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TNA.V - Evergreen Gaming Corp(Casino's)

Discussion in 'Canadian Stocks Message Boards' started by TheDude, Mar 27, 2017.

  1. TheDude

    TheDude Active Member

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    Nice article from Simply Wallstreet. Looking forward to seeing TNA's Q3 results end of November and by then their $2 million Tukwila property sale (currently pending) should be completed. I am estimating that the company will earn at least $500,000 US profit. Their Q3 is always a bit slower and I am being very conservative on the earnings, especially after making over $1 million USD last quarter. Their Q1 profit $377,000 net income but that was also hurt by Tukwila still in operation at the time.

    https://simplywall.st/news/2017/10/29/evergreen-gaming-and-other-great-cheap-stocks/

    Evergreen Gaming Corporation (TSXV:TNA)
    Evergreen Gaming Corporation engages in the gaming operations in the United States. Evergreen Gaming is run by CEO Dawn Mangano. With the company’s market capitalisation at CAD CA$17.95M, we can put it in the small-cap group

    TNA’s shares are currently trading at -22% beneath its true level of $0.17, at a price tag of $0.14, based on my discounted cash flow model. This mismatch signals an opportunity to buy TNA shares at a discount. In addition to this, TNA’s PE ratio stands at 7.2x compared to its hotels, restaurants and leisure peer level of 19.4x, indicating that relative to its comparable company group, we can invest in TNA at a lower price. TNA is also in good financial health, with short-term assets covering liabilities in the near future as well as in the long run. It’s debt-to-equity ratio of 52% has been diminishing for the past few years demonstrating TNA’s ability to pay down its debt.
     
  2. TheDude

    TheDude Active Member

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    Evergreen Gaming Corporation Q3 Results (Ending September 30th 2017)
    All Information Can Be Found On SEDAR – www.sedar.com

    Previous Closing Price: $0.14
    Common Shares: 124,716,865
    Insider/Institutional Holdings: 95,967,855 or 77.51%
    Retail Shares Available: 28,749,010 or 22.49%

    Financial Results (All Numbers In USD)

    ASSETS
    Property, Plant & Equipment: $10,531,011
    Goodwill: $6,435,481
    Trademarks: $1,185,000
    Game Licenses: $60,667
    Deposits: $27,110
    Inventories: $168,011
    Accounts Receivable: $37,196
    Other Assets: $224,477
    Cash, restricted: $2,758,138
    Cash: $5,444,510
    Total Assets: $26,871,601 USD

    LIABILITIES
    Deferred Tax Liabilities: $348,000
    Notes Payable: $6,573,585
    Other Payables: $5,460,159
    Notes Payable: $393,858
    Total Liabilities: $12,775,602 USD

    3 Month Results USD
    Revenue: $8,554,697
    Net Income: $627,304

    9 Month Results USD
    Revenue: $26,196,124
    Net Income: $2,012,248

    9 Month Revenue convert into CAD and Earnings Per Share
    USD-CAD-1.27 as of November 16th 2017
    $2,012,248 X 1.27 = $2,555,554.90 CAD
    $2,555,554.90 / 124,716,865(common shares) = $0.0205 over 9 months

    14. SUBSEQUENT EVENTS
    The company has entered into an agreement to sell the real property where Palace Tukwila was located for $1,950,000. The buyer has made a $50,000 earnest money deposit and the sale is supposed to close on or before November 30, 2017. The company has mortgages on the property with balances of $1,054,956 as of September 30, 2017 which would be paid in full if the sale is completed. The book value of the property being sold is $1,434,184 as of September 30, 2017.

    **NOTE** - Tukwila was closed February 4th and has not generated any revenue since then. This will reduce liabilities substantially and give the company additional operating capital.

    TNA.V MD&A Highlights

    Overall Performance Current quarter compared to prior year

    Net revenue for the quarter ended September 30, 2017 was $8,554,697, an increase of $108,190 compared to the same period in the prior year. Gaming dollars dropped were 11.3% higher than the prior year quarter but that increase was offset by a lower hold percentage of 1.8%. The income from operations was $1,042,536 compared to $971,941 in the prior year quarter. This increase was due to the increase in net revenues partially offset by an increase in operating expenses of $37,595. The labor and benefit expenses increased due to an increase in the minimum wage, but that increase would have been even higher except for the closing of Palace Tukwila on February 4, 2017.

