-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VnZ3VCw49cwy6oXfTmc+O+AIENqxDfrcnpL5wPpReRFeXEQ+tRCW6c++Tus016td /0Jm7IkpdCUEzgxa0lzMzA== 0000950124-99-002749.txt : 19990426 0000950124-99-002749.hdr.sgml : 19990426 ACCESSION NUMBER: 0000950124-99-002749 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19990421 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19990423 FILER: COMPANY DATA: COMPANY CONFORMED NAME: LAKES GAMING INC CENTRAL INDEX KEY: 0001071255 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] IRS NUMBER: 411913991 STATE OF INCORPORATION: MN FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-24993 FILM NUMBER: 99600014 BUSINESS ADDRESS: STREET 1: 130 CHESHIERE LANE CITY: MINNETONKA STATE: MN ZIP: 55305 BUSINESS PHONE: 6124499092 MAIL ADDRESS: STREET 1: 130 CHESHIRE LANE CITY: MINNETONKA STATE: MN ZIP: 55305 8-K 1 FORM 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): April 21, 1999 LAKES GAMING, INC. (Exact name of registrant as specified in its charter) MINNESOTA (State or other jurisdiction of incorporation) 0-24993 (Commission File Number) 41-1913991 (IRS Employer Identification No.) 130 CHESHIRE LANE, MINNETONKA, MINNESOTA 55305 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (612) 449-9092 NOT APPLICABLE (Former name or former address, if changed since last report) Page 1 of 7 Exhibit Index Appears on Page 3 2 ITEM 5. OTHER EVENTS. The Registrant's Press Release dated April 21, 1999, which is filed as Exhibit 99.1 to this Form 8-K is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENT, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) Exhibits 99.1 Press Release dated April 21, 1999. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. LAKES GAMING, INC. (Registrant) Date: April 23, 1999 By: s/Timothy J. Cope ---------------------------------- Name: Timothy J. Cope Title: Chief Financial Officer -2- 3 EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION PAGE - ----------- ----------- ---- 99.1 Press Release................................. 4
-3- EX-99.1 2 PRESS RELEASE 1 EXHIBIT 99.1 Lakes Gaming, Inc. (ticker: LACO, exchange: NASDAQ) News Release - Wednesday, April 21, 1999 LAKES GAMING ANNOUNCES FIRST-QUARTER DILUTED EARNINGS OF $0.80 FOR IMMEDIATE RELEASE: WEDNESDAY, APRIL 21, 1999 MINNEAPOLIS, APRIL 21, 1999 - LAKES GAMING, INC. (NASDAQ "LACO") today announced results for the first quarter ended April 4, 1999. Revenues for the quarter totaled $15.1 million. Net earnings were $8.6 million and basic and diluted earnings for the quarter were $0.81 per share and $0.80 per share respectively. Approximately 10.6 million shares of Lakes common stock are currently outstanding. Lakes began trading as a separate public company on January 4, 1999, and therefore comparative prior year results are not presented. Results from managed operations for the quarter were positively impacted from a 25,000-square-foot gaming floor expansion and a 223-room hotel, both of which opened at Grand Casino Coushatta at the end of 1998. On a combined basis, total revenue at Grand Casino Avoyelles and Grand Casino Coushatta increased 19 percent while gaming revenue increased 15.6 percent during the first quarter of 1999 as compared with the first quarter of 1998. Commenting on the company's performance, Lyle Berman, Chairman of the Board and Chief Executive Officer of Lakes, said, "Performance at both Grand Casino Avoyelles and Grand Casino Coushatta surpassed operating results from the prior year's first quarter. Our focus continues to be on providing quality management services to the casino resorts Lakes manages with the goal of sustaining the trend of continuous improvement demonstrated during the first quarter." "Lakes is actively pursuing new development opportunities," commented Berman regarding the