Attached files
| file | filename |
|---|---|
| 8-K - 8-K - PENN NATIONAL GAMING INC | a2216990z8-k.htm |
| EX-99.2 - EX-99.2 - PENN NATIONAL GAMING INC | a2216990zex-99_2.htm |
| EX-99.3 - EX-99.3 - PENN NATIONAL GAMING INC | a2216990zex-99_3.htm |
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UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
The following unaudited pro forma consolidated financial statements have been developed by applying pro forma adjustments to illustrate the estimated pro forma effects of the Transactions to the historical audited consolidated financial statements of Penn and its subsidiaries for the year ended December 31, 2012 and the historical unaudited condensed consolidated financial statements of Penn as of June 30, 2013 and for the six-month periods ended June 30, 2013 and 2012, which financial statements are incorporated by reference into this offering memorandum.
The unaudited pro forma consolidated balance sheet as of June 30, 2013 presents our consolidated financial position giving pro forma effect to the Transactions as if they had occurred on June 30, 2013. The unaudited consolidated income statements for the year ended December 31, 2012, for the six months ended June 30, 2013, for the six months ended June 30, 2012 and for the twelve months ended June 30, 2013 present our consolidated results of operations giving pro forma effect to the Transactions as if they had occurred on January 1, 2012.
The unaudited consolidated income statement includes the presentation of the unaudited pro forma consolidated income statement for the twelve months ended June 30, 2013 (the "Pro Forma LTM Period"). The Pro Forma LTM Period is calculated as follows: (i) the audited consolidated income statement for the year ended December 31, 2012; plus (ii) the unaudited consolidated income statement for the six months ended June 30, 2013; less (iii) the unaudited consolidated income statement for the six months ended June 30, 2012; and (iv) adjusted for the appropriate pro forma adjustments for the twelve month period ended June 30, 2013, which were determined by adding and subtracting the pro forma adjustments for the period referred to in clauses (i) through (iii) in the same manner as described therein for the applicable income statement.
The assumptions underlying the pro forma adjustments are described in the accompanying notes, which should be read in conjunction with the unaudited pro forma consolidated financial statements. The assumptions used and pro forma adjustments derived from such assumptions are based on currently available information, and we believe such assumptions are reasonable under the circumstances.
These financial statements have been made solely for illustrative purposes. The actual results reported in periods following the Transactions may differ significantly from those reflected in these pro forma and forecasted financial statements for a number of reasons, including inaccuracy of the assumptions used to prepare these financial statements. These financial statements assume the contribution to GLPI of all of the Transferred Real Property as of the dates described above and, in addition, no adjustments have been made to the unaudited pro forma consolidated income statement for nonrecurring items related to the Transactions. As a result, the pro forma financial information does not purport to be indicative of what the financial condition or results of operations would have been had the Transactions been completed on the applicable dates of these financial statements. Please read "Risk Factors" and "Forward-Looking Statements" elsewhere in this offering memorandum for a discussion of matters that could cause our actual results to differ materially from those contained in these financial statements.
