Navigant International Inc.: The Arapahoe County-based company said it is finalizing its application for relisting its stock on the Nasdaq National Market. The company said it will soon be up to date on its Securities and Exchange Commission filings and has obtained the waivers and amendments it sought from lenders. Navigant sought the waivers after failing to comply with financial requirements for its credit line because of $3 million in late vendor payments and an approximately $350,000 drop in net earnings from the impacts of Hurricanes Katrina and Rita. Navigant on Friday filed quarterly results with the SEC for the first and second quarters and plans to release third-quarter results Wednesday. Navigant reported $4.8 million in net income in the first quarter, compared with $5.2 million previously reported, and down from $5.1 million a year earlier. The company reported $5.8 million in net income in the second quarter, compared with $6 million previously reported and down from $7.3 million a year ago. Navigant restated results due to “non-cash adjustments.” Net income was reduced in periods in 2004 due to changes in accounting. Navigant also said a purchase agreement in the acquisition of Northwestern Travel Service LP in 2004 said Navigant would indemnify the sellers for breaches of covenants and representations and warranties, and certain sellers have demanded indemnification. The claimants are seeking damages of $10.5 million, plus interest and attorneys’ fees. The claim may go to arbitration.
Century Casinos: The Colorado Springs-based casino operator reported third-quarter earnings of $1.3 million, or 9 cents a share. The company, which operates Womacks Casino and Hotel in Cripple Creek, also posted earnings of 9 cents a share during the third quarter of 2004. Century said increased revenues at its South African casino helped offset consulting costs related to the Sarbanes- Oxley Act of 2002, which mandates corporate financial and accounting disclosure. Century also operates casinos in Prague, Czechoslovakia, and aboard several cruise ships.