    Net income before taxes was $967,761 compared to $836,569 in the same quarter of 2016, a $131,192 increase. The increase was due to the higher income from operations and lower finance costs due to paying off outstanding indebtedness.

    Working capital at September 30, 2017 was $2,778,315 compared to working capital of $1,744,546 at December 31, 2016. With sustained healthy revenues and ongoing game protection and expense controls, management expects continued profitable operations sufficient to exceed the cash demands necessary for the company to meet its future obligations.

    The Company’s assets at September 30, 2017 totaled $26,871,601 compared to total liabilities of $12,775,602. At December 31, 2016, total assets were $23,922,129 compared to total liabilities of $11,838,378.

    The Company’s cash at September 30, 2017 was $8,202,648, compared to $4,563,587 at December 31, 2016. These amounts include “Restricted Cash” balances of $2,758,138 and $914,071 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities for the quarter ended September 30, 2017 was $1,615,226 compared to $471,994 for the quarter ended September 30, 2016.

    Additional Information Can Be Found On SEDAR
     
  3. hollyhunter

    hollyhunter Member

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    Bullish technical indication: MACD goes green, bullish cross in Stochastic oscillator and RSI stands at 64.24 level with positive bias. Looking for breakout at 0.19 for a run up to 0.22.
    http://canada.stoxline.com/q_ca.php?s=tna.v
     
  4. TheDude

    TheDude Active Member

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    http://www.horizonford.com/seattle-ford-moving

    http://www.sterlingrealestate.idxbr...83212/14027-Interurban-Ave-S-Tukwila-WA-98168

    Comparing the address of the Tukwila listing and the new location of this Ford dealership, they are identical.

    From TNA.V’s the most recent MD&A (found on Sedar)


    Page 6:

    On August 5, 2015, the Company refinanced the first position note payable to a third party secured by the property at 14027 Interurban Ave S. Tukwila, WA. A new 10-year $720,000 loan at Banner Bank carries a 5% fixed interest rate for the first five years, with monthly payments of $7,659. In years 6-10, the rate will be calculated based on the Bullet Rate for the 5-year FHLB Fixed Rate Advances (the “Index”) plus a margin of three percentage points (3.0%). If the Index rate changes, the amount or number of monthly payments and/or the final payment amounts may change to accommodate the change in interest rate. The interest rate may not fall below the initial 5%, and its maximum is limited by law. This action pays off the 9.5% interest rate loan that was in place, reducing the monthly payment by $1,252 per month.


    Page 1:

    The Company has entered into an agreement to sell the real property where Palace Tukwila was located for $1,950,000. The buyer has made a $50,000 earnest money deposit and the sale is supposed to close on or before November 30, 2017.
     
  5. TheDude

    TheDude Active Member

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    Year Revenue($USD) Profit/Loss $USD) Assets ($USD) Liabilities ($USD) Asset/Debt Ratio
    2012(Q1-Q4) $25,958,829 -$445,775 $15,736,142 $13,561,034 1.16
    2013(Q1-Q4) $28,341,631 $1,344,683 $15,870,890 $12,351,098 1.28
    2014(Q1-Q4) $30,555,757 $2,720,669 $18,143,126 $11,902,666 1.52
    2015(Q1-Q4) $33,338,543 $3,933,883 $19,613,905 $9,439,562 2.08
    2016(Q1-Q4) $33,326,624 $1,909,408 $23,922,129 $11,838,378 2.02
    2017(Q1-Q3) $23,451,331 $2,012,248 $26,871,601 $12,775,602 2.10

    Notes: 1) 2017 Revenue Higher Than 2016 Revenue Over 9 Months
    2) 124,716,865 Common Shares With 77.51% Insider Held
    3) Tukwila Casino Sold For $1.95US To Horizon Ford. Property unused for most of 2017
     
