SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q/A1
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE
SECURITIES EXCHANGE ACT OF 1934
-----------------------------
For the Quarter Ended: August 31,1998
Commission File Number N/A
Louisiana Casino Cruises, Inc.
(Exact name of registrant as specified in its charter)
Louisiana 72-1196619
- ------------------------------- -------------------------------
(State or other jurisdiction of (I.R.S. Employer Identification
organization or incorporation) Number)
1717 River Road North
Baton Rouge, Louisiana 70802
(Address of principal executive offices, including zip code)
(504) 381-7777
(Registrant's telephone number, including area code)
Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports).
YES X NO
--------------- ---------------
and (2) has been subject to such filing requirements for the past 90 days.
YES X NO
--------------- ---------------
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the latest practicable date.
Common Stock, no par value
per share 982,783
- ----------------------------- --------------------------------
Class Outstanding as of November 16,1998
<PAGE>
This Amendment No.1 is being filed to amend the Quarterly Report on Form
10-Q for the quarter ended August 31, 1998, filed with the Securities and
Exchange Commission by Louisiana Casino Cruises, Inc. (the "Company")on October
2, 1998, as follows:
In Part I Financial Information, the diluted earnings per share as shown
on the Statements of Operations for the three and nine months ended August 31,
1998 have been restated to reflect the calculation thereof as described in
Note 4 as revised.
Except as described above, the Amendment makes no changes to the Report on
Form 10-Q for the quarter ended August 31, 1998.
<PAGE>
LOUISIANA CASINO CRUISES, INC.
STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
August 31, August 31,
------------------ -----------------
1998 1997 1998 1997
---------- ------- ------- ---------
Revenues:
Casino $ 16,895 $17,280 $51,445 $52,470
Food and beverage 407 376 1,066 1,019
Other 47 178 573 538
-------- ------- ------- -------
Net revenues 17,349 17,834 53,084 54,027
-------- ------- ------- -------
Costs and expenses:
Casino 8,428 8,080 25,216 24,285
Food and beverage 482 375 1,158 988
Selling,general and administrative(Note 5) 5,403 5,307 15,739 15,715
-------- ------- ------- -------
Total operating expenses 14,313 13,762 42,113 40,988
-------- ------- ------- -------
Income before depreciation,
amortization and interest 3,036 4,072 10,971 13,039
Depreciation and amortization 1,187 1,089 3,510 3,243
-------- ------- ------- -------
Operating income 1,849 2,983 7,461 9,796
Other income (expense):
Interest income 87 79 298 178
Interest expense (1,497) (1,536) (4,486) (4,467)
-------- ------- ------- -------
Income before provision for income taxes 439 1,526 3,273 5,507
Provision for income taxes (Note 7) 151 497 1,192 2,014
-------- ------- ------- -------
Net income 288 1,029 2,081 3,493
Dividend requirement on redeemable
preferred stock 33 33 99 99
Distributions paid to common stock
warrant holders 107 - 269 65
-------- ------- ------- -------
Net income assigned to common
shareholders $ 148 $ 996 $ 1,713 $ 3,329
======== ======= ======= =======
Earnings per share (Note 4):
Basic earnings per share $ 0.15 $ 1.01 $ 1.74 $ 3.39
======== ======= ======= =======
Diluted earnings per share $ 0.15 $ 0.88 $ 1.74 $ 2.99
======== ======= ======= =======
The accompanying notes are an integral
part of these financial statements
<PAGE>
NOTE 4 - EARNINGS PER COMMON SHARE
In 1997, the Financial Accounting Standards Board issued SFAS No. 128
"Earnings Per Share" which requires the Company to present basic earnings per
share (EPS) and diluted EPS, as defined in the standard. The new standard has
been adopted by the Company for fiscal 1998, therefore, for the three and nine
month periods ended August 31, 1998 and 1997, EPS calculations have been made
using the new standard.
For the three and nine month periods ended August 31, 1998 and 1997, basic
EPS is calculated by dividing net income assigned to common shareholders by the
weighted average common shares outstanding (982,783 shares). For the three and
nine month periods ended August 31, 1998 and 1997, diluted EPS is calculated by
dividing net income assigned to common shareholders before distributions to
common stock warrant holders by the weighted average common and common
equivalent shares outstanding (1,135,783 shares), unless antidilutive.
Common equivalent shares consist of redeemable common stock warrants with the
rights to purchase 153,000 shares of the Company's common stock (see Note 3).
<PAGE>
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 thereunto duly authorized.
LOUISIANA CASINO CRUISES, INC.
Dated:November 17, 1998
By: /s/ W. Peter Temling
W. Peter Temling
Chief Financial Officer,
Secretary and Treasurer
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND> The Financial Data Schedule
contains summary information
extracted from the unaudited
balance sheet of Louisiana Casino
Cruises, Inc. as of August 31,
1998 and the related statement
of operation for the three month
period ended August 31, 1998 and
is qualified in its entirety by
reference to such financial
statements.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> NOV-30-1998
<PERIOD-END> AUG-31-1998
<CASH> 11,003
<SECURITIES> 0
<RECEIVABLES> 899
<ALLOWANCES> 285
<INVENTORY> 564
<CURRENT-ASSETS> 14,607
<PP&E> 40,925
<DEPRECIATION> 14,852
<TOTAL-ASSETS> 56,888
<CURRENT-LIABILITIES> 48,908
<BONDS> 43,753
1,727
0
<COMMON> 1
<OTHER-SE> (805)
<TOTAL-LIABILITY-AND-EQUITY> 56,888
<SALES> 0
<TOTAL-REVENUES> 17,349
<CGS> 0
<TOTAL-COSTS> 15,500
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 64
<INTEREST-EXPENSE> 1,497
<INCOME-PRETAX> 439
<INCOME-TAX> 151
<INCOME-CONTINUING> 288
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 288
<EPS-PRIMARY> .15
<EPS-DILUTED> .15
</TABLE>