Penn National Gaming Reports Third Quarter Diluted EPS of $0.64 Inclusive of $0.14 Per Share of Hurricane Charges and $0.41 Per Share Gain from Discontinued Operations; EBITDA Rises to $78.6 Million From $72.4 Million In Year Ago Period.

Extract

---

Penn National Gaming Reports Third Quarter Diluted EPS of $0.64 Inclusive of $0.14 Per Share of Hurricane Charges and $0.41 Per Share Gain from Discontinued Operations; EBITDA Rises to $78.6 Million From $72.4 Million In Year Ago Period.

WYOMISSING, Pa. -- Penn National Gaming, Inc. (PENN: Nasdaq):

Conference Call: Today, October 27 at 9:00 a.m. EDT Dial-in numbers: 800/719-7103 or 415/247-8539 Webcast: www.pngaming.com Replay information provided below Penn National Gaming, Inc. (PENN: Nasdaq) today reported third quarter diluted earnings per share of $0.64 for the period ended September 30, 2005. During the period the Company recorded $19.1 million of pre-tax expenses ($12.3 million, or $0.14 per diluted share, after-tax) related to the impact of Hurricane Katrina on two gulf coast properties and an after-tax gain of $35.6 million ($0.41 per diluted share) comprised of a loss from discontinued operations ($2.3 million) and a gain on the sale of Hollywood Casino Shreveport ($37.9 million). Excluding these expenses and gains, Penn National Gaming reported adjusted diluted earnings per share of $0.37 for the three months ended September 30, 2005.

Summary of Q3 Results ---------------------------------------------------------------------- Three Months Ended September 30, ---------------------------------------------------------------------- (In millions, except per share data) 2005 2004 ---------------------------------------------------------------------- Net revenues $294.6 $288.6 ---------------------------------------------------------------------- EBITDA (1) $78.6 $72.4 ---------------------------------------------------------------------- Less depreciation and amortization, gain/loss on disposal of assets, hurricane expense and earnings from joint venture $(36.3) $(16.9) ---------------------------------------------------------------------- Income from continuing operation $42.3 $55.5 ---------------------------------------------------------------------- Less interest expense - net, income taxes, and other expenses $(22.5) $(31.9) ---------------------------------------------------------------------- Net income from continuing operations $19.8 $23.6 ---------------------------------------------------------------------- Income (loss) from discontinued operations - HCS Shreveport and Pocono Downs and its OTWs (net) (2) $35.6 $(6.4) ---------------------------------------------------------------------- Net income $55.4 $17.2 ---------------------------------------------------------------------- Per share data (4) ---------------------------------------------------------------------- Diluted earnings per share from continuing operations $0.23 $0.28 ---------------------------------------------...

See the full content of this document

---