* Jim Perry Named CEO, Bernard Goldstein Remains Chairman ST.
LOUIS, March 5 /PRNewswire-FirstCall/ -- Isle of Capri Casinos,
Inc. (NASDAQ:ISLE) today reported financial results for the third
fiscal quarter ended January 27, 2008, and announced that Jim
Perry, a seasoned gaming industry executive, will become the
Company's Chief Executive Officer on March 10, replacing Bernard
Goldstein in that position. Three Months Ended Nine Months Ended
January 27, January 28, January 27, January 28, 2008 2007 2008 2007
Net revenues $269.7 $230.8 $827.0 $748.0 Income (loss) from
continuing operations (13.8) (9.3) (45.6) (8.2) EBITDA (1) 40.2
33.7 122.5 125.8 Net income (loss) (13.8) (8.9) (45.6) 10.0 Income
(loss) per share from continuing operations (0.45) (0.31) (1.49)
(0.27) A detailed discussion of third quarter operations appears
later in this press release. Bernard Goldstein, chairman of the
board and chief executive officer, commented: "Since joining our
board last July, Jim Perry has served as the chair of a joint
strategic committee comprised of members of our Board and our
management team. Our goal was to develop a plan to make our assets
more competitive, more closely align our operating strategy with
the needs of our customers and strengthen our balance sheet. I
firmly believe that the strategic plan developed under his
leadership will serve as a platform for the future growth of the
company. As such, I am announcing my retirement from the position
of chief executive officer and it is my pleasure to announce the
appointment of Jim Perry to the position of Executive Vice Chairman
and CEO, effective March 10, subject to regulatory approval. "Along
with President and Chief Operating Officer Virginia McDowell and
the rest of the senior management team, our employees and investors
are in the capable hands of a team that is known for financial
discipline and operational excellence. It has been my pleasure to
watch the company grow since our first casino opened in 1992. We
have assembled a talented and respected team to ensure that the
company continues to grow into the future. I look forward to
working with them, and will continue to serve as Chairman of the
Board as we implement our strategic plan," Goldstein continued.
Over the past decade, Perry has served as the president, chief
executive officer and as a member of the board of directors at both
Trump Entertainment Resorts and Argosy Gaming Company. With nearly
30 years of experience leading major gaming operations and
companies in regional and destination markets, he is recognized as
one of the gaming industry's most distinguished executives. During
Perry's tenure at Argosy, the company built one of the strongest
balance sheets in gaming, was an industry leader in EBITDA margins,
and was recognized by several leading publications for record
earnings growth and financial stability. "Bernie Goldstein and the
Isle board of directors have offered me a wonderful opportunity to
work with a very talented team, to continue to enhance the value of
the company for our shareholders, improve the gaming experience for
our customers, and build a strong company with opportunity for our
employees. I appreciate both their support and their confidence in
me," Perry said. "The main components of the strategic plan are to
focus on organic growth opportunities, and to consolidate our
portfolio into two brands based on a variety of factors, including
the size of the facility, amenities, and the size of the primary
markets served," Perry explained. "Our Isle brand will feature
regional facilities with hotel rooms and convention facilities
designed for both business and leisure travelers, with upgraded
amenities, all of which will complement our casino product. Based
on a significant market research project conducted with our
database customers, we will reintroduce Lady Luck as the brand for
our smaller facilities that serve more local markets." Perry
continued, "The strategic committee is continuing to work with the
board of directors on the approval of the major projects associated
with the re-branding, the timing of which will occur over the next
few years. The first Isle properties will include Biloxi, where
planning is nearly complete on Phase One of the master plan, and
Bettendorf, where the company is beginning the planning process for
a land-based casino which will be located between the existing two
hotel towers. We expect that the expanded Bettendorf facility will
be connected by a sky bridge to the new 50,000 square foot
convention center being jointly developed by the City of Bettendorf
and Isle of Capri, which the City expects to open later this year.