PENN UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
June 30, 2013
| |
Historical | Pro Forma Adjustments |
|
Removal of TRS Entities |
Pro Forma | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets |
|||||||||||||||
Current assets |
|||||||||||||||
Cash and cash equivalents |
$ | 235,135 | $ | (2,496,031 | ) | F | $ | (18,400 | ) | $ | 181,873 | ||||
|
1,075,000 | G | |||||||||||||
|
(23,170 | ) | E | ||||||||||||
|
(13,779 | ) | H | ||||||||||||
|
(15,000 | ) | J | ||||||||||||
|
(1,882 | ) | L | ||||||||||||
|
2,067,000 | M | |||||||||||||
|
(397,000 | ) | N | ||||||||||||
|
(230,000 | ) | O | ||||||||||||
Receivables, net of allowance for doubtful accounts |
52,135 | (466 | ) | 51,669 | |||||||||||
Insurance receivable |
210 | — | 210 | ||||||||||||
Prepaid expenses |
65,482 | 17,078 | I | (1,356 | ) | 81,204 | |||||||||
Deferred income taxes |
36,674 | (1,766 | ) | 34,908 | |||||||||||
Other current assets |
11,646 | (575 | ) | 11,071 | |||||||||||
Total current assets |
401,282 | (17,785 | ) | (22,563 | ) | 360,935 | |||||||||
Property and equipment, gross |
4,104,151 | (2,463,198 | ) | A | (214,853 | ) | 1,414,171 | ||||||||
|
(11,929 | ) | P | ||||||||||||
Accumulated depreciation |
(1,426,148 | ) | 449,190 | A | 100,867 | (876,091 | ) | ||||||||
Property and equipment, net |
2,678,003 | (2,025,937 | ) | (113,986 | ) | 538,080 | |||||||||
Other assets |
|||||||||||||||
Investment in and advances to unconsolidated affiliates |
201,547 | 201,547 | |||||||||||||
Goodwill |
1,309,413 | (412,120 | ) | B | (75,521 | ) | 821,772 | ||||||||
Other intangible assets |
698,467 | (159,101 | ) | B | (9,577 | ) | 529,789 | ||||||||
Debt issuance costs |
31,761 | (31,761 | ) | D | 23,170 | ||||||||||
|
23,170 | E | |||||||||||||
Other assets |
112,897 | (9,508 | ) | K | (128 | ) | 103,261 | ||||||||
Total other assets |
2,354,085 | (589,320 | ) | (85,226 | ) | 1,679,539 | |||||||||
Total assets |
$ | 5,433,370 | $ | (2,633,042 | ) | $ | (221,775 | ) | $ | 2,578,554 | |||||
Liabilities |
|||||||||||||||
Current liabilities |
|||||||||||||||
Current maturities of long-term debt |
$ | 82,594 | (82,594 | ) | F | — | |||||||||
Accounts payable |
25,256 | (387 | ) | 24,869 | |||||||||||
Accrued expenses |
102,821 | (6,056 | ) | 96,765 | |||||||||||
Accrued interest |
19,831 | (19,831 | ) | F | — | ||||||||||
Accrued salaries and wages |
80,567 | 80,567 | |||||||||||||
Gaming, pari-mutuel, property, and other taxes |
65,857 | (2,521 | ) | 63,336 | |||||||||||
Income taxes |
— | (1,440 | ) | (1,440 | ) | ||||||||||
Insurance financing |
8,125 | (3,706 | ) | 4,419 | |||||||||||
Other current liabilities |
71,997 | (9,508 | ) | K | (166 | ) | 60,441 | ||||||||
|
(1,882 | ) | L | ||||||||||||
Total current liabilities |
457,048 | (113,815 | ) | (14,276 | ) | 328,957 | |||||||||
See accompanying notes to unaudited pro forma consolidated financial statements.
PENN UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET
June 30, 2013
| |
Historical | Pro Forma Adjustments |
|
Removal of TRS Entities |
Pro Forma | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long-term liabilities |
|||||||||||||||
Long-term debt, net of current maturities |
2,393,606 | (2,393,606 | ) | F | — | 1,075,000 | |||||||||
|
1,075,000 | G | |||||||||||||
Deferred income taxes |
223,004 | (38,521 | ) | C | (6,951 | ) | 96,322 | ||||||||
|
(4,160 | ) | P | ||||||||||||
|
(80,400 | ) | B | ||||||||||||
|
3,350 | Q | |||||||||||||
Noncurrent tax liabilities |
23,044 | 23,044 | |||||||||||||
Other noncurrent liabilities |
7,050 | 7,050 | |||||||||||||
Total long-term liabilities |
2,646,704 | (1,438,337 | ) | (6,951 | ) | 1,201,416 | |||||||||
Shareholders' equity |
|||||||||||||||
Preferred stock |
— | — | |||||||||||||
Common stock |
780 | 780 | |||||||||||||
Additional paid-in capital |
1,479,945 | (230,000 | ) | O | (27,661 | ) | 825,284 | ||||||||
|
(397,000 | ) | N | ||||||||||||
Retained earnings |
848,264 | (2,014,008 | ) | A | (172,887 | ) | 221,488 | ||||||||
|
(490,821 | ) | B | ||||||||||||
|
38,521 | C | |||||||||||||
|
(31,761 | ) | D | ||||||||||||
|
(13,779 | ) | H | ||||||||||||
|
(15,000 | ) | J | ||||||||||||
|
17,078 | I | |||||||||||||
|
2,067,000 | M | |||||||||||||
|
(7,769 | ) | P | ||||||||||||
|
(3,350 | ) | Q | ||||||||||||
Accumulated other comprehensive income |
629 | 629 | |||||||||||||
Total shareholders' equity |
2,329,618 | (1,080,890 | ) | (200,548 | ) | 1,048,181 | |||||||||
Total liabilities and shareholders' equity |
$ | 5,433,370 | $ | (2,633,042 | ) | $ | (221,775 | ) | $ | 2,578,554 | |||||
See accompanying notes to unaudited pro forma consolidated financial statements.
