Century Casinos, Inc. (NASDAQ:CNTY) Q1 2022 Earnings Conference Call May 6, 2022 10:00 AM ET
Company Participants
Peter Hoetzinger - Vice Chairman of the Board, Co-CEO & President
Erwin Haitzmann - Chairman of the Board, Co-CEO
Margaret Stapleton - Chief Financial Officer
Conference Call Participants
David Bain - B. Riley
Edward Engel - ROTH Capital
Jeff Stantial - Stifel
Operator
Welcome to Century Casinos Q1 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 a number of 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 this 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 website at cnty.com. I will now provide an overview of the results of the first quarter. After that there will be a Q&A session.
Our first quarter results continued the streak of record breaking performances that we have shown throughout last year. It was a great start to 2022 with record first quarter revenue and record first quarter adjusted EBITDA. Revenues were up by more than 42% year-over-year, and EBITDA growing impressive 62% compared to the first quarter of last year.
Earnings per share for the quarter were impacted by our loss on the sale of land and building in Calgary, as well as by costs related to the acquisition of the market in Nevada returned a combined impact of approximately $3.3 million or $0.11 per share. In addition, our effective income tax rate increased from 22.6% last year to 34.6% this year, due to the total earnings we project for this year.