Monarch Casino & Resort releases Q4 and full year report adjustments
Financial results changed following a court decision last month.
Key Points
- The company received $144,894 as part of a counterclaim suit
- Net income, basic earnings per share and diluted earnings per share were affected as a result
Monarch Casino & Resort has updated its financial and business reports due to subsequent court rulings.
Last month, the company was awarded $144,894 in its counterclaim lawsuit against PCL Construction Services.
The District Court, City and County of Denver, Colorado awarded the construction company more than $74m in damages.
The company said in a statement, “Based upon its initial review of the Court’s Judgment, Monarch anticipates filing an appeal to the Colorado Court of Appeals.”
Monarch had released its quarterly report and its fiscal year results prior to the court ruling. The casino resort said it has adjusted the amounts reported previously to account for the payment received.
“Monarch’s balance sheet as of September 30, 2024, included a liability of $47,008,285 due to PCL, which was adjusted as of December 31, 2024 to reflect the judgment amount,” the company said. “As a result, an adjustment of $27,619,372 was made to accounts payable in the December 31, 2024 balance sheet.”
Monarch’s adjusted EBITDA was not affected by the changes. However, the company reported changes to its net income, basic earnings per share and diluted earnings per share.
The casino resort said, “Net income for the three month and twelve months ended December 31, 2024 were $4,211 thousand and $72,769 thousand, respectively, compared to the previously reported $25,495 thousand and $94,053 thousand, respectively.
“Basic earnings per share for such periods are $0.23 and $3.91, respectively, compared to the previously reported $1.39 and $5.05, respectively. Diluted earnings per share for such periods are $0.22 and $3.84, respectively, compared to the previously reported $1.36 and $4.96, respectively.”
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