)


(0.14)

     Other income


(0.12)


-


(0.12)


-

     Gain on equity distribution


(0.03)


-


(0.03)


-

     Write-downs and other charges, net


0.02


0.17


0.06


0.48

     Other non-operating expenses


-


0.00


-


0.00

     Prior period interest expense related to the finalization









     of our purchase price for Dania Jai-Alai


-


-


-


0.10










  Adjustments related to Borgata:









     Our share of Borgata's preopening expenses


-


-


-


0.00

     Our share of Borgata's write-downs and other items, net


-


(0.17)


0.00


(0.17)

     Accelerated amortization of deferred loan fees


0.02


-


0.02


-

     Write-downs and other charges, net


(0.00)


-


0.00


-

           Impact on noncontrolling interest


(0.01)


-


(0.01)


-










     Income tax effect for above adjustments


0.04


0.00


0.03


(0.15)

         Adjusted earnings per share


$         0.02


$         0.09


$       0.17


$         0.36




The following table presents Net Revenues and Adjusted EBITDA by operating segment and reconciles Adjusted EBITDA to net income attributable to Boyd Gaming Corporation on our condensed consolidated statements of operations for the three and nine months ended September 30, 2010 and 2009. Note that the results from Dania Jai-Alai are classified as part of total other operating costs and expenses and are not included in Adjusted EBITDA. Additionally, the results for the three months ended September 30, 2010, as reported in the table below, reflect the consolidation of Borgata for the entire period and the results for the nine months ended September 30, 2010 reflect the consolidation of Borgata for the period from March 24, 2010 through September 30, 2010. The three and nine month periods ended September 30, 2009 are reported on a historical basis.





Three Months Ended


Nine Months Ended



September 30,


September 30,



2010


2009


2010


2009

Net Revenues


(In thousands)

   Las Vegas Locals


$ 145,593


$ 150,749


$    455,243


$    486,975

   Downtown Las Vegas


51,898


54,857


161,088


171,100

   Midwest and South


188,695


190,864


556,221


592,085

   Atlantic City


207,687


-


411,355


-

           Reportable Segment Net revenues


593,873


396,470


1,583,907


1,250,160

   Other


1,505


1,773


5,052


5,878

           Net revenues


$ 595,378


$ 398,243


$ 1,588,959


$ 1,256,038










Adjusted EBITDA









   Las Vegas Locals


$   26,116


$   31,363


$    103,339


$    120,600

   Downtown Las Vegas


5,679


8,701


23,361


33,855

   Midwest and South


38,407


42,567


113,276


136,165

       Wholly-owned property Adjusted EBITDA


70,202


82,631


239,976


290,620

        Corporate expense


(9,144)


(9,157)


(30,065)


(27,353)

        Wholly-owned Adjusted EBITDA


61,058


73,474


209,911


263,267

   Atlantic City


54,319


-


102,182


-

       Our share of Borgata's operating income before net









         amortization, preopening and other items


-


24,175


8,180


50,935

           Adjusted EBITDA


$ 115,377


$   97,649


$    320,273


$    314,202










Other operating costs and expenses









   Deferred rent


1,069


1,090


3,204


3,266

   Depreciation and amortization


52,451


40,903


147,905


126,297

   Preopening expenses


2,684


4,880


4,990


14,773

   Our share of Borgata's preopening expenses


-


-


-


349

   Our share of Borgata's write-downs and other items, net


-


(14,339)


34


(14,308)

   Share-based compensation expense


2,396


2,886


8,124


9,784

   Write-downs and other charges, net


1,340


14,287


4,932


41,415

   Other


954


1,030


2,895


2,354

           Total other operating costs and expenses


60,894


50,737


172,084


183,930

Operating income


54,483


46,912


148,189


130,272

Other non-operating items









   Interest expense, net


45,781


32,299


109,434


113,801

   Gain on early retirements of debt


-


(3,604)


(3,949)


(12,061)

   Other income


(10,000)


-


(10,000)


-

   Gain on equity distribution


(2,535)


-


(2,535)


