Pinnacle Entertainment Reports 2018 Second Quarter Financial Results
PINNACLE ENTERTAINMENT (PNK)
Last pinnacle entertainment earnings: 8/2 08:00 am
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US:NYSE Investor Relations:
investors.pnkinc.com/investor-relations
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Source: GlobeNewswire
LAS VEGAS, Aug. 02, 2018 (GLOBE NEWSWIRE) -- Pinnacle Entertainment, Inc. (NASDAQ: PNK) ("Pinnacle" or the "Company") today reported financial results for the second quarter ended June 30, 2018. The results reflect the Company’s adoption of the new revenue recognition standard ("ASC 606"), effective January 1, 2018. The Company adopted ASC 606 using the modified retrospective method, therefore, prior period amounts have not been adjusted. 2018 Second Quarter Highlights: Net revenues decreased by $6.0 million or 0.9% year over year to $647.6 million. The adoption of ASC 606 resulted in a reduction of 2018 second quarter net revenues of approximately $3.6 million or 0.6%, relative to the Company's prior accounting methodology.Net income increased by $13.4 million to $21.8 million from $8.4 million in the prior year period, while the related margin increased to 3.4% from 1.3% in the prior year period. GAAP diluted net income per share was $0.35 versus $0.15 in the prior year peri
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