PENN UNAUDITED PRO FORMA CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED JUNE 30, 2013
(in thousands, except per share data)
| |
Historical | Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. |
Pro Forma Adjustments |
|
Pro Forma | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues |
|||||||||||||||
Gaming |
$ | 1,397,754 | $ | (85,379 | ) | $ | — | $ | 1,312,375 | ||||||
Food, beverage and other |
242,904 | (6,589 | ) | — | 236,315 | ||||||||||
Management service fee |
6,714 | — | — | 6,714 | |||||||||||
Revenues |
1,647,372 | (91,968 | ) | — | 1,555,404 | ||||||||||
Less promotional allowances |
(87,755 | ) | 3,247 | (84,508 | ) | ||||||||||
Net revenues |
1,559,617 | (88,721 | ) | — | 1,470,896 | ||||||||||
Operating expenses |
|||||||||||||||
Gaming |
703,907 | (47,481 | ) | 656,426 | |||||||||||
Food, beverage and other |
179,175 | (5,550 | ) | 173,625 | |||||||||||
General and administrative |
264,307 | (12,575 | ) | 217,267 | R | 451,289 | |||||||||
|
(4,443 | ) | S | ||||||||||||
|
(3,069 | ) | T | ||||||||||||
|
(5,800 | ) | U | ||||||||||||
|
(4,398 | ) | FF | ||||||||||||
Depreciation and amortization |
157,686 | (7,215 | ) | (46,122 | ) | V | 104,349 | ||||||||
Impairment losses |
71,846 | 71,846 | |||||||||||||
Insurance recoveries, net of deductible charges |
2,500 | — | — | 2,500 | |||||||||||
Total operating expenses |
1,379,421 | (72,821 | ) | 153,435 | 1,460,035 | ||||||||||
Income from operations |
180,196 | (15,900 | ) | (153,435 | ) | 10,861 | |||||||||
Other income (expenses) |
|||||||||||||||
Interest expense |
(54,984 | ) | — | 54,984 | W | (23,578 | ) | ||||||||
|
(20,922 | ) | X | ||||||||||||
|
(2,656 | ) | Y | ||||||||||||
Interest income |
605 | (1 | ) | — | 604 | ||||||||||
Gain (loss) from unconsolidated affiliates |
5,542 | — | — | 5,542 | |||||||||||
Other |
3,066 | 2,661 | (2,661 | ) | EE | 3,066 | |||||||||
Total other expenses |
(45,771 | ) | 2,660 | 28,745 | (14,366 | ) | |||||||||
Income from operations before income taxes |
134,425 | (13,240 | ) | (124,690 | ) | (3,505 | ) | ||||||||
Taxes on income |
81,334 | (5,327 | ) | (48,629 | ) | Z | 27,378 | ||||||||
Net income |
$ | 53,091 | $ | (7,913 | ) | $ | (76,061 | ) | $ | (30,883 | ) | ||||
Earnings (loss) per common share attributable to the shareholders of Penn National Gaming, Inc. and Subsidiaries: |
|||||||||||||||
Basic earnings per common share |
$ | 0.55 | $ | (0.37 | ) | ||||||||||
Diluted earnings per common share |
$ | 0.51 | $ | (0.37 | ) | ||||||||||
Weighted average number of common and common equivalent shares outstanding |
|||||||||||||||
Basic |
77,932 | (2,077 | ) | CC | 84,482 | ||||||||||
|
8,627 | DD | |||||||||||||
Diluted |
103,932 | (22,850 | ) | AA | 86,961 | ||||||||||
|
(671 | ) | BB | ||||||||||||
|
(2,077 | ) | CC | ||||||||||||
|
8,627 | DD | |||||||||||||
See accompanying notes to unaudited pro forma consolidated financial statements.
