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Pinnacle Profit Grows Fourfold in Q3

LAS VEGAS-The locally headquartered casino operator says its results, which beat analysts' average estimate, were aided by gains on asset sales and its 16-month-old casino in Lake Charles, LA.

By Brian K. Miller | Updated on November 06, 2006

(For more retail coverage, click GlobeSt.com/RETAIL.)

LAS VEGAS-Casino operator Pinnacle Entertainment Inc. said Monday its third-quarter profit was four times greater than last year. The strong year-over-year comparison is due to the negative effects hurricanes Katrina and Rita had on the third quarter of 2005 and start-up costs associated with its 16-month-old casino in Louisiana.

The company reported net income of $22.4 million, or $0.45 cents per share, in the third quarter versus $5.04 million, or $0.12 cents per share during the third quarter of 2005. Revenue rose to $236.7 million from $174.4 million in the same 2005 quarter. Analysts’ average expectation was for net income of $0.32 per share on revenue of $234.4 million.

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