Caruthersville will become the first Lady Luck property by June
2008." Virginia McDowell, president and chief operating officer,
added, "We have a tremendous opportunity to unlock shareholder
value by further improving operating results. We have made progress
over the course of fiscal 2008, most notably in Black Hawk, the
Quad Cities and Boonville. Despite pressure on the economy, EBITDA
and margins have continued to improve at several properties year
over year. In addition, we continue to re-engineer our business
processes at both the corporate and property levels. A
reorganization at the corporate office, during the third quarter,
included a reduction in the workforce and the introduction of cost
saving programs which we expect, when fully implemented, will
result in expense reductions of over $3.0 million annually. In
addition, we are continuing to evaluate, consulting agreements and
agreements with outside contractors for additional expense
reduction opportunities. "At the property level, we continue to
identify margin improvement opportunities. In many cases, programs
eliminated at the corporate level represent a direct savings to the
operating units. We recognize, however, that companies cannot save
their way to success and we continue to reallocate our resources in
order to improve the overall guest experience, target more
profitable customers and increase revenue. In line with our
strategic objectives, we will build our brands around our
customers, and create experiences for our guests based upon what is
important to them." Third Quarter Operating Highlights The Company
reported a loss from continuing operations for the third quarter of
fiscal 2008 of $13.8 million or $0.45 per diluted common share
compared to a loss from continuing operations of $8.9 million or
$0.31 per diluted common share for the third quarter of fiscal
2007. Our results of operations for the three and nine month
periods ended January 27, 2008 and January 28, 2007 reflect the
consolidated operations of all of our subsidiaries. The Vicksburg
and Bossier City properties are reflected as discontinued
operations for the periods prior to their sale in July 2006. During
the quarter ended January 27, 2008 net revenues increased by $38.8
million or 16.8% as compared to the third quarter of fiscal 2007.
Net revenues increased a combined $63.0 million in Pompano,
Florida, Waterloo, Iowa, Caruthersville, Missouri and Coventry,
England each of which has originated casino operations or been
acquired subsequent to the third quarter of fiscal 2007. EBITDA(1)
for the third quarter of fiscal 2008 was $40.3 million compared to
$33.7 million for the third quarter of fiscal 2007. Property
EBITDA(1) for the third quarter of fiscal 2008 increased 7.6% to
$52.8 million compared to Property EBITDA of $48.7 million for the
comparable quarter in fiscal 2007. EBITDA at our new casino
operations was $5.5 million including negative EBITDA of $1.7
million in Coventry. In addition, our Lake Charles property
benefited from a $2.2 million gain related to business interruption
insurance proceeds in the third quarter of fiscal 2007. Also
impacting Property EBITDA comparisons in the third quarter was $2.5
million of combined pre-opening expenses in fiscal 2007 related to
the Pompano, Waterloo and Coventry operations. A discussion of
overall results by state for the three months ended January 27,
2008 compared to the three months ended January 28, 2007 is set
forth below: Mississippi -- Our three continuing casino operations
contributed 17.1% of our net revenues for the three months ended
January 27, 2008. Net revenues and EBITDA at our Biloxi property
decreased significantly from abnormally high prior year operating
results due to increased competition in the market as competitors
have re-opened after closures caused by Hurricane Katrina. Our
Natchez property continues to experience decreases in both net
revenues and EBITDA primarily resulting from the re-opening of
competing casinos along the Gulf Coast and increased competition
impacting certain of the properties outlying primary feeder
markets. The combined EBITDA margins at our Mississippi properties
decreased from 24.5% in the third quarter of fiscal 2007 to 21.7%
this quarter. Louisiana -- Our Lake Charles property contributed
14.1% of our net revenues for the three months ended January 27,
2008. Lake Charles experienced a decrease in net revenues due to
increased competition in the market as competitors have fully
re-opened following closures caused by Hurricane Rita and post
hurricane normalization of population levels in the property's
feeder markets. Our EBITDA for the three months ended January 28,
