Welcome!

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

Administrative
 expenses
  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
 operating
 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
 comprehensive
 income                        21.5           21.5            5.4        5.9
                       -----------------------------------------------------

Profit and
 comprehensive
 income attributable
 to:
  Shareholders of
   the Company                $20.1          $20.1           $5.1       $5.5
  Non-controlling
   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
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
As pervasive as cloud technology is -- and as persuasive as the arguments are for using it -- the cloud has its limits. Some companies will always have security concerns about storing data in the cloud and certain high-transaction applications will always be better suited for on-premises storage. Those statements were among the bottom-line takeaways delivered at Cloud Expo this week, a three day, bi-annual event focused on cloud technologies, adoption and associated challenges.
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
The age of Digital Disruption is evolving into the next era – Digital Cohesion, an age in which applications securely self-assemble and deliver predictive services that continuously adapt to user behavior. Information from devices, sensors and applications around us will drive services seamlessly across mobile and fixed devices/infrastructure. This evolution is happening now in software defined services and secure networking. Four key drivers – Performance, Economics, Interoperability and Trust ...
With billions of sensors deployed worldwide, the amount of machine-generated data will soon exceed what our networks can handle. But consumers and businesses will expect seamless experiences and real-time responsiveness. What does this mean for IoT devices and the infrastructure that supports them? More of the data will need to be handled at - or closer to - the devices themselves.
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm.
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
In his session at 20th Cloud Expo, Scott Davis, CTO of Embotics, will discuss how automation can provide the dynamic management required to cost-effectively deliver microservices and container solutions at scale. He will discuss how flexible automation is the key to effectively bridging and seamlessly coordinating both IT and developer needs for component orchestration across disparate clouds – an increasingly important requirement at today’s multi-cloud enterprise.
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Developers want to create better apps faster. Static clouds are giving way to scalable systems, with dynamic resource allocation and application monitoring. You won't hear that chant from users on any picket line, but helping developers to create better apps faster is the mission of Lee Atchison, principal cloud architect and advocate at New Relic Inc., based in San Francisco. His singular job is to understand and drive the industry in the areas of cloud architecture, microservices, scalability ...