Document and Entity Information
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Document and Entity Information
6 Months Ended
Jun. 30, 2012
Jul. 27, 2012
Document and Entity Information [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date Jun. 30, 2012  
Document Fiscal Year Focus 2012  
Document Fiscal Period Focus Q2  
Entity Registrant Name CENTURY CASINOS INC /CO/  
Entity Central Index Key 0000911147  
Current Fiscal Year End Date --06-30  
Entity Filer Category Smaller Reporting Company  
Entity Common Stock, Shares Outstanding   24,233,174

Condensed Consolidated Balance Sheets
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Condensed Consolidated Balance Sheets (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
ASSETS    
Cash and cash equivalents $ 19,744 $ 25,192
Receivables, net 1,082 1,108
Prepaid expenses 560 510
Inventories 334 273
Other current assets 1 113
Deferred income taxes 235 90
Total Current Assets 21,956 27,286
Property and equipment, net 98,748 99,605
Goodwill 4,823 4,833
Equity investment 3,209 2,756
Deferred income taxes 1,993 2,054
Other assets 655 193
Total Assets 131,384 136,727
LIABILITIES AND SHAREHOLDERS' EQUITY    
Current portion of long-term debt 333 9,100
Accounts payable and accrued liabilities 5,424 6,666
Accrued payroll 2,365 2,373
Taxes payable 2,139 3,100
Deferred income taxes 120 120
Total Current Liabilities 10,381 21,359
Long-term debt, less current portion 3,298 0
Taxes payable 227 203
Deferred income taxes 2,709 2,625
Total Liabilities 16,615 24,187
Commitments and Contingencies      
Shareholders' Equity:    
Preferred stock; $0.01 par value; 20,000,000 shares authorized; no shares issued or outstanding      
Common stock; $0.01 par value; 50,000,000 shares authorized; 24,233,174 and 23,993,174 shares issued; 24,117,362 and 23,877,362 shares outstanding 242 240
Additional paid-in capital 75,380 75,144
Accumulated other comprehensive earnings 3,001 3,291
Retained earnings 36,428 34,147
Total shareholders' equity before treasury stock 115,051 112,822
Treasury stock - 115,812 shares at cost (282) (282)
Total Shareholders' Equity 114,769 112,540
Total Liabilities and Shareholders' Equity $ 131,384 $ 136,727

Condensed Consolidated Balance Sheets (Parenthetical)
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Condensed Consolidated Balance Sheets (Parenthetical) (USD $)
Jun. 30, 2012
Dec. 31, 2011
Condensed Consolidated Balance Sheets [Abstract]    
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized 20,000,000 20,000,000
Preferred stock, shares issued 0 0
Preferred stock, shares outstanding 0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized 50,000,000 50,000,000
Common stock, shares issued 24,233,174 23,993,174
Common stock, shares outstanding 24,117,362 23,877,362
Treasury stock, shares 115,812 115,812

Condensed Consolidated Statements of Earnings
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Condensed Consolidated Statements of Earnings (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Operating revenue:        
Gaming $ 15,709 $ 15,928 $ 30,968 $ 30,753
Hotel, bowling, food and beverage 3,135 3,141 6,456 6,384
Other 1,103 1,004 2,046 1,939
Gross revenue 19,947 20,073 39,470 39,076
Less: Promotional allowances (2,156) (2,071) (4,110) (3,959)
Net operating revenue 17,791 18,002 35,360 35,117
Operating costs and expenses:        
Gaming 7,459 7,341 14,692 14,272
Hotel, bowling, food and beverage 2,420 2,553 4,857 5,064
General and administrative 5,320 5,848 10,624 11,216
Depreciation 1,180 1,665 2,358 3,306
Total operating costs and expenses 16,379 17,407 32,531 33,858
Earnings from equity investment 283 382 438 474
Earnings from operations 1,695 977 3,267 1,733
Non-operating income (expense):        
Interest income 23 5 29 7
Interest expense (395) (197) (543) (443)
Gains on foreign currency transactions and other 22 114 17 189
Non-operating income (expense), net (350) (78) (497) (247)
Earnings before income taxes 1,345 899 2,770 1,486
Income tax provision 197 255 489 478
Net earnings $ 1,148 $ 644 $ 2,281 $ 1,008
Earnings per share:        
Basic $ 0.05 $ 0.03 $ 0.10 $ 0.04
Diluted $ 0.05 $ 0.03 $ 0.09 $ 0.04

