Harrah’s noted for financial performance

Monday, June 10, 2002 | 10:57 a.m.

Two research firms have praised Harrah's Entertainment Inc. of Las Vegas for the company's strong financial performance and future investment potential.

Zacks.com, a property of Zacks Investment Research if Chicago, placed Harrah's on its "1 Ranked" list of companies that have yielded an average annual return of 34 percent to investors since the ranking's inception in 1980. The rating is based on several factors, including a company's history in exceeding analyst earnings and agreement among analysts on revisions to those earnings. Only 5 percent of the 4,000 companies tracked by Zacks.com hold such a rating, Zacks.com said.

StockDiagnostics.com, a ratings company of Sarasota, Fla., recognized Harrah's for setting company records in operational cash flow per share for the quarter and year ended March 31. The service said Harrah's OPS rose 16 percent for the three months and 40 percent for the 12 months ended March 31. The OPS figure, calculated by dividing the company's cash flow from operations by the number of shares outstanding, is used to monitor overall financial health and the quality of the company's earnings per share.

"These designations ... are further evidence that the Harrah's growth strategy based on providing industry-leading customer service, geographic diversification and a nationwide customer loyalty program continues to produce superior returns for our investors," Harrah's Chairman and Chief Executive Officer Phil Satre said.