SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 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) July 11, 1996
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Aztar Corporation
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(Exact Name of Registrant as Specified in Charter)
Delaware 1-5440 86-0636534
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(State or Other Jurisdiction (Commission (IRS Employer
of Incorporation) File Number) Identification No.)
2390 East Camelback Road, Suite 400, Phoenix, Arizona 85016
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(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (602)381-4100
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Item 5. Other Events
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On July 11, 1996, Aztar Corporation (the "Company") issued a news
release reporting that the Company recorded increased revenues and
operating income for the second quarter of 1996 compared with the
second quarter of 1995, and breakeven net results, compared with
net income of $525,000, or one cent per share, fully diluted, in
the year-earlier quarter. A copy of the news release is attached
as Exhibit 99 to this Report and is incorporated herein by this
reference.
Item 7. Financial Statements and Exhibits
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Exhibit
Number Description
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99. News release issued by the Registrant on July 11, 1996,
reporting the Company's financial results for the second
quarter and six months ended June 27, 1996.
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AZTAR CORPORATION AND SUBSIDIARIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
AZTAR CORPORATION
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(Registrant)
Date July 11, 1996 By MERIDITH P. SIPEK
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Meridith P. Sipek
Controller
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AZTAR CORPORATION AND SUBSIDIARIES
Exhibit Index
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99. News release issued by the Registrant on July 11, 1996,
reporting the Company's financial results for the second
quarter and six months ended June 27, 1996.
E-1
EXHIBIT 99
[AZTAR LOGO]
CONTACT: Joe Cole
602/381-4111
FOR IMMEDIATE RELEASE
AZTAR REPORTS SECOND-QUARTER 1996 EARNINGS
PHOENIX, Arizona -- July 11, 1996 -- Aztar Corporation
(NYSE:AZR) today reported increased revenues and operating income
for the second quarter compared with the second quarter of 1995,
and breakeven net results, compared with net income of $525,000, or
one cent per share, fully diluted, in the year-earlier quarter.
Revenues for the second quarter, ended June 27, 1996, were
$189.5 million, up $44.1 million, or 30 percent, from $145.4
million in the 1995 quarter. Operating income was $15.4 million,
an increase of $1.6 million or 12 percent, compared with $13.8
million in the 1995 second quarter. Revenues increased largely as
the result of operations at the company's riverboat casino in
Evansville, Indiana, which opened in December 1995. Operating
income reflects a $641,000 pretax charge for disposal of assets
related to construction of new facilities.
Results in the quarter were significantly impeded by
disruption to operations at the company's Atlantic City property
due to construction of a 604-room hotel tower and extensive
improvements to the casino, as well as by increased costs
associated with the marketing and opening of the new facilities.
The substantially upgraded and expanded Atlantic City property held
its grand opening on the Fourth of July weekend, marked with the
unveiling of a new name, "Tropicana Casino and Resort."
Aztar is a publicly traded company that operates Tropicana
Casino and Resort in Atlantic City, New Jersey, Tropicana Resort
and Casino in Las Vegas, Nevada, Ramada Express Hotel and Casino in
Laughlin, Nevada, Casino Aztar in Caruthersville, Missouri, and
Casino Aztar in Evansville, Indiana.
# # #
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Aztar Corporation and Subsidiaries
Consolidated Statements of Operations (unaudited)
For the periods ended June 27, 1996 and June 29, 1995
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(in thousands, except per share data)
Second Quarter Six Months
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1996 1995 1996 1995
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Revenues
Casino $158,530 $118,935 $308,830 $230,847
Rooms 12,008 10,448 23,133 20,149
Food and beverage 13,908 11,980 27,540 23,107
Other 5,047 4,027 10,196 6,855
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189,493 145,390 369,699 280,958
Costs and expenses
Casino 77,244 55,606 150,240 110,320
Rooms 6,887 6,405 13,315 12,188
Food and beverage 13,061 11,068 25,794 21,453
Other 4,622 2,397 9,298 4,204
Marketing 23,096 14,018 42,819 24,944
General and administrative 17,409 13,288 34,615 24,264
Utilities 3,524 3,032 6,563 5,967
Repairs and maintenance 5,776 5,041 11,492 9,960
Provision for doubtful accounts 743 886 2,114 1,681
Property taxes and insurance 5,915 4,798 11,440 9,515
Rent 3,449 2,843 6,719 5,639
Depreciation and amortization 12,303 9,630 24,213 18,682
Preopening costs 76 2,586 76 2,586
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174,105 131,598 338,698 251,403
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Operating income 15,388 13,792 31,001 29,555
Interest income 628 889 1,217 1,717
Interest expense (14,603) (12,735) (28,245) (24,954)
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Income before other items and
income taxes 1,413 1,946 3,973 6,318
Equity in unconsolidated
partnership's loss (1,214) (1,323) (2,403) (2,649)
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Income before income taxes 199 623 1,570 3,669
Income taxes (159) (98) (761) (1,184)
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Net income $ 40 $ 525 $ 809 $ 2,485
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Aztar Corporation and Subsidiaries
Consolidated Statements of Operations (unaudited) (continued)
For the periods ended June 27, 1996 and June 29, 1995
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(in thousands, except per share data)
Second Quarter Six Months
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1996 1995 1996 1995
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Net income per common and
common equivalent share $ -- $ .01 $ .01 $ .06
Net income per common share
assuming full dilution $ -- $ .01 $ .01 $ .05
Weighted average common shares
applicable to:
Net income per common and
common equivalent share 39,694 39,119 39,464 38,852
Net income per common share
assuming full dilution 40,684 40,145 40,644 39,997
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