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Ride The Bull Short The Bear
CS Tan
4.9 / 5.0
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Posted by ProfitableStocksOnly > 2017-10-07 18:54 | Report Abuse
Evergreen Gaming Corporation Q2 Results(Ending June 30th 2017) All Information Can Be Found On SEDAR – www.sedar.com Price: $0.13 Common Shares: 124,716,865 Insider/Institutional Holdings: 95,967,855 or 77.51% Retail Shares Available: 28,749,010 or 22.49% Financials + MD&A – All in US Dollars Financials ASSETS - USD Cash: $4,499,410 Restricted Cash: $2,283,216 Other Assets: $176,317 Accounts Receivable: $116,259 Inventory: $176,643 Deposits: $10,551 Game License: $63,267 Trademarks: $1,185,000 Goodwill: $6,435,481 Property & Equipment: $10,549,240 TOTAL ASSETS: $25,495,384 LIABILITIES – USD Notes Payable(Mortgages): $6,673,081 Trade Payables: $4,616,249 Notes Payable: $389,357 Deferred Tax: $348,000 TOTAL LIABILITIES: $12,026,687 Asset/Debt Ratio: 2.12:1 Note: Pending Sale of Tukwila Casino For $2 million USD - http://www.sterlingrealestate.idxbroker.com/idx/details/listing/b259/583212/14027-Interurban-Ave-S-Tukwila-WA-98168 Quarterly Sales Results Year - Sales - Net Income – EPS (Earnings Per Share) 2014 - $30,555,757 - $2,720,669 - $0.02c EPS - Not converted into CAD yet 2015 - $33,338,543 - $3,933,883 - $0.03c EPS - Not converted into CAD yet 2016 - $33,326,624 - $1,909,408 - $0.015c EPS - Not converted into CAD yet 2017(Q1) - $8,229,974 - $337,347 - $0.003c EPS – Not converted into CAD yet 2017(Q2) - $8,513,288 - $1,047,878 - $0.008c EPS – Not converted into CAD yet MD&A Highlights Evergreen is in the business of overseeing the gaming operations of its principal U.S. subsidiary, Washington Gaming, Inc. (“WGI”). Net revenue for the quarter ended June 30, 2017 was $9,411,453, an increase of $1,025,705 compared to the same period in the prior year. Gaming dollars dropped were 5% higher than the prior year quarter and the hold percentage increased .7%. The income from operations was $1,654,640 compared to $1,134,414 in the prior year quarter. This increase was due to the increase in net revenues offset by an increase in operating expenses of $505,479. The labor and benefit expenses increased due to an increase in the minimum wage and marketing expenses increased to generate more revenue. Net income before taxes was $1,564,515 compared to $1,003,841 in the same quarter of 2016, a $560,674 increase. The increase was due to the higher income from operations and lower finance costs due to paying off outstanding indebtedness. Working capital at June 30, 2017 was $2,246,239 compared to working capital of $1,744,546 at December 31, 2016. With sustained healthy revenues and ongoing game protection and expense controls, management expects continued profitable operations sufficient to exceed the cash demands necessary for the company to meet its future obligations. The Company’s assets at June 30, 2017 totaled $25,495,384 compared to total liabilities of $12,026,687. At December 31, 2016, total assets were $23,922,129 compared to total liabilities of $11,838,378. The Company’s cash at June 30, 2017 was $6,782,626, compared to $4,563,587 at December 31, 2016. These amounts include “Restricted Cash” balances of $2,283,216 and $914,071 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities for the quarter ended June 30, 2017 was $2,212,808 compared to $892,469 for the quarter ended June 30, 2016. The operating results for the quarter ending June 30, 2017 showed a substantial improvement from the quarter ending March 31, 2017. Net revenues increased to $9,411,453 compared to $8,229,974 in the prior quarter. This increase was attributable to an 11% increase in gaming dollars dropped and a .6% increase in the hold percentage. Income from operations increased to $1,654,640 in the second quarter compared to $609,385 in the prior quarter. This was due to the increase in net revenues offset by a $136,224 increase in operating expenses. This was primarily due to an increase in gaming taxes as a result of additional gaming revenue. Historically, the Company’s sources of funding have been debt and equity financing and cash flow from operations. As of June 30, 2017, the Company had arm’s length debt of $7,062,438, all related to mortgages, including the acquisition of the Lakewood property. Related party debt totalling $832,553 which was owed to Michels Development for the note from Goldies in Shoreline was paid in full in the second quarter. At June 30, 2017, the Company had cash of $6,782,626 and net working capital of $2,246,239. Total debt payments of $926,451 were made during the second quarter. The monthly debt service cash requirement is just under $58,000.