-

   Other non-operating expenses


-


30


-


30

   Our share of Borgata's non-operating expenses, net


-


7,204


3,133


16,230

           Total other non-operating costs and expenses, net


33,246


35,929


96,083


118,000

Income before income taxes


21,237


10,983


52,106


12,272

Income taxes


(6,371)


(4,668)


(15,532)


(7,007)

Net income


14,866


6,315


36,474


5,265

Noncontrolling interest


(9,275)


-


(19,166)


-

Net income attributable to Boyd Gaming Corporation


$     5,591


$     6,315


$      17,408


$        5,265




The following table sets forth the consolidation of Borgata from a basis comparable to the historical reporting by Boyd Gaming Corporation. For purposes of this presentation, and consistent with GAAP, Borgata has been consolidated for the entire period presented, or for the period from July 1, 2010 through September 30, 2010. The historical column reflects the equity method accounting for Borgata. The consolidating columns are presented for purposes of additional disclosure and as a reconciliation to the current GAAP presentation of Boyd Gaming Corporation.





Three Months Ended September 30, 2010



Boyd Gaming Corp


MDDC LLC




Boyd Gaming Corp



Historical


7/1/2010 to 9/30/2010


Adjustments


Consolidated



(In thousands)

Net Revenues









   Las Vegas Locals


$        145,593


$                   -


$            -


$      145,593

   Downtown Las Vegas


51,898


-


-


51,898

   Midwest and South


188,695


-


-


188,695

   Atlantic City


-


207,687


-


207,687

           Reportable Segment Net revenues


386,186


207,687


-


593,873

   Other


1,505


-


-


1,505

           Net revenues


$        387,691


$       207,687


$            -


$      595,378










Adjusted EBITDA









   Las Vegas Locals


$          26,116


$                   -


$            -


$        26,116

   Downtown Las Vegas


5,679


-


-


5,679

   Midwest and South


38,407


-


-


38,407

       Wholly-owned property Adjusted EBITDA


70,202


-


-


70,202

        Corporate expense


(9,144)


-


-


(9,144)

        Wholly-owned Adjusted EBITDA


61,058


-


-


61,058

   Atlantic City


-


54,319


-


54,319

       Our share of Borgata's operating income before net









         amortization, preopening and other items


18,942


-


(18,942)


-

           Adjusted EBITDA


$          80,000


$         54,319


$ (18,942)


$      115,377










Other operating costs and expenses









   Deferred rent


1,069


-


-


1,069

   Depreciation and amortization


35,999


16,452


-


52,451

   Preopening expenses


2,684


-


-


2,684

   Share-based compensation expense


2,396


-


-


2,396

   Write-downs and other charges, net


1,344


(4)


-


1,340

   Other


954


-


-


954

           Total other operating costs and expenses


44,446


16,448


-


60,894

Operating income


35,554


37,871


(18,942)


54,483










Other non-operating items









   Interest expense, net


28,506


17,275


-


45,781

   Gain on early retirements of debt


-


-




-

   Other income


(10,000)






(10,000)

   Gain on equity distribution


(2,535)






(2,535)

   Our share of Borgata's non-operating expenses, net


9,667


-


(9,667)


-

           Total other non-operating costs and expenses, net


25,638


17,275


(9,667)


33,246










Income before income taxes


9,916


20,596


(9,275)


21,237

Income taxes


(4,325)


(2,046)


-


(6,371)

Net income


5,591


18,550


(9,275)


14,866

Noncontrolling interest


-


-


(9,275)


(9,275)

Net income attributable to Boyd Gaming Corporation


$            5,591


$         18,550


$ (18,550)


$          5,591




The following supplemental pro forma information presents the financial results as if the effective control of Borgata had occurred on July 1, 2009. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what the actual results would have been had the consolidation of Borgata been completed as of the earlier dates, nor are they indicative of any future results.