Condensed Consolidated Statements of Comprehensive Earnings
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Condensed Consolidated Statements of Comprehensive Earnings (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Condensed Consolidated Statements of Comprehensive Earnings [Abstract]        
Net earnings $ 1,148 $ 644 $ 2,281 $ 1,008
Foreign currency translation adjustments (1,357) 80 (290) 1,374
Comprehensive (loss) earnings $ (209) $ 724 $ 1,991 $ 2,382

Condensed Consolidated Statements of Cash Flows
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Condensed Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Cash Flows from Operating Activities:    
Net earnings $ 2,281 $ 1,008
Adjustments to reconcile net earnings to net cash provided by operating activities:    
Depreciation 2,358 3,306
Loss on disposition of fixed assets 22 53
Amortization of stock-based compensation (2) 192
Amortization of deferred financing costs 110 45
Deferred tax expense 1 119
Earnings from equity investment (438) (474)
Changes in Operating Assets and Liabilities:    
Receivables 29 384
Prepaid expenses and other assets (43) (288)
Accounts payable and accrued liabilities (1,217) (114)
Inventories (60) (2)
Other operating assets (77) (50)
Accrued payroll 5 (479)
Taxes payable (923) (1,093)
Net cash provided by operating activities 2,046 2,607
Cash Flows from Investing Activities:    
Purchases of property and equipment (1,620) (1,683)
Proceeds from disposition of assets 2 16
Net cash used in investing activities (1,618) (1,667)
Cash Flows from Financing Activities:    
Proceeds from borrowings 3,626 0
Payment of deferred financing costs (394) 0
Principal repayments (9,092) (3,103)
Proceeds from equity investment dividend   163
Proceeds from exercise of options 240 15
Net cash used in financing activities (5,620) (2,925)
Effect of Exchange Rate Changes on Cash (256) 281
Decrease in Cash and Cash Equivalents (5,448) (1,704)
Cash and Cash Equivalents at Beginning of Period 25,192 21,461
Cash and Cash Equivalents at End of Period 19,744 19,757
Supplemental Disclosure of Cash Flow Information:    
Interest paid 486 429
Income taxes paid $ 88 $ 149

Description Of Business And Basis Of Presentation
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Description Of Business And Basis Of Presentation
6 Months Ended
Jun. 30, 2012
Description Of Business And Basis Of Presentation [Abstract]  
Description Of Business And Basis Of Presentation

1.         DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION

 

Century Casinos, Inc. (“CCI” or the “Company”) is an international casino entertainment company. As of June 30, 2012, the Company owned casino operations in North America; managed cruise ship-based casinos on international waters; and owned a management contract to manage the casino in the Radisson Aruba Resort, Casino & Spa. The Company also owns a 33.3% ownership interest in Casinos Poland Ltd (“CPL”), the owner and operator of eight casinos in Poland. The Company continues to pursue other projects in various stages of development.

 

The accompanying condensed consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial reporting, the rules and regulations of the Securities and Exchange Commission which apply to interim financial statements and the instructions to Form 10-Q and Rule 8-03 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted. The accompanying condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances have been eliminated.

 

In the opinion of management, all adjustments considered necessary for fair presentation of financial position, results of operations and cash flows of the Company have been included. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K and 10-K/A for the year ended December 31, 2011. The results of operations for the period ended June 30, 2012 are not necessarily indicative of the operating results for the full year.

