Penn National Gaming (PENN) Cuts Q3 Guidance

October 2, 2008 4:23 PM EDT

Penn National Gaming (Nasdaq: PENN) announced that it is reducing its guidance targets for financial results for the 2008 third quarter based on a greater than anticipated impact on gaming revenue related to economic conditions, competition in certain markets and disruption caused by September hurricanes. In addition, the 2008 third quarter results will reflect higher than anticipated lobbying expenses.

Penn National's revised 2008 third quarter financial guidance targets for net revenue of $617 million (prior guidance $658 million) and EBITDA of $146 million (prior guidance of $179 million).

The revised 2008 Q3 EBITDA guidance is net of approximately $3.0 million related to Hurricane Gustav and Hurricane Ike and approximately $15.3 million of lobbying expenses in Kansas, Maine, Maryland, Ohio, and West Virginia.

In the 2008 third quarter Penn National Gaming repurchased approximately $31.7 million, or 1,149,600 shares of its common stock in open market transactions, at an average price of $27.52. Penn National Gaming has approximately $168.3 million remaining available for repurchases under the July 2008 $200 million common stock buy-back authorization.

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