  6. TheDude

    TheDude Active Member

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    TNA Level 2:

    1 / 70,000 0.155 0.165 29,500 / 1
    3 / 53,000 0.15 0.17 41,500 / 2
    3 / 32,000 0.145 0.18 19,000 / 2
    1 / 3,000 0.14 0.195 10,000 / 1
    6 / 428,000 0.135 0.20 103,500 / 4
    2 / 60,000 0.13 0.21 8,000 / 1
    1 / 40,000 0.12 0.22 12,000 / 1
    2 / 200,000 0.10 0.23 28,000 / 1
    2 / 20,000 0.08 0.235 10,000 / 1
    1 / 200,000 0.005 0.24 25,000 / 1
     
  7. TheDude

    TheDude Active Member

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    Evergreen sells Tukwila property for $1.95M (U.S.)

    2017-12-13 15:48 MT - News Release

    An anonymous director reports

    SALE OF TUKWILA REAL ESTATE

    Evergreen Gaming Corp. has sold real estate located at 14027 Interurban Ave. South, Tukwila, Wash., 98168. This was the location of the casino that ceased operations in February of 2017. No revenue-generating use was found for the property after the closure, so it was listed for sale. The sale of real estate closed on Nov. 30, 2017, for $1.95-million (U.S.). The mortgage and a note attached to the property were paid off from the proceeds of the sale.

    © 2017 Canjex Publishing Ltd. All rights reserved.
     
  8. TheDude

    TheDude Active Member

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    January 2018 Article By Simply Wallstreet

    Evergreen Gaming Corporation (TSXV:TNA)

    Evergreen Gaming Corporation engages in the gaming operations in the United States. Evergreen Gaming is headed by CEO Dawn Mangano. It currently has a market cap of CAD CA$21.05M placing it in the small-cap category

    TNA’s stock is now floating at around -69% below its true value of $0.56, at the market price of $0.17, based on my discounted cash flow model. The discrepancy signals an opportunity to buy low. Moreover, TNA’s PE ratio is currently around 9x compared to its hospitality peer level of 16.3x, meaning that relative to its comparable set of companies, TNA’s stock can be bought at a cheaper price. TNA is also in great financial shape, with short-term assets covering liabilities in the near future as well as in the long run. It’s debt-to-equity ratio of 49% has been diminishing over the past couple of years showing its ability to reduce its debt obligations year on year.

    https://simplywall.st/stocks/ca/mat...gold-shares/news/best-cheap-stock-in-january/
     
  9. TheDude

    TheDude Active Member

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    Washington Cardroom Stats From June 2017
    This is delayed by a couple quarters, but it shows how well TNA is doing compared to the competitors in the area. TNA owns 4 casinos (Chips, Goldies, Palace, Riverside) and they are placed in the following rank in terms of sales(out of 71 total)

    https://www.wsgc.wa.gov/sites/default/files/public/FY 2017 Card Room Report vF.PDF

    2 THE PALACE 67-00010 $13,549,539 $0 $13,549,539 $1,354,953
    5 RIVERSIDE CASINO 67-00187 $11,190,876 $0 $11,190,876 $1,119,087
    11 GOLDIE'S SHORELINE CASINO 67-00016 $7,259,130 $0 $7,259,130 $725,914
    18 CHIPS CASINO/LAKEWOOD 67-00020 $5,777,681 $0 $5,777,681 $635,545

    TNA website for details http://www.evergreengaming.com/us/
     
  10. TheDude

    TheDude Active Member

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    Evergreen Gaming to file fiscal 2017 financials late

    2018-05-02 12:48 MT - News Release

    An anonymous director reports

    COMPANY ANNOUNCES LATE FILING OF ANNUAL FINANCIAL STATEMENTS

    Evergreen Gaming Corp. will be late in filing its audited financial statements for the financial year ended Dec. 31, 2017, as the statements were not filed by the April 30, 2018, deadline. This delay resulted from a reorganization involving the company's auditor and the rationalizing of oversight procedures of the audit firms involved in the reorganization, particularly with respect to clients who are new to the predominant party to the reorganization. To the knowledge of the company, no audit issues exist with respect to the statements and it is expected that the finalized statements will be issued within the next 10 business days.