 

Presentation of Foreign Currency Amounts

 

Dollar amounts reported in this quarterly report are in U.S. dollars (“USD”) unless otherwise indicated. Transactions that are denominated in a foreign currency, which include the Canadian dollar (“CAD”), Euro (“€”) and Polish zloty (“PLN”) are translated and recorded at the exchange rate in effect on the date of the transaction. Commitments that are denominated in a foreign currency and all balance sheet accounts other than shareholders’ equity are translated and presented based on the exchange rate between such foreign currency and the U.S. dollar at the end of the reported periods.  Current period transactions affecting the profit and loss of operations conducted in foreign currencies are valued at the average exchange rate between such foreign currency and the U.S. dollar for the period in which they are incurred.

 

The exchange rates to the U.S. dollar used to translate balances at the end of the reported periods are as follows:

 

 

 

 

 

 

June 30,

December 31,

Ending Rates

2012

2011

Canadian dollar (CAD)

1.0191

1.0170

Euros (€)

0.7894

0.7709

Polish zloty (PLN)

3.3885

3.4174

Source: Pacific Exchange Rate Service

 

 

 

 

 

The average exchange rates to the U.S. dollar used to translate balances during each reported period are as follows:

 

 

 

 

 

 

 

 

 

 

For the three months

 

For the six months

 

ended June 30,

 

ended June 30,

Average Rates

2012

2011

% Change

 

2012

2011

% Change

Canadian dollar (CAD)

1.0104

0.9678

(4.4%)

 

1.0060

0.9769

(3.0%)

Euros (€)

0.7796

0.6947

(12.2%)

 

0.7712

0.7130

(8.2%)

Polish zloty (PLN)

3.3181

2.7495

(20.7%)

 

3.2724

2.8180

(16.1%)

Source: Pacific Exchange Rate Service

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Description Of Business And Basis Of Presentation (Tables)
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Description Of Business And Basis Of Presentation (Tables)
6 Months Ended
Jun. 30, 2012
Description Of Business And Basis Of Presentation [Abstract]  
Exchange Rates

 

 

 

 

 

 

June 30,

December 31,

Ending Rates

2012

2011

Canadian dollar (CAD)

1.0191

1.0170

Euros (€)

0.7894

0.7709

Polish zloty (PLN)

3.3885

3.4174

Source: Pacific Exchange Rate Service

 

 

Average Exchange Rates

 

 

 

 

 

 

 

 

 

For the three months

 

For the six months

 

ended June 30,

 

ended June 30,

Average Rates

2012

2011

% Change

 

2012

2011

% Change

Canadian dollar (CAD)

1.0104

0.9678

(4.4%)

 

1.0060

0.9769

(3.0%)

Euros (€)

0.7796

0.6947

(12.2%)

 

0.7712

0.7130

(8.2%)

Polish zloty (PLN)

3.3181

2.7495

(20.7%)

 

3.2724

2.8180

(16.1%)

Source: Pacific Exchange Rate Service

 

 

 

 

 

 

 


Description Of Business And Basis Of Presentation (Narative) (Details)
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Description Of Business And Basis Of Presentation (Narative) (Details) (Casinos Poland Ltd [Member])
Jun. 30, 2012
Casinos Poland Ltd [Member]
 
Description Of Business And Basis Of Presentation [Line Items]  
Ownership percentage 33.30%

Description Of Business And Basis Of Presentation (Exchange Rates) (Details)
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Description Of Business And Basis Of Presentation (Exchange Rates) (Details)
Jun. 30, 2012
Dec. 31, 2011
Canadian Dollar [Member]
   
Description Of Business And Basis Of Presentation [Line Items]    
Exchange rate 1.0191 1.0170
Euros [Member]
   
Description Of Business And Basis Of Presentation [Line Items]    
Exchange rate 0.7894 0.7709
Polish Zloty [Member]
   
Description Of Business And Basis Of Presentation [Line Items]    
Exchange rate 3.3885 3.4174

Description Of Business And Basis Of Presentation (Average Exchange Rates) (Details)
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Description Of Business And Basis Of Presentation (Average Exchange Rates) (Details)
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Canadian Dollar [Member]
       
Description Of Business And Basis Of Presentation [Line Items]        
Average exchange rate 1.0104 0.9678 1.0060 0.9769
Change in average foreign currency rate (4.4)   (3.0)  
Euros [Member]
       
