Trans World Corporation (“TWC” or the “Company”) (OTC: TWOC.OB), the owner and operator of casinos in Europe, today announces a 14.4% increase in profit for the quarter ended September 30, 2007 versus the same quarter in 2006.
TWC generated net income of $587,000, or $0.07 per share, for the third quarter of 2007, versus $513,000, also $0.07 per share, for the same period in 2006. The per share calculation is based on fully diluted shares of 8,418,829 for the third quarter of 2007 and 7,846,393 for the same period in 2006.
For the quarter ended September 30, 2007, Company revenues rose 23.3%, or approximately $1.4 million, to $7.5 million versus $6.1 million for the comparable quarter in 2006.
For the year to date period through September 30, 2007, TWC posted a 17.7%, or approximately $3.3 million, revenue increase, generating total revenue of $21.7 million in comparison to approximately $18.5 million realized for the same period a year ago. Year to date net income was $2.1 million, or $0.25 per share, a 146.0% improvement over net income of $817,000, or $0.10 per share, posted in the comparable period in 2006.
The above results were due to the continued improvements in its operations, primarily driven by higher attendance and slot business.
Additional information about TWC and its Czech subsidiary, American Chance Casinos, can be found at www.transwc.com or at www.american-chance-casinos.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts contain forward looking information with respect to plans, projections or the future performance of the Company, the occurrence of which involve certain risks and uncertainties detailed in the Company’s filings with the Securities and Exchange Commission.
| TRANS WORLD CORPORATION AND SUBSIDIARIES | ||||||||||||
| FINANCIAL HIGHLIGHTS (Unaudited) | ||||||||||||
| (dollars in thousands, except for share data) | ||||||||||||
| Selected Information from the Consolidated Statements of Operations | ||||||||||||
| Nine Months Ended September 30, | Three Months Ended September 30, | |||||||||||
| 2007 | 2006 | 2007 | 2006 | |||||||||
| Revenues | $ | 21,740 | $ | 18,471 | $ | 7,526 | $ | 6,104 | ||||
| Total Costs and Expenses | 19,487 | 17,501 | 6,841 | 5,524 | ||||||||
| Income (Loss) From Operations | 2,253 | 970 | 685 | 580 | ||||||||
| Other Expense | (243) | (153) | (98) | (67) | ||||||||
| Income (Loss) Before Income Taxes | 2,010 | 817 | 587 | 513 | ||||||||
| Income Taxes | - | - | - | - | ||||||||
| Net Income (Loss) | $ | 2,010 | $ | 817 | $ | 587 | $ | 513 | ||||
| Weighted Average Common Shares Outstanding: | ||||||||||||
|
Basic |
7,996,969 | 7,840,869 | 8,304,077 | 7,840,869 | ||||||||
|
Diluted |
8,111,721 | 7,846,393 | 8,418,829 | 7,846,393 | ||||||||
| Earnings (Loss) Per Common Share: | ||||||||||||
|
Basic |
$ | 0.25 | $ | 0.10 | $ | 0.07 | $ | 0.07 | ||||
|
Diluted |
$ | 0.25 | $ | 0.10 | $ | 0.07 | $ | 0.07 | ||||
| Selected Balance Sheet Information | ||||||
| as of September 30, 2007 and December 31, 2006 | ||||||
| September 30, 2007 | December 31, 2006 | |||||
| Unaudited | ||||||
| Total Current Assets | $ | 9,708 | $ | 4,785 | ||
| Total Assets | $ | 39,316 | $ | 31,226 | ||
| Total Current Liabilities | $ | 5,267 | $ | 7,405 | ||
| Long-term Liabilities | $ | 6,680 | $ | 3,567 | ||
| Total Stockholders' Equity | $ | 27,369 | $ | 20,254 | ||
Trans World Corporation
Jill Yarussi, 212-983-3355
Manager of Corporate Communications
Fax: 212-983-8129
jyarussi@transwc.com