ST. LOUIS, Feb. 23, 2012 /PRNewswire/ -- Isle of Capri
Casinos, Inc. (NASDAQ: ISLE) (the "Company") today reported
financial results for the third quarter of fiscal year 2012, the
three and nine month periods ended January
22, 2012, and other Company-related news.
Consolidated Results
The following table outlines the Company's financial results
(dollars in millions, except per shares data, unaudited):
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
January
22,
|
|
January
23,
|
|
January
22,
|
|
January
23,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Net revenues
|
$
242.2
|
|
$
232.0
|
|
$
735.5
|
|
$
730.6
|
|
Net revenues, excluding
insurance recoveries
|
240.3
|
|
232.0
|
|
734.5
|
|
730.6
|
|
EBITDA (1)
|
40.8
|
|
38.1
|
|
120.4
|
|
123.8
|
|
EBITDA (1), excluding insurance
recoveries
|
38.9
|
|
38.1
|
|
119.4
|
|
123.8
|
|
Loss from continuing
operations
|
(1.2)
|
|
(2.6)
|
|
(5.0)
|
|
(7.1)
|
|
Net loss
|
(1.2)
|
|
(2.6)
|
|
(5.0)
|
|
(6.3)
|
|
Loss per share from continuing
operations
|
(0.03)
|
|
(0.08)
|
|
(0.13)
|
|
(0.22)
|
|
Net loss per share
|
(0.03)
|
|
(0.08)
|
|
(0.13)
|
|
(0.19)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues and EBITDA for the third quarter include insurance
recoveries received as partial advances to our business
interruption claims related to the flooding along the Mississippi
River during fiscal 2012 for $0.9
million. In addition, we recognized revenue of $1.0 million in the third quarter of fiscal 2012
associated with a settlement related to the oil spill in the
Gulf of Mexico in fiscal 2011.
Commenting on the results, President and Chief Executive Officer
Virginia McDowell said, "We posted
solid results in our third fiscal quarter. Specifically, net
revenues increased at eleven of our fifteen properties, including
each of our properties outside of Mississippi, where the markets have been slow
to recover from the flooding last spring and economic issues
continue to negatively impact the market. We are continuing to
utilize smarter marketing and targeted facility improvements to
drive business and improve results. Our operating successes
in Florida, Colorado, Iowa and Missouri were able to largely offset the
substantial difficulties facing the Mississippi markets and costs we incurred in
Lake Charles while renovating the
gaming floor of our primary riverboat and preparing to consolidate
our operations.
"We are looking to the future with optimism as we expect to open
our Isle property in Cape Girardeau,
Missouri by Thanksgiving of
this year, subject to regulatory approval, at least a month ahead
of our previous schedule. We will continue to make
incremental improvements to our operations and facilities that, we
believe, will drive considerable value in the long run."
During the quarter, the Company's results benefitted from
increased retail play as a result of generally favorable weather
conditions in December and January, several recent facility
improvements and continued strong marketing programs. We achieved
solid flow through on increased revenue at our Pompano property
where revenues increased 11.3% and margins improved 269 basis
points as a result of improved marketing initiatives. Our
Waterloo and Black Hawk properties
had increased revenues of 7.2% and 3.7%, respectively, and improved
flow through contributing to margin improvement of 191 basis points
and 95 basis points, respectively. In Boonville, revenue
increased by 3.3% and EBITDA increased by 8%, despite having a
buffet closed for renovation during the bulk of the quarter. With
the recent declines in the unemployment rate, we are cautiously
optimistic that our retail play trends could continue to improve as
we have historically seen a high negative correlation between the
unemployment rate in our markets and retail revenues.
Our properties in Mississippi
are suffering from a lagging economy and some lasting effects of
the flooding which has impacted our overall results. Competition
from race tracks in Arkansas,
which increased following the floods, impacted revenue streams from
Little Rock and several secondary
markets.
Chief Operating Officer Arnold
Block commented, "Moving forward, we have several current
and upcoming initiatives that we expect will improve the experience
and our ability to expand our customer base at our properties.
"In Lake Charles, results were directly impacted by renovation
disruption, which was completed in early February, and preparing to
consolidate operations onto the larger remaining riverboat. We
opened a new poker room, installed new carpet on the casino floor
and completed other cosmetic refurbishments. We made the decision
to invest in improving our product offering during the second and
third fiscal quarters, and we believe we are beginning to see
positive financial results from that investment. Additionally, we
expect to benefit from a lower cost structure now operating only
one facility. We will continue to improve the customer
experience with a $15 million
refurbishment of the main hotel tower, which is expected to be
completed by the end of the second quarter of fiscal 2013.
