Trans World (PINK:TWOC)

First Quarter 2012 Results

• First quarter 2012 revenue from Trans World’s continuing operations increased by 10.0% to $9.2 million from $8.3 million in the same period of 2011.
• Income from continuing operations after estimated taxes for the first quarter of 2012 was $503,000, or $0.06 per diluted share, versus $442,000, or $0.05 per diluted share, for the same quarter a year ago.

Mr. Rami Ramadan, Chief Executive Officer, commented, “We are pleased to report strong first quarter income from continuing operations. Our results were supported by solid achievements across every revenue-generating department. We are also pleased with the continued improvement in our hotel operations, as the key indicators of room occupancy and number of guests have both increased, which has also benefited the Route 59 Casino.”

Outlook

Mr. Ramadan remarked, “We are very pleased with our first quarter performance and feel that we can achieve healthy revenue growth throughout 2012. We believe that the closing of our smallest unit, the Rozvadov Casino, will provide an immediate benefit to the Company and its shareholders, while allowing our management to focus on our current, larger and profitable casino properties, as well as to pursue expansion opportunities.”

Fourth Quarter 2011 Results

• Net income after income taxes was $1,036,000, or $0.12 per diluted share, compared with $459,000, or $0.05 per diluted share in the prior year period, an increase of 126%
• EBITDA was $1.8 million, compared with $1.2 million in the prior year period, a 46% increase
• Revenue in the fourth quarter of 2011 was $9.9 million, compared with $9.5 million in the same period of 2010.

Mr. Rami Ramadan, Chief Executive Officer of TWC, noted, “We are pleased to report strong fourth quarter and year-end results. Our bottom line significantly improved year-over-year, thanks to stronger demand for our casino games, favorable weather conditions, and an increased number of quality players in our client base, which benefited all our operations.”

The Company also benefitted from a re-energized marketing approach, focusing more on internal promotions and emphasizing its player-loyalty reward programs. This approach has proven to be an effective draw for quality (strong “drop per head”) players, while simultaneously being more cost-effective for our business. Furthermore, by adding the Hotel Savannah and the Spa to the Route 59 Casino location on the Czech-Austrian border north of Vienna, Austria, TWC has created an entertainment complex at Hatĕ, Czech Republic, that has served to generate incremental business to the casino. In November 2011, it acquired the Ceska casino building and related facilities on the Czech-German border near Regensburg, Germany, which the Company had been leasing from the town of Ceska Kubice. TWC also acquired an adjacent plot of land, upon which it intends to expand its Ceska Casino.