Description Of Business And Basis Of Presentation [Line Items]        
Average exchange rate 0.7796 0.6947 0.7712 0.7130
Change in average foreign currency rate (12.2)   (8.2)  
Polish Zloty [Member]
       
Description Of Business And Basis Of Presentation [Line Items]        
Average exchange rate 3.3181 2.7495 3.2724 2.8180
Change in average foreign currency rate (20.7)   (16.1)  

Equity Investment In Unconsolidated Subsidiary
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Equity Investment In Unconsolidated Subsidiary
6 Months Ended
Jun. 30, 2012
Equity Investment In Unconsolidated Subsidiary [Abstract]  
Equity Investment In Unconsolidated Subsidiary

2.         EQUITY INVESTMENT IN UNCONSOLIDATED SUBSIDIARY

 

Following is the summarized financial information of CPL as of June 30, 2012 and December 31, 2011 and for the three and six months ended June 30, 2012 and 2011:

 

 

 

 

Amounts in thousands (in USD):

June 30, 2012

December 31, 2011

Balance Sheet:

 

 

    Current assets

$4,631

$4,061

    Noncurrent assets

$13,114

$9,523

    Current liabilities

$8,140

$4,393

    Noncurrent liabilities

$2,057

$3,230

 

 

 

 

 

 

 

For the three months

For the six months

 

ended June 30,

ended June 30,

 

2012

2011

2012

2011

Operating Results

 

 

 

 

Net operating revenue

$10,911

$13,663

$21,357

$25,199

Net earnings

$849

$1,147

$1,313

$1,422

 

 

 

The Company’s maximum exposure to losses at June 30, 2012 was $3.2 million, the value of its equity investment in CPL.

 

Changes in the carrying amount of the investment in CPL during the six months ended June 30, 2012 are as follows:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 


Equity Investment In Unconsolidated Subsidiary (Tables)
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Equity Investment In Unconsolidated Subsidiary (Tables)
6 Months Ended
Jun. 30, 2012
Equity Investment In Unconsolidated Subsidiary [Abstract]  
Summarized Financial Information

 

 

 

Amounts in thousands (in USD):

June 30, 2012

December 31, 2011

Balance Sheet:

 

 

    Current assets

$4,631

$4,061

    Noncurrent assets

$13,114

$9,523

    Current liabilities

$8,140

$4,393

    Noncurrent liabilities

$2,057

$3,230

Operating Results

 

 

 

 

 

 

For the three months

For the six months

 

ended June 30,

ended June 30,

 

2012

2011

2012

2011

Operating Results

 

 

 

 

Net operating revenue

$10,911

$13,663

$21,357

$25,199

Net earnings

$849

$1,147

$1,313

$1,422

Changes In Carrying Amount Of Investment

Equity Investment In Unconsolidated Subsidiary (Summarized Financial Information) (Details)
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Equity Investment In Unconsolidated Subsidiary (Summarized Financial Information) (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
Equity Investment In Unconsolidated Subsidiary [Abstract]    
Current assets $ 4,631 $ 4,061
Noncurrent assets 13,114 9,523
Current liabilities 8,140 4,393
Noncurrent liabilities $ 2,057 $ 3,230

Equity Investment In Unconsolidated Subsidiary (Operating Results) (Details)
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Equity Investment In Unconsolidated Subsidiary (Operating Results) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Equity Investment In Unconsolidated Subsidiary [Abstract]        
Net operating revenue $ 10,911 $ 13,663 $ 21,357 $ 25,199
Net earnings $ 849 $ 1,147 $ 1,313 $ 1,422

Equity Investment In Unconsolidated Subsidiary (Changes In Carrying Amount Of Investment) (Details)
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Equity Investment In Unconsolidated Subsidiary (Changes In Carrying Amount Of Investment) (Details) (USD $)
In Thousands, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Equity Investment In Unconsolidated Subsidiary [Abstract]        
Balance - January 1, 2012     $ 2,756  
Equity Earnings 283 382 438 474
Effect of foreign currency translation     15  
Balance - June 30, 2012 $ 3,209   $ 3,209  

