Firm posts higher earnings

Friday, Oct. 18, 2002 | 10:57 a.m.

Hard Rock Hotel Inc., which operates the Hard Rock Hotel & Casino in Las Vegas, Thursday reported an increase in net income and revenues for the third quarter, driven by increased revenues and operating profit in every department, offsetting increases in marketing and administrative expenses.

The increase in net income, which rose from a net loss of $668,000 for the quarter ended Sept. 30, 2001 to $1.9 million this year, also improved due to reductions in depreciation and net interest expense as more assets became fully depreciated and the company reduced borrowings and its interest rate, the company said.

Revenue rose 17 percent, to $33.7 million, in the third quarter. Cash flow -- defined as earnings before interest, taxes, depreciation and amortization and pre-opening expenses -- increased 31 percent to $8 million during the period.

"We believe that the increased marketing and entertainment expenditures have increased awareness of the property and will continue to drive revenues in the future," Peter Morton, Hard Rock's chairman and chief executive officer, said in a statement.

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