"We are also continuing to upgrade our food and beverage options
across the portfolio. In Boonville, we recently introduced
our first Farmer's Pick Buffet, an exciting new concept utilizing
fresh, locally sourced ingredients, which has received outstanding
reviews from our customers. It's a great concept that
customers enjoy and we plan to put in place across our portfolio.
In addition, we recently reopened Bragozzo, a casual Italian
restaurant in Pompano, adding another important amenity to
accommodate our expanding customer base.
"At Rainbow Casino in Vicksburg, we expect to complete the Lady Luck
Casino rebranding by the end of the second fiscal quarter of fiscal
2013. The rebranding will introduce upgraded amenities from
our portfolio of brands including an Otis and Henry's restaurant, a
Lone Wolf bar and a Farmer's Pick
Buffet.
"Our upgraded customer rewards program, called Fan Club, is now
active in Pompano and Waterloo.
Customers are enjoying the wider array of options and rewards
available to them, and we plan to continue the roll-out of the
program to our other properties over the next twelve to eighteen
months."
Corporate Expenses
Corporate and development expenses were $7.9 million for the quarter compared to
$8.7 million in fiscal 2011.
The decrease is primarily due to development expenses in the
prior year related to obtaining the Cape
Girardeau and Nemacolin licenses.
Non-cash stock compensation expense was $1.8 million for the quarter compared to
$1.4 million in the third quarter of
fiscal 2011. For the nine months ended, non-cash stock compensation
expense was $5.9 million in fiscal
2012 compared to $5.5 million in
fiscal 2011.
Insurance Claim Process
We continue to work through our various flood claims with our
insurance carriers and expect negotiations to continue for the
foreseeable future. In the third quarter of fiscal 2012 we
recognized $0.9 million of revenue as
partial advances of our business interruption claim. Through
February 22, 2012 we have received
initial payments of $10.1 million
related to the claims.
Development Update
Cape Girardeau, Missouri:
We are making strong progress in the construction of the
$125 million facility in Cape Girardeau, Missouri and believe that we
will be able to open the facility no later than Thanksgiving of 2012, at least one month ahead of
the previously announced schedule, subject to regulatory approval.
Several city and other officials are expected to join us
today at the topping out ceremony at the property.
Nemacolin Woodlands Resort, Pennsylvania: The appeal hearing for the
gaming license awarded to Nemacolin Woodlands Resort for the final
resort license in Pennsylvania has
been set for March 7, 2012. The
timeline for ultimate resolution of the matter is not known at this
time.
Capital Structure and Capital Expenditures
The Company had $72.4 million in
cash and cash equivalents and total debt of $1.2 billion at the end of the quarter.
Capital expenditures during the quarter totaled $11.7 million, of which $4.5 million related to Cape Girardeau. The Company expects capital
expenditures for the remainder of the fiscal year to be
approximately $45 million, including
approximately $20 million in
Cape Girardeau.
Conference Call Information
Isle of Capri Casinos, Inc. will host a conference call on
Thursday, February 23, 2012 at
9:00 am Central Time during which
management will discuss the financial and other matters addressed
in this press release. The conference call can be accessed by
interested parties via webcast through the investor relations page
of the Company's website, www.islecorp.com, or, for domestic
callers, by dialing 888-790-2948. International callers can
access the conference call by dialing 773-756-0735. The
conference call reference number is 871150. The conference call
will be recorded and available for review starting at midnight
central on Thursday, February 23,
2012, until midnight central on Thursday, March 1, 2012, by dialing 866-431-5851;
International: 203-369-0693 and access number 3449.
About Isle of Capri Casinos, Inc.
Isle of Capri Casinos, Inc., founded in 1992, is
dedicated to providing its customers with an exceptional gaming and
entertainment experience at each of its 15 casino properties. The
Company owns and operates casinos domestically in Biloxi, Lula,
Natchez and Vicksburg, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas City, Missouri, two casinos in
Black Hawk, Colorado, and a casino
and harness track in Pompano Beach,
Florida. The Company was chosen to develop a new,
Isle-branded gaming facility in Cape
Girardeau, Missouri, which is expected to open by
Thanksgiving 2012. Additionally, the
Company and its partner Nemacolin Woodlands Resort, were selected
to be awarded a "resort license" for a casino at Nemacolin
Woodlands Resort in Pennsylvania.