company's strategic growth initiatives. "With total assets in excess of $175 million, and cash of more than $63 million, Lakes has the balance sheet strength to support a significant business enterprise." Lakes operates the Indian casino management business and holds various other assets previously owned by Grand Casinos, Inc. The company's revenues are derived from management fees. The casino resorts managed by Lakes are Grand Casino Avoyelles and Grand Casino Coushatta. The casinos are managed under separate agreements on behalf of two different Tribes. Lakes Gaming, Inc. is a publicly held casino management company that was formed through a distribution to shareholders of Grand Casinos, Inc. effected in December 1998. The company currently manages the two largest casino resorts in Louisiana. Grand Casino Avoyelles is located in the central part of the state, approximately 80 miles northwest of Baton Rouge. Grand Casino Coushatta is located in southwestern Louisiana, near Interstate 10, approximately 160 miles east of Houston. Lakes Gaming, Inc. common shares are traded on the Nasdaq Stock Market under the trading symbol "LACO." 2 LAKES GAMING, INC. AND SUBSIDIARIES Consolidated Balance Sheets (In thousands)
April 4, 1999 January 3, 1999 ASSETS Current Assets: Cash and cash equivalents $ 63,567 $ 56,774 Current installments of notes receivable 8,917 8,561 Accounts receivable 15,397 15,217 Deferred income taxes 7,370 7,370 Other current assets 1,429 756 Total Current Assets 96,680 88,678 Property and Equipment-Net 1,433 1,265 Other Assets: Land held for development 35,030 26,647 Notes receivable-less current installments 22,909 25,118 Cash and cash equivalents-restricted 4,992 4,992 Investments in and notes from unconsolidated affiliates 8,501 8,590 Casino development costs 4,412 4,846 Securities available for sale 1,033 1,033 Other long-term assets 313 200 Total Other Assets 77,190 71,426 TOTAL ASSETS $175,303 $161,369 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 409 $ - Income taxes payable 16,864 10,811 Litigation and claims accrual 9,633 10,554 Other accrued expenses 4,390 4,625 Total Current Liabilities 31,296 25,990 Long-term Liabilities: Long-term debt-less current installments 975 975 Deferred income taxes 2,733 2,733 Total Long-Term Liabilities 3,708 3,708 TOTAL LIABILITIES 35,004 29,698
3 COMMITMENTS AND CONTINGENCIES Shareholders' Equity: Capital stock, $.01 par value; authorized 100,000 shares; 10,576 and 10,584 common shares issued and outstanding at April 4, 1999, and January 3, 1999, respectively 106 106 Additional paid-in-capital 130,995 130,929 Accumulated other comprehensive earnings 636 636 Retained Earnings 8,562 -- Total Shareholders' Equity 140,299 131,671 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $175,303 $161,369
4 LAKES GAMING, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF EARNINGS (IN THOUSANDS, EXCEPT EARNINGS PER SHARE)
Three Months Ended April 4, 1999 REVENUES: Management fee income $ 15,109 COSTS AND EXPENSES: Selling, general and administrative 1,709 Depreciation and amortization 476 Total Costs and Expenses 2,186 EARNINGS FROM OPERATIONS 12,923 OTHER INCOME (EXPENSE): Interest income 1,635 Interest expense (24) Equity in loss of unconsolidated affiliates (255) Other 411 Total other income, net 1,767 Earnings before income taxes 14,691 Provision for income taxes 6,128 NET EARNINGS $ 8,562 BASIC EARNINGS PER SHARE $ 0.81 DILUTED EARNINGS PER SHARE $ 0.80 WEIGHTED AVERAGE COMMON SHARES OUTSTANDING 10,578 WEIGHTED AVERAGE COMMON AND DILUTED SHARES OUTSTANDING 10,682
FOR FURTHER INFORMATION CONTACT: Jaye Snyder 612-449-8556 "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding Lakes Gaming, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year. -----END PRIVACY-ENHANCED MESSAGE-----