Archon Corporation Quarterly Report: First Quarter Ended December 31, 2011

April 9, 2012

Archon Corporation (OTCPink: ARHN.PK) reported net operating revenues for its fiscal first quarter ended December 31, 2011 slipped 1.8% to $5.03 million compared to $5.12 million for the first quarter of fiscal 2011.  Revenues during the first quarter of fiscal 2012 were hurt by a 10.9% drop in casino revenues.

The company reported a net loss of $191 thousand or $(0.03) per share for the first quarter of fiscal 2012 versus net income of $111 thousand or $0.02 per share for the first quarter of fiscal 2011.  The company continues to cut expenses and showed operating income of $107 thousand for the first quarter of fiscal 2012 compared to an operating loss of $98 thousand for the first quarter of fiscal 2011.  However, the bottom line for the first quarter of fiscal 2012 was negatively impacted by a lower income tax benefit and a loss on the sale of marketable securities.

As of December 31, 2011, the balance sheet reflected current assets of $26.34 million (including cash and cash equivalents of $4.35 million and marketable securities of $19.95 million), total assets of $177 million, current liabilities of $22.52 million and total liabilities of $128.82 million.  During the first quarter of fiscal 2012, stockholders’ equity rose 1.3% to $48.18 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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