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.

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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)

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