Asia Entertainment & Resources Ltd. Announces Third Quarter 2011 Financial Results
Asia Entertainment & Resources Ltd. (NASDAQ:AERL), which operates through its subsidiaries and related promoter companies as VIP room gaming promoters, announced unaudited financial results for the three and nine months ended September 30, 2011. All currency amounts are stated in United States dollars.
Financial Highlights for the Three Months Ended September 30, 2011 (unaudited)
Rolling Chip Turnover for the three months ended September 30, 2011 in the Company��s VIP gaming rooms in Macau was $6.0 billion, up 149% year-over-year, compared to $2.4 billion in the same period of 2010.
Revenue for the three months ended September 30, 2011 was $74.4 million, up 161% from $28.5 million in the same period of 2010.
Earnings per share (��EPS��) for the three months ended September 30, 2011 was $0.69 for basic weighted average shares outstanding (approximately 38.8 million) and $0.68 for fully diluted weighted average shares outstanding (approximately 39.2 million).
Non-GAAP EPS before amortization of intangible assets and change in the fair value of contingent consideration for the three months ended September 30, 2011 was $0.58 for basic and $0.57 for fully diluted shares outstanding.
Total available cage capital as of September 30, 2011 was approximately $227.3 million, up from $201.7 million as of June 30, 2011. The total available cage capital is comprised of markers receivable of $216.6 million and cash, cash chips and non-negotiable chips of $10.7 million.
On September 7, 2011, the Company received an additional $12.8 million interest-free line of credit for its VIP room at the Star World Hotel & Casino in downtown Macau. The Company now has total lines of credit for its VIP rooms of $55.2 million.
Rolling Chip Turnover is used by casinos to mea! sure the volume of VIP gaming room business transacted and represents the aggregate amount of bets gaming patrons place. Bets are wagered with ��non-negotiable chips�� and winning bets are paid out by casinos in so-called ��cash�� chips, if they continue to play they have to change the cash chips to non-negotiable chips.
AERL, formerly known as CS China Acquisition Corp., acquired Asia Gaming & Resort Limited (��AGRL��) on February 2, 2010. AERL is a holding company which operates through its subsidiaries and related promoter companies as a VIP room gaming promoter, and is entitled to receive all of the profits of the VIP gaming promoters from VIP gaming rooms. AERL��s VIP room gaming promoters currently participate in the promotion of three major luxury VIP gaming facilities in Macau, China, the largest gaming market in the world. One VIP gaming facility is located in the luxury 5-star hotel, the Star World Hotel & Casino in downtown Macau, which is operated by Galaxy Casino, S.A. Another VIP gaming room is located in the all new Galaxy Resort Macau in Cotai, which is operated by Galaxy Casino, S.A. The third VIP gaming room is located at the Venetian Macao-Resort-Hotel in Cotai.
More about AERL at www.aerlf.com
Teradyne Inc. (NYSE:TER) introduces the PXI Functional Expansion Board for their TestStation family of In-Circuit Test systems. The PXI Functional Expansion Board is an integrated PXI/ICT solution, allowing manufacturers to add value-adding functional test capabilities to their ICT system, without growing the tester footprint or increasing equipment floor space. The board will be on display in Hall A1, Stand 225 at Productronica 2011 in Munich, Germany.
Teradyne, Inc., together with its subsidiaries, provides automatic test equipment products and services worldwide. It operates in two segments, Semiconductor Test and Systems Test Group.
Family Dollar Stores Inc. (NYSE! :FDO) announced that it has opened four new stores in California. The stores in Ontario, Rialto, Riverside and Fontana represent the Company’s historic entry into California, and solidify Family Dollar’s position as one of the nation’s fastest-growing retailers. The Company plans to open 450-500 new stores in fiscal 2012.
Family Dollar Stores, Inc. operates a chain of self-service retail discount stores primarily for low and middle income consumers in the United States.
Entercom Communications Corp. (NYSE:ETM) announced that its wholly owned finance subsidiary Entercom Radio, LLC (”Entercom Radio”) plans to offer in a private offering, subject to market conditions and other factors, $250 million aggregate principal amount of senior notes due 2019 (”Notes”).
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Majestic Gold Corp. (MJGCF.PK)
Majestic Gold Corp. engages in the exploration and development of mineral properties in China. The company focuses on its gold project located in the prolific gold region of Song Jiagou in eastern Shandong Province. Majestic Gold Corp. is headquartered in Vancouver, Canada.
Of all the minerals mined from the Earth, none is more useful than gold. Its usefulness is derived from a diversity of special properties. Gold conducts electricity, does not tarnish, is very easy to work, can be drawn into wire, can be hammered into thin sheets, alloys with many other metals, can be melted and cast into highly detailed shapes, has a wonderful color and a brilliant luster. Gold is a memorable metal that occupies a special place in the human mind.
When Spanish explorers first arrived in the “New World” they met the native South Americans. These two cul! tures ha d been separated by a vast ocean, they had never touched one another, they spoke different languages and lived entirely different lives. Yet they had one thing in common - they both held gold in highest esteem and used it to make some of their most important objects.
Majestic Gold Corp. (MJGCF.PK) has arranged a $10,000,000 loan to advance its Song Jiagou project in China. Nine million dollars ($9,000,000) from the proceeds from the loan will be used by the Company in connection with its Song Jiagou project and the balance of one million dollars ($1,000,000) for general working capital purposes.
The loan will have a one year term and loan principal will be convertible at the option of the lender in whole or in part into common shares (”Shares”) of the Company until twelve months from the date of the loan advance at the price of $0.205 per Share. The loan will bear interest at the rate of 7.5% per annum, payable on maturity, and accrued and unpaid interest will be convertible at the option of the lender in whole or in part into shares of the Company until twelve months from the date of the loan advance at Market Price at the time of conversion.
The lender is at arm’s length from the Company and will not become an insider as a result of any conversion of principal and interest. All shares issued on any conversion of loan principal or interest will be subject to a four month hold period from the date of advance of loan proceeds. The loan is subject to acceptance by the TSX Venture Exchange.
As additional consideration for the loan, the Company has agreed to forward at least $9 million to Majestic Yantai Gold Ltd., a British Virgin Islands company owned 94% by the Company to be used to further advance its Song Jiagou project. The Borrower has also agreed to a 90 day period for reciprocal due diligence reviews and discussions for the possible further involvement of the Lender in the Song Jiagou project.
In the event that no further agreement is ! reached between the Lender and the Company during the 90 day period, then the loan and a minimum of seven (7) months interest will automatically convert to shares in the Company at a price of $0.205 per share and the interest at Market Price respectively. In addition the Company is pleased to announce that it has arranged a non-brokered private placement of up to 15,000,000 shares to be issued at the price of $0.20 per share for gross proceeds of $3,000,000.
For more information about company: www.majesticgold.net
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