TRUMP HOTELS & CASINO RESORTS, INC.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except share data)
3 MONTHS
9 MONTHS
30-Sep-04 30-Sep-03 30-Sep-04 30-Sep-03
---------------------- ----------------------
REVENUES
CASINO
$325,100 $324,339 $921,661 $938,471
ROOMS
22,253 21,905 59,756
60,254
FOOD & BEVERAGE
37,457 35,897 99,431
97,194
MANAGEMENT FEE
1,672 839
6,161 2,988
OTHER
14,541 12,383 34,483
29,624
PROMOTIONAL ALLOWANCES (91,692)
(86,334) (242,740) (233,839)
---------------------- ----------------------
NET REVENUES
$309,331 $309,029 $878,752 $894,692
---------------------- ----------------------
COSTS & EXPENSES
GAMING
$152,700 $150,777 $432,252 $437,292
ROOMS
7,354 7,460
21,794 23,060
FOOD & BEVERAGE
12,852 13,064 35,392
35,479
GENERAL & ADMIN
66,348 64,363 194,632
193,258
---------------------- ----------------------
TOTAL EXPENSES
$239,254 $235,664 $684,070 $689,089
---------------------- ----------------------
EBITDA (a)
$70,077 $73,365 $194,682
$205,603
Less:
CRDA
1,238 1,227
3,507 5,862
DEPRECIATION &
AMORTIZATION
27,489 24,515 77,603
69,952
CORPORATE EXPENSES
2,328 2,183
6,911 6,858
DEBT RENEGOTIATION
COSTS (b)
2,857 -
2,857 2,951
---------------------- ----------------------
INCOME FROM OPERATIONS $36,165
$45,440 $103,804 $119,980
---------------------- ----------------------
INTEREST INCOME
(204) (139)
(560) (1,207)
INTEREST EXPENSE
57,625 55,850 171,250
169,758
GAIN ON DEBT
RETIREMENT, NET (c)
- -
- (2,892)
OTHER NON-OPERATING
(INCOME)EXPENSE, NET
702 (7)
(2,089) 20
---------------------- ----------------------
TOTAL NON-OPERATING
EXPENSE, NET
$58,123 $55,704 $168,601
$165,679
---------------------- ----------------------
LOSS BEFORE LOSS IN
JOINT VENTURE,
($21,958) ($10,264) ($64,797) ($45,699)
INCOME TAXES &
MINORITY INTEREST
LOSS IN JOINT VENTURE
(204) (625) (1,430)
(1,855)
PROVISION FOR INCOME
TAXES (d)
(2,983) (1,526) (25,272)
(3,935)
---------------------- ----------------------
LOSS BEFORE MINORITY
INTEREST
($25,145) ($12,415) ($91,499) ($51,489)
MINORITY INTEREST (e)
- -
- 5,061
---------------------- ----------------------
NET LOSS
($25,145) ($12,415) ($91,499) ($46,428)
====================== ======================
WEIGHTED AVERAGE #
SHARES-BASIC
29,904,764 29,046,640 29,904,764 24,381,340
====================== ======================
WEIGHTED AVERAGE #
SHARES-DILUTED
29,904,764 29,046,640 29,904,764 24,381,340
====================== ======================
BASIC AND DILUTED LOSS
PER SHARE
($0.84) ($0.43) ($3.06)
($1.90)
====================== ======================
(a) EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations,
corporate expenses and debt renegotiation costs) is a
measure of
financial performance commonly used in the casino hotel
industry.
We provide EBITDA results to enhance an investor's understanding
of
our operating results.
EBITDA is a non-GAAP financial statement measure and
should not be
construed as an alternative to operating income as determined
under
generally accepted accounting principles as an indicator
of operating
performance.
All companies do not calculate EBITDA in the same manner;
accordingly,
the EBITDA results presented above may not be comparable
to EBITDA
results as reported by other companies.
Corporate expenses include administrative expenses associated
with the
operation of THCR Holdings and lobbying and developmental
costs in
other gaming jurisdictions.
(b) Debt renegotiation costs in 2004 represent costs
incurred in
connection with the proposed recapitalization of the
Company by the
DLJ Merchant Banking Partners proposed investment which
was terminated
on September 22, 2004.
