Gamehost Inc.: Gamehost Announces Fourth Quarter 2020 Financial Results
RED DEER, AB / ACCESSWIRE / March 11, 2021 / Gamehost Inc. (TSX:GH) Management and Directors of Gamehost Inc. (the "Company") present results for the twelve and three month periods ended December 31, 2020 (the "Year" and "Quarter" respectively).
In year-over-year comparison for the Quarter, operating revenue was down 48.3% from $17.2 to $8.9, EBITDA to shareholders was down 33.8% from $6.5 to $4.3, and net earnings to shareholders was down 51.4% from $3.7 to $1.8 with future income tax adjustments compounding the lower results. Earnings per share for the Quarter is down $0.07 per common share to $0.08 per common share.
The Company's casinos were open and operating with restricted capacities through the Quarter until November 27, 2020 when the Government of Alberta (GOA) ordered table games in the province closed. With rising COVID-19 case numbers and hospitalizations the GOA ordered a full shut down of all provincial land-based gaming venues effective December 13, 2020. The Company's Deerfoot Inn in Calgary closed along with the casino on December 13, 2020 while the Company's two remaining hotels operated continuously throughout the Quarter serving reduced demand. Early in the new year, Deerfoot Inn reopened primarily to service our regular clientele. All Gamehost hotels continue to operate under enhanced Company COVID-19 protocols and GOA restrictions that limit service to appointment only check-in.