Boyd posts higher net

Wednesday, Feb. 17, 1999 | 10:52 a.m.

Boyd Gaming Corp. said Tuesday that strong Nevada operations fueled gains in fourth-quarter and full-year earnings.

Boyd reported fourth-quarter net income of $9.3 million, or 15 cents per diluted share, compared with the year-ago period's $1 million loss, which included a $7.2 million extraordinary charge. Revenue rose to $245 million in the latest quarter from $238 million a year earlier.

Full-year net was $28.6 million, or 46 cents a share, compared with a $69.4 million loss in 1997, Boyd said. Revenue jumped to $975.1 million from $890.9 million.

Boyd said cash flow from its Nevada operations rose 24 percent in the fourth quarter from a year earlier, to $26.5 million, due primarily to a 93 percent cash-flow jump at its downtown Las Vegas properties.

The company's Las Vegas Strip resort, the Stardust, also approached previous quarterly cash-flow run rates following a dismal summer, the company said. Boulder Strip properties recorded 8.6 percent cash-flow gains.

The Central Region casinos produced operating cash flow in 1998's fourth quarter of $32.1 million, up 5.4 percent, with gains at the Treasure Chest in Louisiana and Silver Star in Mississippi partially offset by declines at Sam's Town Tunica in Mississippi and Par-A-Dice in Illinois.

Chairman William Boyd said that, "Despite despite a tough cycle for our industry, we reported our second straight year of earnings per share growth in excess of 20 percent before preopening and one-time charges."

The company said it trimmed debt $6.2 million in the fourth quarter, bringing the total debt reduction for the year to $68 million.