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Circus Circus earnings plunge

Thursday, Feb. 26, 1998 | 10:52 a.m.

Circus Circus Enterprises Inc. said net income for the fourth quarter ended Jan. 31 fell to $708,000, or 1 cent a share, from $15.1 million, or 16 cents a share, in the fiscal 1997 fourth period. Fourth-quarter revenue rose to $325.2 million from $304.6 million, the company said.

For all of fiscal 1998, the company said net income fell to $89.9 million, or 95 cents a share, from $100.7 million, or 99 cents a share, in fiscal 1997. Revenue rose to $1.35 billion from $1.33 billion. The latest fourth-quarter earnings, which fell short of analysts' consensus estimates of 17 cents a share, were reduced by one-time charges totaling 11 cents a share.

Soft market conditions have continued into the first quarter of the current year, it said. A higher state tax rate on casino revenues in Illinois that begins this year will reduce Grand Victoria's contribution to Circus' fiscal 1999 earnings by an estimated 6 cents a share, the company said.

Circus stock rose $1.1875 to $22.375 a share Wednesday on takeover speculation; the company announced its financial results after the market closed. The stock opened unchanged today at 22 3/8.

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