Three Months Ended September 30, 2009



Boyd Gaming Corp


MDDC LLC




Boyd Gaming Corp



Historical


7/1/2009 to 9/30/2009


Adjustments


Pro Forma



(In thousands)

Net Revenues









   Las Vegas Locals


$           150,749


$                         -


$             -


$          150,749

   Downtown Las Vegas


54,857


-


-


54,857

   Midwest and South


190,864


-


-


190,864

   Atlantic City


-


222,597


-


222,597

           Reportable Segment Net revenues


396,470


222,597


-


619,067

   Other


1,773


-


-


1,773

           Net revenues


$           398,243


$             222,597


$             -


$          620,840










Adjusted EBITDA









   Las Vegas Locals


$             31,363


$                         -


$             -


$            31,363

   Downtown Las Vegas


8,701


-


-


8,701

   Midwest and South


42,567


-


-


42,567

       Wholly-owned property Adjusted EBITDA


82,631


-


-


82,631

        Corporate expense


(9,157)


-


-


(9,157)

        Wholly-owned Adjusted EBITDA


73,474


-


-


73,474

   Atlantic City


-


67,559


-


67,559

       Our share of Borgata's operating income before net








-

         amortization, preopening and other items


24,175


-


(24,175)


-

           Adjusted EBITDA


$             97,649


$               67,559


$  (24,175)


$          141,033










Other operating costs and expenses




-


-



   Deferred rent


1,090


-


-


1,090

   Depreciation and amortization


40,903


19,208


-


60,111

   Preopening expenses


4,880


-


-


4,880

   Our share of Borgata's preopening expenses


-


-


-


-

   Our share of Borgata's write-downs and other items, net


(14,339)


-


14,339


-

   Share-based compensation expense


2,886


-


-


2,886

   Write-downs and other charges, net


14,287


(28,677)


-


(14,390)

   Other


1,030


-


-


1,030

           Total other operating costs and expenses


50,737


(9,469)


14,339


55,607

Operating income


46,912


77,028


(38,514)


85,426










Other non-operating items









   Interest expense, net


32,299


6,423


-


38,722

   Gain on early retirements of debt


(3,604)


-


-


(3,604)

   Other non-operating expenses


30


-


-


30

   Our share of Borgata's non-operating expenses, net


7,204


-


(7,204)


-

           Total other non-operating costs and expenses, net


35,929


6,423


(7,204)


35,148










Income before income taxes


10,983


70,605


(31,310)


50,278

Income taxes


(4,668)


(7,986)


-


(12,654)

Net income


6,315


62,619


(31,310)


37,624

Noncontrolling interest


-


-


(31,309)


(31,309)

Net income attributable to Boyd Gaming Corporation


$               6,315


$               62,619


$  (62,619)


$              6,315




The following supplemental pro forma information presents the financial results as if the effective control of Borgata had occurred on January 1, 2010, for the nine months ended September 30, 2010. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what the actual results would have been had the consolidation of Borgata been completed as of the earlier dates, nor are they indicative of any future results.





Nine Months Ended September 30, 2010



Boyd Gaming Corp


MDDC LLC




Boyd Gaming Corp



Consolidated


1/1/2010 to 3/23/2010


Adjustments


Pro Forma



(In thousands)

Net Revenues









   Las Vegas Locals


$        455,243


$                  -


$                -


$         455,243

   Downtown Las Vegas


161,088


-


-


161,088

   Midwest and South


556,221


-


-


556,221

   Atlantic City


411,355


158,290


-


569,645

           Reportable Segment Net revenues


1,583,907


158,290


-


1,742,197

   Other


5,052


-


-


5,052

           Net revenues


$     1,588,959


$      158,290


$                -


$      1,747,249










Adjusted EBITDA









   Las Vegas Locals


$        103,339


$                  -


$                -


$         103,339

   Downtown Las Vegas


23,361


-


-


23,361

   Midwest and South


113,276


-


-


113,276

       Wholly-owned property Adjusted EBITDA


239,976


-


-


239,976

        Corporate expense


(30,065)


-


-


(30,065)

        Wholly-owned Adjusted EBITDA


209,911


-


-


209,911

   Atlantic City


102,182


33,113


-


135,295

       Our share of Borgata's operating income before net








-

         amortization, preopening and other items


8,180


-


(8,180)