Goodwill
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Goodwill
6 Months Ended
Jun. 30, 2012
Goodwill [Abstract]  
Goodwill

3.         GOODWILL

 

Changes in the carrying amount of goodwill related to the Company’s Edmonton property for the six months ended June 30, 2012 are as follows:

 


Goodwill (Tables)
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Goodwill (Tables)
6 Months Ended
Jun. 30, 2012
Goodwill [Abstract]  
Changes In The Carrying Amount Of Goodwill

Goodwill (Changes In The Carrying Amount Of Goodwill) (Details)
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Goodwill (Changes In The Carrying Amount Of Goodwill) (Details) (USD $)
In Thousands, unless otherwise specified
6 Months Ended
Jun. 30, 2012
Goodwill [Abstract]  
Balance - January 1, 2012 $ 4,833
Effect of foreign currency translation (10)
Balance - June 30, 2012 $ 4,823

Long-Term Debt
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Long-Term Debt
6 Months Ended
Jun. 30, 2012
Debt Disclosure [Abstract]  
Long-Term Debt

4.         LONG-TERM DEBT

 

Long-term debt at June 30, 2012 and December 31, 2011 consisted of the following:

June 30,

December 31,

Amounts in thousands

2012

2011

Credit Agreement - Bank of Montreal

$3,631

$0

Mortgage - Edmonton

0

9,100

Total long-term debt

$3,631

$9,100

Less current portion

(333)

(9,100)

Long-term portion

$3,298

$0

 

Credit Agreement- Bank of Montreal

 

On May 23, 2012, the Company, through its subsidiaries Century Resorts Alberta, Inc. (“CRA”) and Century Casino Calgary Inc. (“CAL”) entered into a CAD 28.0 million ($27.5 million) credit agreement with the Bank of Montreal (the “BMO Credit Agreement”). Proceeds from the BMO Credit Agreement were used to repay the Company’s mortgage debt related to the Edmonton property (the “Edmonton Mortgage”) and will also be used to pursue the development or acquisition of new gaming opportunities and for general corporate purposes. The BMO Credit Agreement has a term of five years and is guaranteed by the Company.

 

The BMO Credit Agreement consists of three credit facilities to be utilized as follows:

1.    Credit Facility A is a CAD 1.0 million ($1.0 million) revolving credit facility to be used for the costs of the financing, ongoing working capital requirements and operating regulatory requirements.

2.    Credit Facility B is a CAD 25.0 million ($24.5 million) committed, non-revolving, reducing standby facility. Up to CAD 11 million ($10.8 million) of the Credit Facility B may be used to repay all or part of the Edmonton Mortgage with the remainder available for working capital requirements and general corporate purposes. As described below, CAD 3.7 million ($3.6 million) was drawn down under Credit Facility B and was used, with cash on hand, to repay in full the Edmonton Mortgage.

 

Once the principal balance of the advance under Credit Facility B has been repaid, it cannot be re-borrowed.

 

3.    Credit Facility C is a CAD 2.0 million ($2.0 million) treasury management risk facility as defined by the BMO Credit Agreement.  

As of June 30, 2012, the Company had approximately CAD 24.3 million ($23.8 million) available for borrowing under the BMO Credit Agreement.

 

The BMO Credit Agreement bears interest based on credit facilities as follows:

 

1.    Advances under Credit Facility A may be in the form of :

                                          i.    Advances denominated in CAD and bearing interest at the lender’s floating rate for loans made in CAD plus a margin as defined by the BMO Credit Agreement, and/or

                                         ii.    Advances denominated in USD and bearing interest at the lender’s floating rate for loan made in USD plus a margin as defined by the BMO Credit Agreement, and/or

                                        iii.    Issuances of a CAD Letter of Credit (maximum face value CAD 100,000), bearing interest at a floating margin rate as defined by the BMO Credit Agreement.

