Quarterly Net Revenue of $1.06 Billion and Adjusted Property EBITDAR of $247.6 Million Achieved Despite Soft Market Conditions
Cost Savings Programs on Track to Generate $500 Million in Annualized Savings
LAS VEGAS, July 30 /PRNewswire-FirstCall/ -- Las Vegas Sands Corp. LVS today reported financial results for the quarter ended June 30, 2009.
Company-Wide Operating Results
Net revenue for the second quarter of 2009 was $1.06 billion, a decrease of 4.8% compared to $1.11 billion in the second quarter of 2008. Consolidated adjusted property EBITDAR in the second quarter of 2009 decreased 14.0% to $247.6 million, compared to $287.9 million in the year-ago quarter.
On a GAAP (Generally Accepted Accounting Principles) basis, operating loss in the second quarter of 2009 was $171.3 million, compared to income of $73.3 million in the second quarter of 2008. The decrease in operating income was impacted by difficult operating conditions, the settlement of a legal matter, a non-cash impairment loss of $151.2 million, related principally to a decrease in expected future proceeds from our sale of The Shoppes at The Palazzo, and an increase in depreciation and amortization expense. Excluding the legal settlement and impairment loss, operating income would have been $22.3 million.
Adjusted net income (see Note 1) was $8.8 million, or $0.01 per diluted share, compared to $30.9 million in the second quarter of 2008, or $0.09 per diluted share. The decrease in adjusted net income of $22.1 million reflects reduced operating income for the aforementioned reasons, partially offset by a decrease in net interest expense and a benefit for income taxes.
On a GAAP basis, net loss attributable to common stockholders in the second quarter of 2009 was $222.2 million, compared to a loss of $8.8 million in the second quarter of 2008, resulting in a diluted loss per share of $0.34 compared to $0.02 in the prior year quarter. The increase in net loss attributable to common stockholders of $213.4 million reflects the after-tax impact of the non-cash impairment loss, the legal settlement and the increase in depreciation and amortization expense mentioned above, as well as $23.2 million in preferred stock dividends and accretion on preferred stock of $23.1 million, partially offset by decreases in corporate expenses, excluding the legal settlement, and net interest expense. Excluding the legal settlement and impairment loss mentioned above, diluted loss per share would have been $0.12.