-

           Adjusted EBITDA


$        320,273


$        33,113


$       (8,180)


$         345,206










Other operating costs and expenses




-


-



   Deferred rent


3,204


-


-


3,204

   Depreciation and amortization


147,905


16,754


-


164,659

   Preopening expenses


4,990


-


-


4,990

   Our share of Borgata's preopening expenses


-


-


-


-

   Our share of Borgata's write-downs and other items, net


34


-


(34)


-

   Share-based compensation expense


8,124


-


-


8,124

   Write-downs and other charges, net


4,932


68


-


5,000

   Other


2,895


-


-


2,895

           Total other operating costs and expenses


172,084


16,822


(34)


188,872

Operating income


148,189


16,291


(8,146)


156,334










Other non-operating items









   Interest expense, net


109,434


5,060


-


114,494

   Gain on early retirements of debt


(3,949)


-


-


(3,949)

   Other income


(10,000)






(10,000)

   Gain on equity distribution


(2,535)






(2,535)

   Our share of Borgata's non-operating expenses, net


3,133


-


(3,133)


-

           Total other non-operating costs and expenses, net


96,083


5,060


(3,133)


98,010










Income before income taxes


52,106


11,231


(5,013)


58,324

Income taxes


(15,532)


(1,206)


-


(16,738)

Net income


36,574


10,025


(5,013)


41,586

Noncontrolling interest


(19,166)


-


(5,012)


(24,178)

Net income attributable to Boyd Gaming Corporation


$          17,408


$        10,025


$     (10,025)


$           17,408




The following supplemental pro forma information presents the financial results as if the effective control of Borgata had occurred on July 1, 2009, for the nine months ended September 30, 2009. This supplemental pro forma information has been prepared for comparative purposes and does not purport to be indicative of what the actual results would have been had the consolidation of Borgata been completed as of the earlier dates, nor are they indicative of any future results.





Nine Months Ended September 30, 2009



Boyd Gaming Corp


MDDC LLC




Boyd Gaming Corp



Historical


1/1/2009 to 9/30/2009


Adjustments


Pro Forma



(In thousands)

Net Revenues









   Las Vegas Locals


$             486,975


$                         -


$               -


$             486,975

   Downtown Las Vegas


171,100


-


-


171,100

   Midwest and South


592,085


-


-


592,085

   Atlantic City


-


602,000


-


602,000

           Reportable Segment Net revenues


1,250,160


602,000


-


1,852,160

   Other


5,878


-


-


5,878

           Net revenues


$          1,256,038


$             602,000


$               -


$          1,858,038










Adjusted EBITDA









   Las Vegas Locals


$             120,600


$                         -


$               -


$             120,600

   Downtown Las Vegas


33,855


-


-


33,855

   Midwest and South


136,165


-


-


136,165

       Wholly-owned property Adjusted EBITDA


290,620


-


-


290,620

        Corporate expense


(27,353)


-


-


(27,353)

        Wholly-owned Adjusted EBITDA


263,267


-


-


263,267

   Atlantic City


-


161,211


-


161,211

       Our share of Borgata's operating income before net








-

         amortization, preopening and other items


50,935


-


(50,935)


-

           Adjusted EBITDA


$             314,202


$             161,211


$    (50,935)


$             424,478










Other operating costs and expenses




-


-



   Deferred rent


3,266


-


-


3,266

   Depreciation and amortization


126,297


59,339


-


185,636

   Preopening expenses


14,773


699


-


15,472

   Our share of Borgata's preopening expenses


349


-


(349)


-

   Our share of Borgata's write-downs and other items, net


(14,308)


-


14,308


-

   Share-based compensation expense


9,784


-


-


9,784

   Write-downs and other charges, net


41,415


(28,616)


-


12,799

   Other


2,354


-


-


2,354

           Total other operating costs and expenses


183,930


31,422


13,959


229,311

Operating income


130,272


129,789


(64,894)


