Century Casinos, Inc. (NASDAQ:CNTY) Q2 2022 Earnings Conference Call August 5, 2022 10:00 AM ET

Company Participants

Peter Hoetzinger - Vice Chairman of the Board, Co-Chief Executive Officer, and President

Erwin Haitzmann - Chairman of the Board, Co-Chief Executive Officer

Margaret Stapleton - Chief Financial Officer

Conference Call Participants

Jeff Stantial - Stifel Nicolaus

Edward Engel - ROTH Capital

Jordan Bender - JMP Securities

Operator

Greetings, and welcome to Century Casinos' Q2 2022 Earnings Conference Call. This call will be recorded. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session.

I would now like to introduce our host for today's call, Mr. Peter Hoetzinger. Mr. Hoetzinger, you may begin.

Peter Hoetzinger

Good morning, everyone, and thank you for joining our earnings call. With me on the call are my Co-CEO and the Chairman of Century Casinos, Erwin Haitzmann; as well as our Chief Financial Officer, Margaret Stapleton.

As always, before we begin, we would like to remind you that we will be discussing forward-looking information which involves several risks and uncertainties that may cause actual results to differ materially from our forward-looking statements. The company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. We provide a detailed discussion of the various risk factors in our SEC filings, and we encourage you to review these filings.

In addition, throughout our call, we refer to several non-GAAP financial measures, including, but not limited to, adjusted EBITDA. Reconciliations of our non-GAAP performance and liquidity measures to the appropriate GAAP measures can be found in our news release and SEC filing available in the Investors section of our Web site, at cnty.com.

I'll now provide an overview of the results of the second quarter. After that there will be a Q&A session. Our second quarter results continued the streak of record-breaking performances that we have shown throughout last year. We generated record second quarter revenue and record second quarter adjusted EBITDA. Revenue was up 21%, and adjusted EBITDA grew 18% compared to the second quarter of last year. Basic earnings per share for the quarter were $0.30. We recognized two items that impacted our net earnings attributable to shareholders this quarter. First, due to the prepayment of the Macquarie credit agreement, we wrote off $7.3 million in deferred financing costs to interest expense.