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Kerzner Announces Fourth Quarter Results

Kerzner Announces Fourth Quarter Results

PARADISE ISLAND, The Bahamas–(BUSINESS WIRE)–Jan. 29, 2003–Kerzner International Limited (NYSE:KZL – News):

2002 Recurring EPS of $2.11 vs. $1.48 in 2001 and $1.93 in 2000

Paradise Island Reports Record EBITDA of $142 Million and Gross Revenues of $507 Million

Kerzner International Limited (NYSE:KZL – News) today reported recurring net income for the fourth quarter of 2002 of $4.7 million as compared to a net loss of $5.3 million for the same period last year.

 

On this basis, net income per share for the quarter was $0.17, compared to a net loss per share of $0.20 and net income per share of $0.14, in 2001 and 2000, respectively.

 

For the year, the Company reported recurring net income of $60.2 million, compared to $41.1 million in 2001. On this basis, recurring net income per share for the year was $2.11, compared to $1.48 in the previous year. The Company’s 2002 recurring earnings per share exceeded results of $1.93 achieved in 2000.

 

The Company reported EBITDA(1) for the quarter, excluding non-recurring items and Kerzner Interactive, of $25.9 million, an 85% increase over the September 11-affected results in the same period last year, achieving comparable results for the same period in 2000, when the ป๊อกเด้ง ไฮโล Company reported EBITDA of $25.6 million, adjusted to exclude Resorts Atlantic City, which was sold by the Company in early 2001. For the year, the Company reported EBITDA of $150.3 million as compared to $132.9 million in 2001 and $140.2 million in 2000, excluding Resorts Atlantic City.

 

Butch Kerzner, President of the Company, commented, “Atlantis’s strong results continued despite a general downturn in the travel market. During the year, Paradise Island achieved several significant new milestones, including record levels of EBITDA in each of the first, third and fourth …

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