Debt renegotiation costs in 2003 include the costs expensed
with debt
refinancing and transactional fees earned upon the successful
completion of debt refinancing in 2003.
(c) Includes a net gain of $10.4 million of theTrump
Marina PIK Notes
and First Mortgage Notes, which is offset by the $2.8
million call
premium on the retirement of THCR Holdings 15.5% Senior
Notes, Trump
Indiana's interest rate swap of approximately $0.9 million
and
unamortized loan costs of approximately $3.8 million.
All of these
transactions occurred on March 25, 2003 in connection
with the
Company's issuance of Priority Mortgage Notes and the
related use of
proceeds.
(d) Represents Indiana state income taxes and New Jersey
state income
taxes due under the Business Tax Reform Act passed in
July 2002 and
the New Jersey Profits Tax passed in July 2003. Nine
months ended
September 2004 includes $19.1 million due to Indiana
state waging tax
add back adjustment, as a result of a ruling in the Indiana
tax court
for the period from commencement of operations in June
1996 through
the quarter ended March 31, 2004.
(e) Minority interest credit is limited to the Balance
Sheet amount at
December 31, 2002.
TRUMP ATLANTIC CITY ASSOCIATES
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands)
3 MONTHS
9 MONTHS
30-Sep-04 30-Sep-03 30-Sep-04 30-Sep-03
--------------------- ---------------------
REVENUES
CASINO
$218,686 $221,313 $613,848 $638,541
ROOMS
16,085 15,938 43,250
43,860
FOOD & BEVERAGE
26,803 25,595 72,002
70,178
OTHER
10,188 7,743 23,806
19,259
PROMOTIONAL ALLOWANCES
(68,174) (63,781) (177,230) (169,829)
--------------------- ---------------------
NET REVENUES
$203,588 $206,808 $575,676 $602,009
--------------------- ---------------------
COSTS & EXPENSES
GAMING
$102,186 $100,752 $284,944 $291,171
ROOMS
5,634 5,821 16,929
18,238
FOOD & BEVERAGE
8,404 8,522 24,214
24,026
GENERAL & ADMIN
43,998 41,275 125,437
125,175
--------------------- ---------------------
TOTAL EXPENSES
$160,222 $156,370 $451,524 $458,610
--------------------- ---------------------
EBITDA (a)
$43,366 $50,438 $124,152 $143,399
Less:
CRDA
$936 $940 $2,670
$4,222
DEPRECIATION &
AMORTIZATION
19,936 16,772 55,449
47,845
CORPORATE EXPENSES
232 275
681 697
DEBT RENEGOTIATION COSTS
(b)
2,000 -
2,000 300
--------------------- ---------------------
INCOME FROM OPERATIONS
$20,262 $32,451 $63,352
$90,335
--------------------- ---------------------
INTEREST INCOME
(111) (91)
(401) (532)
INTEREST EXPENSE
38,952 38,528 116,940
115,921
OTHER NON-OPERATING
(INCOME)EXPENSE, NET
686 (7)
(1,480) -
--------------------- ---------------------
TOTAL NON-OPERATING
EXPENSE, NET
$39,527 $38,430 $115,059 $115,389
--------------------- ---------------------
LOSS BEFORE INCOME TAXES
(19,265) (5,979) (51,707) (25,054)
PROVISION FOR INCOME TAXES
(c)
(1,128) (1,138) (3,199)
(2,947)
--------------------- ---------------------
NET LOSS
($20,393) ($7,117) ($54,906) ($28,001)
===================== =====================
(a)EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations,
corporate expenses and debt renegotiation costs) is a
measure of
financial performance commonly used in the casino hotel
industry.
We provide EBITDA results to enhance an investor's understanding
of
our operating results.
EBITDA is a non-GAAP financial statement measure and
should not be
construed as an alternative to operating income as determined
under
generally accepted accounting principles as an indicator
of operating
performance.
All companies do not calculate EBITDA in the same manner;
accordingly,
the EBITDA results presented above may not be comparable
to EBITDA
results as reported by other companies.
(b) Debt renegotiation costs in 2004 represent costs
incurred in
connection with the proposed recapitalization of the
Company by the
DLJ Merchant Banking Partners proposed investment which
was terminated
on September 22, 2004.
Debt renegotiation costs in 2003 include the costs expensed
with debt
refinancing.
