Pinnacle Entertainment reports a 2Q net profit

Jul 28, 2009 5:06 PM
Earnings by Ray Poirier | Helped by the sale of equities, Pinnacle Entertainment Inc. (PNK) reported a second quarter net profit of $4.7 million or $0.08 per share.

Last year during the comparable quarter, the company reported a net loss of $18.1 million or $0.30 per share.

Included in the latest results was the sale of 1.2 million shares it owned in rival Ameristar Casinos (ASCA) which it acquired when efforts were being made to combine the two companies. The sale’s proceeds provided the company with a gain of $12.9 million.

Revenues during the most recent quarter were reportedly flat at $266.3 million.