Message #7 From:
NewsBot Date: November 2, 2006 11:24:00 AM
TWOC News Trans World Corporation Announces 3rd Quarter 2006 Results
NEW YORK--(BUSINESS WIRE)--Trans World Corporation (“TWC”
or the “Company”)
(OTC: TWOC.OB), the owner and operator of casinos in Europe, today
announces a net income for the quarter ended September 30, 2006 of
$513,000, or $0.07 per share. This result represents a 244% increase
over the same quarter in 2005 of $149,000, or $0.04 per share. Year to
date net income as of September 30, 2006 is $817,000, or $0.10 per
share, versus a loss of $532,000, or ($0.11) per share in 2005. The per
share calculation is based on fully diluted shares of 7,846,393 for the
period ended September 30, 2006 compared with 5,031,681 for the same
period in 2005.
The above improvements were largely due to two factors: the
implementation of the slot machine replacement program, which is part of
the Company’s 2006 Capital Plan, and the
continued success of Route 55, the Company’s
newest casino near Dolni Dvoriste in the Czech Republic, where
attendance has almost doubled versus the same period in 2005.
In mid-November 2006, the Company is expecting to complete an extensive
expansion and renovation project of the Route 59 casino, 45 minutes
north of Vienna, Austria. The improved casino will feature a larger
gaming floor, new and additional slot machines, and an elaborate
entertainment area. This event, in combination with the recent execution
of a management agreement for the operation of a luxury casino and
nightclub in Croatia, are expected to enhance the Company’s
revenues and profitability. The casino and nightclub, located at the Le Méridien
Lav Split resort on the Adriatic Coast of Croatia, will celebrate its
grand opening in December 2006, in conjunction with the resort’s
opening.
“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
Nine Months Ended September 30,
Three Months Ended September 30,
2006
2005
2006
2005
Revenues
$
18,471
$
17,463
$
6,104
$
5,979
Total Costs and Expenses
17,501
17,716
5,524
5,777
Income (Loss) From Operations
970
(253)
580
202
Other Expense
(153)
(279)
(67)
(53)
Income (Loss) Before Income Taxes
817
(532)
513
149
Income Taxes
-
-
-
-
Net Income (Loss)
$
817
$
(532)
$
513
$
149
Weighted Average Common Shares Outstanding:
Basic
7,840,869
5,031,681
7,840,869
5,031,681
Diluted
7,846,393
5,031,681
7,846,393
5,037,826
Earnings (Loss) Per Common Share:
Basic
$
0.10
$
(0.11)
$
0.07
$
0.03
Diluted
$
0.10
$
(0.11)
$
0.07
$
0.03
Selected Balance Sheet Informationas of September 30,
2006 and December 31, 2005