(c) Represents New Jersey state income taxes due under
the Business
Tax Reform Act passed in July 2002 and the New Jersey
Profits Tax
passed in July 2003.
TRUMP CASINO HOLDINGS, LLC
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands)
3 MONTHS
9 MONTHS
30-Sep-04 30-Sep-03 30-Sep-04 30-Sep-03
---------------------- ---------------------
REVENUES
CASINO
$106,414 $103,026 $307,813 $299,930
ROOMS
6,168 5,967 16,506
16,394
FOOD & BEVERAGE
10,654 10,302 27,429
27,016
MANAGEMENT FEE
1,672 839
6,161 2,988
OTHER
4,353 4,640 10,677
10,365
PROMOTIONAL ALLOWANCES
(23,518) (22,553) (65,510) (64,010)
---------------------- ---------------------
NET REVENUES
$105,743 $102,221 $303,076 $292,683
---------------------- ---------------------
COSTS & EXPENSES
GAMING
$50,514 $50,025 $147,308 $146,121
ROOMS
1,720 1,639
4,865 4,822
FOOD & BEVERAGE
4,448 4,542 11,178
11,453
GENERAL & ADMIN
22,350 23,088 69,195
68,083
---------------------- ---------------------
TOTAL EXPENSES
$79,032 $79,294 $232,546 $230,479
---------------------- ---------------------
EBITDA (a)
$26,711 $22,927 $70,530 $62,204
Less:
CRDA
302 287
837 1,640
DEPRECIATION &
AMORTIZATION
7,528 7,737 22,108
22,086
CORPORATE EXPENSES
355 389
1,014 2,241
DEBT RENEGOTIATION COSTS
(b)
857 -
857 401
---------------------- ---------------------
INCOME FROM OPERATIONS
$17,669 $14,514 $45,714 $35,836
---------------------- ---------------------
INTEREST INCOME
(93) (43)
(158) (657)
INTEREST EXPENSE
18,673 17,322 54,310
55,530
GAIN ON DEBT RETIREMENT,
NET (c)
- -
- (7,931)
OTHER NON-OPERATING
(INCOME)EXP
16 -
(609) 20
---------------------- ---------------------
TOTAL NON-OPERATING
EXPENSE, NET
$18,596 $17,279 $53,543 $46,962
---------------------- ---------------------
LOSS BEFORE LOSS IN JOINT
VENTURE
& INCOME TAXES
(927) (2,765) (7,829) (11,126)
LOSS IN JOINT VENTURE
(204) (625) (1,430)
(1,855)
PROVISION FOR INCOME
TAXES (d)
(1,855) (388) (22,073)
(988)
---------------------- ---------------------
NET LOSS
($2,986) ($3,778) ($31,332)($13,969)
====================== =====================
(a)EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations,
corporate expenses and debt renegotiation costs) is a
measure of
financial performance commonly used in the casino hotel
industry.
We provide EBITDA results to enhance an investor's understanding
of
our operating results.
EBITDA is a non-GAAP financial statement measure and
should not be
construed as an alternative to operating income as determined
under
generally accepted accounting principles as an indicator
of operating
performance.
All companies do not calculate EBITDA in the same manner;
accordingly,
the EBITDA results presented above may not be comparable
to EBITDA
results as reported by other companies.
(b) Debt renegotiation costs in 2004 represent costs
incurred in
connection with the proposed recapitalization of the
Company by the
DLJ Merchant Banking Partners proposed investment which
was terminated
on September 22, 2004.
Debt renegotiation costs in 2003 include transactional
fees earned
upon the successful completion of debt refinancing in
2003.
(c) Includes a net gain of $10.4 million of the Trump
Marina PIK Notes
and First Mortgage Notes, which is offset by Trump Indiana's
interest
rate swap of approximately $0.9 million and unamortized
loan costs of
approximately $1.6 million.
All of these transactions occurred on March 25, 2003
in connection
with the Company's issuance of Priority Mortgage Notes
and the related
use of proceeds.
(d) Represents Indiana state income taxes and New Jersey
state income
taxes due under the Business Tax Reform Act passed in
July 2002 and
the New Jersey Profits Tax passed in July 2003. Nine
months ended
September 2004 includes $19.1 million due to Indiana
state wagering
tax add back adjustment, as a result of a ruling in the
Indiana tax
court for the period from commencement of operations
in June 1996
through the quarter ended March 31, 2004.