195,167










Other non-operating items









   Interest expense, net


113,801


21,881


-


135,682

   Gain on early retirements of debt


(12,061)


-


-


(12,061)

   Other non-operating expenses


30


-


-


30

   Our share of Borgata's non-operating expenses, net


16,230


-


(16,230)


-

           Total other non-operating costs and expenses, net


118,000


21,881


(16,230)


123,651

Income before income taxes


12,272


107,908


(48,664)


71,516

Income taxes


(7,007)


(10,579)


-


(17,586)

Net income (loss)


5,265


97,329


(48,664)


53,930

Noncontrolling interest


-


-


(48,665)


(48,665)

Net income (loss) attributable to Boyd Gaming Corporation


$                 5,265


$               97,329


$    (97,329)


$                 5,265




The following table reconciles the presentation of corporate expense on our condensed consolidated statements of operations to the presentation on the accompanying table.












Three Months Ended


Nine Months Ended



September 30,


September 30,



2010


2009


2010


2009



(In thousands)

Corporate expense as reported on our condensed









  consolidated statements of operations


$         11,021


$         11,356


$         36,636


$         35,077

Corporate share-based compensation expense


(1,877)


(2,199)


(6,571)


(7,724)

Corporate expense as reported on the accompanying table


$           9,144


$           9,157


$         30,065


$         27,353






























The following table reconciles the presentation of our share of Borgata’s operating income on our condensed consolidated statements of operations to the presentation of our share of Borgata’s results on the accompanying table.












Three Months Ended


Nine Months Ended



September 30,


September 30,



2010


2009


2010


2009



(In thousands)

Operating income from Borgata, as reported on our









    condensed consolidated statements of operations


$                   -


$         38,189


$           8,146


$         63,921

Add back:









   Net amortization expense related to our









       investment in Borgata


-


325


-


973

   Our share of preopening expenses


-


-


-


349

   Our share of write-downs and other items, net


-


(14,339)


34


(14,308)

Our share of Borgata's operating income before net









   amortization, preopening and other items









   as reported on the accompanying table


$                   -


$         24,175


$           8,180


$         50,935





















The following table reconciles the presentation of depreciation and amortization on our condensed consolidated statements of operations to the presentation on the accompanying table.












Three Months Ended


Nine Months Ended



September 30,


September 30,



2010


2009


2010


2009



(In thousands)

Depreciation and amortization as reported on our



  condensed consolidated statements of operations


$         52,451


$         40,578


$       147,905


$       125,324

Net amortization expense related to our investment in Borgata


-


325


-


973

Depreciation and amortization as reported on









  the accompanying table


$         52,451


$         40,903


$       147,905


$       126,297




The following table presents Borgata's condensed consolidated statements of operations.












Three Months Ended


Nine Months Ended



September 30,


September 30,



2010


2009


2010


2009



(In thousands)

Revenues









   Gaming


$       176,839


$     195,355


$       495,145


$      538,041

   Food and beverage


43,232


42,630


113,589


111,113

   Room


34,090


33,892


88,196


87,056

   Other


12,687


12,889


33,226


32,496

Gross revenues


266,848


284,766


730,156


768,706

Less promotional allowances


59,161


62,169


160,511


166,706

       Net revenues


207,687


222,597


569,645


602,000










Costs and expenses









   Gaming


70,576


74,726


201,510


215,268

   Food and beverage


19,700


18,745


53,093


48,822

   Room


4,369


3,736


10,778


8,998

   Other


10,335


10,505


26,655


26,585

   Selling, general and administrative


31,173


31,620


93,454


96,250

   Maintenance and utilities


17,215


15,706


48,859


44,866

   Depreciation and amortization


16,452


19,208


53,067


59,339

   Preopening expenses


-


-


-


699

   Write-downs and other charges, net


(4)


(28,677)


76


(28,616)

       Total costs and expenses


169,816


145,569


487,492


472,211










Operating income


37,871


77,028


82,153


129,789










Other expense (income)









   Interest expense, net of amounts capitalized


17,275


6,423


28,407


21,881

Income before state income taxes


20,596


70,605


53,746


107,908

State income taxes


(2,046)


(7,986)


(5,389)


(10,579)

Net income


$         18,550


$       62,619


$         48,357


$        97,329




The following table reconciles operating income to Adjusted EBITDA for Borgata.












