LAS VEGAS Mandalay Resort Group announced that its earnings per share for the fourth quarter ended January 31, 2001 will approximate its prior year result of $0.01. Operating cash flow for the quarter is expected to exceed the prior year quarter by roughly 15%, with operating cash flow for the full year rising more than 20%.
While the company s Las Vegas resorts fared dramatically stronger in the quarter, particularly against an underperforming New Year s period a year ago, adverse weather struck the company s properties in Mississippi, Illinois and Michigan. Moreover, Mandalay s properties in Laughlin turned in significantly lower results than a year ago. Higher interest expense and depreciation charges also affected earnings per share in the quarter versus a year ago.
Mandalay Resorts will release its results for the quarter and full year and conduct a conference call via telephone and the Internet on February 28 at 1:30 p.m. Pacific Time. The call will be broadcast live via the Internet at www.streetfusion.com. (2/7/01)