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Tropicana Entertainment swings to profit in Q4

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Tropicana Entertainment swings to profit in Q4

Tropicana Entertainment Inc. said its fourth-quarter normalized net income amounted to $5.7 million, compared with a loss of $240,000 in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 2.9% from negative 0.1% in the year-earlier period.

Total revenue grew on an annual basis to $196.2 million from $187.4 million, and total operating expenses came to $184.1 million, compared with $184.7 million in the prior-year period.

Reported net income fell 97.8% from the prior-year period to $4.6 million, or 18 cents per share, from $211.9 million, or $8.05 per share.

For the year, the company's normalized net income totaled $1.55 per share, an increase of 97.8% from 79 cents per share in the prior year.

Normalized net income was $40.9 million, a gain of 97.8% from $20.7 million in the prior year.

Full-year total revenue increased 8.7% on an annual basis to $811.5 million from $746.7 million, and total operating expenses rose on an annual basis to $734.3 million from $702.7 million.

The company said reported net income decreased 85.2% year over year to $37.4 million, or $1.42 per share, in the full year, from $252.9 million, or $9.61 per share.