Harveys cash flow improves

Thursday, Sept. 30, 1999 | 11:51 a.m.

LAKE TAHOE -- Privately held Harveys Casinos Resorts reported higher cash flow but flat earnings and revenue for its fiscal 1999 third quarter ended Aug. 31.

The Lake Tahoe-based company posted net income of $7.2 million on revenue of $88.4 million in the recently ended quarter, compared with net income of $7.9 million on revenue of $87.6 million in the year-ago period.

Cash flow rose to $25 million in the quarter from $23.6 million in the year-ago period.

Harveys said its $4.1 million net loss for fiscal 1999's first nine months included $16 million of costs related to its merger earlier this year with a unit of Los Angeles-based Colony Capital Inc. In the year-earlier period, Harveys posted net income of $14.4 million.

Cash flow for the first nine months of fiscal 1999 rose 9.1 percent, Harveys said.

Harveys operates Harveys Resort & Casino in Lake Tahoe, Harveys Wagon Wheel hotel-casino in Central City, Colo., and Harveys Casino Hotel in Council Bluffs, Iowa.

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