2007 included $2.2 million in income from settlement of certain
hurricane related claims. Before consideration of the fiscal 2007
$2.2 million insurance settlement income, EBITDA increased at Lake
Charles in the third quarter by $0.4 million and EBITDA margins
improved from 18.6% to 22.4%. Missouri -- Our three casinos in
Missouri contributed 15.9% of our net revenues and EBITDA for the
three months ended January 27, 2008. Net revenues increased
primarily due to the acquisition of the Caruthersville property on
June 11, 2007. A decrease in net revenues at Kansas City is due to
competition within the market and the opening of a new hotel by one
of our competitors. EBITDA margins at the Missouri properties were
a combined 23.8% in the quarter compared to 23.5% in Kansas City
and Boonville in the third quarter of 2007. Iowa -- Our four
casinos in Iowa contributed 21.5% of our net revenues for the three
months ended January 27, 2008. Net revenues and income from
operations increased primarily due to the opening of the Waterloo
property on June 30, 2007. Waterloo contributed $18.4 million in
net revenue and $3.4 million in EBITDA for the third quarter of
fiscal 2008. Our two Quad Cities properties had combined net
revenues of $33.2 million, a decrease of $1.0 million from the
third quarter of fiscal 2007. EBITDA in the Quad Cities was $9.1
million and EBITDA margins were 27.4% compared to $7.9 million and
23.0%, respectively. Colorado -- Our two casinos in Black Hawk,
Colorado contributed 12.4% of our net revenues for the three months
ended January 27, 2008. Our Colorado properties experienced minor
decreases in net revenues primarily due to a planned reduction in
complimentary allowances. Combined EBITDA increased at the Colorado
properties to $10.5 million from $9.8 million and margins increased
from 28.3% to 31.3% due to decreases in marketing expenses and
overall cost control efforts. Florida -- The Pompano Park racetrack
and casino contributed 15.3% of our net revenues for the three
months ended January 27, 2008. Net revenues and EBITDA reflect the
opening of the slot gaming facility on April 14, 2007. EBITDA for
the third quarter of 2007 includes $1.5 million in pre-opening
EBITDA expenses. International Operations -- Net revenues increased
primarily due to the opening of the Coventry, England property in
July 2007. EBITDA for the three months ended January 28, 2007
includes $0.7 million in pre-opening costs. Corporate and
Development -- Corporate and development expenses decreased to
$11.8 million for the quarter ended January 27, 2008 from $14.6
million for the comparable period last year. Included in fiscal
2007 corporate and development expenses were $4.9 million of
development costs primarily associated with our development efforts
in Pittsburgh and Singapore Other significant factors impacting net
income are as follows: 1. Stock based compensation expense was $1.7
million in the third quarter of 2008 versus $1.5 million in 2007.
2. Depreciation and amortization expense increased from $24.6
million to $34.9 million due to the Pompano, Waterloo,
Caruthersville and Coventry assets being placed in service. 3.
Interest expense increased $5.3 million to $27.5 million due to
higher average borrowings. 4. The income tax benefit recorded in
the third quarter increased to $7.4 million from $1.9 million
during the third quarter of last year. Capital Structure As of
January 27, 2008 we have $117.6 million of cash and cash
equivalents and total debt of $1.57 billion. Effective January 27,
2008, we completed the purchase of the 43% minority interest in our
Colorado operations, previously owned by our partner, for $64.6
million. On January 28, 2008, we refinanced approximately $187
million of debt that previously existed at the Blackhawk entity
through borrowings under our credit facility. We have designated
the subsidiaries that operate the Blackhawk operations as
"restricted subsidiaries" under the provisions of our credit
facility and our 7% subordinated notes. Giving pro forma effect to
the transactions described above (as permitted under our credit
facility), as of quarter end, we have approximately $155 million of
available borrowing capacity under our credit facility. We
currently have no capital projects underway, other than routine
maintenance capital expenditures. As we begin to implement our
strategic plan we will time our capital outlays to match the
flexibility of our capital structure Conference Call Isle of Capri
Casinos, Inc. will host a conference call and simultaneous web cast
today, March 5, 2008, at 2 p.m. central time. The toll-free
telephone number to access the call for the U.S. is 800-230-1766.
