News
Trans World Corporation Announces 2nd Quarter 2008 Results
NEW YORK-(Business Wire)-August 6, 2008 - Trans World Corporation ("TWC" or the "Company") (OTCBB: TWOC), the owner and operator of casinos in Europe, today reported a net income of $806,000, or $0.09 per share, for the quarter ended June 30, 2008.
TWC's net income for the second quarter 2008 was down from the same period in 2007, as anticipated, due to the increased popularity of the European Cup which was held in June 2008. However, these results were better than expected, surpassing the Company's internal projections. In the second quarter of 2007, TWC's net income was $1,028,000, or $0.13 per share. The per share calculation is based on fully diluted shares of 8,884,828 and 7,934,309 for the respective periods in 2008 and 2007.
For the first half of 2008, the Company posted a 27%, or approximately $3.9 million, revenue increase, generating total revenue of $18.1 million versus $14.2 million realized for the same period a year ago. Live game and slot revenue increases of 24% and 22%, respectively, contributed to this improvement. The net income for the same periods was $1,396,000, or $0.16 per share, versus $1,423,000, or $0.18 per share. The per share calculation is based on fully diluted shares of 8,889,634 for the first half of 2008 and 7,934,309 for the same period in 2007.
Common stockholders' equity per share at the end of June 30, 2008 increased to $4.19, or by 23%, from $3.40 at December 31, 2007. The common stockholders' equity per share calculations are based on outstanding shares of 8,846,624 and 8,840,870 as of June 30, 2008 and December 31, 2007, respectively.
"We are pleased with our financial performance for the first six months of 2008 despite the occurrence and diversion of the European Cup," stated Rami Ramadan, CEO of TWC. "We anticipate that this strong revenue performance will carry over into the second half of the year."
Additionally, TWC has retained Alliance Advisors, LLC to initiate a proactive and targeted investor relations campaign. Alan Sheinwald, President of Alliance Advisors, and his experienced team will provide counsel for TWC, in all facets of a strategic investor communications plan.
The customized investor relations plan will include the proper positioning of the Company's corporate message, development of all investor-related materials, such as press releases, corporate profiles and presentation materials, as well as building long-term investor relationships with key members of the professional investment community. Alliance Advisors will also provide the Company with a premier information channel to institutional investors, hedge funds, independent portfolio managers, buy-side and sell-side analysts, small to large retail brokerage firms and accredited individual investors.
Additional information about TWC and its Czech subsidiary, American Chance Casinos, can be found at www.transwc.com or at www.american-chance-casinos.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release which are not historical facts contain forward looking information with respect to plans, projections or the future performance of the Company, the occurrence of which involve certain risks and uncertainties detailed in the Company's filings with the Securities and Exchange Commission. -0- *T TRANS WORLD CORPORATION AND SUBSIDIARIES FINANCIAL HIGHLIGHTS (dollars in thousands, except for share data) Selected Information from the Consolidated Statements of Operations (Unaudited) Six Months Ended June 30, Three Months Ended June 30, 2008 2007 2008 2007 ——————- —————- ———————- —————- Revenues $ 18,112 $ 14,215 $ 8,820 $ 7,250 Total Costs and Expenses 16,392 12,647 7,811 6,149 Income (Loss) From Operations 1,720 1,568 1,009 1,101 Other Expense (324) (145) (203) (73) Income (Loss) Before Income Taxes 1,396 1,423 806 1,028 Income Taxes - - - - Net Income (Loss) $ 1,396 $ 1,423 $ 806 $ 1,028 ============= =========== =============== =========== Weighted Average Common Shares Outstanding: Basic 8,845,676 7,840,870 8,840,870 7,840,870 Diluted 8,889,634 7,934,309 8,884,828 7,934,309 ============= =========== =============== =========== Earnings (Loss) Per Common Share: Basic $ 0.16 $ 0.18 $ 0.09 $ 0.13 Diluted $ 0.16 $ 0.18 $ 0.09 $ 0.13 ============= =========== =============== =========== *T -0- *T Selected Balance Sheet Information as of June 30, 2008 (Unaudited) and December 31, 2007 (Audited) June 30, 2008 December 31, 2007 ——————- ————————- Unaudited Total Current Assets $ 8,840 $ 9,968 Total Assets $ 53,612 $ 43,088 Total Current Liabilities $ 4,681 $ 5,953 Long-term Liabilities $ 11,834 $ 7,116 Total Stockholders' Equity $ 37,097 $ 30,019 Selected Financial Ratio June 30, 2008 December 31, 2007 ——————- ————————- Common Equity per Share $ 4.19 $ 3.40 *T
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