This award is pending an appeal by a competing party. More
information is available at the Company's website,
www.islecorp.com.
Forward-Looking Statements
This press release may be deemed to contain forward-looking
statements, which are subject to change. These forward-looking
statements may be significantly impacted, either positively or
negatively by various factors, including without limitation,
licensing, and other regulatory approvals, financing sources,
development and construction activities, costs and delays, weather,
permits, competition and business conditions in the gaming
industry. The forward-looking statements are subject to numerous
risks and uncertainties that could cause actual results to differ
materially from those expressed in or implied by the statements
herein.
Additional information concerning potential factors that could
affect the Company's financial condition, results of operations and
expansion projects, is included in the filings of the Company with
the Securities and Exchange Commission, including, but not limited
to, its Form 10-K for the most recently ended fiscal year.
CONTACTS:
|
|
Isle of Capri Casinos,
Inc.,
|
|
|
Dale Black, Chief Financial
Officer-314.813.9327
|
|
|
Jill Alexander, Senior Director
of Corporate Communication-314.813.9368
|
|
|
|
ISLE OF
CAPRI CASINOS, INC.
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(In
thousands, except share and per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
January
22,
|
|
January
23,
|
|
January
22,
|
|
January
23,
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$
251,371
|
|
$
240,205
|
|
$
760,428
|
|
$
754,007
|
|
|
Rooms
|
|
8,464
|
|
8,400
|
|
29,868
|
|
29,924
|
|
|
Food, beverage,
pari-mutuel and other
|
|
33,672
|
|
31,082
|
|
100,525
|
|
99,170
|
|
|
Insurance
recoveries
|
|
1,867
|
|
-
|
|
1,978
|
|
-
|
|
|
Gross revenues
|
|
295,374
|
|
279,687
|
|
892,799
|
|
883,101
|
|
|
Less promotional
allowances
|
|
(53,126)
|
|
(47,680)
|
|
(157,273)
|
|
(152,522)
|
|
|
Net revenues
|
|
242,248
|
|
232,007
|
|
735,526
|
|
730,579
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
41,385
|
|
38,529
|
|
123,290
|
|
118,117
|
|
|
Gaming taxes
|
|
61,069
|
|
58,331
|
|
183,550
|
|
182,951
|
|
|
Rooms
|
|
1,893
|
|
2,002
|
|
6,918
|
|
7,496
|
|
|
Food, beverage,
pari-mutuel and other
|
|
10,386
|
|
10,557
|
|
32,113
|
|
32,848
|
|
|
Marine and
facilities
|
|
14,956
|
|
14,602
|
|
46,681
|
|
44,558
|
|
|
Marketing and
administrative
|
|
63,863
|
|
61,152
|
|
192,993
|
|
188,580
|
|
|
Corporate and
development
|
|
7,892
|
|
8,719
|
|
29,548
|
|
32,180
|
|
|
Depreciation and
amortization
|
|
21,405
|
|
21,822
|
|
64,739
|
|
66,934
|
|
|
Total operating
expenses
|
|
222,849
|
|
215,714
|
|
679,832
|
|
673,664
|
|
|
Operating income
|
|
19,399
|
|
16,293
|
|
55,694
|
|
56,915
|
|
|
Interest expense
|
|
(21,737)
|
|
(21,506)
|
|
(65,439)
|
|
(68,711)
|
|
|
Interest income
|
|
185
|
|
431
|
|
624
|
|
1,372
|
|
|
Derivative income
(expense)
|
|
223
|
|
974
|
|
252
|
|
(1,256)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing operations
before
|
|
|
|
|
|
|
|
|
|
|
income taxes
|
|
(1,930)
|
|
(3,808)
|
|
(8,869)
|
|
(11,680)
|
|
|
Income tax
benefit
|
|
748
|
|
1,151
|
|
3,907
|
|
4,555
|
|
|
Loss from continuing
operations
|
|
(1,182)
|
|
(2,657)
|
|
(4,962)
|
|
(7,125)
|
|
|
Income from discontinued
operations,
|
|
|
|
|
|
|
|
|
|
|
net of income
taxes
|
|
-
|
|
-
|
|
-
|
|
794
|
|
|
Net loss
|
|
$
(1,182)
|
|
$
(2,657)
|
|
$
(4,962)
|
|
$
(6,331)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per common share-basic and
dilutive:
|
|
|
|
|
|
|
|
|
|
|
Loss from continuing
operations
|
|
$
(0.03)
|
|
$
(0.08)
|
|
$
(0.13)
|
|
$
(0.22)
|
|
|
Income from discontinued
operations,
|
|
|
|
|
|
|
|
|
|
|
net of income
taxes
|
|
-
|
|
-
|
|
-
|
|
0.03
|
|
|
Net loss
|
|
$
(0.03)
|
|
$
(0.08)
|
|
$
(0.13)
|
|
$
(0.19)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average basic
shares
|
|
38,982,281
|
|
32,929,965
|
|
38,670,827
|
|
32,720,532
|
|
|
Weighted average diluted
shares
|
|
38,982,281
|
|
32,929,965
|
|
38,670,827
|
|
32,720,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ISLE OF
CAPRI CASINOS, INC.
