Boyd Craps Out: Fool by Numbers

On Oct. 26, Boyd Gaming (NYSE: BYD  ) released third-quarter earnings for the period ended Sept. 30.

• Adjusted non-GAAP EPS of $0.44 was still short of estimates.
• Net revenues increased by 1.4%, primarily because of an increase in Central Region revenues, partially offset by declines in the remaining three regions.
• The three-day Atlantic City shutdown and expansion efforts hurt Borgata results.

(Figures in millions, except per-share data)

Income Statement Highlights

	Avg. Est.	Q3 2006	Q3 2005	Change
Sales	$567	$531	$523	1.4%
Net Profit*	--	$28	$34	(17.1%)
EPS	$0.52	$0.32	$0.37	(13.5%)
Diluted Shares	--	89	91	(2.2%)

*From continuing operations

Get back to basics with a look at the income statement.

Margin Checkup

	Q3 2006	Q3 2005	Change*
Operating Margin	16.15%	19.60%	(3.45)
Net Margin	5.29%	6.47%	(1.18)

*Expressed in percentage points.

Margins are the earnings engine. See how they work.

Balance Sheet Highlights

Data not provided.

Learn the ways of the balance sheet.

Cash Flow Highlights

Data not provided.

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Adjusted EBITDA by Region

	Q3 2006	Q3 2005	Change
Las Vegas Locals	$56.2	$71.1	-21%
Stardust	$2.7	$5.0	-46%
Downtown Las Vegas	$9.5	$9.4	1.1%
Central Region	$64.5	$48.9	31.9%
Borgata*	$27.0	$30.9	-12.6%

*Boyd's share of Borgata EBITDA

Related Companies:

• Wynn Resorts (Nasdaq: WYNN  )
• Station Casinos (NYSE: STN  )
• Penn National Gaming (Nasdaq: PENN  )
• Aztar (NYSE: AZR  )

Related Foolishness:

• Is the Gambling Industry Cyclical?
• Is Station Casinos a Buy?
• Has Boyd Reached Bottom?
• From the Florida Gaming Summit

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Fool by Numbers is designed to give you the raw earnings information in a timely fashion, putting all the numbers you need in one easy-to-read place. But at The Motley Fool, we believe numbers tell only part of the story, so check Fool.com for more of our in-depth discussion of what the numbers mean. This data has been provided by Netscribes. To provide feedback on this article, please click on the "feedback" button below.