By Ken Davison
The Mohegan Tribal Gaming Authority issued a press release today reporting a 21% decrease in quarterly net income (profit) when compared to the same period last year. Net income was $33.5 million for the three month quarter reported upon, which is from January 1 through March 31.
This article is a brief flash of the quarterly earnings and is not designed to be a full description of the earnings report, however, a more detailed article will appear soon. The complete income statement, which shows revenues and expenses, and balance sheet has not yet been filed with the Securities and Exchange Commission.
The quarterly net income (profit) of $33.5 million does not take into account the amount MTGA distributes to the tribal government. The tribal government expects to receive $80 million from MTGA in distributions in Fiscal Year 2008, therefore three months' worth is the equivalent of $20 million. This amount has not been deducted from MTGA's net income (profit).
The full quarterly fee that is paid to the tribe's former management company (Trading Cove), 5% of revenues at Mohegan Sun, has not been deducted from MTGA's net income (profit) due to the accounting treatment of the 15-year contract.
Gross slot revenues, which is the largest component of revenues (before any expenses are deducted) were $253 million for the three-month period, a 2.7% decrease from last year. Table game revenues (before any expenses are deducted) were $102 million, representing a 6.4% increase over last year while non-gaming revenues were $68.7 million (11.6% increase over last year).
Total debt was $1.37 billion as of March 31st. The weighted average interest rate for the six months that ended March 31 was 7.3% compared to 7.4% for the same period last year.
A conference call with financial analysts will be held at 1 p.m. today.
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