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
(In
thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
January
22,
|
|
April
24,
|
|
|
|
2012
|
|
2011
|
|
|
ASSETS
|
(unaudited)
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
$
72,426
|
|
$
75,178
|
|
|
Marketable
securities
|
25,650
|
|
22,173
|
|
|
Accounts receivable,
net
|
7,903
|
|
9,367
|
|
|
Insurance
receivable
|
3,705
|
|
234
|
|
|
Income taxes
receivable
|
3,972
|
|
3,866
|
|
|
Deferred income
taxes
|
7,826
|
|
12,097
|
|
|
Prepaid expenses and other
assets
|
26,620
|
|
25,444
|
|
|
Total current
assets
|
148,102
|
|
148,359
|
|
|
Property and equipment,
net
|
1,102,991
|
|
1,113,549
|
|
|
Other assets:
|
|
|
|
|
|
Goodwill
|
345,303
|
|
345,303
|
|
|
Other intangible assets,
net
|
78,616
|
|
82,207
|
|
|
Deferred financing costs,
net
|
14,865
|
|
18,911
|
|
|
Restricted cash
|
12,492
|
|
12,810
|
|
|
Prepaid deposits and
other
|
9,566
|
|
12,749
|
|
|
Total assets
|
$
1,711,935
|
|
$
1,733,888
|
|
|
|
|
|
|
|
|
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Current maturities of
long-term debt
|
$
5,389
|
|
$
5,373
|
|
|
Accounts
payable
|
32,773
|
|
26,013
|
|
|
Accrued liabilities:
|
|
|
|
|
|
Payroll and
related
|
39,009
|
|
44,187
|
|
|
Property and other
taxes
|
17,879
|
|
19,891
|
|
|
Interest
|
20,118
|
|
10,802
|
|
|
Progressive jackpots and
slot club awards
|
16,531
|
|
15,280
|
|
|
Other
|
31,209
|
|
32,332
|
|
|
Total current
liabilities
|
162,908
|
|
153,878
|
|
|
Long-term debt, less current
maturities
|
1,160,283
|
|
1,187,221
|
|
|
Deferred income taxes
|
23,937
|
|
30,762
|
|
|
Other accrued
liabilities
|
36,318
|
|
36,305
|
|
|
Other long-term
liabilities
|
16,870
|
|
16,694
|
|
|
Stockholders' equity:
|
|
|
|
|
|
Preferred stock, $.01 par
value; 2,000,000 shares authorized; none issued
|
-
|
|
-
|
|
|
Common stock, $.01 par
value; 60,000,000 shares authorized; shares issued:
|
|
|
|
|
|
42,066,148 at January 22,
2012 and 42,063,569 at April 24, 2011
|
421
|
|
421
|
|
|
Class B common stock, $.01
par value; 3,000,000 shares authorized; none issued
|
-
|
|
-
|
|
|
Additional paid-in
capital
|
251,220
|
|
254,013
|
|
|
Retained
earnings
|
98,133
|
|
103,095
|
|
|
Accumulated other
comprehensive (loss) income
|
(1,012)
|
|
(2,235)
|
|
|
|
348,762
|
|
355,294
|
|
|
Treasury stock, 3,083,867
shares at January 22, 2012 and 3,841,283 April 24, 2011
|
(37,143)
|
|
(46,266)
|
|
|
Total stockholders'
equity
|
311,619
|
|
309,028
|
|
|
Total liabilities and
stockholders' equity
|
$
1,711,935
|
|
$
1,733,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Isle of
Capri Casinos, Inc.
