Minnesota | 0-24993 | 41-1913991 | ||
(State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
130 Cheshire Lane, Minnetonka, Minnesota | 55305 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
Item 9.01. | Financial Statements and Exhibits. |
(a) | Not Applicable | ||
(b) | Not Applicable | ||
(c) | Not Applicable | ||
(d) | Exhibits |
99.1 | Lakes Entertainment, Inc. Press Release dated May 11, 2011. |
LAKES ENTERTAINMENT, INC. (Registrant) |
||||
Date: May 11, 2011 | /s/Timothy J. Cope | |||
Name: | Timothy J. Cope | |||
Title: | President and Chief Financial Officer |
NEWS RELEASE Lakes Entertainment, Inc. 130 Cheshire Lane, Suite 101 Minnetonka, MN 55305 952-449-9092 952-449-9353 (fax) www.lakesentertainment.com (NASDAQ: LACO) |
2
3
April 3, 2011 | January 2, 2011 | |||||||
Assets |
(Unaudited) | |||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 31,426 | $ | 45,233 | ||||
Accounts receivable |
2,864 | 1,696 | ||||||
Current portion of notes receivable from Indian casino projects |
1,696 | 2,405 | ||||||
Income tax receivable |
929 | | ||||||
Other |
1,370 | 1,983 | ||||||
Total current assets |
38,285 | 51,317 | ||||||
Property and equipment, net |
5,051 | 5,103 | ||||||
Long-term assets related to Indian casino projects: |
||||||||
Notes and interest receivable, net of current portion and
allowance |
31,808 | 31,192 | ||||||
Notes receivable at fair value |
12,122 | 11,129 | ||||||
Intangible assets |
13,930 | 15,873 | ||||||
Management fee receivable and other |
6,844 | 6,155 | ||||||
Total long-term assets related to Indian casino projects |
64,704 | 64,349 | ||||||
Other assets: |
||||||||
Investment in unconsolidated investees |
8,354 | 2,367 | ||||||
Land held for development |
3,470 | 3,470 | ||||||
Other |
40 | 40 | ||||||
Total other assets |
11,864 | 5,877 | ||||||
Total assets |
$ | 119,904 | $ | 126,646 | ||||
Liabilities and shareholders equity |
||||||||
Current liabilities: |
||||||||
Current portion of contract acquisition costs payable |
$ | 1,311 | $ | 1,326 | ||||
Income taxes payable |
| 7,822 | ||||||
Other |
1,545 | 1,683 | ||||||
Total current liabilities |
2,856 | 10,831 | ||||||
Long-term contract acquisition costs payable, net of current portion |
5,518 | 5,830 | ||||||
Total liabilities |
8,374 | 16,661 | ||||||
Total shareholders equity |
111,530 | 109,985 | ||||||
Total liabilities and shareholders equity |
$ | 119,904 | $ | 126,646 | ||||
4
Three months ended | ||||||||
April 3, 2011 | April 4, 2010 | |||||||
Revenues: |
||||||||
Management fees |
$ | 5,835 | $ | 6,937 | ||||
License fees and other |
58 | 17 | ||||||
Total revenues |
5,893 | 6,954 | ||||||
Costs and expenses: |
||||||||
Selling, general and administrative |
2,656 | 3,235 | ||||||
Impairment losses other |
874 | 2,664 | ||||||
Amortization of intangible assets related to operating casinos |
1,943 | 2,785 | ||||||
Depreciation |
57 | 65 | ||||||
Total costs and expenses |
5,530 | 8,749 | ||||||
Net unrealized gains on notes receivable |
862 | 1,770 | ||||||
Earnings (loss) from operations |
1,225 | (25 | ) | |||||
Other income (expense): |
||||||||
Interest income |
1,468 | 2,247 | ||||||
Interest expense |
(321 | ) | (687 | ) | ||||
Equity in loss of unconsolidated investees |
| (27 | ) | |||||
Other |
| (72 | ) | |||||
Total other income (expense), net |
1,147 | 1,461 | ||||||
Earnings before income taxes |
2,372 | 1,436 | ||||||
Income taxes |
992 | 6,123 | ||||||
Net earnings (loss) |
$ | 1,380 | $ | (4,687 | ) | |||
Weighted-average common shares outstanding |
||||||||
Basic |
26,398 | 26,361 | ||||||
Diluted |
26,428 | 26,361 | ||||||
Earnings (loss) per share |
||||||||
Basic |
$ | 0.05 | $ | (0.18 | ) | |||
Diluted |
$ | 0.05 | $ | (0.18 | ) |
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