TRUMP TAJ MAHAL ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS
9 MONTHS
30-Sep-04 30-Sep-03 30-Sep-04 30-Sep-03
----------------------- ---------------------
REVENUES
CASINO
$135,006 $137,858 $377,692 $395,223
# of Slots
4,419 4,670
4,401 4,703
Win per Slot/Day
$226 $220
$209 $205
Slot Win
$91,860 $94,643 $251,929 $262,985
# of Tables
127 127
127 127
Win per Table/Day
$3,084 $3,183 $3,089
$3,329
Table Win
$36,037 $37,189 $107,489 $115,430
Table Drop
$237,644 $233,611 $653,300 $685,171
Hold %
15.2% 15.9%
16.5% 16.8%
Poker, Keno, Race Win
$7,109 $6,026 $18,274
$16,808
ROOMS
$9,319 $9,349 $24,904
$25,507
# of Rooms Sold
113,545 113,270 324,332
324,750
Avg Room Rates
$82.07 $82.54 $76.79
$78.54
Occupancy %
98.7% 98.5%
94.7% 95.2%
FOOD & BEVERAGE
$16,168 $15,351 $42,935
$42,515
OTHER
6,750 5,390 15,819
12,943
PROMOTIONAL ALLOWANCES
(40,671) (37,981) (101,648) (99,743)
----------------------- ---------------------
NET REVENUES
$126,572 $129,967 $359,702 $376,445
----------------------- ---------------------
COSTS & EXPENSES
GAMING
$60,837 $61,796 $171,268 $177,825
ROOMS
3,418 3,627 10,330
11,350
FOOD & BEVERAGE
4,782 4,962 14,337
14,736
GENERAL & ADMIN
27,189 25,655 77,654
77,526
----------------------- ---------------------
TOTAL EXPENSES
$96,226 $96,040 $273,589 $281,437
----------------------- ---------------------
EBITDA (a)
$30,346 $33,927 $86,113
$95,008
======================= =====================
A reconciliation of EBITDA to income from operations for
each of the
periods is as follows:
EBITDA
$30,346 $33,927 $86,113
$95,008
Depreciation and
amortization
(12,015) (11,349) (36,570) (32,701)
Non-cash write-downs and
charges related to
required regulatory
obligations (CRDA)
(568) (577) (1,594)
(2,898)
----------------------- ---------------------
Income from operations
$17,763 $22,001 $47,949
$59,409
======================= =====================
(a) EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations,
corporate expenses and debt renegotiation costs) is a
measure of
financial performance commonly used in the casino hotel
industry.
We provide EBITDA results to enhance an investor's understanding
of
our operating results.
EBITDA is a non-GAAP financial statement measure and
should not be
construed as an alternative to operating income as determined
under
generally accepted accounting principles as an indicator
of operating
performance.
All companies do not calculate EBITDA in the same manner;
accordingly,
the EBITDA results presented above may not be comparable
to EBITDA
results as reported by other companies.