|
|
Supplemental
Data - Net Revenues
|
|
(unaudited,
in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
January
22,
|
|
January
23,
|
|
January
22,
|
|
January
23,
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Properties Not Impacted by
Flooding
|
|
|
|
|
|
|
|
|
|
|
Biloxi, Mississippi
|
|
$
13,932
|
|
$
14,645
|
|
$
48,180
|
|
$
50,552
|
|
|
Lake Charles,
Louisiana
|
|
31,379
|
|
30,568
|
|
99,920
|
|
96,522
|
|
|
Kansas City, Missouri
|
|
19,038
|
|
17,804
|
|
58,149
|
|
55,954
|
|
|
Boonville, Missouri
|
|
18,658
|
|
18,069
|
|
58,481
|
|
58,279
|
|
|
Bettendorf, Iowa
|
|
18,230
|
|
17,961
|
|
57,441
|
|
58,009
|
|
|
Marquette, Iowa
|
|
5,907
|
|
5,848
|
|
20,679
|
|
20,546
|
|
|
Waterloo, Iowa
|
|
20,662
|
|
19,273
|
|
61,763
|
|
60,261
|
|
|
Black Hawk, Colorado
|
|
26,712
|
|
25,756
|
|
89,978
|
|
85,693
|
|
|
Pompano, Florida
|
|
38,631
|
|
34,699
|
|
106,202
|
|
97,132
|
|
|
|
|
193,149
|
|
184,623
|
|
600,793
|
|
582,948
|
|
Properties Impacted by
Flooding
|
|
|
|
|
|
|
|
|
|
|
Natchez, Mississippi
|
|
6,668
|
|
6,912
|
|
18,149
|
|
22,281
|
|
|
Lula, Mississippi
|
|
13,805
|
|
14,990
|
|
37,770
|
|
48,256
|
|
|
Vicksburg,
Mississippi(2)
|
|
7,711
|
|
7,371
|
|
21,555
|
|
18,570
|
|
|
Caruthersville,
Missouri
|
|
7,935
|
|
7,610
|
|
23,749
|
|
24,249
|
|
|
Davenport, Iowa
|
|
10,627
|
|
10,315
|
|
31,397
|
|
32,732
|
|
|
|
|
46,746
|
|
47,198
|
|
132,620
|
|
146,088
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property Net Revenues before
Other
|
|
239,895
|
|
231,821
|
|
733,413
|
|
729,036
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
Recoveries(3)
|
|
|
|
|
|
|
|
|
|
|
Biloxi
|
|
995
|
|
-
|
|
995
|
|
-
|
|
|
Natchez
|
|
420
|
|
-
|
|
-
|
|
-
|
|
|
Vicksburg
|
|
54
|
|
-
|
|
-
|
|
-
|
|
|
Caruthersville
|
|
398
|
|
-
|
|
-
|
|
-
|
|
|
Davenport
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
486
|
|
186
|
|
1,118
|
|
1,543
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenues from Continuing
Operations
|
|
$
242,248
|
|
$
232,007
|
|
$
735,526
|
|
$
730,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Isle of
Capri Casinos, Inc.