Three Months Ended


Nine Months Ended



September 30,


September 30,



2010


2009


2010


2009



(In thousands)

Operating income


$         37,871


$         77,028


$       82,153


$       129,789

   Depreciation and amortization


16,452


19,208


53,067


59,339

   Preopening expenses


-


-


-


699

   Write-downs and other items, net


(4)


(28,677)


76


(28,616)

Adjusted EBITDA


$         54,319


$         67,559


$     135,296


$       161,211



Footnotes and Safe Harbor Statements:

Non-GAAP Financial Measures
Regulation G, "Conditions for Use of Non-GAAP Financial Measures," prescribes the conditions for use of non-GAAP financial information in public disclosures. Boyd Gaming believes that its presentations of the following non-GAAP financial measures are important supplemental measures of operating performance to investors: earnings before interest, taxes, depreciation and amortization (EBITDA), Adjusted EBITDA, Adjusted Earnings, Adjusted Earnings Per Share (Adjusted EPS) and net revenues (excluding the 8 days of consolidation for Borgata). The following discussion defines these terms and why the company believes they are useful measures of its performance.

In the accompanying release, and the company's periodic reports filed with the Securities and Exchange Commission, Dania Jai-Alai's results are included as part of total other operating costs and expenses. In addition, as of the same date, Boyd Gaming reclassified the reporting of corporate expense to exclude it from its subtotal for Reportable Segment Adjusted EBITDA and include it as part of total other operating costs and expenses. Furthermore, in the Company's periodic reports, corporate expense is presented to include its portion of share-based compensation expense.

EBITDA and Adjusted EBITDA
EBITDA is a commonly used measure of performance in the industry which Boyd Gaming believes, when considered with measures calculated in accordance with GAAP, gives investors a more complete understanding of operating results before the impact of investing and financing transactions and income taxes and facilitates comparisons between the Company and its competitors. Management has historically adjusted EBITDA when evaluating operating performance because the Company believes that the inclusion or exclusion of certain recurring and non-recurring items is necessary to provide the most accurate measure of its core operating results and as a means to evaluate period-to-period results. Boyd Gaming has chosen to provide this information to investors to enable them to perform more meaningful comparisons of past, present and future operating results and as a means to evaluate the results of core ongoing operations. The Company does not reflect such items when calculating EBITDA; however, it adjusts for these items and refer to this measure as Adjusted EBITDA. Boyd Gaming has historically reported this measure to its investors and believes that the continued inclusion of Adjusted EBITDA provides consistency in its financial reporting. Boyd Gaming uses Adjusted EBITDA in this press release because it believes it is useful to investors in allowing greater transparency related to a significant measure used by management in its financial and operational decision-making. Adjusted EBITDA is among the more significant factors in management's internal evaluation of total company and individual property performance and in the evaluation of incentive compensation related to property management. Management also uses Adjusted EBITDA as a measure in determining the value of acquisitions and dispositions. Adjusted EBITDA is also widely used by management in the annual budget process. Externally, Boyd Gaming believes these measures continue to be used by investors in their assessment of the Company's operating performance and the valuation of its company. Adjusted EBITDA reflects EBITDA adjusted for deferred rent, preopening expenses, share-based compensation expense, write-downs and other charges, net, increase in value of derivative instruments, gain on early retirements of debt, other non-operating expenses, and the Company's share of Borgata's non-operating expenses, preopening expenses and other items and write-downs, net. In addition, Adjusted EBITDA includes corporate expense. A reconciliation of Adjusted EBITDA to net income (loss), based upon GAAP, is included in the financial schedules accompanying this release.

