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EX-99.1 - PRESS RELEASE ISSUED DECEMBER 9, 2013 - Affinity Gamingex991-regfd09dec13.htm


UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): December 9, 2013


Affinity Gaming
(Exact name of registrant as specified in its charter)
 
 
 
 
 
Nevada
 
000-54085
 
02-0815199
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)
 
 
 
 
 
3755 Breakthrough Way
Suite 300
Las Vegas, NV
 
89135
 
(702) 341-2400
(Address of principal executive offices)
 
(Zip Code)
 
(Registrant’s telephone number, including area code)
 
 
 
 
 
 
(Former name or former address, if changed since last report.)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
c Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

c Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

c Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

c Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 7.01 Regulation FD Disclosure.

On December 9, 2013, we issued a press release announcing that in connection with a proposed amendment to our existing senior secured credit facility, we are electing to disclose preliminary financial data consisting of a range of projections for net revenue from continuing operations and Adjusted EBITDA from continuing operations for the year ending December 31, 2013. The following table presents the projections, with amounts from the fiscal year ended December 31, 2012 presented for comparative purposes (in millions):
 
Fiscal Year Ending
 
Fiscal Year Ended
 
December 31, 2013
 
December 31,
 
Low End
 
High End
 
2012
Net Revenue
 
 
 
 
 
Nevada
$
227.0

 
$
232.3

 
$
262.6

Midwest
126.5

 
123.5

 
127.9

Colorado
36.8

 
38.3

 
12.7

Total net revenue
$
390.3

 
$
394.1

 
$
403.2

 
 
 
 
 
 
Adjusted EBITDA
 
 
 
 
 
Nevada
$
28.9

 
$
29.9

 
$
32.8

Midwest
37.4

 
37.6

 
40.9

Colorado
8.5

 
8.8

 
7.7

Corporate expense and other
(11.3
)
 
(11.4
)
 
(10.7
)
Total adjusted EBITDA
$
63.5

 
$
64.9

 
$
70.7




The following tables reconcile projected/actual operating income from continuing operations to projected/actual Adjusted EBITDA from continuing operations (in millions):
 
Fiscal Year Ending December 31, 2013 - Low End of Range
 
Operating Income from Continuing Operations
 
Depreciation and Amortization
 
Share-Based Compensation
 
Write Downs, Reserves and Recoveries
 
Adjusted EBITDA
Nevada
$
11.6

 
$
14.6

 
$

 
$
2.7

 
$
28.9

Midwest
27.4

 
6.9

 

 
3.1

 
37.4

Colorado
3.5

 
5.0

 

 

 
8.5

Corporate and other
(12.3
)
 
1.0

 
1.5

 
(1.5
)
 
(11.3
)
Continuing operations
$
30.2

 
$
27.5

 
$
1.5

 
$
4.3

 
$
63.5







 
Fiscal Year Ending December 31, 2013 - High End of Range
 
Operating Income from Continuing Operations
 
Depreciation and Amortization
 
Share-Based Compensation
 
Write Downs, Reserves and Recoveries
 
Adjusted EBITDA
Nevada
$
12.6

 
$
14.6

 
$

 
$
2.7

 
$
29.9

Midwest
27.6

 
6.9

 

 
3.1

 
37.6

Colorado
3.8

 
5.0

 

 

 
8.8

Corporate and other
(12.4
)
 
1.0

 
1.5

 
(1.5
)
 
(11.4
)
Continuing operations
$
31.6

 
$
27.5

 
$
1.5

 
$
4.3

 
$
64.9


 
Fiscal Year Ended December 31, 2012
 
Operating Income from Continuing Operations
 
Depreciation and Amortization
 
Pre-Opening Expense
 
Share-Based Compensation
 
Write Downs, Reserves and Recoveries
 
Adjusted EBITDA
Nevada
$
18.6

 
$
14.2

 
$

 
$

 
$

 
$
32.8

Midwest
34.3

 
6.7

 

 

 
(0.1
)
 
40.9

Colorado
5.7

 
2.0

 

 

 

 
7.7

Corporate and other
(12.9
)
 
0.4

 
0.4

 
2.1

 
(0.7
)
 
(10.7
)
Continuing operations
$
45.7

 
$
23.3

 
$
0.4

 
$
2.1

 
$
(0.8
)
 
$
70.7



We have attached a copy of the press release, which is incorporated herein by reference, as Exhibit 99.1 to this Current Report on Form 8-K.


Item 9.01(d) Exhibits.

See the Exhibit Index set forth below for a list of exhibits included with this Current Report on Form 8-K.






Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, we have duly caused this report to be signed on our behalf by the undersigned hereunto duly authorized.

    
 
 
 
 
Affinity Gaming
 
 
 
 
 
Date:
December 9, 2013
 
By:
/s/ Donna Lehmann
 
 
 
Name:
Donna Lehmann
 
 
 
Title:
Senior Vice President, Chief Financial Officer and Treasurer







EXHIBIT INDEX

Exhibit
Number
 
Description
99.1

     
Press release issued
December 9, 2013