PENN UNAUDITED PRO FORMA CONSOLIDATED INCOME STATEMENT
FOR THE SIX MONTHS ENDED JUNE 30, 2012
(in thousands, except per share data)
| |
Historical | Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. | Pro Forma Adjustments | |
Pro Forma | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues |
|||||||||||||||
Gaming |
$ | 1,290,923 | $ | (122,241 | ) | $ | — | $ | 1,168,682 | ||||||
Food, beverage and other |
222,863 | (9,144 | ) | — | 213,719 | ||||||||||
Management service fee |
7,057 | — | — | 7,057 | |||||||||||
Revenues |
1,520,843 | (131,385 | ) | — | 1,389,458 | ||||||||||
Less promotional allowances |
(72,233 | ) | 4,224 | (68,009 | ) | ||||||||||
Net revenues |
1,448,610 | (127,161 | ) | — | 1,321,449 | ||||||||||
Operating expenses |
|||||||||||||||
Gaming |
671,044 | (68,278 | ) | 602,766 | |||||||||||
Food, beverage and other |
172,789 | (7,164 | ) | 165,625 | |||||||||||
General and administrative |
231,248 | (13,667 | ) | 174,290 | R | 375,147 | |||||||||
|
(3,781 | ) | S | ||||||||||||
|
(4,505 | ) | T | ||||||||||||
|
(3,640 | ) | U | ||||||||||||
|
(4,798 | ) | FF | ||||||||||||
Depreciation and amortization |
110,128 | (7,073 | ) | (32,108 | ) | V | 70,947 | ||||||||
Insurance recoveries, net of deductible charges |
(7,229 | ) | — | — | (7,229 | ) | |||||||||
Total operating expenses |
1,177,980 | (96,182 | ) | 125,458 | 1,207,256 | ||||||||||
Income from operations |
270,630 | (30,979 | ) | (125,458 | ) | 114,193 | |||||||||
Other income (expenses) |
|||||||||||||||
Interest expense |
(35,866 | ) | — | 35,866 | W | (23,945 | ) | ||||||||
|
(21,259 | ) | X | ||||||||||||
|
(2,686 | ) | Y | ||||||||||||
Interest income |
465 | (2 | ) | — | 463 | ||||||||||
Gain (loss) from unconsolidated affiliates |
2,739 | — | — | 2,739 | |||||||||||
Other |
471 | 3,815 | (3,815 | ) | EE | 471 | |||||||||
Total other expenses |
(32,191 | ) | 3,813 | 8,106 | (20,272 | ) | |||||||||
Income from operations before income taxes |
238,439 | (27,166 | ) | (117,352 | ) | 93,921 | |||||||||
Taxes on income |
93,153 | (10,882 | ) | (45,767 | ) | Z | 36,504 | ||||||||
Net income |
$ | 145,286 | $ | (16,284 | ) | $ | (71,585 | ) | $ | 57,417 | |||||
Earnings (loss) per common share attributable to the shareholders of Penn National Gaming, Inc. and Subsidiaries: |
|||||||||||||||
Basic earnings per common share |
$ | 1.54 | $ | 0.69 | |||||||||||
Diluted earnings per common share |
$ | 1.37 | $ | 0.68 | |||||||||||
Weighted average number of common and common equivalent shares outstanding |
|||||||||||||||
Basic |
76,126 | (2,077 | ) | CC | 82,676 | ||||||||||
|
8,627 | DD | |||||||||||||
Diluted |
105,875 | (27,278 | ) | AA | 84,476 | ||||||||||
|
(671 | ) | BB | ||||||||||||
|
(2,077 | ) | CC | ||||||||||||
|
8,627 | DD | |||||||||||||
See accompanying notes to unaudited pro forma consolidated financial statements.