TRUMP PLAZA ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS
9 MONTHS
30-Sep-04 30-Sep-03 30-Sep-04 30-Sep-03
--------------------- ---------------------
REVENUES
CASINO
$83,680 $83,455 $236,156 $243,318
# of Slots
2,863 2,946
2,851 2,953
Win per Slot/Day
$237 $231
$224 $217
Slot Win
$62,452 $62,552 $174,824 $175,305
# of Tables
90 90
91 90
Win per Table/Day
$2,564 $2,525 $2,460
$2,768
Table Win
$21,228 $20,903 $61,332
$68,013
Table Drop
$148,155 $158,096 $420,888 $443,295
Hold %
14.3% 13.2%
14.6% 15.3%
ROOMS
$6,766 $6,589 $18,346
$18,353
# of Rooms Sold
81,990 80,492 232,816
230,650
Room Rates
$82.52 $81.86 $78.80
$79.57
Occupancy %
98.6% 96.8%
94.0% 93.5%
FOOD & BEVERAGE
$10,635 $10,244 $29,067
$27,663
OTHER
3,438 2,353
7,987 6,316
PROMOTIONAL ALLOWANCES
(27,503) (25,800) (75,582) (70,086)
--------------------- ---------------------
NET REVENUES
$77,016 $76,841 $215,974 $225,564
--------------------- ---------------------
COSTS & EXPENSES
GAMING
$41,349 $38,956 $113,676 $113,346
ROOMS
2,216 2,194
6,599 6,888
FOOD & BEVERAGE
3,622 3,560
9,877 9,290
GENERAL & ADMIN
16,809 15,620 47,783
47,649
--------------------- ---------------------
TOTAL EXPENSES
$63,996 $60,330 $177,935 $177,173
--------------------- ---------------------
EBITDA (a)
$13,020 $16,511 $38,039
$48,391
===================== =====================
A reconciliation of EBITDA to income from operations for
each of the
periods is as follows:
EBITDA
$13,020 $16,511 $38,039
$48,391
Depreciation and
amortization
(7,921) (5,423) (18,879) (15,144)
Non-cash write-downs and
charges related to
required regulatory
obligations(CRDA)
(368) (363) (1,076)
(1,324)
Corporate charges
(198) (180)
(565) (540)
--------------------- ---------------------
Income from operations
$4,533 $10,545 $17,519
$31,383
===================== =====================
(a)EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations,
corporate expenses and debt renegotiation costs) is a
measure of
financial performance commonly used in the casino hotel
industry.
We provide EBITDA results to enhance an investor's understanding
of
our operating results.
EBITDA is a non-GAAP financial statement measure and
should not be
construed as an alternative to operating income as determined
under
generally accepted accounting principles as an indicator
of operating
performance.
All companies do not calculate EBITDA in the same manner;
accordingly,
the EBITDA results presented above may not be comparable
to EBITDA
results as reported by other companies.
TRUMP MARINA ASSOCIATES
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS
9 MONTHS
30-Sep-04 30-Sep-03 30-Sep-04 30-Sep-03
--------------------- ---------------------
REVENUES
CASINO
$71,761 $68,395 $198,990 $200,571
# of Slots
2,538 2,495
2,516 2,507
Win per Slot/Day
$240 $231
$227 $224
Slot Win
$56,137 $53,076 $156,488 $153,063
# of Tables
76 81
75 81
Win per Table/Day
$2,212 $2,037 $2,048
$2,127
Table Win
$15,467 $15,176 $42,093
$47,041
Table Drop
$97,799 $95,470 $266,625 $278,556
Hold %
15.8% 15.9%
15.8% 16.9%
Poker, Keno, Race Win
$157 $143
$409 $467
ROOMS
$5,286 $5,041 $14,055
$13,908
# of Rooms Sold
64,079 63,002 173,911
179,081
Avg Room Rates
$82.49 $80.01 $80.82
$77.66
Occupancy %
95.7% 94.1%
87.2% 90.1%
FOOD & BEVERAGE
$9,888 $9,459 $25,005
$24,727
OTHER
3,835 4,142
9,154 8,590
PROMOTIONAL ALLOWANCES
(20,734) (18,711) (56,667) (52,737)
--------------------- ---------------------
NET REVENUES
$70,036 $68,326 $190,537 $195,059
--------------------- ---------------------
COSTS & EXPENSES
GAMING
$32,356 $32,953 $92,061
$95,077
ROOMS
1,215 1,105
3,332 3,297
FOOD & BEVERAGE
3,276 3,334
7,605 8,053
GENERAL & ADMIN
16,627 16,550 48,372
50,088
--------------------- ---------------------
TOTAL EXPENSES
$53,474 $53,942 $151,370 $156,515
--------------------- ---------------------
EBITDA (a)
$16,562 $14,384 $39,167
$38,544
===================== =====================
A reconciliation of EBITDA to income from operations for
each of the
periods is as follows:
EBITDA
$16,562 $14,384 $39,167
$38,544
Depreciation and
amortization
(5,265) (6,017) (16,306) (16,660)
Non-cash write-downs and
charges related to
required regulatory
obligations
(302) (287)
(837) (1,640)
Debt renegotiation costs
- -
- 47
--------------------- ---------------------
Income from operations
$10,995 $8,080 $22,024
$20,291
===================== =====================
Note: Certain prior year reclassifications have been made
to conform
to current year presentation.