|
|
Supplemental
Data - EBITDA (1)
|
|
(unaudited,
in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
|
January
22,
|
|
January
23,
|
|
January
22,
|
|
January
23,
|
|
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Properties Not Impacted by
Flooding
|
|
|
|
|
|
|
|
|
|
|
Biloxi, Mississippi
|
|
$
(308)
|
|
$
(131)
|
|
$
3,033
|
|
$
3,301
|
|
|
Lake Charles,
Louisiana
|
|
3,172
|
|
4,604
|
|
13,770
|
|
16,203
|
|
|
Kansas City, Missouri
|
|
3,987
|
|
3,701
|
|
12,178
|
|
11,938
|
|
|
Boonville, Missouri
|
|
6,505
|
|
6,023
|
|
20,783
|
|
19,572
|
|
|
Bettendorf, Iowa
|
|
4,815
|
|
4,865
|
|
14,498
|
|
14,916
|
|
|
Marquette, Iowa
|
|
909
|
|
697
|
|
4,277
|
|
3,954
|
|
|
Waterloo, Iowa
|
|
6,232
|
|
5,444
|
|
18,188
|
|
17,282
|
|
|
Black Hawk, Colorado
|
|
4,850
|
|
4,432
|
|
18,972
|
|
17,329
|
|
|
Pompano, Florida
|
|
7,114
|
|
5,460
|
|
17,137
|
|
12,714
|
|
|
|
|
37,276
|
|
35,095
|
|
122,836
|
|
117,209
|
|
Properties Impacted by
Flooding
|
|
|
|
|
|
|
|
|
|
|
Natchez, Mississippi
|
|
1,276
|
|
1,721
|
|
3,738
|
|
6,196
|
|
|
Lula, Mississippi
|
|
2,370
|
|
3,777
|
|
5,579
|
|
13,281
|
|
|
Vicksburg,
Mississippi(2)
|
|
1,764
|
|
2,176
|
|
4,425
|
|
5,526
|
|
|
Caruthersville,
Missouri
|
|
1,393
|
|
1,584
|
|
4,471
|
|
4,659
|
|
|
Davenport, Iowa
|
|
2,265
|
|
2,295
|
|
6,820
|
|
7,615
|
|
|
|
|
9,068
|
|
11,553
|
|
25,033
|
|
37,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Property EBITDA Before Corporate
and Other
|
|
46,344
|
|
46,648
|
|
147,869
|
|
154,486
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
Recoveries(3)
|
|
|
|
|
|
|
|
|
|
|
Biloxi
|
|
995
|
|
-
|
|
995
|
|
-
|
|
|
Natchez
|
|
420
|
|
-
|
|
-
|
|
-
|
|
|
Vicksburg
|
|
54
|
|
-
|
|
-
|
|
-
|
|
|
Caruthersville
|
|
398
|
|
-
|
|
-
|
|
-
|
|
|
Davenport
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
(7,407)
|
|
(8,533)
|
|
(28,431)
|
|
(30,637)
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA from Continuing
Operations
|
|
$
40,804
|
|
$
38,115
|
|
$
120,433
|
|
$
123,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Isle of
Capri Casinos, Inc.
|
|
Supplemental
Data - Reconciliation of Operating Income to EBITDA
(1)
|
|
(unaudited,
in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended January 22, 2012
|
|
Three Months
Ended January 23, 2011
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
Operating
|
|
and
|
|
|
|
Operating
|
|
and
|
|
|
|
|
|
|
Income
|
|
Amortization
|
|
EBITDA
|
|
Income
|
|
Amortization
|
|
EBITDA
|
|
Properties Not Impacted by
Flooding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biloxi, Mississippi
|
|
$
(2,410)
|
|
$
2,102
|
|
$
(308)
|
|
$
(3,024)
|
|
$
2,893
|
|
$
(131)
|
|
|
Lake Charles,
Louisiana
|
|
781
|
|
2,391
|
|
3,172
|
|
2,282
|
|
2,322
|
|
4,604
|
|
|
Kansas City, Missouri
|
|
2,982
|
|
1,005
|
|
3,987
|
|
2,782
|
|
919
|
|
3,701
|
|
|
Boonville, Missouri
|
|
5,629
|
|
876
|
|
6,505
|
|
4,948
|
|
1,075
|
|
6,023
|
|
|
Bettendorf, Iowa
|
|
2,837
|
|
1,978
|
|
4,815
|
|
2,885
|
|
1,980
|
|
4,865
|
|
|
Marquette, Iowa
|
|
443
|
|
466
|
|
909
|
|
293
|
|
404
|
|
697
|
|
|
Waterloo, Iowa
|
|
4,584
|
|
1,648
|
|
6,232
|
|
4,026
|
|
1,418
|
|
5,444
|
|
|
Black Hawk, Colorado
|
|
1,918
|
|
2,932
|
|
4,850
|
|
1,373
|
|
3,059
|
|
4,432
|
|
|
Pompano, Florida
|
|
4,357
|
|
2,757
|
|
7,114
|
|
3,104
|
|
2,356
|
|
5,460
|
|
|
|
|
21,121
|
|
16,155
|
|
37,276
|
|
18,669
|
|
16,426
|
|
35,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties Impacted by
Flooding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natchez, Mississippi
|
|
892
|
|
384
|
|
1,276
|
|
1,370
|
|
351
|
|
1,721
|
|
|
Lula, Mississippi
|
|
808
|
|
1,562
|
|
2,370
|
|
1,989
|
|
1,788
|
|
3,777
|
|
|
Vicksburg,
Mississippi(2)
|
|
507
|
|
1,257
|
|
1,764
|
|
895
|
|
1,281
|
|
2,176
|
|
|
Caruthersville,
Missouri
|
|
520
|
|
873
|
|
1,393
|
|
775
|
|
809
|
|
1,584
|
|
|
Davenport, Iowa
|
|
1,718
|
|
547
|
|
2,265
|
|
1,727
|
|
568
|
|
2,295
|
|
|
|
|
4,445
|
|
4,623
|
|
9,068
|
|
6,756
|
|
4,797
|
|
11,553