PENN UNAUDITED PRO FORMA CONSOLIDATED INCOME STATEMENT
FOR THE TWELVE MONTHS ENDED JUNE 30, 2013
(in thousands, except per share data)
| |
Historical | Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. |
Pro Forma Adjustments |
|
Pro Forma | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues |
|||||||||||||||
Gaming |
$ | 2,697,364 | $ | (165,719 | ) | $ | — | $ | 2,531,645 | ||||||
Food, beverage and other |
458,878 | (13,080 | ) | — | 445,798 | ||||||||||
Management service fee |
14,492 | — | — | 14,492 | |||||||||||
|
3,170,734 | (178,799 | ) | — | 2,991,935 | ||||||||||
Less promotional allowances |
(160,262 | ) | 6,596 | (153,666 | ) | ||||||||||
Net revenues |
3,010,472 | (172,203 | ) | — | 2,838,269 | ||||||||||
Operating expenses |
|||||||||||||||
Gaming |
1,375,768 | (92,314 | ) | 1,283,454 | |||||||||||
Food, beverage and other |
349,997 | (11,500 | ) | 338,497 | |||||||||||
General and administrative |
565,300 | (25,568 | ) | 408,124 | R | 912,918 | |||||||||
|
(9,914 | ) | S | ||||||||||||
|
(6,962 | ) | T | ||||||||||||
|
(9,289 | ) | U | ||||||||||||
|
(8,773 | ) | FF | ||||||||||||
Depreciation and amortization |
292,906 | (14,232 | ) | (84,733 | ) | V | 193,941 | ||||||||
Impairment losses |
71,846 | 71,846 | |||||||||||||
Insurance recoveries, net of deductible charges |
2,500 | — | — | 2,500 | |||||||||||
Total operating expenses |
2,658,317 | (143,614 | ) | 288,453 | 2,803,156 | ||||||||||
Income from operations |
352,155 | (28,589 | ) | (288,453 | ) | 35,113 | |||||||||
Other income (expenses) |
|||||||||||||||
Interest expense |
(100,558 | ) | — | 100,558 | W | (47,337 | ) | ||||||||
|
(42,012 | ) | X | ||||||||||||
|
(5,325 | ) | Y | ||||||||||||
Interest income |
1,088 | (1 | ) | — | 1,087 | ||||||||||
Gain (loss) from unconsolidated affiliates |
6,607 | — | — | 6,607 | |||||||||||
Other |
1,220 | 5,166 | (5,166 | ) | EE | 1,220 | |||||||||
Total other expenses |
(91,643 | ) | 5,165 | 48,055 | (38,423 | ) | |||||||||
Income from operations before income taxes |
260,512 | (23,424 | ) | (240,398 | ) | (3,310 | ) | ||||||||
Taxes on income |
140,736 | (8,876 | ) | (93,755 | ) | Z | 38,105 | ||||||||
Net income |
$ | 119,776 | $ | (14,548 | ) | $ | (146,643 | ) | $ | (41,415 | ) | ||||
Earnings (loss) per common share attributable to the shareholders of Penn National Gaming, Inc. and Subsidiaries: |
|||||||||||||||
Basic earnings per common share |
$ | 1.26 | $ | (0.49 | ) | ||||||||||
Diluted earnings per common share |
$ | 1.16 | $ | (0.49 | ) | ||||||||||
Weighted average number of common and common equivalent shares outstanding |
|||||||||||||||
Basic |
77,241 | (2,077 | ) | CC | 83,791 | ||||||||||
|
8,627 | DD | |||||||||||||
Diluted |
103,072 | (23,024 | ) | AA | 85,950 | ||||||||||
|
(648 | ) | BB | ||||||||||||
|
(2,077 | ) | CC | ||||||||||||
|
8,627 | DD | |||||||||||||
See accompanying notes to unaudited pro forma consolidated financial statements.
