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11/6/2009 3:32 AM

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MTR Gaming reports third-quarter profit

CHESTER, W.Va. - MTR Gaming says it's bracing for more revenue-sapping competition now that Ohio voters have approved a measure allowing construction of four casinos in Cleveland, Columbus, Cincinnati and Toledo.

The threat to MTR should begin about four years from now when the new casinos are expected to begin opening. MTR owns struggling Scioto Downs in Columbus as well as Mountaineer Casino, Racetrack & Resort in Chester near the tip of the Northern Panhandle.

MTR spent $3.7 million to fight expanded gambling in Ohio.

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"We are considering several different alternatives in order to proactively prepare for the new competition," MTR Chief Executive Robert Griffin said in a statement accompanying the Chester-based company's third-quarter financial results Wednesday afternoon. "Although this may appear to be a negative, we believe that it may result in slots at tracks."

MTR got a taste of what competition from a brand new casino can do during the third quarter. Net revenue at Mountaineer dropped 11 percent to $68.9 million, while the take at Presque Isle Downs & Casino in Erie, Pa., ebbed 5 percent to $49.2 million.

Mountaineer is about 50 miles from the Rivers Casino that opened in downtown Pittsburgh during the quarter, while Presque Isle is about 130 miles away by car.

MTR said it increased marketing costs at Mountaineer during the quarter to cope with the new Pittsburgh rival.

Despite the competition, MTR said it earned $577,000, or 2 cents per share, in the quarter compared with a loss of $8.24 million, or 30 cents per share, a year earlier. The 2009 numbers included a $2.8 million pretax charge for refinancing debt and the Ohio spending trimmed quarterly profits 20 cents per share this year.

Overall revenue dipped to $119.5 million in 2009, from $130.8 million a year earlier.

Ansys 3Q profit tops analysts' view

CANONSBURG - Ansys Inc. on Thursday said its third-quarter net income grew to $30.5 million, or 33 cents per share, up from $25.8 million, or 29 cents per share, a year earlier.

Excluding items, the Southpointe-based engineering simulation software maker company posted earnings of 45 cents a share. Adjusted revenue was flat at $128.8 million.

The company's profit beat Wall Street expectations, helped by higher maintenance and services revenue and lower expenses. Analysts expected earnings of 41 cents a share, excluding exceptional items, on revenue of $127.7 million.

Ansys forecast fourth-quarter adjusted earnings of 47 cents to 49 cents a share on adjusted revenue of $136 million to $142 million.

The company said in a statement that it is "still facing the realities of ongoing pressure on customer spending and prolonged sales cycles."

Analysts were projecting fourth-quarter earnings of 49 cents a share, excluding items, on revenue of $144.8 million, according to Thomson Reuters I/B/E/S.

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