The international telephone number to access the call is
612-332-0226. The conference call reference number is 913115. ISLE
OF CAPRI CASINOS, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (In
thousands, except share and per share data) (Unaudited) Three
Months Ended Nine Months Ended January 27, January 28, January 27,
January 28, 2008 2007 2008 2007 Revenues: Casino $269,480 $233,158
$824,996 $760,015 Rooms 10,674 9,995 37,595 37,965 Pari-mutuel
commissions and fees 4,986 5,057 13,400 13,850 Food, beverage and
other 33,137 32,309 100,808 99,274 Gross revenues 318,277 280,519
976,799 911,104 Less promotional allowances 48,612 49,680 149,763
163,073 Net revenues 269,665 230,839 827,036 748,031 Operating
expenses: Casino 40,963 38,372 121,656 121,972 Gaming taxes 70,123
49,739 211,160 161,158 Rooms 2,507 2,173 8,852 7,053 Pari-mutuel
commissions and fees 4,436 3,897 11,280 10,793 Food, beverage and
other 10,614 6,928 33,643 23,520 Marine and facilities 16,852
14,233 50,123 44,979 Marketing and administrative 71,174 64,111
214,173 204,443 Corporate and development 11,846 14,572 35,839
42,407 Write-offs and other valuation charges - - 6,526 665
Pre-opening - 2,499 6,457 3,137 Depreciation and amortization
34,871 24,608 100,698 72,898 Total operating expenses 263,386
221,132 800,407 693,025 Operating income 6,279 9,707 26,629 55,006
Interest expense (27,548) (22,241) (82,538) (65,691) Interest
income 872 1,814 3,106 5,846 Loss on early extinguishment of debt -
- (13,660) - Income (loss) from continuing operations before income
taxes and minority interest (20,397) (10,720) (66,463) (4,839)
Income tax (provision) benefit 7,443 1,940 25,732 (1,247) Minority
interest (895) (566) (4,868) (2,119) Income (loss) from continuing
operations (13,849) (9,346) (45,599) (8,205) Income from
discontinued operations, net of income taxes - 416 - 18,189 Net
income (loss) $(13,849) $(8,930) $(45,599) $9,984 Earnings (loss)
per common share-basic and diluted: Income (loss) from continuing
operations $(0.45) $(0.31) $(1.49) $(0.27) Income from discontinued
operations, net of income taxes - 0.02 - 0.60 Net income (loss)
$(0.45) $(0.29) $(1.49) $0.33 Weighted average basic and diluted
shares 30,836,139 30,371,020 30,651,056 30,378,925 ISLE OF CAPRI
CASINOS, INC. CONSOLIDATED BALANCE SHEETS (In thousands, except
share and per share data) January 27, April 29, 2008 2007 ASSETS
(Unaudited) Current assets: Cash and cash equivalents $117,573
$188,114 Marketable securities 20,760 17,169 Accounts receivable,
net 22,469 22,527 Insurance receivable, net 10,237 56,040 Income
tax receivable 25,773 - Deferred income taxes 9,735 12,421 Prepaid
expenses and other assets 31,788 24,067 Total current assets
238,335 320,338 Property and equipment, net 1,432,888 1,338,570
Other assets: Goodwill 307,311 297,268 Other intangible assets, net
89,651 74,154 Deferred financing costs, net 15,133 13,644
Restricted cash 6,390 4,637 Prepaid deposits and other 24,021
27,080 Total assets $2,113,729 $2,075,691 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Current maturities of
long-term debt $10,098 $7,594 Accounts payable 25,665 60,460
Accrued liabilities: Interest 19,223 10,166 Payroll and related