PENN UNAUDITED PRO FORMA CONSOLIDATED INCOME STATEMENT
FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2012
(in thousands, except per share data)
| |
Historical | Louisiana Casino Cruises, Inc. and Penn Cecil Maryland, Inc. | Pro Forma Adjustments | |
Pro Forma | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues |
|||||||||||||||
Gaming |
$ | 2,590,533 | $ | (202,581 | ) | $ | — | $ | 2,387,952 | ||||||
Food, beverage and other |
438,837 | (15,635 | ) | — | 423,202 | ||||||||||
Management service fee |
14,835 | — | — | 14,835 | |||||||||||
Revenues |
3,044,205 | (218,216 | ) | — | 2,825,989 | ||||||||||
Less promotional allowances |
(144,740 | ) | 7,573 | (137,167 | ) | ||||||||||
Net revenues |
2,899,465 | (210,643 | ) | — | 2,688,822 | ||||||||||
Operating expenses |
|||||||||||||||
Gaming |
1,342,905 | (113,111 | ) | 1,229,794 | |||||||||||
Food, beverage and other |
343,611 | (13,114 | ) | 330,497 | |||||||||||
General and administrative |
532,241 | (26,660 | ) | 340,005 | R | 811,634 | |||||||||
|
(9,252 | ) | S | ||||||||||||
|
(8,398 | ) | T | ||||||||||||
|
(7,129 | ) | U | ||||||||||||
|
(9,173 | ) | FF | ||||||||||||
Depreciation and amortization |
245,348 | (14,090 | ) | (70,719 | ) | V | 160,539 | ||||||||
Insurance recoveries, net of deductible charges |
(7,229 | ) | — | — | (7,229 | ) | |||||||||
Total operating expenses |
2,456,876 | (166,975 | ) | 235,334 | 2,525,235 | ||||||||||
Income from operations |
442,589 | (43,668 | ) | (235,334 | ) | 163,587 | |||||||||
Other income (expenses) |
|||||||||||||||
Interest expense |
(81,440 | ) | — | 81,440 | W | (47,705 | ) | ||||||||
|
(42,350 | ) | X | ||||||||||||
|
(5,355 | ) | Y | ||||||||||||
Interest income |
948 | (2 | ) | — | 946 | ||||||||||
Gain (loss) from unconsolidated affiliates |
3,804 | — | — | 3,804 | |||||||||||
Other |
(1,375 | ) | 6,320 | (6,320 | ) | EE | (1,375 | ) | |||||||
Total other expenses |
(78,063 | ) | 6,318 | 27,415 | (44,330 | ) | |||||||||
Income from operations before income taxes |
364,526 | (37,350 | ) | (207,919 | ) | 119,257 | |||||||||
Taxes on income |
152,555 | (14,431 | ) | (81,088 | ) | Z | 57,036 | ||||||||
Net income |
$ | 211,971 | $ | (22,919 | ) | $ | (126,831 | ) | $ | 62,221 | |||||
Earnings (loss) per common share attributable to the shareholders of Penn National Gaming, Inc. and Subsidiaries: |
|||||||||||||||
Basic earnings per common share |
$ | 2.24 | $ | 0.75 | |||||||||||
Diluted earnings per common share |
$ | 2.04 | $ | 0.73 | |||||||||||
Weighted average number of common and common equivalent shares outstanding |
|||||||||||||||
Basic |
76,345 | (2,077 | ) | CC | 82,895 | ||||||||||
|
8,627 | DD | |||||||||||||
Diluted |
103,804 | (24,995 | ) | AA | 84,735 | ||||||||||
|
(624 | ) | BB | ||||||||||||
|
(2,077 | ) | CC | ||||||||||||
|
8,627 | DD | |||||||||||||
See accompanying notes to unaudited pro forma consolidated financial statements.
