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Atlantic City Showboat, Inc. Quarterly Report

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Atlantic City Showboat, Inc. Quarterly Report ATLANTIC CITY SHOWBOAT, INC. QUARTERLY REPORT FOR THE QUARTER ENDED DECEMBER 31, 2013 SUBMITTED TO THE DIVISION OF GAMING ENFORCEMENT OF THE STATE OF NEW JERSEY OFFICE OF FINANCIAL INVESTIGATIONS REPORTING MANUAL ATLANTIC CITY SHOWBOAT, INC. BALANCE SHEETS AS OF DECEMBER 31, 2013 AND 2012 (UNAUDITED) ($ IN THOUSANDS) Line Description Notes 2013 2012 (a) (b) (c) (d) ASSETS: Current Assets: 1 Cash and Cash Equivalents................................................. $9,738 $17,548 2 Short-Term Investments..................................................... 0 0 Receivables and Patrons' Checks (Net of Allowance for 3 Doubtful Accounts - 2013 $2,406, 2012, $4,991, ).......... 4 5,450 7,198 4 Inventories ......................................................................... 712 949 5 Other Current Assets........................................................... 5 2,825 1,610 6 Total Current Assets....................................................... 18,725 27,305 7 Investments, Advances, and Receivables.............................. 3, 6 21,173 272,962 8 Property and Equipment - Gross............................................ 2, 7 36,029 116,825 9 Less: Accumulated Depreciation and Amortization.......... 2, 7 (222) 0 10 Property and Equipment - Net.........................................…… 2, 7 35,807 116,825 11 Other Assets........................................................................... 83,393 79 12 Total Assets........................................................................... $159,098 $417,171 LIABILITIES AND EQUITY: Current Liabilities: 13 Accounts Payable................................................................ $4,472 $3,908 14 Notes Payable..................................................................... 0 0 Current Portion of Long-Term Debt: 15 Due to Affiliates.............................................................. 0 0 16 External............................................................................ 824 765 17 Income Taxes Payable and Accrued................................... 0 0 18 Other Accrued Expenses..................................................... 8 8,086 10,252 19 Other Current Liabilities..................................................... 1,083 855 20 Total Current Liabilities................................................... 14,465 15,780 Long-Term Debt: 21 Due to Affiliates................................................................. 0 0 22 External............................................................................... 9 442 1,157 23 Deferred Credits .................................................................... 0 (1,127) 24 Other Liabilities..................................................................... 10 21,513 103,350 25 Commitments and Contingencies…………………………… 14 0 0 26 Total Liabilities...................................................................... 36,420 119,160 27 Stockholders', Partners', or Proprietor's Equity..................... 122,678 298,011 28 Total Liabilities and Equity................................................... $159,098 $417,171 The accompanying notes are an integral part of the financial statements. Valid comparisons cannot be made without using information contained in the notes. 12/11 DGE-205 ATLANTIC CITY SHOWBOAT, INC. STATEMENTS OF INCOME FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2013 AND 2012 (UNAUDITED) ($ IN THOUSANDS) Line Description Notes 2013 2012 (a) (b) (c) (d) Revenue: 1 Casino..................................................................................... $190,826 $224,509 2 Rooms..................................................................................... 33,938 36,475 3 Food and Beverage................................................................. 40,039 45,341 4 Other....................................................................................... 10,548 11,763 5 Total Revenue....................................................................... 275,351 318,088 6 Less: Promotional Allowances.............................................. 78,128 92,488 7 Net Revenue......................................................................... 197,223 225,600 Costs and Expenses: 8 Cost of Goods and Services.................................................... 142,341 153,069 9 Selling, General, and Administrative..................................... 19,770 24,367 10 Provision for Doubtful Accounts............................................ 1,064 1,009 11 Total Costs and Expenses.................................................... 163,175 178,445 12 Gross Operating Profit............................................................... 