Isle of Capri Casinos Receives Favorable Decision from NASDAQ Panel
June 05 2007 - 8:00AM
PR Newswire (US)
ST. LOUIS, June 5 /PRNewswire-FirstCall/ -- Isle of Capri Casinos,
Inc. (NASDAQ:ISLE) announced that it has received a favorable
ruling from the NASDAQ Listing Qualifications Panel relating to the
Company's inability to file its previous Quarterly Report on Form
10-Q by the March 9 due date. During a hearing before the Panel on
April 26, 2007, the Company requested an exception to the
applicable NASDAQ rules, allowing the Company until July 25, 2007
to cure the filing deficiency and asking NASDAQ to continue listing
the Company's common stock on the NASDAQ Global Select Market
during the interim period. The Panel has granted the Company's
request. The Company's failure to timely file its Form 10-Q for its
third fiscal quarter ended January 28, 2007 by the March 9 due date
resulted from the Company's restatement of its financial statements
for the fiscal years ended April 25, 2004; April 24, 2005 and April
30, 2006, and the quarterly results for fiscal 2005 and 2006
included therein, and for the first two quarters of fiscal 2007.
The failure to make a timely quarterly filing meant that Isle of
Capri was not in compliance with the filing requirements for
continued listing of its common stock on the NASDAQ Global Select
Market as set forth in Marketplace Rule 4310(c)(14). The Company
subsequently filed its Form 10-Q for the quarter on April 18, 2007,
but due to the ongoing restatement process the filing had not been
reviewed by the Company's independent auditors. The Company expects
to file an amended Quarterly Report on Form 10-Q, reviewed as
required by the Company's independent auditors, prior to the July
25, 2007 date set forth in the Panel's decision. Isle of Capri
Casinos, Inc., founded in 1992, is dedicated to providing its
customers with an exceptional gaming and entertainment experience.
Welcoming guests at each of its 15 casino properties are team
members committed to superior service and a fun atmosphere. The
Company owns and operates casinos in Biloxi, Lula and Natchez,
Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport and
Marquette, Iowa; Kansas City and Boonville, Missouri and a casino
and harness track in Pompano Beach, Florida. The Company also
operates and has a 57 percent ownership interest in two casinos in
Black Hawk, Colorado. Isle of Capri Casinos' international gaming
interests include a casino that it operates in Freeport, Grand
Bahama and a two-thirds ownership interest in casinos in Dudley and
Wolverhampton. The Company is also developing a new casino and
hotel in Waterloo, Iowa, as well as a casino in Coventry, England.
The Company has also signed an agreement to acquire a casino in
Caruthersville, Missouri. There are four Isle of Capri Casinos
brands including the isle, Isle of Capri, Colorado Central Station
and Rhythm City, providing over 14,000 slot machines, 500 table
games and 2600 hotel rooms for our guests' enjoyment. 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., Allan B. Solomon, Executive Vice
President - 561.995.6660 Donn Mitchell, Chief Financial Officer -
314.813.9319 Jill Haynes, Senior Director of Corporate
Communication - 314.813.9368 NOTE: Other Isle of Capri Casinos,
Inc. press releases and a corporate profile are available at
http://www.prnewswire.com/ . Isle of Capri Casinos, Inc.'s home
page is http://www.islecorp.com/ .
http://www.newscom.com/cgi-bin/prnh/20020502/ISLELOGO
http://photoarchive.ap.org/ DATASOURCE: Isle of Capri Casinos, Inc.
CONTACT: Allan B. Solomon, Executive Vice President,
+1-561-995-6660, Donn Mitchell, Chief Financial Officer,
+1-314-813-9319, or Jill Haynes, Senior Director of Corporate
Communication, +1-314-813-9368, all of Isle of Capri Casinos, Inc.
Web site: http://www.islecorp.com/
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