Pinnacle Entertainment, Inc. (PNK) swung to a net loss for the quarter ended Sep. 30, 2016. The company has made a net loss of $0.49 million, or $ 0.01 a share in the quarter, against a net profit of $13.75 million, or $0.22 a share in the last year period. Revenue during the quarter went up marginally by 2.86 percent to $595.17 million from $578.63 million in the previous year period. Gross margin for the quarter contracted 46 basis points over the previous year period to 45.15 percent. Total expenses were 83.66 percent of quarterly revenues, down from 86.02 percent for the same period last year. This has led to an improvement of 236 basis points in operating margin to 16.34 percent.
Operating income for the quarter was $97.28 million, compared with $80.92 million in the previous year period.
Anthony Sanfilippo, chief executive officer of Pinnacle Entertainment, commented, "In the 2016 third quarter, we produced net revenue growth of $16.6 million or 2.9% and Consolidated Adjusted EBITDAR growth of $5.6 million or 3.7%, including contributions from the Meadows. Underlying these results, our same-store portfolio of businesses generated strong Consolidated Adjusted EBITDAR growth of $4.2 million or 2.8%, with net revenues that were unchanged year over year.
Disclaimer: Please note that this is an auto-generated article. IRIS does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. IRIS especially states that it has no financial liability whatsoever to any user on account of the use of information provided on its website. For queries contact: editor@irisindia.net
