Isle of Capri Casinos Provides Update on Restatement
June 17 2007 - 8:17PM
PR Newswire (US)
Third Quarter Form 10-Q to be Revised at Completion of Restatement
ST. LOUIS, June 17 /PRNewswire-FirstCall/ -- Isle of Capri Casinos,
Inc. (NASDAQ:ISLE) announced today that in connection with the
ongoing examination of its financial statements related to its
previously announced restatement of financial results, it has
determined that it will be necessary to revise the financial
statements set forth in its Quarterly Report on Form 10-Q for its
third fiscal quarter ended January 28, 2007, which was filed on
April 18, 2007. The financial statement impact of these revisions,
primarily relate to lease accounting and will affect rent expense.
The Company is in the process of completing the 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 three
quarters of fiscal 2007. 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 16 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, Boonville
and Caruthersville, Missouri and a casino and harness track in
Pompano Beach, Florida. The Company also 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. There are four Isle of Capri
Casinos brands including "the isle," Isle of Capri, Colorado
Central Station and Rhythm City, providing over 15,000 slot
machines, 500 table games and 2600 hotel rooms for our guests'
enjoyment. 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., 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/ . DATASOURCE: Isle of Capri
Casinos, Inc. CONTACT: Allan B. Solomon, Executive Vice President,
+1-561-995-6660, or 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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