Melco Crown Entertainment Q4 Profit Rises; To Declare Special Dividend

(RTTNews) - Melco Crown Entertainment Limited (MPEL) said that its fourth quarter of 2013 net income attributable to the company increased to $223.2 million or $0.41 per ADS, from $108.0 million or $0.20 per ADS, in the fourth quarter of 2012.

Adjusted net income attributable to the company for the quarter grew to $236.12 million from $123.99 million last year. Adjusted net income per ADS was $0.425, up from $0.224 in the year ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $0.40 per share for the quarter. Analysts' estimates typically exclude special items.

Adjusted EBITDA was $369.0 million for the fourth quarter of 2013, compared to Adjusted EBITDA of $247.5 million in the fourth quarter of 2012. The 49% year-over-year improvement in Adjusted EBITDA in the fourth quarter of 2013 was primarily driven by stronger mass market and rolling chip revenues together with our ongoing commitment to control costs.

Net revenue for the fourth quarter of 2013 was $1.395 billion, representing an increase of approximately 27% from $1.102 billion for the comparable period in 2012. Nine analysts had consensus revenue estimate of $1.41 billion for the quarter. The increase in net revenue was primarily attributable to substantially improved group-wide revenues across all gaming segments, particularly in the mass market table games segment.

In a separate press release, Melco Crown Entertainment announced that a meeting of its board of directors will be held on Tuesday, February 25, 2014 to consider, among other matters: the recommendation, declaration and payment of a special dividend; and the approval of a new dividend policy.

As the Company has generated significant earnings and cash flow, in order to recognize the support of its shareholders, Melco Crown has made a recommendation to its board on the payment of a special dividend to its shareholders and the establishment of a new dividend policy.

The company has recommended the payment of a special dividend in the amount of about $191.2 million (representing approximately $0.115 per share or an equivalent of $0.344 per American Depositary Share).

The new dividend policy proposed by management includes a plan to provide shareholders with quarterly dividends in an aggregate amount per year at 30% of consolidated net income attributable to the Company; and where appropriate, special dividends from time to time in addition to the quarterly dividends.