34,048 47,155 13 Depreciation and Amortization.............................................. 7 11,213 21,602 Charges from Affiliates Other than Interest: 14 Management Fees................................................................ 0 0 15 Other......................................................................………… 3 18,166 22,825 16 Income (Loss) from Operations................................................. 4,669 2,728 Other Income (Expenses): 17 Interest Expense - Affiliates................................................... 0 0 18 Interest Expense - External..................................................... (133) (78) 19 CRDA Related Income (Expense) - Net................................. (2,113) (2,955) 20 Nonoperating Income (Expense) - Net................................... (68,243) (446,967) 21 Total Other Income (Expenses)........................................... (70,489) (450,000) 22 Income (Loss) Before Taxes and Extraordinary Items.............. (65,820) (447,272) 23 Provision (Credit) for Income Taxes...................................... 12 17,171 (66,619) 24 Income (Loss) Before Extraordinary Items............................... (82,991) (380,653) Extraordinary Items (Net of Income Taxes - 25 20__, $0; 20__, $0 )................................................... 0 0 26 Net Income (Loss)..................................................................... ($82,991) ($380,653) The accompanying notes are an integral part of the financial statements. Valid comparisons cannot be made without using information contained in the notes. 12/11 DGE-210 ATLANTIC CITY SHOWBOAT, INC. STATEMENTS OF INCOME FOR THE THREE MONTHS ENDED DECEMBER 31, 2013 AND 2012 (UNAUDITED) ($ IN THOUSANDS) Line Description Notes 2013 2012 (a) (b) (c) (d) Revenue: 1 Casino..................................................................................... $42,184 $41,703 2 Rooms..................................................................................... 6,985 6,714 3 Food and Beverage................................................................. 9,114 7,157 4 Other....................................................................................... 2,426 2,761 5 Total Revenue....................................................................... 60,709 58,335 6 Less: Promotional Allowances.............................................. 19,395 16,186 7 Net Revenue......................................................................... 41,314 42,149 Costs and Expenses: 8 Cost of Goods and Services.................................................... 34,054 31,703 9 Selling, General, and Administrative..................................... 5,324 6,712 10 Provision for Doubtful Accounts............................................ 390 395 11 Total Costs and Expenses.................................................... 39,768 38,810 12 Gross Operating Profit............................................................... 1,546 3,339 13 Depreciation and Amortization.............................................. 7 1,506 5,567 Charges from Affiliates Other than Interest: 14 Management Fees................................................................ 0 0 15 Other......................................................................………… 3 4,001 4,731 16 Income (Loss) from Operations................................................. (3,961) (6,959) Other Income (Expenses): 17 Interest Expense - Affiliates................................................... 0 0 18 Interest Expense - External..................................................... (28) (38) 19 CRDA Related Income (Expense) - Net................................. (447) (735) 20 Nonoperating Income (Expense) - Net................................... (71,443) (447,283) 21 Total Other Income (Expenses)........................................... (71,918) (448,056) 22 Income (Loss) Before Taxes and Extraordinary Items.............. (75,879) (455,015) 23 Provision (Credit) for Income Taxes...................................... 12 12,716 (66,822) 24 Income (Loss) Before Extraordinary Items............................... (88,595) (388,193) Extraordinary Items (Net of Income Taxes - 25 20__, $_____; 20__, $________ )............................. 0 0 26 Net Income (Loss)..................................................................... ($88,595) ($388,193) The accompanying notes are an integral part of the financial statements. Valid comparisons cannot be made without using information contained in the notes. 12/11 DGE-215 ATLANTIC CITY SHOWBOAT, INC. STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2012 AND THE TWELVE MONTHS ENDED DECEMBER 31, 2013 (UNAUDITED) ($ IN THOUSANDS) Retained Total Additional __________ Earnings Stockholders' Common Stock Preferred Stock Paid-In __________ (Accumulated Equity Line Description Notes Shares Amount Shares
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