    © 2018 Canjex Publishing Ltd. All rights reserved.
     
  11. TheDude

    TheDude Active Member

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    TNA Earns $3 Million USD In 2017

    TNA.V Year End Results (Ending December 31st 2017)
    All Numbers Are In US Dollars. Information From SEDAR

    Price: $0.18
    Common Shares: 124,716,865
    Insider/Institutional Holdings: 95,967,855 or 77.51%

    ASSETS (USD)
    Cash: $7,068,019
    Property, Plant & Equipment: $8,941,741
    Trademarks: $1,185,000
    Licenses: $58,934
    Deposits: $42,269
    Inventories: $151,808
    Accounts Receivable: $39,507
    Other Current Assets: $163,925
    Cash (Restricted): $2,975,946
    Total Assets: $27,062,630 (2016 - $23,922,129)

    LIABILITIES (USD)
    Payables: $5,820,147
    Notes Payable: $272,976
    Deferred Tax: $279,000
    Notes Payable (Mortgages): $5,573,855
    Total Liabilities: $11,945,978 (2016 - $11,838,378)

    2017 Sale Performance
    Total Revenue: $35,609,459
    Income Before Tax: $4,259,644
    Income Tax Expense: $1,226,743 (will be less in 2018 due to Trump tax policy change)
    Net Income: $3,032,901 USD

    Earnings per share: $3,032,901 USD X 1.28 CAD = $3,882,113

    $3,882,113 CAD / 124,716,865 (common shares = $0.031 CAD

    Prior Quarters - Revenue Breakdown per quarter
    Date – Sales – Net Income
    2014 - $30,555,757 - $2,720,669 USD
    2015 - $33,338,543 - $3,933,883 USD
    2016 - $33,187,853 - $1,909,408 USD
    2017 - $35,609,459 - $3,032,901 USD

    Q1 2018 results will be out end of May. Should be another healthy profit.

    Management Discussion Highlights

    Casino revenues for the quarter ended December 31, 2017 were $9,413,336, an increase of $1,317,208 compared to the same period in the prior year. Gaming dollars dropped were 11.5% higher than the same period last year, which was partially offset by the hold percentage being down slightly by .1%. Operating expenses were $8,394,959 in the quarter ended December 31, 2017 compared to $7,965,032 in the prior year quarter. Labor and benefits expense increased approximately $132,000. This increase was primarily due to the increase in the minimum wage. This increase would have been even higher except for the closure of the Palace Tukwila that took place on February 4, 2017. In the fourth quarter of 2016 the Palace Tukwila had labor and benefit expense of approximately $233,000. Marketing and administrative increased approximately $267,000 which was primarily due to the final payment of $175,000 to Michels Management Services related to the termination of the management agreement. The Company had net non-operating income of $170,207 in the fourth quarter of 2017 compared to net non-operating expense of $151,418 in the fourth quarter of 2016. This increase of $321,625 was primarily due to the gain on disposal of property, plant and equipment of $246,774 recorded in the fourth quarter of 2017. This gain was primarily related to the sale of the real property of Palace Tukwila that closed on December 1, 2017.

    The Company recorded year to date net revenues of $35,609,459 compared to $33,187,853 for the year 2016. Table games revenue increased approximately $1,356,000 primarily due to gaming dollars dropped increasing 6.6%. Poker revenue increased $636,000 and Food and beverage revenues net of promotional allowances increased $394,000. Total operating expenses for 2017 was $31,284,524 compared to $29,958,017 in 2016. Labor and benefits expense increased approximately $822,000 primarily due to the increase in the minimum wage from $9.47 to $11.00 an hour effective January 1, 2017. Marketing and administrative expenses increased approximately $457,000 due to management fees increasing $215,000 and professional fees increasing $128,000. The management agreement with Michels Management Services was terminated effective December 31, 2017 with the Company agreeing to make a final payment of $175,000.