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Property Before
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
Items
|
|
25,566
|
|
20,778
|
|
46,344
|
|
25,425
|
|
21,223
|
|
46,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
Recoveries(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biloxi
|
|
995
|
|
-
|
|
995
|
|
-
|
|
-
|
|
-
|
|
|
Natchez
|
|
420
|
|
-
|
|
420
|
|
-
|
|
-
|
|
-
|
|
|
Vicksburg
|
|
54
|
|
-
|
|
54
|
|
-
|
|
-
|
|
-
|
|
|
Caruthersville
|
|
398
|
|
-
|
|
398
|
|
-
|
|
-
|
|
-
|
|
|
Davenport
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
(8,034)
|
|
627
|
|
(7,407)
|
|
(9,132)
|
|
599
|
|
(8,533)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
19,399
|
|
$
21,405
|
|
$
40,804
|
|
$
16,293
|
|
$
21,822
|
|
$
38,115
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Isle of
Capri Casinos, Inc.
|
|
Supplemental
Data - Reconciliation of Operating Income to EBITDA
(1)
|
|
(unaudited,
in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months
Ended January 22, 2012
|
|
Nine Months
Ended January 23, 2011
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
Depreciation
|
|
|
|
|
|
|
Operating
|
|
and
|
|
|
|
Operating
|
|
and
|
|
|
|
|
|
|
Income
|
|
Amortization
|
|
EBITDA
|
|
Income
|
|
Amortization
|
|
EBITDA
|
|
Properties Not Impacted by
Flooding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biloxi, Mississippi
|
|
$
(3,580)
|
|
$
6,613
|
|
$
3,033
|
|
$
(5,684)
|
|
$
8,985
|
|
$
3,301
|
|
|
Lake Charles,
Louisiana
|
|
6,715
|
|
7,055
|
|
13,770
|
|
9,153
|
|
7,050
|
|
16,203
|
|
|
Kansas City, Missouri
|
|
9,161
|
|
3,017
|
|
12,178
|
|
9,263
|
|
2,675
|
|
11,938
|
|
|
Boonville, Missouri
|
|
18,151
|
|
2,632
|
|
20,783
|
|
16,326
|
|
3,246
|
|
19,572
|
|
|
Bettendorf, Iowa
|
|
8,370
|
|
6,128
|
|
14,498
|
|
8,923
|
|
5,993
|
|
14,916
|
|
|
Marquette, Iowa
|
|
2,955
|
|
1,322
|
|
4,277
|
|
2,736
|
|
1,218
|
|
3,954
|
|
|
Waterloo, Iowa
|
|
13,266
|
|
4,922
|
|
18,188
|
|
11,998
|
|
5,284
|
|
17,282
|
|
|
Black Hawk, Colorado
|
|
10,011
|
|
8,961
|
|
18,972
|
|
7,806
|
|
9,523
|
|
17,329
|
|
|
Pompano, Florida
|
|
9,055
|
|
8,082
|
|
17,137
|
|
5,636
|
|
7,078
|
|
12,714
|
|
|
|
|
74,104
|
|
48,732
|
|
122,836
|
|
66,157
|
|
51,052
|
|
117,209
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Properties Impacted by
Flooding
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Natchez, Mississippi
|
|
2,620
|
|
1,118
|
|
3,738
|
|
5,127
|
|
1,069
|
|
6,196
|
|
|
Lula, Mississippi
|
|
574
|
|
5,005
|
|
5,579
|
|
7,804
|
|
5,477
|
|
13,281
|
|
|
Vicksburg,
Mississippi(2)
|
|
617
|
|
3,808
|
|
4,425
|
|
2,353
|
|
3,173
|
|
5,526
|
|
|
Caruthersville,
Missouri
|
|
1,969
|
|
2,502
|
|
4,471
|
|
2,124
|
|
2,535
|
|
4,659
|
|
|
Davenport, Iowa
|
|
5,151
|
|
1,669
|
|
6,820
|
|
5,914
|
|
1,701
|
|
7,615
|
|
|
|
|
10,931
|
|
14,102
|
|
25,033
|
|
23,322
|
|
13,955
|
|
37,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Property Before
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
Items
|
|
85,035
|
|
62,834
|
|
147,869
|
|
89,479
|
|
65,007
|
|
154,486
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance
Recoveries(3)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Biloxi
|
|
995
|
|
-
|
|
995
|
|
-
|
|
-
|
|
-
|
|
|
Natchez
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Vicksburg
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Caruthersville
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
Davenport
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate and Other
|
|
(30,336)
|
|
1,905
|
|
(28,431)
|
|
(32,564)
|
|
1,927
|
|
(30,637)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
$
55,694
|
|
$
64,739
|
|
$
120,433
|
|
$
56,915
|
|
$
66,934
|
|
$
123,849
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
|
EBITDA is "earnings before
interest and other non-operating income (expense), income taxes,
and depreciation and amortization." "Property EBITDA" is EBITDA
before Corporate and development expenses and minority interest.
