Message #3 From:
NewsBot Date: November 4, 2005 08:11:00 AM
TWOC News Trans World Corporation Announces 3rd Quarter 2005 Results
NEW YORK--(BUSINESS WIRE)--Nov. 4, 2005--Trans World Corporation ("TWC" or the "Company") (OTC: TWOC.OB), the owner and operator of casinos in Europe, today announces a profit for the quarter ended September 30, 2005.
TWC generated a net income of $149,000, or $0.03 per share, for the quarter ended September 30, 2005 versus $24,000 for the same quarter in 2004. This improvement is also significant relative to the prior quarters in 2005; TWC posted gains of $362,000 and $619,000 over the second and first quarter net losses of $213,000 and $470,000 respectively.
As TWC launched and marketed its newest casino, "Route 55", near Linz, Austria, the Company's operating expenses increased during the first and second quarters of 2005 as expected. The costs associated with the casino establishment are beginning to bear positive returns, as seen in the trend of business and in the improvement of the quarterly results.
Furthermore, in addition to the encouraging performances of the other casinos, especially Ceska Kubice, Route 55 is now reaching an operating level which is expected to provide beneficial contributions to the company's results in the future.
"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.
TRANSWORLD CORPORATION AND SUBSIDIARIES
FINANCIAL HIGHLIGHTS
(dollars in thousands, except for per share data)
Selected Information from the Consolidated Statements of Operations
Nine Months Ended Three Months Ended
September 30, September 30,
2005 2004 2005 2004
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Revenues $ 17,463 $ 13,669 $ 5,979 $ 3,945
Total Costs and Expenses 17,716 12,309 5,777 3,889
Income (Loss) From
Operations (253) 1,360 202 56
Other Income (Expense) (279) (285) (53) (32)
Income (Loss) Before
Income Taxes (532) 1,075 149 24
Income Taxes - - - -
Net Income (Loss) $ (532) $ 1,075 $ 149 $ 24
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Weighted Average Common
Shares Outstanding:
Basic 5,031,681 5,031,652 5,031,681 5,031,660
Diluted 5,031,681 5,043,016 5,037,826 5,043,364
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Earnings (Loss) Per
Common Share:
Basic $ (0.11) $ 0.21 $ 0.03 $ 0.00
Diluted $ (0.11) $ 0.21 $ 0.03 $ 0.00
====================== ======================
Selected Balance Sheet Information
as of September 30, 2005 and December 31, 2004
September 30, 2005 December 31, 2004
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Total Current Assets $ 2,059 $ 3,332
Total Assets $ 20,990 $ 24,043
Total Current Liabilities $ 6,179 $ 8,037
Long-term Debt $ 4,633 $ 3,945
Total Stockholders' Equity $ 10,178 $ 12,061
