News Feed Item

Gamehost Announces Fourth Quarter 2013 Financial Results and March Dividend

RED DEER, ALBERTA -- (Marketwired) -- 03/17/14 -- Management and Directors of Gamehost Inc. (TSX:GH) (the "Company") are pleased to present results for the three and twelve months ended December 31, 2013 (the "Quarter" and "Period" respectively).

Winter Bites

Total operating revenues for the Quarter were flat at $19.8 million to the same quarter of 2012. Earnings before interest, taxes, depreciation and amortization ("EBITDA") that is attributable to shareholders of the Company ("EBITDA to Shareholders") declined $0.4 million to $8.2 million versus $8.6 in the same quarter one year earlier. EBITDA to Shareholders margin percentage declined in step by 210 basis points to 43.4% from 45.5% in the Quarter compared to one year earlier. Stretches of difficult table Holds during the Quarter and harsh winter temperatures and record December snowfall are to blame for what was otherwise shaping up to be very good quarterly results.

This and That

From the end of the previous quarter to February 28, 2014, the Company repurchased 183,200 of the Company's common shares on a Normal Course Issuer Bid that expires April 16, 2014. Total acquisition costs were $2.7 million at an average purchase price of $14.45/share. Over the same period, debenture conversions of face value $2.4 million resulted in the issue of 221,118 common shares.

Citius - Altius - Fortius

In the spirit of the Olympics we thought we'd start working out to improve our physique. Great Northern Casino in Grande Prairie completed a $1.8 million facelift and expansion including a complete refurbishment of the food, beverage and entertainment areas. Great Northern has the only intimate live entertainment showroom of its kind in the city. The additional showroom space will now accommodate live entertainment offerings that were not previously cost effective to showcase. City residents will benefit by seeing acts they would otherwise have had to travel to larger centres such as Edmonton to see. Early reception to the completed project has been very favourable and we look forward to continuing a tradition of being Grande Prairie's gold medal entertainment venue.

Chinese Zodiac

The Chinese Zodiac doesn't have a Turtle, but they should. At the outset of the year, we anticipated a cautious, consistent and deliberate execution of core elements of our past success. Provide superior customer experiences; don't spend without good potential for reward, nothing fancy. You know, slow and steady wins the race. Sounds boring, I know. Looking back, Gamehost common shares closed the year at $14.89 up 17.2% from their $12.70 value at the start of 2013. And that doesn't even include the additional 6.9% in yield provided by regular monthly dividends. By comparison, the S&P/TSX composite index rose 9.6% over the same period. 2014 is the year of the Horse, but we say, go Turtle!

2013 has been a year of uncertainty on many fronts in the world, peace, economic and socio-political. Isn't it nice to be able to count on something? We'll do our best to continue to deliver the results in 2014 that you have come to expect and count on.

Consolidated statements of profit and comprehensive income                  
In Canadian dollars                                                         
 (millions except                                                           
 per share figures)             (audited)                 (unaudited)       
                           twelve months ended        three months ended    
                               December 31                December 31       
                               2013           2012           2013       2012
Operating revenue             $77.6          $76.6          $19.8      $19.8
Cost of sales                                                               
  Other                      (39.4)         (38.7)         (10.5)     (10.3)
  Depreciation                (2.1)          (2.2)          (0.6)      (0.6)
                             (41.5)         (40.9)         (11.1)     (10.9)
Gross profit                   36.1           35.7            8.7        8.9
Other income                    0.2            0.2            0.1        0.1
  Other                       (2.9)          (2.8)          (0.8)      (0.6)
  Depreciation                (2.0)          (2.3)          (0.5)      (0.6)
                              (4.9)          (5.1)          (1.3)      (1.2)
Profit from                                                                 
 activities                    31.4           30.8            7.5        7.8
Other (losses) gains              -          (0.1)              -      (0.1)
Finance income                  0.1            0.1              -          -
Finance costs                 (3.3)          (4.1)              -      (1.0)
Profit before income                                                        
 taxes                         28.2           26.7            7.5        6.7
Income tax expense            (6.7)          (5.2)          (2.1)      (0.8)
Profit and                                                                  
 income                        21.5           21.5            5.4        5.9
Profit and                                                                  
 income attributable                                                        
  Shareholders of                                                           
   the Company                $20.1          $20.1           $5.1       $5.5
   interest                     1.4            1.4            0.3        0.4
                              $21.5          $21.5           $5.4       $5.9
Earnings per share                                                          
  Basic and diluted           $0.87          $0.92          $0.22      $0.24
Weighted average                                                            
 number of common                                                           
 shares outstanding                                                         
  Basic                        23.1           21.9           23.5       22.5
  Diluted                      24.9           24.9           25.3       25.5
EBITDA to                                                                   
 Shareholders                 $34.1          $33.9           $8.2       $8.6
EBITDA to                                                                   
 Shareholders %               46.1%          46.4%          43.4%      45.5%

Gamehost has also declared a cash dividend for the month of March 2014 of $0.0733 per common share. The dividend will be paid on April 15, 2014 to shareholders of record on March 31, 2014. The ex-dividend date is March 27, 2014.

