Penn National Gaming Posts Loss In Q4; Sees Weak Q1 - Quick Facts

(RTTNews) - Penn National Gaming, Inc.'s (PENN) net loss for the fourth quarter was $888.75 million or $11.40 per share, compared to net income of $20.24 million or $0.19 per share in the same period last year.

The latest quarter's results reflect $1.06 billion of non-cash impairment charges, $61.7 million of debt extinguishment charges and $14.1 million of transaction costs associated with the spin-off of Gaming and Leisure Properties Inc. or GLPI.

On average, 13 analysts polled by Thomson Reuters expected the company to report earnings of $0.13 per share for the quarter. Analysts' estimates typically exclude one-time items.

Net revenues for the quarter declined to $644.70 million from $743.81 million in the year-ago quarter. Analysts had a consensus revenue estimate of $655.57 million for the quarter.

Looking ahead to the first quarter, Penn National Gaming forecasts net income of $4.3 million or $0.05 per share on revenues of $640.2 million. Analysts expect the company to earn $0.18 per share for the quarter on revenues of $706.07 million.

For fiscal 2014, the company forecasts net income of $21.9 million or $0.24 per share on revenues of $2.63 billion. Street expects the company to earn $0.47 per share for the year on revenues of $2.75 billion.