lakes entertainment inc (LACO) Key Developments
Lakes Entertainment Files Articles of Amendment with the Minnesota Secretary of State
Sep 12 14
On September 9, 2014, Lakes Entertainment Inc. filed Articles of Amendment with the Minnesota Secretary of State to effect a 1-for-2 reverse split of the Company's issued and outstanding shares of common stock, par value $0.01 per share, to be effective at the opening of trading on September 10, 2014. The par value of the Common Stock will remain at $0.01 per share, but the Amendment will decrease the number of authorized shares of Common Stock from 200 million to 100 million. As a result of the Reverse Split, the number of shares of Common Stock outstanding will decrease from approximately 26.8 million to 13.4 million. Proportional adjustments will be made to the Company's outstanding stock options and warrants. Any fractional shares resulting from the Reverse Split will be rounded up to the next whole share. The Amendment was approved and adopted by the Company's Board of Directors in accordance with the applicable provisions of the Minnesota Business Corporation Act.
Lakes Entertainment Mulls Options
Aug 27 14
Lakes Entertainment Inc. (NasdaqGM:LACO) is evaluating alternatives. The company announced that Macquarie Group Limited (ASX:MQG) has been engaged to assist in evaluation of strategic alternatives aimed at enhancing shareholder value. Strategic alternatives that Lakes Entertainment may pursue may include, but are not limited to, potential acquisitions, joint ventures, recapitalizations, select asset divestitures, merger, reorganization or similar transactions, as well as continuing to operate the business in the ordinary course.
Lakes Entertainment Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 29, 2014
Aug 6 14
Lakes Entertainment Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 29, 2014. For the quarter, net earnings were $0.1 million, compared to net earnings of $0.2 million for the second quarter of 2013. Earnings from operations were $0.3 million compared to a loss from operations of $1.2 million for the second quarter of 2013. Basic and diluted earnings per share were less than $0.01 compared to basic and diluted earnings per share of $0.01 for the second quarter of 2013. Net revenues were $14.1 million, compared to prior-year second quarter net revenues of $8.5 million. Earnings before income taxes was $57,000 compared to $244,000 a year ago.
For the six months, net losses were $1.7 million, compared to net losses of $0.1 million for the six months ended June 30, 2013. Loss from operations was $1.3 million compared to a loss from operations of $3.1 million for the first six months of 2013. Basic and diluted losses were $0.06 per share compared to basic and diluted losses of less than $0.01 per share for the first half of 2013. Net revenues were $26.4 million compared to net revenues of $11.9 million in the prior year period. Loss before income taxes was $1,711,000 compared to $89,000 a year ago.
Lakes Entertainment Mulls Acquisitions
Aug 6 14
Lakes Entertainment Inc. (NasdaqGM:LACO) is seeking acquisitions. Lyle Berman, Chief executive Officer, said, "In terms of size of an acquisition, we are looking at major acquisitions that would be major to our company. We are not looking to be a conglomerate of a whole bunch of small, independent, not-related assets. And we would certainly consider an acquisition far in excess of our cash, of course, if it could be financed, either perhaps by the banks, high yield funds, or even partly by the seller."
Lakes Entertainment Inc. to Report Q2, 2014 Results on Aug 06, 2014
Jul 30 14
Lakes Entertainment Inc. announced that they will report Q2, 2014 results at 11:30 AM, GMT Standard Time on Aug 06, 2014