Herbst Gaming posts $7.44 million second-quarter operating income

By Caroline Salls

Pittsburgh, Aug. 14 - Herbst Gaming, Inc. reported $7.44 million of income from operations for the quarter ended June 30 on $172.68 million in net revenues, according to a 10-Q filed Friday with the Securities and Exchange Commission.

The figures compared to a $32.77 million loss from operations posted for the quarter ended June 30, 2008 on $204.53 million in net revenues.

The net income for the second quarter of 2009 was $4.47 million, improving from a $62.34 million net loss for the second quarter of 2008.

Herbst recorded $4.42 million of income from operations for the first six months of this year on $344.4 million in net revenues, compared with a $22.6 million loss from operations for the first six months of last year on $402.66 million in net revenues.

The net loss for the first half of 2009 was $28.38 million, narrowing from a $78.85 million net loss for the first half of 2008.

The company had $119.03 million in cash and cash equivalents at June 30, up from $105.99 million at Dec. 31, 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 in the U.S. Bankruptcy Court for the District of Nevada. Its Chapter 11 case number is 09-50746.

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