(a) EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations,
corporate expenses and debt renegotiation costs) is a
measure of
financial performance commonly used in the casino hotel
industry.
We provide EBITDA results to enhance an investor's understanding
of
our operating results.
EBITDA is a non-GAAP financial statement measure and
should not be
construed as an alternative to operating income as determined
under
generally accepted accounting principles as an indicator
of operating
performance.
All companies do not calculate EBITDA in the same manner;
accordingly,
the EBITDA results presented above may not be comparable
to EBITDA
results as reported by other companies.
TRUMP INDIANA, INC.
Condensed Statements of Operations
(Unaudited)
(In thousands, except statistical information)
3 MONTHS
9 MONTHS
30-Sep-04 30-Sep-03 30-Sep-04 30-Sep-03
--------------------- --------------------
REVENUES
CASINO
$ 34,653 $ 34,631 $ 108,823 $ 99,359
# of Slots
1,714 1,732 1,700
1,726
Win per Slot/Day
$ 182 $ 189
$ 195 $ 182
Slot Win
$ 28,622 $ 30,100 $ 90,776 $ 85,684
# of Tables
39 45
40 45
Win per Table/Day
$ 1,234 $ 1,095 $ 1,280
$ 1,106
Table Win
$ 4,428 $ 4,531 $ 14,027
$ 13,675
Table Drop
$ 28,047 $ 29,683 $ 92,865 $ 85,437
Hold %
15.8% 15.3% 15.1%
16.0%
Poker (Start 12/16/03) $
1,603 N/A $ 4,020
N/A
ROOMS
$ 882 $ 926
$ 2,451 $ 2,486
# of Rooms Sold
15,633 16,592 43,201
44,694
Avg Room Rates
$ 56.42 $ 55.81 $ 56.73
$ 55.62
Occupancy %
56.6% 60.1% 52.6%
54.6%
FOOD & BEVERAGE
$ 766 $ 843
$ 2,424 $ 2,289
OTHER
518 498
1,523 1,775
PROMOTIONAL ALLOWANCES
(2,784) (3,842) (8,843) (11,273)
---------- -------- --------- --------
NET REVENUES
$ 34,035 $ 33,056 $ 106,378 $ 94,636
---------- -------- --------- --------
COSTS & EXPENSES
GAMING
$ 18,158 $ 17,072 $ 55,247 $ 51,044
ROOMS
505 534
1,533 1,525
FOOD & BEVERAGE
1,172 1,208 3,573
3,400
GENERAL & ADMIN
5,661 6,496 20,559
17,650
---------- -------- --------- --------
TOTAL EXPENSES
$ 25,496 $ 25,310 $ 80,912 $ 73,619
---------- -------- --------- --------
EBITDA (a)
$ 8,539 $ 7,746 $ 25,466
$ 21,017
========== ======== ========= ========
A reconciliation of EBITDA to income from operations for
each of the
periods is as follows:
EBITDA
$ 8,539 $ 7,746 $ 25,466
$ 21,017
Depreciation and
amortization
(2,263) (1,720) (5,802) (5,426)
Management and services
agreement
(1,573) (1,454) (4,776) (4,640)
---------- -------- --------- --------
Income from operations
$ 4,703 $ 4,572 $ 14,888
$ 10,951
========== ======== ========= ========
(a) EBITDA (Earnings before interest, taxes, depreciation
and
amortization, valuation allowances on casino reinvestment
obligations, corporate expenses and debt renegotiation
costs) is a
measure of financial performance commonly used in the
casino hotel
industry.
We provide EBITDA results to enhance an investor's understanding
of our operating results. EBITDA is a non-GAAP financial
statement
measure and should not be construed as an alternative
to operating
income as determined under generally accepted accounting
principles as an indicator of operating performance.
All companies
do not calculate EBITDA in the same manner; accordingly,
the
EBITDA results presented above may not be comparable
to EBITDA
results as reported by other companies.
TRUMP HOTELS & CASINO RESORTS, INC.
