The $7.3 million increase in AG&A is primarily attributable to the increased overhead costs of Tiverton in the current year compared to Newport Grand last year and ongoing corporate costs associated with the Company being publicly traded. Income from operations in the first quarter 2019 was positively impacted by increased revenue and a decrease in share-based compensation expense when compared to the comparable period in 2018, offset in part by increases in both advertising, general and administrative expenses (“AG&A”) and depreciation and amortization. Excluding the impact of these charges, income from operations in the first quarter 2019 increased $6.0 million, or 19.5%, to $36.7 million, compared to the first quarter 2018. Income from operations for the first quarter 2019 includes the negative impact of $6.4 million of merger and going public expenses and the first quarter 2018 includes a $5.9 million disposal loss from the sale of the Newport Grand Casino (“Newport Grand”). Income from operations in the first quarter 2019 increased $5.4 million, or 21.8%, year-over-year to $30.3 million.
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