Pinnacle Entertainment posts 2Q profit

Jul 25, 2009 2:20 AM
Staff & Wire Reports |

Casino operator Pinnacle Entertainment Inc. (PNK) said Friday it moved to a second-quarter profit, helped by a hefty gain from an equity securities sale.

The company earned $4.7 million, or 8 cents per share, for the period ended June 30. That compares with a loss of $18.1 million, or 30 cents per share, a year earlier.

Quarterly results benefited from a $12.9 million gain related to the sale of company-owned equity securities.

Analysts forecast net income of 5 cents per share, according to a Thomson Reuters survey. Analysts' estimates typically assume one-time items.

Revenue was essentially flat at $266.3 million, but missed Wall Street's estimate of $271.4 million.

Lodging revenue moved up slightly to $10.1 million from $9.2 million, while gaming revenue held steady at about $229.7 million.

Pinnacle owns and runs casinos in Nevada, Louisiana, Indiana, Missouri and Argentina.

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