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Summary of Selected Significant Accounting Policies. (Tables)
 9 Months Ended
Sep. 30, 2013
Summary of Selected Significant Accounting Policies.  
Schedule of impact of dilution on earnings per share from continuing operations, based on the treasury stock method

 

 

 

For the Nine Months Ended

 

For the Three Months Ended

 

(amounts in thousands, except for

 

September 30,

 

September 30,

 

share information)

 

2013

 

2012

 

2013

 

2012

 

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Basic Earnings Per Share:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

1,379

 

$

1,247

 

$

706

 

$

498

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares

 

8,826,375

 

8,871,635

 

8,825,335

 

8,871,635

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share

 

$

0.16

 

$

0.14

 

$

0.08

 

$

0.06

 

 

 

 

 

 

 

 

 

 

 

Diluted Earnings Per Share:

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

1,379

 

$

1,247

 

$

706

 

$

498

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares

 

8,826,375

 

8,871,635

 

8,825,335

 

8,871,635

 

 

 

 

 

 

 

 

 

 

 

Addition due to the effect of dilutive securities:

 

 

 

 

 

 

 

 

 

Stock options and warrants (1)

 

11

 

13

 

11

 

13

 

Stock issuable under the Deferred Compensation Plan

 

226,441

 

150,698

 

226,441

 

150,698

 

 

 

 

 

 

 

 

 

 

 

Dilutive potential weighted average common shares

 

9,052,827

 

9,022,346

 

9,051,787

 

9,022,346

 

 

 

 

 

 

 

 

 

 

 

Diluted earnings per share

 

$

0.15

 

$

0.14

 

$

0.08

 

$

0.06

 

 

 

(1) Per the treasury stock method.
Schedule of estimated useful lives of property and equipment

 

Asset

 

Estimated Useful Life

 

 

 

 

 

Building and improvements

 

5-50 years

 

Furniture, fixtures and other equipment

 

4-12 years

 
Schedule of property and equipment

 

 

 

As of
September 30, 2013

 

As of
December 31, 2012

 

 

 

(Unaudited)

 

 

 

 

 

 

 

 

 

Land

 

$

2,844

 

$

2,691

 

Building and improvements

 

32,953

 

31,131

 

Furniture, fixtures and other equipment

 

12,737

 

13,122

 

 

 

 

 

 

 

 

 

48,534

 

46,944

 

Less accumulated depreciation and amortization

 

(13,305

)

(12,877

)

 

 

 

 

 

 

 

 

$

35,229

 

$

34,067

 
Schedule of impact of foreign currency translation on goodwill

 

 

 

Applicable

 

Goodwill

 

 

 

 

 

(UNAUDITED)

 

Foreign Exchange

 

German

 

Austrian

 

 

 

 

 

As of September 30, 2013 (in thousands, except FX)

 

Rate (“FX”)(2)

 

reporting unit

 

reporting unit

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Residual balance, as of January 1, 2003 (in USD) (1)

 

 

 

USD

 

3,042

 

USD

 

537

 

USD

 

3,579

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

USD residual balance, translated at June 30, 1998 (date of acquisition) FX rate of:

 

33.8830

 

CZK

 

103,072

 

CZK

 

18,195

 

CZK

 

121,267

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2003 CZK balance, translated to USD, at September 30, 2013 FX rate of:

 

19.0054

 

USD

 

5,423

 

USD

 

958

 

USD

 

6,381

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase to Goodwill

 

 

 

USD

 

2,381

 

USD

 

421

 

USD

 

2,802

 

 

 

(1)         Goodwill was amortized over 15 years until the Company started to comply with revised GAAP requirements, as of January 1, 2002. This balance represents the remaining, unamortized goodwill, after an impairment charge taken prior to January 1, 2003.