Adjusted Earnings and Adjusted EPS
Adjusted Earnings is net income (loss) before preopening expenses, increase in value of derivative instruments, write-downs and other charges, net, gain on early retirements of debt, prior period interest expense related to the finalization of othe Company's purchase price for Dania Jai-Alai, accelerated interest expense related to the Company's bank credit facility amendment, certain one-time permanent tax readjustments, other non-operating expenses, and the Company's share of Borgata's preopening expenses and other items and write-downs, net. Adjusted Earnings and Adjusted EPS are presented solely as supplemental disclosures because management believes that they are widely used measures of performance in the gaming industry. A reconciliation of net loss based upon GAAP to Adjusted Earnings and Adjusted EPS are included in the financial schedules accompanying this release.

Pro Forma Effect of Consolidation of Borgata
The effective change in control of Borgata was triggered at the end of the first quarter 2010. For purposes of comparability throughout this release, when such results are reported on a consolidated basis, the results of the prior year are retroactively recast to present such results on a consolidated basis, comparable to the current period. Additionally, for further purposes of comparability, certain year-to-date amounts have been presented on a pro forma basis, as if the consolidation of Borgata had occurred as of the beginning of the period presented (i.e. January 1, for the nine months ended September 30, 2010, or September 30, 2009, as applicable).

Limitations on the Use of Non-GAAP Measures
The use of EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures has certain limitations. Our presentation of EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS or certain other non-GAAP financial measures may be different from the presentation used by other companies and therefore comparability may be limited. Depreciation and amortization expense, interest expense, income taxes and other items have been and will be incurred and are not reflected in the presentation of EBITDA or Adjusted EBITDA. Each of these items should also be considered in the overall evaluation of our results. Additionally, EBITDA and Adjusted EBITDA do not consider capital expenditures and other investing activities and should not be considered as a measure of the Company's liquidity. The Company compensates for these limitations by providing the relevant disclosure of its depreciation and amortization, interest and income taxes, capital expenditures and other items both in its reconciliations to the GAAP financial measures and in its consolidated financial statements, all of which should be considered when evaluating the Company's performance.

EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures are used in addition to and in conjunction with results presented in accordance with GAAP. EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures should not be considered as an alternative to net income, operating income or any other operating performance measure prescribed by GAAP, nor should these measures be relied upon to the exclusion of GAAP financial measures. EBITDA, Adjusted EBITDA, Adjusted Earnings, Adjusted EPS and certain other non-GAAP financial measures reflect additional ways of viewing the Company's operations that it believes, when viewed with its GAAP results and the reconciliations to the corresponding GAAP financial measures, provide a more complete understanding of factors and trends affecting the Company's business than could be obtained absent this disclosure. Management strongly encourages investors to review the Company's financial information in its entirety and not to rely on a single financial measure.

Forward-looking Statements and Company Information
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements contain words such as "may," "will," "might," "expect," "believe," "anticipate," "could," "would," "estimate," "continue," "pursue," or the negative thereof or comparable terminology, and may include (without limitation) information regarding the Company's expectations, goals or intentions regarding the future, including, but not limited to, statements regarding current results in October, that we expect fourth quarter comparisons to be the best quarterly comparisons of the year, that we will be well positioned to capitalize on opportunities presented by a recovering economy, and that there is evidence of a strengthening recovery in Hawaii's tourism industry and that it will bode well for the Company's Hawaiian visitation.  Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks and uncertainties include, but are not limited t fluctuations in our operating results; recovery of our properties in various markets; the state of the economy and its effect on consumer spending and our results of operations; consumer reaction to fluctuations in the stock market and economic factors; the fact that our expansion, development and renovation projects (including enhancements to improve property performance) are subject to many risks inherent in expansion, development or construction of a new or existing project; the effects of events adversely impacting the economy or the regions from which we draw a significant percentage of our customers; competition; litigation; financial community and rating agency perceptions of the Company; changes in laws and regulations, including increased taxes; the availability and price of energy, weather, regulation, economic, credit and capital market conditions; and the effects of war, terrorist or similar activity. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2010, filed with the SEC, and in the Company's other current and periodic reports filed from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement.



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