Herbst third-quarter income from operations slips to $3.29 million

By Caroline Salls

Pittsburgh, Nov. 16 - Herbst Gaming, Inc. reported $3.29 million of income from operations for the quarter ended Sept. 30 on $186.38 million of revenues, according to a 10-Q filed with the Securities and Exchange Commission.

The figures showed a decline from the $5.89 million of income from operations posted for the quarter ended Sept. 30, 2008 on revenues of $213.4 million.

The net income for the third quarter of 2009 was $385,000, compared with a $22.4 million net loss for the same period of 2008.

Meanwhile, the company recorded $7.7 million of income from operations for the nine months ended Sept. 30 on $565.64 million of revenues, compared with a $16.73 million loss from operations for the nine months ended Sept. 30, 2008 on $646.69 million of revenues.

The net loss for the first three quarters of this year was $27.99 million, narrowing from a $101.25 million net loss for the first three quarters of last year.

Herbst had $110.91 million of cash and cash equivalents at Sept. 30, up from $110.39 million at Sept. 30, 2008.

The Las Vegas-based casino business owns and operates 12 casinos in Nevada, two in Missouri and one in Iowa. The company filed for bankruptcy on March 22, 2009 in the U.S. Bankruptcy Court for the District of Nevada. Its Chapter 11 case number is 09-50746.

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