Magna Entertainment (MIEC) - Results for the Q2 and 6 months ended 6/30/00
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Second Quarter Six Months
Ended(1) June 30, Ended(1) June 30,
2000 1999 2000 1999
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Revenue $ 53,828 $ 20,795 $134,570 $ 60,702
Earnings Before Interest,
Taxes, Depreciation
and Amortization $ 9,132 $ 583 $ 35,566 $ 18,679
Net Income $ 2,752 $ (1,235) $ 14,732 $ 8,090
Fully diluted
earnings per share $ 0.03 $ (0.02) $ 0.18 $ 0.10
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(1) All amounts are reported in millions of U.S. dollars, except per
share figures.
Earnings (loss) per share of
Class A Subordinate Voting Stock,
Class B Stock or Exchangeable
Share:
Basic $ 0.03 $(0.02) $ 0.18 $ 0.10
Diluted $ 0.03 $(0.02) $ 0.18 $ 0.10
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Average number of shares of Class
A Subordinate Voting Stock, Class
B Stock and Exchangeable
Shares (in thousands):
Basic 80,466 78,535 80,377 78,535
Diluted 80,466 78,535 80,377 78,535
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MAGNA ENTERTAINMENT CORP.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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(Unaudited)
(United States dollars in thousands)
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Three months Six months
ended ended
June June June June
30, 30, 30, 30,
2000 1999 2000 1999
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Cash provided from (used for):
OPERATING ACTIVITIES
Net income 2,752 (1,235) 14,732 8,090
Items not involving current
cash flows 2,304 1,831 7,302 3,724
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5,056 596 22,034 11,814
Changes in non-cash items related
to operations (2,671) (13,652) (25,951) (10,442)
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Net cash provided from (used
for) Operating Activities 2,385 (13,056) (3,917) 1,372
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INVESTMENT ACTIVITIES
Acquisition of business - (6,375) (1,770) (6,375)
Real estate property and fixed
asset additions (6,381) (5,348) (8,767) (7,158)
Proceeds on sale of real estate 8,269 - 8,269 -
Proceeds (cost) on real estate
sold to Magna 6,147 - 6,147 -
Other assets disposals
(additions) 1,049 - 1,749 -
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Net cash provided from (used
for) Investing Activities 9,084 (11,087) 5,628 (13,533)
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FINANCING ACTIVITIES
Increase (decrease) in bank
indebtedness 1,498 (12,722) (2,056) (2,047)
Repayment of long-term debt (2,857) (60) (6,767) (104)
Issue of Class A Subordinate
Stock - - 1,846 -
Contributed capital, net of tax 1,352 - 1,352 -
Increase in note payable to Magna - 23,869 - 24,346
Net contribution by Magna - - - (12,120)
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Net cash provided from (used
for) Financing Activities (7) 11,087 (5,625) (10,075)
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Effect of exchange rate changes
on cash and cash equivalents 14 (1) (55) (7)
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Net increase (decrease) in cash and
cash equivalents during the period 11,476 (13,693) (3,969) (2,093)
Cash and cash equivalents,
beginning of period 35,215 29,103 50,660 17,503
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Cash and cash equivalents, end of
period 46,691 15,410 46,691 15,410
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MAGNA ENTERTAINMENT CORP.
CONDENSED CONSOLIDATED BALANCE SHEETS
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(Unaudited)
(United States dollars in thousands)
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June December
30, 31,
2000 1999
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ASSETS
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Current assets:
Cash and cash equivalents 46,691 50,660
Restricted cash 6,915 7,752
Accounts receivable 32,032 25,887
Prepaid expenses and other 4,337 3,931
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89,975 88,230
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Real estate properties and fixed assets, net 557,356 564,789
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Other assets, net 97,559 100,967
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Deferred income taxes 6,367 6,367
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751,257 760,353
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LIABILITIES AND SHAREHOLDERS' EQUITY
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Current liabilities:
Bank indebtedness 5,079 7,259
Accounts payable and other liabilities 44,909 66,151
Income taxes payable 12,131 7,554
Long-term debt due within one year 12,919 19,119
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75,038 100,083
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Long-term debt 24,478 19,506
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Other long-term liabilities 437 494
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Deferred income taxes 92,616 93,183
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Shareholders' equity:
Capital stock issued and outstanding -
Class A Subordinated Voting Stock 85,310 11,500
Exchangeable Shares 73,398 110,000
Class B Stock 394,093 429,455
Contributed surplus 1,352 -
Retained earnings (deficit) 12,301 (2,431)
Accumulated comprehensive loss (7,766) (1,437)
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558,688 547,087
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751,257 760,353
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