    Working capital at December 31, 2017 was $4,306,082 compared to working capital of $1,744,546 at December 31, 2016. With sustained healthy revenues and ongoing game protection and expense controls, management expects continued profitable operations sufficient to exceed the cash demands necessary for the company to meet its future obligations.

    The Company’s assets at December 31, 2017 totaled $27,062,630 compared to total liabilities of $11,945,978. At December 31, 2016, total assets were $23,922,129 compared to total liabilities of $11,838,378. The increase in assets is primarily due to the increase in cash as a result of the income from operations of $4,324,935 in 2017

    The Company’s cash at December 31, 2017 was $10,043,965, compared to $4,563,587 at December 31, 2016. These amounts include “Restricted Cash” balances of $2,975,946 and $914,071 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities as of the year ended December 31, 2017 was $6,317,699 compared to $2,819,477 as of the year ended December 31, 2016.

    The operating results for the quarter ending December 31, 2017 showed an increase in net revenues of $858,639 from the prior quarter offset by an increase in operating expenses of $882,801. Net revenues increased due to an increase in table games revenue of approximately $491,000 as a result of the hold percentage being 0.9% higher in the fourth quarter. Poker revenue also increased by $165,000 in the fourth quarter compared to the prior quarter. Operating expense increase was due to Labor and benefits increasing $120,000 and Marketing and administrative expenses increasing $683,000.
     
  12. TheDude

    TheDude Active Member

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    AXM Level II Market Depth. Not much for sale given that news is coming in a few weeks.

    3 / 92,000 0.11 -- 0.11 500 / 1
    2 / 85,000 0.105 -- 0.12 4,500 / 1
    3 / 71,000 0.10 -- 0.125 40,000 / 2
    1 / 10,000 0.095 -- 0.13 133,500 / 4
    2 / 105,000 0.08 -- 0.135 9,000 / 1
    3 / 229,000 0.07 -- 0.14 10,000 / 1
    1 / 10,000 0.06 -- 0.15 40,000 / 2
    1 / 10,000 0.055 -- 0.165 30,000 / 1
    1 / 23,000 0.05 -- 0.175 35,000 / 1
    1 / 38,000 0.04 -- 0.195 47,000 / 2
     
  13. TheDude

    TheDude Active Member

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    TNA Earns $1.5 Million USD In Q1 2018

    TNA.V Q1 2018 Results (Ending March 31st 2018)
    All Numbers Are In US Dollars. Information from SEDAR

    Price: $0.20
    Common Shares: 124,716,865
    Insider/Institutional Holdings: 95,967,855 or 77.51%

    Financials

    ASSETS (USD)
    Property & Equipment: $8,916,932
    Goodwill: $6,435,481
    Trademarks: $1,185,000
    Game License: $55,467
    Deposits: $36,678
    Inventories: $170,905
    Receivable: $19,963
    Other Assets: $93,404
    Restricted Cash: $3,326,656
    Cash: $8,431,973
    Total Assets: $28,672,459

    LIABILITIES (USD)
    Deferred Tax: $279,000
    Notes Payable: $5,504,185
    Trade Payable: $6,013,996
    Current Note Payable: $275,647
    Total Liabilities: $12,072,828

    Q1 2018 Performance
    Sales: $10,174,943
    Net Income: $1,482,979

    Earnings per share in Q1: $1,482,979 * 1.30(CAD) / 124,716,865 = $0.0155c EPS

    Prior Quarters - Revenue Breakdown per quarter

    Date – Sales – Net Income

    2014 - $30,555,757 - $2,720,669 USD
    2015 - $33,338,543 - $3,933,883 USD
    2016 - $33,187,853 - $1,909,408 USD
    2017 - $35,609,459 - $3,032,901 USD
    2018(Q1) - $10,174,943 - $1,482,979 USD


    Fair value for TNA.V based on 17 profitable quarters should be around $0.40. However, due to lack of investor relations (marketing), this stock still trades at an astronomical discount.

