Archon Corporation Annual Report: Year Ended September 30, 2011

April 9, 2012

Archon Corporation (OTCPink: ARHN.PK) reported net operating revenues for its fiscal year ended September 30, 2011 decreased 11.3% to $20.81 million compared to net operating revenues of $23.47 million for the prior fiscal year.  Revenues for fiscal 2011 were negatively impacted by primarily a 16% drop in casino revenues.

The company reported a net loss for fiscal 2011 of $227 thousand or $(0.04) per share versus net income of $1.23 million or $0.20 per share for fiscal 2010.  While the company was able to reduce expenses during fiscal 2011, it was not enough to overcome the lost revenue.  The operating loss grew from $58 thousand in fiscal 2010 to $663 thousand in fiscal 2011.  Net income also suffered in fiscal 2011 from a lower income tax benefit and lower interest and other income.

As of September 30, 2011, the balance sheet reflected current assets of $25.96 million (including cash and cash equivalents of $5.24 million and marketable securities of $18.51 million), total assets of $177.61 million, current liabilities of $21.9 million and total liabilities of $130.06 million.  During fiscal 2011, stockholders’ equity slid 7.6% to $47.55 million.

Archon Corporation is primarily engaged in the business of casino and hotel operations, but also owns real estate and has rental property operations.  The company’s casino and hotel is the Pioneer Hotel and Gambling Hall in Laughlin, Nevada.  The company also owns real estate on Las Vegas Boulevard South in Las Vegas, Nevada as well as rental properties in Boston (Dorchester), Massachusetts and Gaitherburg, Maryland.

Source: Archon Corporation


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