Supplemental Information
(Unaudited)
(In thousands)
3 MONTHS
9 MONTHS
30-Sep-04 30-Sep-03 30-Sep-04 30-Sep-03
------------------- -------------------
CRDA WRITE-DOWN
TAJ
$ 568 $ 577 $ 1,594
$ 2,898
PLAZA
368 363 1,076
1,324
MARINA
302 287
837 1,640
------------------- -------------------
TOTAL CRDA WRITE-DOWN
$ 1,238 $ 1,227 $ 3,507 $ 5,862
=================== ===================
DEPRECIATION & AMORTIZATION
TAJ
$12,015 $11,349 $ 36,570 $32,701
PLAZA
7,921 5,423 18,879
15,144
THCR HOLDINGS
25 6
46 21
MARINA
5,265 6,017 16,306
16,660
INDIANA
2,263 1,720 5,802
5,426
------------------- -------------------
TOTAL DEPRECIATION/AMORT
$27,489 $24,515 $ 77,603 $69,952
=================== ===================
INTEREST EXPENSE
TAJ
$24,653 $24,606 $ 74,392 $73,702
PLAZA
14,299 13,922 42,548 42,219
THCR HOLDINGS
- -
- 4,533
TRUMP CASINO HOLDINGS
4,655 4,063 13,418
8,340
MARINA
11,811 11,078 34,329 35,847
INDIANA
2,207 2,181 6,563
4,876
THCR MGMT
- -
- 241
------------------- -------------------
TOTAL INTEREST EXPENSE
$57,625 $55,850 $171,250 $169,758
=================== ===================
LOAN COST AMORT/BOND DISC INCL
INT EXP
TAJ
$ 548 $ 614 $ 1,692
$ 1,898
PLAZA
361 404 1,114
1,249
THCR HOLDINGS
- -
- 192
TRUMP CASINO HOLDINGS
765 691 2,242
1,386
MARINA
500 708 1,500
3,529
INDIANA
93 140
287 371
THCR MGMT
- -
- 223
------------------- -------------------
TOTAL LOAN COST AMORT/BOND
DISC
$ 2,267 $ 2,557 $ 6,835 $ 8,848
=================== ===================
TRUMP HOTELS & CASINO RESORTS, INC.
Supplemental Information
(Unaudited)
Cash & Cash Equivalents
(in millions)
30-Sep-04 30-Sep-03
Trump Atlantic City Consolidated
$ 74.2 $109.0
Trump Casino Holdings Consolidated (a)
49.7 30.7
Trump Hotels & Casino Resorts Holdings, L.P.
0.1 2.2
------ ------
Total Cash & Cash Equivalents
$124.0 $141.9
====== ======
(a) On October 14, 2004, TCH made the September interest
payment on
the TCH Notes. The interest payment (of approximately
$17.9
million), which was due on September 15, 2004, was paid
within the
30-day grace period provided under the indentures governing
the
TCH Notes.
Capital Expenditures
Purchase Capital
(in thousands)
of Property Lease/
Financed Total Capital
& Equipment Additions Expenditures
For the Three Months Ended September 30, 2004
TAJ
$ 340 $ 1,627 $ 1,967
PLAZA
292 5,843
6,135
MARINA
1,179 -
1,179
INDIANA
358 -
358
THCR HOLDINGS
30 -
30
------- ------- -------
TOTAL
$ 2,199 $ 7,470 $ 9,669
======= ======= =======
For the Three Months Ended September 30, 2003
TAJ
$ 4,577 $ -
$ 4,577
PLAZA
1,185 2,576
3,761
MARINA
1,560 -
1,560
INDIANA
124 -
124
THCR HOLDINGS
13 -
13
------- ------- -------
TOTAL
$ 7,459 $ 2,576 $10,035
======= ======= =======
For the Nine Months Ended September 30, 2004
TAJ
$ 5,641 $13,413 $19,054
PLAZA
2,666 12,331 14,997
MARINA
2,661 5,992
8,653
INDIANA
1,951 89
2,040
THCR HOLDINGS
361 -
361
------- ------- -------
TOTAL
$13,280 $31,825 $45,105
======= ======= =======
For the Nine Months Ended September 30, 2003
TAJ
$14,454 $10,609 $25,063
PLAZA
3,185 7,123
10,308
MARINA
3,968 5,831
9,799
INDIANA
1,808 4,710
6,518
THCR HOLDINGS
35 -
35
-------- -------- -------
TOTAL
$23,450 $28,273 $51,723
======= ======= =======
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