Message #5 From:
NewsBot Date: August 3, 2006 07:07:00 AM
TWOC News Trans World Corporation Announces 2nd Quarter 2006 Results
NEW YORK--(BUSINESS WIRE)--Aug. 3, 2006--Trans World Corporation ("TWC" or the "Company") (OTC:TWOC), the owner and operator of casinos in the Czech Republic, today announces a profit of $37,000 for the quarter ended June 30, 2006. This result represents an improvement of $250,000, or $0.04 per share, versus the net loss of $213,000, or ($0.04) per share, incurred for the same quarter in 2005 and reflects the continued market penetration of Route 55, the Company's newest and largest casino, near Linz, Austria.
Route 55 was also instrumental in the $1.0 million net income growth for the six months ended June 30, 2006; TWC posted net income of $303,000, or $0.04 per share, versus a loss of $681,000, or ($0.14), for the comparable period in 2005.
The Company is currently implementing an extensive capital improvement program, which consists of product upgrades, expansion of the Route 59 casino, near Vienna, Austria and the purchase of new gaming equipment. In commenting on the investment, Rami S. Ramadan, TWC's chief executive officer said: "These product enhancements include creating a mixed gaming floor, which will offer our guests a greater range of choice while providing the Company with valuable cost savings. In the case of Route 59, we are refurbishing the entire facility, updating theme elements, and expanding the casino in order to increase capacity, permit more elaborate entertainment, and accommodate additional slot machines. When combined with our aggressive marketing program and focus on customer service, we believe that these improvements will have a measurable positive impact on TWC's operating results."
"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 (Unaudited)
(dollars in thousands, except for per share data)
Selected Information from the Consolidated Statements of Operations
Six Months Ended June 30, Three Months Ended June 30,
2006 2005 2006 2005
-------------- ----------- ---------------------------
Revenues $ 12,367 $ 11,484 $ 6,328 $ 5,845
Total Costs and
Expenses 11,977 11,939 6,246 5,953
Income (Loss)
From Operations 390 (455) 82 (108)
Other Expense (87) (226) (45) (105)
Income (Loss)
Before Income
Taxes 303 (681) 37 (213)
Income Taxes - - - -
Net Income (Loss) $ 303 $ (681) $ 37 $ (213)
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Weighted Average
Common Shares
Outstanding:
Basic 7,840,869 5,031,681 7,840,869 5,031,681
Diluted 7,846,287 5,031,681 7,846,287 5,031,681
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Earnings (Loss)
Per Common
Share:
Basic $ 0.04 $ (0.14) $ 0.00 $ (0.04)
Diluted $ 0.04 $ (0.14) $ 0.00 $ (0.04)
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Selected Balance Sheet Information
as of June 30, 2006 and December 31, 2005
June 30, 2006 December 31, 2005
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Unaudited
Total Current Assets $ 3,919 $ 7,179
Total Assets $ 24,930 $ 26,025
Total Current Liabilities $ 4,689 $ 7,018
Long-term Liabilities $ 3,462 $ 3,627
Total Stockholders' Equity $ 16,779 $ 15,380
