Last month the Mohegan Tribal Gaming Authority issued estimates as to what it believed would be the final profit figure (and other figures) for the fourth quarter but today MTGA issued the final number.
A few of the highlights, until a more complete article can be written are as follows:
Profits (or net income) for the fourth quarter, which is the three-month period of July through September, was reported to be $66.4 million but this figure includes a one-time annual adjustment of $45.7 million that relates to estimated payouts to the casino's former management company, Trading Cove Associates. Had the one-time annual adjustment of $45.7 million not been included, then profits would have been $20.7 million for what is by far the busiest three-month period in MTGA's seasonal calendar. Note that distributions to the tribal government are not deducted from the profit figure.
Interest expense for the full twelve months of fiscal 2009, which ended on September 30th, increased to $109.7 million from $93.8 million in the prior fiscal year although the weighted average interest rate on MTGA's debt was 6.7 percent in fiscal year 2009 compared to a lower rate, 7.2 percent, in fiscal year 2008.
MTGA's total debt was $1.64 billion as of September 30, 2009 compared to $1.56 billion the year before, on September 30, 2008.
A Feather News analysis concludes, based upon figures reported in the press release and separate interest expense computations, that Pocono Downs lost more money since the expansion was opened than before the expansion opened in the summer of 2008.
A conference call with analysts is scheduled for 11:00 a.m. this morning.
The entire press release can be seen at http://www.sec.gov/Archives/edgar/data/1005276/000119312509238924/dex991.htm
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