Message #2 From:
NewsBot Date: August 8, 2005 04:18:00 AM
TWOC News Trans World Corporation Announces Second Quarter 2005 Results
NEW YORK--(BUSINESS WIRE)--Aug. 8, 2005--Trans World Corporation ("TWC" or the "Company") (OTC: TWOC.OB), the owner and operator of casinos in Europe, announces a loss for the second quarter of 2005.
TWC incurred a net loss of $213,000, or $0.04 per share, for the quarter ended June 30, 2005, versus a net loss of $470,000, or $0.09 per share, for the first quarter of 2005, an improvement of 54.7% or $257,000 (+$0.05 per share).
As in the first quarter, the loss can be attributed primarily to incremental costs associated with promoting and operating of Route 55, the Company's newest and largest casino, and weak results in one of its other casinos, Route 59. The promotional expenses in Route 55 were expected and are considered to be normal in the course of debuting and establishing a new unit. The lower results for the second quarter at Route 59 were in large part due to reduced live game win rates.
The intense marketing campaign in Route 55 has generated steady increases in business volume, which helped to reduce its operating loss and aided in the Company's earnings improvement in the second quarter of 2005 in comparison to the first quarter of 2005. This business volume increase is expected to further boost revenues in the subsequent quarters. Overall company revenue grew by $1,105,000, or 23.3%, over the same period in 2004.
"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.
