XML 46 R6.htm IDEA: XBRL DOCUMENT v2.4.0.8
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net income $ 17,960,822 $ 8,910,848 $ 5,675,854
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 16,637,932 16,650,604 13,379,538
Amortization of deferred loan costs 305,118 304,471 258,863
Stock-based compensation 1,220,345 1,367,967 1,619,652
Excess tax benefit from stock-based compensation (413,238)    
(Recoveries) provision for bad debts (230,322) (7,924) 84,798
Loss (gain) on sale of assets 175,946 (5,429) 3,428,500
Deferred income taxes 795,038 (240,303) (2,377,510)
Changes in operating assets and liabilities, excluding the effect of Monarch Black Hawk acquisition:      
Receivables 58,745 (31,112) 884,605
Inventories (292,343) (124,693) (281,293)
Prepaid expenses (193,790) 453,460 154,459
Accounts payable 604,000 (898,473) (1,523,100)
Accrued expenses 341,192 164,302 391,059
Income taxes (882,172) (494,239) 867,842
Net cash provided by operating activities 36,087,273 26,049,479 22,563,267
Cash flows from investing activities:      
Proceeds from sale of assets 48,190 13,600 1,500
Acquisition of property and equipment (12,400,465) (10,328,915) (13,591,843)
Net cash paid for the Monarch Black Hawk acquisition   (66,746,605)  
Acquisition deposit     (3,800,000)
Net cash used in investing activities (12,352,275) (77,061,920) (17,390,343)
Cash flows from financing activities:      
Proceeds from exercise of stock options 3,438,091 52,995  
Excess tax benefit from stock-based compensation 413,238    
Principal payments on long-term debt (27,300,000) (21,340,000) (19,100,000)
Borrowings under credit facility   77,760,000 15,180,000
Loan issuance costs     (1,470,869)
Net cash (used in) provided by financing activities (23,448,671) 56,472,995 (5,390,869)
Net increase (decrease) in cash 286,327 5,460,554 (217,945)
Cash and cash equivalents at beginning of year 19,043,213 13,582,659 13,800,604
Cash and cash equivalents at end of year 19,329,540 19,043,213 13,582,659
Supplemental disclosure of cash flow information:      
Cash paid for interest 1,472,497 1,658,453 532,795
Cash paid for income taxes 10,690,000 6,500,000 3,650,000
Cash paid for federal tax settlement   1,119,759  
Non cash transaction - reduction of jackpot liability     $ 638,865