ELBA, Ala. -- Results for the three months and six months ended June 30, 2011 and 2010, based on accounting principles generally accepted in the United States of America, were reported today as follows:
Premium revenue for the six-months ended June 30, 2011, decreased $2,750,000 compared to the same period last year. The primary reason for the decrease in net earned premium was an increase in ceded premium from catastrophe reinstatement. Also impacting the decline were decreases in the homeowners and personal lines auto business.(1) EBITDA provides a metric to analyze our operations that should be considered with both our GAAP results and the reconciliation to net cash provided by operating activities. EBITDA is presented solely as a supplemental disclosure because the Authority believes it provides a more complete understanding of our business, it may be used by investors to assess the operating performance of the business in comparison to other operators in the gaming industry and the Authority uses EBITDA as a benchmark to evaluate its own performance in comparison to its competitors.Net revenues for the second quarter ended June 30, 2011 were $31.2 million. Casino revenues totaled $30.0 million and included slot revenue of $27.8 million and table games and poker revenue of $2.2 million. Food and beverage revenues were $1.0 million, net of promotional allowances of $0.6 million.EBITDA (1) for the second quarter of 2011 was $14.6 million, or 45% of net revenues. Income from operations for the second quarter 2011 was $12.0 million and represented 39% of net revenues. Non-operating expense, net, for the second quarter 2011 was $5.2 million and included $5.2 million of interest expense.This release contains certain “forward-looking statements” within the meaning of the Unites States Private Securities Litigation Reform Act of 1995. Whenever you read a statement that is not simply a statement of historical fact (such as when we describe what we “believe,” “expect” or “anticipate” will occur and other similar statements), you must remember that our expectations may not be correct, even though we believe they are reasonable. We do not guarantee that the transactions and events described in this press release will happen as described (or that they will happen at all). You should read this press release completely and with the understanding that actual future results may be materially different from what we expect. We will not update these forward-looking statements, even though our situation will change in the future.River Rock Entertainment AuthorityPremium revenue for the three-month period ended June 30, 2011, decreased $2,582,000 compared to the same period last year. The decline was primarily driven by declines in net earned premium in the P&C segment due to catastrophe reinstatement premium, a moderate decline in homeowners business and a decrease in auto policies in-force. Catastrophe reinstatement premium ceded related to Cat 46 totaled $1,490,000.
The National Security Group, Inc., through its property & casualty and life insurance subsidiaries, offers property, casualty, life, accident and health insurance in thirteen states. The Company writes primarily personal lines property coverage including dwelling fire and windstorm, homeowners, mobile homeowners and personal non-standard automobile lines of insurance. The Company also offers life, accident and health, supplemental hospital and cancer insurance products. The Company was founded in 1947 and is based in Elba, Alabama.
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