March 31 2007 10-Q DOC

-----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, KoRVTZO5oldWA8U+In474sVG0dh8jSh7sMEEXnAExoEQ86KUEHH91ebG8l2ImP+7 WvQYcTA2mlSXpa8aosphiw== 0000906553-07-000007.txt : 20070510 0000906553-07-000007.hdr.sgml : 20070510 20070510112600 ACCESSION NUMBER: 0000906553-07-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 17 CONFORMED PERIOD OF REPORT: 20070331 FILED AS OF DATE: 20070510 DATE AS OF CHANGE: 20070510 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BOYD GAMING CORP CENTRAL INDEX KEY: 0000906553 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MISCELLANEOUS AMUSEMENT & RECREATION [7990] IRS NUMBER: 880242733 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12882 FILM NUMBER: 07835654 BUSINESS ADDRESS: STREET 1: 3883 HOWARD HUGHES PARKWAY STREET 2: NINTH FLOOR CITY: LAS VEGAS STATE: NV ZIP: 89169 BUSINESS PHONE: 7027927200 MAIL ADDRESS: STREET 1: 3883 HOWARD HUGHES PARKWAY STREET 2: NINTH FLOOR CITY: LAS VEGAS STATE: NV ZIP: 89169 FORMER COMPANY: FORMER CONFORMED NAME: BOYD GROUP DATE OF NAME CHANGE: 19941130 10-Q 1 form10q.htm 10-Q March 31 2007 10-Q DOC

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2007
OR
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ________to _________
Commission file number: : 1-12882

Boyd Gaming Corporation
(Exact name of Registrant as Specified in its Charter)

Nevada 88-0242733

(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number)

3883 Howard Hughes Parkway, Ninth Floor
Las Vegas, Nevada 89169
(Address of Principal Executive Offices including Zip Code)

(702) 792-7200
(Registrant's Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file reports), and (2) has been subject to such filing requirements for the past 90 days.
YES x NO ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer x Accelerated filer ¨ Non-accelerated filer ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
YES ¨ NO x

Shares outstanding of each of the Registrant's classes of common stock as of April 30, 2007:

Class	Outstanding
Common stock, $.01 par value	87,357,076

Note: PDF provided as a courtesy

BOYD GAMING CORPORATION

QUARTERLY REPORT ON FORM 10-Q
FOR THE PERIOD ENDED MARCH 31, 2007

TABLE OF CONTENTS

	Page No.
PART I. FINANCIAL INFORMATION

Item 1. Unaudited Condensed Consolidated Financial Statements

Condensed Consolidated Balance Sheets at March 31, 2007 and December 31, 2006	3

Condensed Consolidated Statements of Operations for the three months ended March 31, 2007 and 2006	4

Condensed Consolidated Statement of Changes in Stockholders' Equity for the three months ended March 31, 2007	6

Condensed Consolidated Statements of Comprehensive Income for the three months ended March 31, 2007 and 2006	7

Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2007 and 2006	8

Notes to Condensed Consolidated Financial Statements	10

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	26

Item 3. Quantitative and Qualitative Disclosure about Market Risk	40

Item 4. Controls and Procedures	40

PART II. OTHER INFORMATION

Item 1. Legal Proceedings	41

Item 1A. Risk Factors	41

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	47

Item 6. Exhibits	48

Signature Page	49

Part I. Financial Information
Item 1. Unaudited Condensed Consolidated Financial Statements

BOYD GAMING CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands, except share data)


                                                                                      March 31,      December 31,
                                                                                        2007            2006
                                                                                   --------------  --------------
                                     ASSETS
Current assets
    Cash and cash equivalents                                                     $      157,072  $      169,397
    Restricted cash                                                                       41,030          12,604
    Accounts receivable, net                                                              23,206          26,275
    Inventories                                                                           10,521          11,037
    Prepaid expenses and other current assets                                             43,219          42,417
    Assets held for sale, net of cash                                                     23,188         102,977
    Income taxes receivable                                                                   --           8,286
    Deferred income taxes                                                                  2,255           1,685
                                                                                   --------------  --------------
            Total current assets                                                         300,491         374,678
Property and equipment, net                                                            2,549,170       2,129,445
Investments in and advances to unconsolidated subsidiaries, net                           393,160         385,751
Other assets, net                                                                         89,459         100,469
Intangible assets, net                                                                   541,460         506,750
Goodwill, net                                                                            404,206         404,206
                                                                                   --------------  --------------
            Total assets                                                          $    4,277,946  $    3,901,299
                                                                                   ==============  ==============
                      LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
    Current maturities of long-term debt                                          $        5,557  $        5,550
    Accounts payable                                                                      60,126          77,532
    Construction payables                                                                 35,225          23,516
    Accrued liabilities
        Payroll and related                                                               61,091          72,162
        Interest                                                                          31,930          20,620
        Gaming                                                                            60,837          64,085
        Accrued expenses and other                                                       104,673          65,532
        Income taxes payable                                                               8,147              --
        Liabilities related to assets held for sale                                           --           2,993
                                                                                   --------------  --------------
            Total current liabilities                                                    367,586         331,990
Long-term debt, net of current maturities                                              2,155,978       2,133,016
Deferred income taxes                                                                    366,424         301,639
Other long-term tax liabilities                                                           34,941              --
Other liabilities                                                                         27,251          24,702
Commitments and contingencies (Note 14)
Stockholders' equity
    Preferred stock, $.01 par value, 5,000,000 shares authorized                              --              --
    Common stock, $.01 par value, 200,000,000 shares authorized, 87,318,657
        and 87,105,106 shares outstanding                                                    873             871
    Additional paid-in capital                                                           572,599         561,298
    Retained earnings                                                                    749,949         544,080
    Accumulated other comprehensive income, net                                            2,345           3,703
                                                                                   --------------  --------------
            Total stockholders' equity                                                 1,325,766       1,109,952
                                                                                   --------------  --------------
            Total liabilities and stockholders' equity                            $    4,277,946  $    3,901,299
                                                                                   ==============  ==============