More Related Content
Similar to MGMM FinHigh02
Similar to MGMM FinHigh02 (20)
MGMM FinHigh02
- 1. FINANCIAL HIGHLIGHTS (In thousands except per share data)
For the Years Ended December 31 2002 2001 2000 1999 1998
Net revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,031,295 $ 3,972,802 $ 3,083,420 $ 1,330,853 $ 703,975
Operating income . . . . . . . . . . . . . . . . . . . . . . . . 766,761 627,902 537,716 209,868 131,574
Income before extraordinary
item and cumulative effect of change
in accounting principle . . . . . . . . . . . . . . . . . . . 292,763 170,593 166,160 95,124 68,948
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 292,435 169,815 160,744 86,058 68,948
Basic earnings per share
Income before extraordinary item
and cumulative effect of change
in accounting principle . . . . . . . . . . . . . . . . . $ 1.85 $ 1.07 $ 1.15 $ 0.82 $ 0.62
Extraordinary item—loss on early
retirements of debt, net of income
tax benefit . . . . . . . . . . . . . . . . . . . . . . . . . . — — (0.04) (0.01) —
Cumulative effect of change in
accounting principle—preopening
costs, net of income tax benefit . . . . . . . . . . . — — — (0.07) —
Net income per share . . . . . . . . . . . . . . . . . . . $ 1.85 $ 1.07 $ 1.11 $ 0.74 $ 0.62
============ ============ ============ ============ ============
Weighted average number of shares . . . . . . . . . 157,809 158,771 145,300 116,580 111,356
Diluted earnings per share
Income before extraordinary item
and cumulative effect of change
in accounting principle . . . . . . . . . . . . . . . . . $ 1.83 $ 1.06 $ 1.13 $ 0.80 $ 0.61
Extraordinary item—loss on early
retirements of debt, net of income
tax benefit . . . . . . . . . . . . . . . . . . . . . . . . . . — — (0.04) (0.01) —
Cumulative effect of change in
accounting principle—preopening
costs, net of income tax benefit . . . . . . . . . . . — — — (0.07) —
Net income per share . . . . . . . . . . . . . . . . . . . $ 1.83 $ 1.06 $ 1.09 $ 0.72 $ 0.61
................................... ============ ============ ============ ============ ============
Weighted average number of shares . . . . . . . . . 159,940 160,822 147,901 120,086 112,684
Cash dividends per share(1) . . . . . . . . . . . . . . . . . $ — $ — $ 0.10 $ — $ —
At year-end
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . . $10,504,985 $ 10,497,443 $ 10,734,601 $ 2,743,454 $ 1,745,030
Total debt, including capital leases . . . . . . . . . 5,222,195 5,465,608 5,880,819 1,330,206 545,049
Stockholders’ equity . . . . . . . . . . . . . . . . . . . . 2,664,144 2,510,700 2,382,445 1,023,201 948,231
Stockholders’ equity per share . . . . . . . . . . . . . $ 17.24 $ 15.95 $ 14.97 $ 8.98 $ 9.11
Number of shares outstanding . . . . . . . . . . . . . 154,574 157,396 159,130 113,880 104,066
The selected financial data above includes information for MGM Grand Las Vegas, which commenced operations in 1993, New York-New York, which commenced operations in 1997 and was 50% owned until
March 1, 1999 when the Company acquired the remaining 50%, the Primm Valley Resorts, which were acquired on March 1, 1999, MGM Grand Australia, which was acquired in 1995, MGM Grand South Africa,
which managed casinos in the Republic of South Africa from October 1997 through May 2002, MGM Grand Detroit, which commenced operations on July 29, 1999 and the Mirage properties, which were acquired
on May 31, 2000.
(1) On December 13, 1999 the Board of Directors approved an initial quarterly cash dividend of $0.10 per share to stockholders of record on February 10, 2000. The dividend was paid on March 1, 2000.
As a result of the acquisition of Mirage Resorts, Incorporated, we announced on April 19, 2000 that the quarterly dividend policy was discontinued.