EBITDA is presented solely as a supplemental disclosure
because management believes that it is 1) a widely used measure of
operating performance in the gaming industry, 2) used as a
component of calculating required leverage and minimum interest
coverage ratios under our Senior Credit Facility and 3) a principal
basis of valuing gaming companies. Management uses EBITDA and
Property EBITDA as the primary measure of the Company's operating
properties' performance, and they are important components in
evaluating the performance of management and other operating
personnel in the determination of certain components of employee
compensation. EBITDA should not be construed as an
alternative to operating income as an indicator of the Company's
operating performance, as an alternative to cash flows from
operating activities as a measure of liquidity or as an alternative
to any other measure determined in accordance with U.S. generally
accepted accounting principles (GAAP). The Company has
significant uses of cash flows, including capital expenditures,
interest payments, taxes and debt principal repayments, which are
not reflected in EBITDA. Also, other gaming companies that
report EBITDA information may calculate EBITDA in a different
manner than the Company. A reconciliation of EBITDA and
Property EBITDA to operating income is included in the financial
schedules accompanying this release. A reconciliation of EBITDA to
the Company's net income (loss) is shown below (in
thousands).
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
January
22,
|
|
January
23,
|
|
January
22,
|
|
January
23,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
EBITDA
|
$
40,804
|
|
$
38,115
|
|
$
120,433
|
|
$
123,849
|
|
Add/(deduct):
|
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
(21,405)
|
|
(21,822)
|
|
(64,739)
|
|
(66,934)
|
|
Interest
expense:
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
(21,552)
|
|
(21,075)
|
|
(64,815)
|
|
(67,339)
|
|
Derivative income
(expense)
|
223
|
|
974
|
|
252
|
|
(1,256)
|
|
Income tax
benefit
|
748
|
|
1,151
|
|
3,907
|
|
4,555
|
|
Income from discontinued
operations,
|
|
|
|
|
|
|
|
|
net of income
taxes
|
-
|
|
-
|
|
-
|
|
794
|
|
Net loss
|
$
(1,182)
|
|
$
(2,657)
|
|
$
(4,962)
|
|
$
(6,331)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Certain of our debt agreements
use "Adjusted EBITDA" as a financial measure for the calculation of
financial debt covenants. Adjusted EBITDA differs from EBITDA as
Adjusted EBITDA includes add back of items such as gain on early
extinguishment of debt, pre-opening expenses, certain write-offs
and valuation expenses, and non-cash stock compensation expense.
Reference can be made to the definition of Adjusted EBITDA in the
applicable debt agreements on file as Exhibits to our filings with
the Securities and Exchange Commission.
|
|
|
|
|
2.
|
Rainbow Casino in
Vicksburg, Mississippi was acquired on June 8, 2010 and we have
included the results of Rainbow in our consolidated financial
statements subsequent to acquisition.
|
|
|
|
|
3.
|
We have received insurance
recoveries related to various claims. The insurance recovery
associated with our Biloxi property relates to settlement relating
to lost profits and business interruption related to the oil spill
in the Gulf of Mexico during fiscal 2011. The insurance
recoveries associated with our Natchez, Vicksburg, Caruthersville
and Davenport properties relate to on-going flood claims related to
the flooding along the Mississippi River in the first quarter of
fiscal 2012.
|
|
|
|
SOURCE Isle of Capri Casinos, Inc.