-----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, LcJx3I9HxGDRvMWmcoY7Kt4n1XA51BVnpNJFkVv9W+talZLQncnjB+OKkuyPOhfG gMbeRMNgU3+KY8G7qQLWWw== 0001157523-09-003789.txt : 20090512 0001157523-09-003789.hdr.sgml : 20090512 20090512144134 ACCESSION NUMBER: 0001157523-09-003789 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090512 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090512 DATE AS OF CHANGE: 20090512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TRANS WORLD CORP CENTRAL INDEX KEY: 0000914577 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-AMUSEMENT & RECREATION SERVICES [7900] IRS NUMBER: 133738518 STATE OF INCORPORATION: NV FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-25244 FILM NUMBER: 09818315 BUSINESS ADDRESS: STREET 1: 545 FIFTH AVE STREET 2: STE 940 CITY: NEW YORK STATE: NY ZIP: 10017 BUSINESS PHONE: 2129833355 MAIL ADDRESS: STREET 1: 545 FIFTH AVE STREET 2: STE 940 CITY: NEW YORK STATE: NY ZIP: 10017 FORMER COMPANY: FORMER CONFORMED NAME: TRANS WORLD GAMING CORP DATE OF NAME CHANGE: 19941027 8-K 1 a5963297.htm TRANS WORLD CORPORATION 8-K

UNITED STATES
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

May 12, 2009

(Date of earliest event reported)


Trans World Corporation

(Exact name of registrant as specified in its charter)


Nevada

0-25244

13-3738518

(State or other jurisdiction

of incorporation)

(Commission File Number)

(IRS Employer

Identification No.)

545 Fifth Avenue, Suite 940, New York, New York

10017

(Address of principal executive offices)

(Zip Code)

(212) 983-3355

(Registrant’s telephone number, including area code)

Not Applicable
(Former name, former address and former fiscal year, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Section 2 – Financial Information

ITEM 2.02     Results of Operations and Financial Condition

On May 12, 2009, Trans World Corporation published a press release, announcing its 1st Quarter 2009 financial results.

ITEM 9.01     Financial Statements and Exhibits

(d) Exhibits:       Press Release dated May 12, 2009.




SIGNATURES

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 hereunto duly authorized.

TRANS WORLD CORPORATION

 

 

 

May 12, 2009

By:

/s/ Rami S. Ramadan

Rami S. Ramadan

Chief Executive Officer and

Chief Financial Officer

EX-99.1 2 a5963297ex991.htm EXHIBIT 99.1

Exhibit 99.1

Trans World Corporation Announces 10% Increase in Earnings for 1st Quarter 2009

NEW YORK--(BUSINESS WIRE)--May 12, 2009--Trans World Corporation (“TWC” or the “Company”) (OTCBB: TWOC), the owner and operator of casinos and a hotel in Europe, today announces a 10.6% increase in net income for the quarter ended March 31, 2009 versus the same quarter in 2008.

TWC generated net income of $653,000, or $0.07 per share, for the first quarter of 2009, versus $590,000, or $0.07 per share, for the same quarter last year. The per share calculation is based on fully diluted shares of 8,902,203 for the first quarter of 2009 and 8,891,130 for the same quarter in 2008. Effective cost controls overall and in relation to revenues, which more than offset higher depreciation and interest expenses, contributed to the net income improvement.

Each casino’s quarterly earnings surpassed the first quarter last year, which resulted in an improvement of the Company’s 2009 EBITDA (earnings before net interest, taxes, depreciation and amortization) margin of approximately 4.5 percentage points to 16.4% of total revenue versus EBITDA of 11.9% of total revenue in 2008. A table reconciling EBITDA, a non-GAAP (Generally Accepted Accounting Principles) financial measure, to the appropriate GAAP measure is included with the Company’s financial highlights, below.

In March of 2009, the Company’s Route 59 casino and the newly-launched Hotel Savannah, near Znojmo, Czech Republic, approximately 45 minutes north of Vienna, Austria, successfully hosted the 2009 Miss Austria pageant on their premises. The event received positive, wide-spread media attention and enhanced market visibility for TWC’s gaming and hospitality operations.

“We are very pleased with the continued improvement in efficiencies within our existing casinos and hotel, which has allowed us to weather these difficult economic conditions,” stated Rami Ramadan, Chief Executive Officer of TWC. “The cost controls that we put in place allowed us to generate significant leverage within our business model while continuing to grow our profits. With our new hotel officially open, we look forward to strong growth over the coming fiscal year on both the top and bottom line.”

Trans World Corporation will host a conference call at 4:30 pm EST on Monday, May 18th to discuss its First Quarter results. For domestic callers, please dial (877) 941-8609. For international callers, please dial (480) 629-9818. A replay will be available until June 1st. To listen to the replay, domestic callers should dial (800) 406-7325 and international callers should dial (303) 590-3030. The replay pass code is 4072754.

Additional information about TWC and its Czech subsidiary, American Chance Casinos, can be found at www.transwc.com or at www.american-chance-casinos.com.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts contain forward looking information with respect to plans, projections or the future performance of the Company, the occurrence of which involve certain risks and uncertainties detailed in the Company’s filings with the Securities and Exchange Commission.

TRANS WORLD CORPORATION
FINANCIAL HIGHLIGHTS
For The Three Months Ended March 31, 2009 and 2008
(in thousands, except for share data)
 
Selected Information from the Consolidated Statements of Operations (unaudited)
 
  Three Months Ended March 31,  
2009   2008
 
Total Revenues $ 7,817 $ 9,292
 
Total Costs and Expenses:
Cost of revenues 4,087 5,203
Depreciation and Amortization 453 392
Selling, General and Administrative   2,445     2,985  
  6,985     8,580  
 
Income From Operations   832     712  
 
Interest Expense, net   (179 )   (122 )
 
Net Income $ 653   $ 590  
 
Weighted Average Common Shares Outstanding:
Basic 8,866,068 8,844,727
Diluted   8,902,203     8,891,130  
 
Earnings Per Common Share:
Basic $ 0.07 $ 0.07
Diluted $ 0.07   $ 0.07  
 
 
Selected Balance Sheet Information
as of March 31, 2009 and December 31, 2008
 
March 31, 2009 December 31, 2008
(unaudited) (audited)
 
Total Current Assets $ 4,702 $ 5,155
Total Assets $ 47,220 $ 50,657
Total Current Liabilities $ 8,595 $ 8,635
Long-term Liabilities $ 8,902 $ 9,708
Total Stockholders' Equity $ 29,723 $ 32,314
 
 

EBITDA Reconciliation

 
Three Months Ended March 31, 2009 vs. 2008
2009 2008 Variance
Unaudited Unaudited
 
NET INCOME $ 653 $ 590 $ 63
Add: Interest expense, net 179 122 57
Add: Depreciation and amortization expense   453     392     61
EBITDA $ 1,285   $ 1,104   $ 181
 
EBITDA % (of total revenues) 16.4 % 11.9 % 4.5

CONTACT:
Trans World Corporation
Jill Yarussi, 212-983-3355
Manager of Corporate Communications
Fax: 212-983-8129
jyarussi@transwc.com

-----END PRIVACY-ENHANCED MESSAGE-----