LAS VEGAS--(BUSINESS WIRE)--October 24, 2002--Park Place Entertainment Corporation (NYSE: PPE) today reported financial results for the quarter and nine months ended September 30, 2002.
Third Quarter 2002 Results
For the third quarter of 2002, Park Place reported net income of $40 million, or $0.13 per diluted share, including one-time charges of $10 million. Those charges include $7.5 million related to the cancellation of an energy contract with Enron Corporation and $2.5 million for damage caused to Gulf Coast properties by Tropical Storm Isidore.
For the year-ago quarter, the company reported a net loss of $(101) million, or $(0.34) per diluted share, including goodwill amortization. Results for the third quarter of 2001 included one-time charges of $175 million for the write-down and sale of assets.
Adjusted earnings for the third quarter of 2002, excluding one-time charges and pre-opening expense, were $0.16 per diluted share. That compares to adjusted earnings of $0.10 per diluted share for the third quarter of last year, excluding one-time charges, pre-opening expense and goodwill amortization.
Net revenue for the third quarter of 2002 was $1.215 billion, up from $1.189 billion for the third quarter of 2001. Earnings before interest, taxes, depreciation, amortization, pre-opening expense and one-time charges (EBITDA) were $290 million for the third quarter of 2002, up from $259 million for the third quarter of 2001.
Operating results for the third quarter of 2001 reflected the dramatic decline in travel and tourism that followed the September 11, 2001 terrorist attacks on New York and Washington.
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