2.    Advances under Credit Facility B may be in the form of:

                                          i.    Advances denominated in CAD and bearing interest at the lender’s floating rate for loans made in CAD plus a margin as defined by the BMO Credit Agreement (CAD 500,000 minimum and CAD 100,000 increments thereafter);

                                         ii.    Advances denominated in USD and bearing interest at the lender’s floating rate for loans made in USD plus a margin as defined by the BMO Credit Agreement ($500,000 minimum and $100,000 increments thereafter);

                                        iii.    Advances denominated in USD and bearing interest at the LIBOR rate fixed for 1-6 months ($1 million minimum and $500,000 increments thereafter); and/or

                                       iv.    A Bankers Acceptance denominated in CAD and bearing interest at a fixed rate as defined by the BMO Credit Agreement for 1-6 months (CAD 1 million minimum and CAD 500,000 increments thereafter).

3.    Longer term fixed rates of interest, up to and including the full five year term of the BMO Credit Agreement, can be achieved through the use of interest rate swaps with a deemed risk up to the maximum amount of Credit Facility C. As of June 30, 2012, no interest rate swaps were in use by the Company.

4.    Any funds that are not drawn down under either Credit Facility A or B are classified as a CAD Standby Facility.

 

 

 

 

 

 

Mortgage - Edmonton

 

On May 23, 2012, the Company repaid the outstanding balance of approximately $6.3 million on the Edmonton Mortgage. The repayment consisted of $6.1 million in principal and interest due on the Edmonton Mortgage and $0.2 million in prepayment penalties and unamortized deferred financing charges. This loan payoff was funded with a $3.6 million borrowing under the BMO Credit Agreement and $2.7 million of cash on hand. The repayment by the Company terminated the Edmonton Mortgage.

 

Deferred financing charges, which are reported as a component of other assets, are summarized as follows:

 

Credit Agreement - Bank of Montreal

June 30,

December 31,

Amounts in thousands

2012

2011

Deferred financing charges - current

$79

$0

Deferred financing charges - long-term

$308

$0

Total

$387

$0

Mortgage - Edmonton

June 30,

December 31,

Amounts in thousands

2012

2011

Deferred financing charges - current

$0

$101

Deferred financing charges - long-term

$0

$0

Total

$0

$101

 

Amortization expense relating to deferred financing charges was $0.1 million for both the six months ended June 30, 2012 and June 30, 2011, and is included in interest expense in the accompanying condensed consolidated statement of earnings.

 

As of June 30, 2012, the Company was in compliance with all covenants related to its borrowings. Covenants of the BMO Credit Agreement include the following:  

 

a)    Senior Funded Debt to EBITDA Ratio as defined by the BMO Credit Agreement may not be greater than 3.00:1.00;

b)    Fixed Charge Coverage Ratio as defined by the BMO Credit Agreement may not be less than 1.20:1.00;

c)    CRA and CAL combined shareholder’s equity may not be less than CAD 20 million; and

d)    Capital expenditures in any fiscal year may not exceed CAD 4.0 million in aggregate, without the lender’s consent.

 

The consolidated weighted average interest rate on all borrowings for the Company was 17.2% for the six months ended June 30, 2012. The Company currently pays a floating interest rate on its borrowings under the BMO Credit Agreement. The current interest rate is approximately 4.0%. The weighted average interest rate is higher than the 7.0% interest rate of the Edmonton Mortgage and the 4.0% interest rate under on the BMO Credit Agreement because the Company wrote off a total of $0.1 million in deferred financing costs and paid $0.2 million in prepayment penalties in May  2012 in connection with the repayment of the Edmonton Mortgage.

 

As of June 30, 2012, scheduled maturities of the long-term debt is as follows:

 

Amounts in thousands

CAD

USD

2012

$154

$151

2013

370

363

2014

370

363

2015

370

363

2016

370

363

Thereafter

2,066

2,028

Total

$3,700

$3,631


Long-Term Debt (Tables)
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Long-Term Debt (Tables)
6 Months Ended
Jun. 30, 2012
Debt Disclosure [Abstract]  
Schedule of Long-term Debt

June 30,

December 31,

Amounts in thousands

2012

2011

Credit Agreement - Bank of Montreal

$3,631

$0

Mortgage - Edmonton

0

9,100

Total long-term debt

$3,631

$9,100

Less current portion

(333)

