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Summarized Quarterly Data (Unaudited)
 12 Months Ended
Dec. 31, 2017
Summarized Quarterly Data (Unaudited)  
Summarized Quarterly Data (Unaudited)

16.Summarized Quarterly Data (Unaudited)

 

The following table summarizes the quarterly results of operations for the years ended December 31, 2017 and 2016:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Quarter

 

 

    

First (1)

    

Second (1,2)

    

Third

    

Fourth

 

 

 

(in thousands, except per share data)

 

2017

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$

776,224

 

$

796,463

 

$

806,247

 

$

769,036

 

Income from operations

 

 

140,287

 

 

134,989

 

 

143,663

 

 

26,775

 

Net income (loss)

 

 

5,104

 

 

17,079

 

 

789,340

 

 

(338,060)

 

Earnings (loss) per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per common share

 

$

0.06

 

$

0.19

 

$

8.68

 

$

(3.72)

 

Diluted earnings (loss) per common share

 

$

0.06

 

$

0.18

 

$

8.43

 

$

(3.72)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Quarter

 

 

 

First

    

Second

    

Third (3)

    

Fourth (4)

 

 

 

(in thousands, except per share data)

 

2016

 

 

 

 

 

 

 

 

 

 

 

 

 

Net revenues

 

$

756,451

 

$

769,422

 

$

765,597

 

$

742,910

 

Income from operations

 

 

140,531

 

 

149,337

 

 

139,300

 

 

113,848

 

Net income

 

 

23,708

 

 

34,035

 

 

46,535

 

 

5,032

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per common share

 

$

0.26

 

$

0.38

 

$

0.52

 

$

0.06

 

Diluted earnings per common share

 

$

0.26

 

$

0.37

 

$

0.51

 

$

0.05

 

(1)

On February 1, 2017 and June 1, 2017, the Company acquired DSG Amusement, Ltd. and Advantage Gaming LLC, respectively.

(2)

On May 1, 2017 the Company acquired 1st Jackpot and Resorts.

(3)

On August 1, 2016 the Company acquired Rocket Speed.

(4)

On October 3, 2016 and November 1, 2016 the Company acquired Slot Kings, LLC and Bell Gaming, LLC, respectively.

 

For the second, third and fourth quarters of 2017, the Company recorded a $5.6 million, $6.3 million, and $77.9 million of charges, respectively, for the Company’s loan and unfunded loan commitments to the JIVDC. In addition, the Company recorded a goodwill impairment charges of $18.0 million for Tropicana Las Vegas and Sanford Orlando Kennel Club in the third quarter of 2017. 

 

In the third quarter of 2017, the Company determined that a valuation allowance was no longer required against its federal net deferred tax assets for the portion that will be realized. As a result, the Company released $766.2 million of its total valuation allowance due to the positive evidence outweighing the negative evidence.  In the fourth quarter of 2017, the Company wrote-off $257.0 million of deferred tax assets due to the passage of the tax reform act in December of 2017. See Note 12 to the consolidated financial statements for more details. 

 

During the first quarter of 2017, the Company recorded a $25.1 million loss on the early extinguishment of debt and finance charges related to the January 2017 refinancing.  See Note 9 to the consolidated financial statements for more details.

 

During the third quarter of 2017, Penn Interactive Ventures reached an agreement with the former shareholders of Rocket Speed to buy out the two year contingent purchase price consideration which resulted in a benefit to general and administrative expense in the amount of $22.2 million.