    Management Discussion Highlights

    Net revenues for the quarter ended March 31, 2018 were $10,174,943, an increase of $1,944,969 compared to the same period in the prior year. Table games revenue increased by approximately $1,381,000 as a result of gaming dollars dropped being 21.1% higher than the same period last year, and the hold percentage was up slightly by .1%. Poker revenue increased by approximately $456,000 as a result of making the Palace Lakewood all poker tables effective February 1, 2018. Operating expenses were $8,245,859 in the quarter ended March 31, 2018 compared to $7,620,589 in the prior year quarter. Labor and benefits expenses decreased slightly by approximately $11,000. This decrease was primarily due to the closure of the Palace Tukwila that took place on February 4, 2017. The decrease was offset by the increase in the minimum wage that went from $11.00 to $11.50 effective January 1, 2018. Marketing and administrative increased approximately $356,000 which was primarily due to marketing expenses increasing approximately $420,000 offset by a decrease in management fees of $75,000. The increase in marketing expenses consisted of $207,000 at the Palace Lakewood and $213,000 at the other locations. The Palace Lakewood increase was the result of promoting the location as an all poker facility. The management expenses decreased as the result of terminating the management agreement with Michels Management Services effective December 31, 2017. Gaming taxes and license expenses increased approximately $215,000 as a result of the increased gaming revenue.

    The Company’s cash at March 31, 2018 was $11,758,629, compared to $10,043,965 at December 31, 2017. These amounts include “Restricted Cash” balances of $3,326,656 and $2,975,946 respectively. “Restricted Cash” balances are jackpot funds held for prizes being offered at the casinos. Cash provided by operating activities for the quarter ended March 31, 2018 was $1,838,039 compared to $1,250,501 for the quarter ended March 31, 2017.

    The Company’s assets at March 31, 2018 totaled $28,672,459 compared to total liabilities of $12,072,828. At December 31, 2017, total assets were $27,062,630 compared to total liabilities of $11,945,978.

    Net revenue increased to $10,174,943 in the quarter ending March 31, 2017 compared to $9,413,335 in the quarter ending December 31, 2017. Gaming dollars dropped increased 3.4% in the current quarter and the hold percentage increased 0.7% compared to the quarter ending December 31, 2017. Operating expenses in the quarter ending March 31, 2018 were $8,245,859 compared to $8,394,959 in the prior quarter. Labor and benefits expense decreased approximately $112,000 in the quarter ending March 31, 2018 compared to the prior quarter. This decrease was primarily due to labor and benefits expense at Palace Lakewood decreasing approximately $154,000 as a result of converting the location to all poker on February 1, 2018.
     
  14. TheDude

    TheDude Active Member

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    Looks like resistance has hit this stock over the last month despite decent earnings. Starting to unload my position and take the 100%+ gain and purchase AXM.V and CAF.V since they are half the price with more potential than TNA.V. Getting two stocks for the price of one is always a good deal and great diversification strategy. What the market has taught us is despite the venture at a three year low, earnings based companies continue to go up. The losses are coming from Marijuana/Crypto and speculative companies that have no capital to work with. Thus buying small caps that generate free cash flow cannot lose in these turbulent times. But AXM being in gold and CAF in coking coal used for steel, these two metals are highly sought after right now.
     
  15. TheDude

    TheDude Active Member

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    Evergreen Gaming in talks to sell itself

    2019-01-09 07:56 MT - News Release

    Mr. Clive Forth reports

    CORPORATE UPDATE

    Evergreen Gaming Corp. has entered discussions with a third party that has expressed an interest in buying the company. No definitive terms have been agreed to, no formal agreements have been executed and there can be no assurance that the discussions will be concluded, any definitive agreement will be entered into or any transaction will be consummated. The company does not expect to provide further information or updates until a definitive agreement has been entered into or discussions between the parties have been terminated.

    © 2019 Canjex Publishing Ltd. All rights reserved.
     
  16. TheDude

    TheDude Active Member

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    10 year high hit yesterday, sold pretty much all my shares. I think management will try and steal this play anyway. Should of been trading at 45-50 cents already but they've kept it on the downlow. Still worth converting TNA to AXM back in June and that stock has much more potential.
     

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