(9,100)

Long-term portion

$3,298

$0

Schedule of Deferred Financing Charges

Credit Agreement - Bank of Montreal

June 30,

December 31,

Amounts in thousands

2012

2011

Deferred financing charges - current

$79

$0

Deferred financing charges - long-term

$308

$0

Total

$387

$0

Mortgage - Edmonton

June 30,

December 31,

Amounts in thousands

2012

2011

Deferred financing charges - current

$0

$101

Deferred financing charges - long-term

$0

$0

Total

$0

$101

Schedule of Maturities of Long-term Debt

Amounts in thousands

CAD

USD

2012

$154

$151

2013

370

363

2014

370

363

2015

370

363

2016

370

363

Thereafter

2,066

2,028

Total

$3,700

$3,631


Long-Term Debt (Narrative) (Details)
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Long-Term Debt (Narrative) (Details)
6 Months Ended 6 Months Ended 6 Months Ended 6 Months Ended
Jun. 30, 2012
USD ($)
Jun. 30, 2011
USD ($)
May 23, 2012
Jun. 30, 2012
Edmonton Mortgage [Member]
USD ($)
Jun. 30, 2012
BMO Credit Agreement [Member]
CAD ($)
Jun. 30, 2012
BMO Credit Agreement [Member]
USD ($)
May 23, 2012
BMO Credit Agreement [Member]
USD ($)
May 23, 2012
BMO Credit Agreement [Member]
CAD ($)
Jun. 30, 2012
CRA and CAL [Member]
CAD ($)
Jun. 30, 2012
Credit Facility A [Member]
USD ($)
Jun. 30, 2012
Credit Facility A [Member]
CAD ($)
Jun. 30, 2012
Credit Facility B [Member]
USD ($)
Jun. 30, 2012
Credit Facility B [Member]
CAD ($)
Jun. 30, 2012
To Be Used To Repay Edmonton Mortgage [Member]
USD ($)
Jun. 30, 2012
To Be Used To Repay Edmonton Mortgage [Member]
CAD ($)
Jun. 30, 2012
Credit Facility C [Member]
USD ($)
Jun. 30, 2012
Credit Facility C [Member]
CAD ($)
Jun. 30, 2012
Amortization of Deferred Financing Charges [Member]
USD ($)
Jun. 30, 2011
Amortization of Deferred Financing Charges [Member]
USD ($)
Long Term Debt [Line Items]                                      
Repayment of mortgage $ 6,300,000                                    
Cash 2,700,000                                    
Secured Debt           3,600,000                          
Principal and interest payment 6,100,000     6,100,000                              
Early termination penalty 200,000     200,000                              
Unamortized finance charges written off 100,000                                    
Amount of credit agreement             27,500,000 28,000,000   1,000,000 1,000,000 24,500,000 25,000,000 10,800,000 11,000,000 2,000,000 2,000,000    
Term of credit agreement     5 years                                
Line of credit facility amount drawn to repay Edmonton mortgage                       3,600,000 3,700,000            
Line of credit facility amount available for borrowing         24,300,000 23,800,000                          
Amortization of deferred financing costs 110,000 45,000                               100,000 100,000
Weighted average interest rate on borrowings 17.20% 17.20%                                  
Interest rate       7.00%   4.00%                          
Anticipated floating rate 4.00%                                    
Senior funded debt to EBITDA ratio           3.00                          
Minimum fixed charge coverage ratio           1.20                          
Shareholder's equity                 20,000,000                    
Maximum capital expenditures         $ 4,000,000                            
Line of credit facility description Longer term fixed rates of interest, up to and including the full five year term of the BMO Credit Agreement, can be achieved through the use of interest rate swaps with a deemed risk up to the maximum amount of Credit Facility C. As of June 30, 2012, no interest rate swaps were in use by the Company.Any funds that are not drawn down under either Credit Facility A or B are classified as a CAD Standby Facility.                 