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Summary of Selected Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2014
Summary of Selected Significant Accounting Policies  
Schedule of impact of dilution on earnings per share

 

 

 

(UNAUDITED)

 

 

 

For the Three Months Ended

 

(amounts in thousands, except for

 

March 31,

 

share information)

 

2014

 

2013

 

Basic Earnings Per Share:

 

 

 

 

 

Net income

 

$

485

 

$

268

 

Weighted average common shares

 

8,809,894

 

8,828,483

 

Basic earnings per share

 

$

0.06

 

$

0.03

 

 

 

 

 

 

 

Diluted Earnings Per Share:

 

 

 

 

 

Net income

 

$

485

 

$

268

 

Weighted average common shares

 

8,809,894

 

8,828,483

 

Addition due to the effect of dilutive securities:

 

 

 

 

 

Stock options and warrants (1)

 

2,482

 

3,405

 

Stock issuable under the Deferred Compensation Plan

 

309,606

 

223,617

 

Dilutive potential common shares

 

9,121,982

 

9,055,505

 

Diluted earnings per share

 

$

0.05

 

$

0.03

 

 

(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 land, property and equipment

 

 

 

As of
March 31, 2014

 

As of
December 31, 2013

 

 

 

(unaudited)

 

 

 

Land

 

$

2,711

 

$

2,714

 

Building and improvements

 

31,832

 

31,663

 

Furniture, fixtures and other equipment

 

11,573

 

11,333

 

 

 

46,116

 

45,710

 

Less accumulated depreciation and amortization

 

(12,579

)

(12,246

)

 

 

$

33,537

 

$

33,464

 
Schedule of impact of foreign currency translation on goodwill

 

 

 

Applicable

 

Goodwill

 

 

 

 

 

 

 

Foreign Exchange

 

German

 

Austrian

 

 

 

 

 

As of March 31, 2014 (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 March 31, 2014 FX rate of:

 

19.9280

 

USD

 

5,172

 

USD

 

913

 

USD

 

6,085

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase to Goodwill

 

 

 

USD

 

2,130

 

USD

 

376

 

USD

 

2,506

 

 

(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

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

 

As of
12/31/2013

 

 

 

$

2.80

 

61,500

 

438,500

 

01/09/2014

 

100

 

$

2.55

 

61,600

 

438,400

 

03/07/2014

 

300

 

$

3.01

 

61,900

 

438,100

 

03/12/2014

 

300

 

$

3.03

 

62,200

 

437,800

 
Schedule of promotional allowances

 

 

 

(UNAUDITED)

 

 

 

For the Three Months Ended

 

 

 

March 31,

 

(amounts in thousands)

 

2014

 

2013

 

 

 

 

 

 

 

Cost of gratuitous F&B (A)

 

$

576

 

$

571

 

Average cost of F&B sold(B)

 

27.0

%

36.6

%

Retail value of F&B (A/B)

 

$

2,133

 

$

1,560

 
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 paid to the federal government; 30% paid to the local municipality).

 

 

 

Slots

 

20% Gaming Tax from Win (20% of tax paid to the federal government; 80% paid to the local municipality);

 

 

Fifty-five Korunas (or approximately three U.S. dollars) Gaming Tax per Slot Machine, per Day (paid to the federal government).

 

 

 

Net Income

 

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

 

*                 The new Gaming Tax is paid quarterly, by the 25th day following the end of a quarter, while estimated quarterly income tax payments are required the beginning of the third quarter of 2013, with the 2013 corporate income tax obligation to be paid by June 30, 2014.
Schedule of gaming-related taxes and fees

 

 

 

(UNAUDITED)

 

 

 

For the Three Months Ended

 

(amounts in thousands)

 

2014

 

2013

 

 

 

 

 

 

 

Gaming revenues (live-game and slot only)

 

$

8,314

 

$

7,457

 

 

 

 

 

 

 

Gaming taxes on live games and slots

 

1,750

 

1,573

 

as % of gaming revenue

 

21.0

%

21.1

%