This dividend is considered an "Eligible Dividend" and therefore, eligible for the enhanced gross-up and dividend tax credit available to shareholders.

This press release may contain forward-looking statements. Forward-looking statements may contain words such as "anticipates", "believes", "could", "expects", "indicates", "plans" or other similar expressions that suggest future outcomes or events. Use of these statements reflect reasonable assumptions made on the basis of management's current beliefs with information known by management at the time of writing. Many factors could cause actual results to differ from the results discussed in forward-looking statements. Actual results may not be consistent with these forward- looking statements.

Gamehost is a corporation established under the laws of the Province of Alberta. The Company's operations are all located in the Province of Alberta, Canada. Operations of the Company include the Boomtown Casino in Ft. McMurray, the Great Northern Casino, Service Plus Inns & Suites hotel and a strip mall all located in Grande Prairie. The Company also holds a 91% ownership position in Deerfoot Inn & Casino Inc. in Calgary.

These annual consolidated financial results include the accounts of Gamehost Inc. and its subsidiaries; however, they do not include all disclosures normally provided in annual consolidated financial statements and should be read in conjunction with the 2013 annual consolidated financial statements. Further, while the financial figures included in this annual results announcement have been computed in accordance with IFRS applicable to annual periods, this announcement does not contain sufficient information to constitute an annual financial report. The company will file an annual financial report for the annual period ended December 31, 2013. This report will be filed in its entirety, along with historical financial reports on the Company's website at www.gamehost.ca and on SEDAR at www.sedar.com along with the Company's other continuous disclosure documents, when they are available.

Gamehost common shares and convertible debentures trade on the Toronto Stock Exchange (TSX) under the symbols GH and GH.DB respectively.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, will discuss the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docke...
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
SYS-CON Events announced today that Embotics, the cloud automation company, will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Embotics is the cloud automation company for IT organizations and service providers that need to improve provisioning or enable self-service capabilities. With a relentless focus on delivering a premier user experience and unmatched customer support, Embotics is the fas...
SYS-CON Events announced today that Coalfire will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, will contrast how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He will show the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He will also have live demos of building immutable pipe...
Rapid innovation, changing business landscapes, and new IT demands force businesses to make changes quickly. In the eyes of many, containers are at the brink of becoming a pervasive technology in enterprise IT to accelerate application delivery. In this presentation, you'll learn about the: The transformation of IT to a DevOps, microservices, and container-based architecture What are containers and how DevOps practices can operate in a container-based environment A demonstration of how Docke...
Cloud based infrastructure deployment is becoming more and more appealing to customers, from Fortune 500 companies to SMEs due to its pay-as-you-go model. Enterprise storage vendors are able to reach out to these customers by integrating in cloud based deployments; this needs adaptability and interoperability of the products confirming to cloud standards such as OpenStack, CloudStack, or Azure. As compared to off the shelf commodity storage, enterprise storages by its reliability, high-availabil...
The IoT industry is now at a crossroads, between the fast-paced innovation of technologies and the pending mass adoption by global enterprises. The complexity of combining rapidly evolving technologies and the need to establish practices for market acceleration pose a strong challenge to global enterprises as well as IoT vendors. In his session at @ThingsExpo, Clark Smith, senior product manager for Numerex, will discuss how Numerex, as an experienced, established IoT provider, has embraced a ...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
SYS-CON Events announced today that MathFreeOn will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. MathFreeOn is Software as a Service (SaaS) used in Engineering and Math education. Write scripts and solve math problems online. MathFreeOn provides online courses for beginners or amateurs who have difficulties in writing scripts. In accordance with various mathematical topics, there are more tha...
SYS-CON Events announced today that Cemware will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Use MATLAB functions by just visiting website mathfreeon.com. MATLAB compatible, freely usable, online platform services. As of October 2016, 80,000 users from 180 countries are enjoying our platform service.
@ThingsExpo has been named the Top 5 Most Influential Internet of Things Brand by Onalytica in the ‘The Internet of Things Landscape 2015: Top 100 Individuals and Brands.' Onalytica analyzed Twitter conversations around the #IoT debate to uncover the most influential brands and individuals driving the conversation. Onalytica captured data from 56,224 users. The PageRank based methodology they use to extract influencers on a particular topic (tweets mentioning #InternetofThings or #IoT in this ...