Advances under Credit Facility A may be in the form of : Advances denominated in CAD and bearing interest at the lender's floating rate for loans made in CAD plus a margin as defined by the BMO Credit Agreement, and/or Advances denominated in USD and bearing interest at the lender's floating rate for loan made in USD plus a margin as defined by the BMO Credit Agreement, and/or Issuances of a CAD Letter of Credit (maximum face value CAD 100,000), bearing interest at a floating margin rate as defined by the BMO Credit Agreement. Advances under Credit Facility A may be in the form of : Advances denominated in CAD and bearing interest at the lender's floating rate for loans made in CAD plus a margin as defined by the BMO Credit Agreement, and/or Advances denominated in USD and bearing interest at the lender's floating rate for loan made in USD plus a margin as defined by the BMO Credit Agreement, and/or Issuances of a CAD Letter of Credit (maximum face value CAD 100,000), bearing interest at a floating margin rate as defined by the BMO Credit Agreement. Advances under Credit Facility B may be in the form of: Advances denominated in CAD and bearing interest at the lender's floating rate for loans made in CAD plus a margin as defined by the BMO Credit Agreement (CAD 500,000 minimum and CAD 100,000 increments thereafter); Advances denominated in USD and bearing interest at the lender's floating rate for loans made in USD plus a margin as defined by the BMO Credit Agreement ($500,000 minimum and $100,000 increments thereafter); Advances denominated in USD and bearing interest at the LIBOR rate fixed for 1-6 months ($1 million minimum and $500,000 increments thereafter); and/or A Bankers Acceptance denominated in CAD and bearing interest at a fixed rate as defined by the BMO Credit Agreement for 1-6 months (CAD 1 million minimum and CAD 500,000 increments thereafter). Advances under Credit Facility B may be in the form of: Advances denominated in CAD and bearing interest at the lender's floating rate for loans made in CAD plus a margin as defined by the BMO Credit Agreement (CAD 500,000 minimum and CAD 100,000 increments thereafter); Advances denominated in USD and bearing interest at the lender's floating rate for loans made in USD plus a margin as defined by the BMO Credit Agreement ($500,000 minimum and $100,000 increments thereafter); Advances denominated in USD and bearing interest at the LIBOR rate fixed for 1-6 months ($1 million minimum and $500,000 increments thereafter); and/or A Bankers Acceptance denominated in CAD and bearing interest at a fixed rate as defined by the BMO Credit Agreement for 1-6 months (CAD 1 million minimum and CAD 500,000 increments thereafter).            
Borrowing covenants Senior Funded Debt to EBITDA Ratio as defined by the BMO Credit Agreement may not be greater than 3.00:1.00; Fixed Charge Coverage Ratio as defined by the BMO Credit Agreement may not be less than 1.20:1.00; CRA and CAL combined shareholder's equity may not be less than CAD 20 million; and Capital expenditures in any fiscal year may not exceed CAD 4.0 million in aggregate, without the lender's consent.                                    

Long-Term Debt (Schedule of Long-term Debt) (Details)
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Long-Term Debt (Schedule of Long-term Debt) (Details)
In Thousands, unless otherwise specified
Jun. 30, 2012
USD ($)
Jun. 30, 2012
CAD ($)
Dec. 31, 2011
USD ($)
Jun. 30, 2012
BMO Credit Agreement [Member]
USD ($)
Dec. 31, 2011
BMO Credit Agreement [Member]
USD ($)
Jun. 30, 2012
Edmonton Mortgage [Member]
USD ($)
Dec. 31, 2011
Edmonton Mortgage [Member]
USD ($)
Debt Instrument [Line Items]              
Long-term Debt, Total $ 3,631 $ 3,700 $ 9,100 $ 3,631 $ 0 $ 0 $ 9,100
Less: current maturities of long-term debt obligations (333)   (9,100)        
Long-term debt, less current portion $ 3,298   $ 0        

Long-Term Debt (Schedule of Deferred Financing Charges) (Details)
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Long-Term Debt (Schedule of Deferred Financing Charges) (Details) (USD $)
In Thousands, unless otherwise specified
Jun. 30, 2012
Dec. 31, 2011
BMO Credit Agreement [Member]
   
Debt Instrument [Line Items]