(2)         FX (interbank) rates taken from www.Oanda.com.
Schedule of repurchase transactions since the inception of the program

 

ISSUER PURCHASES OF EQUITY SECURITIES

 

Date

 

Total
Number of
Shares
Purchased

 

Average
Price Paid
per Share

 

Cumulative Total of
Number of Shares
Purchased as Part of
Publicly Announced
Plan

 

Maximum Number
(or Approximate
Dollar Value) of
Shares That May
Yet Be Purchased
Under the Plan or
Program

 

11/19/2012

 

4,900

 

$

2.50

 

4,900

 

495,100

 

12/20/2012

 

30,000

 

$

2.65

 

34,900

 

465,100

 

01/16/2013

 

5,000

 

$

2.50

 

39,900

 

460,100

 

01/18/2013

 

900

 

$

2.50

 

40,800

 

459,200

 

01/25/2013

 

4,500

 

$

2.50

 

45,300

 

454,700

 

03/08/2013

 

100

 

$

2.54

 

45,400

 

454,600

 

03/25/2013

 

200

 

$

2.50

 

45,600

 

454,400

 

03/26/2013

 

200

 

$

2.65

 

45,800

 

454,200

 

04/04/2013

 

250

 

$

2.65

 

46,050

 

453,950

 

04/09/2013

 

250

 

$

2.40

 

46,300

 

453,700

 
Schedule of promotional allowances

 

 

 

For the Nine Months Ended

 

For the Three Months Ended

 

 

 

September 30,

 

September 30,

 

(dollar amounts in thousands)

 

2013

 

2012

 

2013

 

2012

 

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Cost of gratuitous food and beverages (A)

 

$

1,744

 

$

1,668

 

$

598

 

$

545

 

Average cost of food and beverages sold (B)

 

35.4

%

34.6

%

34.0

%

34.2

%

 

 

 

 

 

 

 

 

 

 

Retail value of food and beverages (A/B)

 

$

4,927

 

$

4,821

 

$

1,759

 

$

1,594

 

Retail value of hotel accommodations

 

45

 

29

 

16

 

13

 

Total promotional allowances

 

$

4,972

 

$

4,850

 

$

1,775

 

$

1,607

 
Summary of changes in gaming tax law

 

 

 

New Gaming Tax Law *

 

 

(Effective January 1, 2012)

 

 

 

Live Games

 

20% Gaming Tax from Win (70% of tax to federal; 30% to local municipality).

 

 

 

Slots

 

20% Gaming Tax from Win (20% of tax to federal; 80% to local municipality); Fifty five Korunas (or approximately three dollars) Gaming Tax per Slot Machine, per Day.

 

 

 

Net Income

 

19% corporate income tax on adjusted net income earned in the Czech Republic, net of exemptions (to federal).

 

 

*       The new Gaming Tax is to be paid quarterly, by the 25th day following the end of a quarter, while the 2012 corporate income tax obligation was paid by June 30, 2013, to be followed by estimated quarterly income tax payments beginning the third quarter ending September 30, 2013.
Schedule of gaming-related taxes and fees

 

 

 

For the Nine Months Ended

 

For the Three Months Ended

 

(amounts in thousands)

 

2013

 

2012

 

2013

 

2012

 

 

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

(Unaudited)

 

Gaming revenues (live-game and slot only)

 

$

23,719

 

$

24,122

 

$

8,008

 

$

8,078

 

 

 

 

 

 

 

 

 

 

 

Gaming taxes on live games and slots

 

4,994

 

5,038

 

1,689

 

1,696

 

Licensing fees (eliminated in 2012) *

 

 

 

283

 

 

 

 

 

Total gaming taxes and fees

 

$

4,994

 

$

5,321

 

$

1,689

 

$

1,696

 

as % of gaming revenue

 

21.0

%

22.1

%

21.1

%

21.0

%

 

 

*  As the non-refundable, six-month licensing fees effective for January 2012 through June 2012 were paid in October 2011, prior to the passing of New Gaming Tax laws in December 2011, the Company incurred additional taxes for the first six months of 2012.  Excluding the repealed licensing fees, the gaming taxes and fees for the three months and nine months ending September 30, 2012 would have been each 21.0% of gaming revenue.