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
A |
— | Record estimated adjustment to remove PP&E being spun off to GLPI. | ||
B |
— |
Record anticipated write-off of goodwill and intangibles resulting from Spin-Off, along with related impact on deferred taxes. We expect these charges to occur in the fourth quarter. |
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C |
— |
Adjust deferred tax liabilities associated with estimated PP&E transfer to GLPI. |
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D |
— |
Record write-off of historical debt issue costs. |
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E |
— |
Record estimated cash outlay and related capitalization of new debt issuance costs associated with new credit facilities. |
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F |
— |
Record payment to remove our historical debt obligations of and related accrued interest payable. |
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G |
— |
Record proceeds and related obligation from estimated new borrowings. |
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H |
— |
Record early redemption fees on the 83/4% notes. |
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I |
— |
Adjust prepaid taxes due to book charges related to redemption of subordinated notes and debt issuance write-offs. |
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J |
— |
Record estimated transaction costs associated with the Spin-Off. |
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K |
— |
Record deferred compensation liability and related assets that were transferred to GLPI for employees who were transferred to GLPI. |
||
L |
— |
To record stock based compensation liability transferred to GLPI for GLPI employees as well as cash payment to GLPI for this amount. |
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M |
— |
Record cash payment received from GLPI in accordance with internal reorganization. |
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N |
— |
Redemption of Series B preferred stock from Fortress. |
||
O |
— |
Redemption of Series B preferred stock from Centerbridge. |
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P |
— |
Estimated impairment charge on fixed assets and related impact on deferred taxes. |
||
Q |
— |
Account for removal of deferred tax asset on deferred compensation liability being spun off to GLPI. |
||
R |
— |
Record rent expense to be incurred by us under master lease agreement with GLPI. |
||
S |
— |
Remove compensation costs (deferred compensation, salaries, payroll taxes, other employee benefits, RSUs and SAR's. etc.) associated with two executives named to GLPI. |
||
T |
— |
Remove stock based compensation charges associated with two executives who were named to GLPI's executive team. |
||
U |
— |
Remove transaction costs associated with the Spin-Off. |
||
V |
— |
Removes depreciation expense associated with property transferred to GLPI. |
||
W |
— |
Removes our historical interest expense. |
||
X |
— |
Interest expense associated with our borrowings based on term sheet borrowing levels and indicative pricing as well as LIBOR rates in effect during time period. |
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Y |
— |
Amortization of new debt issuance costs. |
||
Z |
— |
Tax effect of adjustments above at effective rate of 39% based on statutory rates in effect for the period. |
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NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS (Continued)
AA |
— |
Remove dilutive impact of preferred stock. |
||
BB |
— |
Remove dilutive impact of Peter M. Carlino stock options since all are being converted to GLPI options. |
||
CC |
— |
Impact of non-pro rata distribution related to Peter M. Carlino common shares. |
||
DD |
— |
Record issuance of common shares to Fortress in connection with their preferred stock redemption. |
||
EE |
— |
Remove intercompany management fee charged to Louisiana Casino Cruises and Penn Cecil Maryland. |
||
FF |
— |
Remove expenses associated with land lease payments that will be assumed by GLPI subsequent to the Spin-Off. |
UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS
PENN UNAUDITED PRO FORMA CONSOLIDATED BALANCE SHEET June 30, 2013
PENN UNAUDITED PRO FORMA CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2013 (in thousands, except per share data)
PENN UNAUDITED PRO FORMA CONSOLIDATED INCOME STATEMENT FOR THE SIX MONTHS ENDED JUNE 30, 2012 (in thousands, except per share data)
PENN UNAUDITED PRO FORMA CONSOLIDATED INCOME STATEMENT FOR THE TWELVE MONTHS ENDED JUNE 30, 2013 (in thousands, except per share data)
PENN UNAUDITED PRO FORMA CONSOLIDATED INCOME STATEMENT FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2012 (in thousands, except per share data)
NOTES TO UNAUDITED PRO FORMA CONSOLIDATED FINANCIAL STATEMENTS