48,162 48,402 Property and other taxes 24,668 23,380 Income taxes -
16,011 Other 53,191 69,728 Total current liabilities 181,007
235,741 Long-term debt, less current maturities 1,560,016 1,410,385
Deferred income taxes 25,307 41,451 Other accrued liabilities
65,241 30,817 Other long-term liabilities 47,813 47,639 Minority
interest - 27,836 Stockholders' equity: Preferred stock, $.01 par
value; 2,000,000 shares authorized; none issued - - Common stock,
$.01 par value; 45,000,000 shares authorized; shares issued:
35,211,496 at January 27, 2008 and 34,682,534 at April 29, 2007 352
347 Class B common stock, $.01 par value; 3,000,000 shares
authorized; none issued - - Additional paid-in capital 186,502
175,132 Retained earnings 109,528 155,127 Accumulated other
comprehensive income (9,008) 3,358 287,374 333,964 Treasury stock,
4,732,073 shares at January 27, 2008 and 4,323,555 shares at April
29, 2007 (53,029) (52,142) Total stockholders' equity 234,345
281,822 Total liabilities and stockholders' equity $2,113,729
$2,075,691 Isle of Capri Casinos, Inc. Supplemental Data - Net
Revenues (unaudited, in thousands) Three Months Ended Nine Months
Ended January 27, January 28, January 27, January 28, 2008 2007
2008 2007 Mississippi Biloxi $20,072 $28,504 $67,844 $118,970
Natchez 8,699 9,428 27,119 30,224 Lula 17,458 19,662 55,523 60,945
Mississippi Total 46,229 57,594 150,486 210,139 Louisiana Lakes
Charles 38,075 43,517 118,578 128,136 Missouri Kansas City 17,458
19,925 55,934 60,515 Boonville 18,325 18,987 59,394 59,457
Caruthersville (2) 7,129 - 18,968 - Missouri Total 42,912 38,912
134,296 119,972 Iowa Bettendorf 21,061 20,172 67,641 65,599
Davenport 12,158 14,081 38,835 46,319 Marquette 6,695 8,585 25,067
28,964 Waterloo (2) 18,040 - 45,109 - Iowa Total 57,954 42,838
176,652 140,882 Colorado Black Hawk/Colorado Central Station 33,523
34,787 112,052 113,904 Florida Pompano (2) 41,274 6,604 111,867
16,860 International Blue Chip 2,254 2,419 6,809 6,310 Coventry (2)
3,182 - 5,158 - Our Lucaya 4,081 4,058 10,790 11,579 International
Total 9,517 6,477 22,757 17,889 Corporate, Development and Other
181 110 348 249 $269,665 $230,839 $827,036 $748,031 Isle of Capri
Casinos, Inc. Supplemental Data EBITDA(1) (unaudited, in thousands)
Three Months Ended Nine Months Ended January 27, January 28,
January 27, January 28, 2008 2007 2008 2007 Mississippi Biloxi
$2,683 $5,559 $11,942 $39,994 Natchez 2,724 2,966 8,295 8,877 Lula
4,666 5,634 14,956 15,318 Mississippi Total 10,073 14,159 35,193
64,189 Louisiana Lakes Charles 8,551 10,325 26,773 27,720 Missouri
Kansas City 2,660 3,564 8,672 9,246 Boonville 5,869 5,605 18,666
16,580 Caruthersville (2) 1,715 - 4,642 - Missouri Total 10,244
9,169 31,980 25,826 Iowa Bettendorf 5,895 5,296 20,648 17,875
Davenport 3,215 2,573 9,418 10,926 Marquette 869 1,683 5,693 6,106
Waterloo (2) 3,361 (355) 6,842 (451) Iowa Total 13,340 9,197 42,601
34,456 Colorado Black Hawk/Colorado Central Station 10,506 9,849
38,416 30,888 Florida Pompano (2) 2,262 (2,995) 4,499 (6,593)
International Blue Chip (257) 93 (667) (1,375) Coventry (2) (1,739)
(674) (9,994) (906) Our Lucaya (169) (349) (1,125) (4,147)
International Total (2,165) (930) (11,786) (6,428) Total Property
EBITDA 52,811 48,774 167,676 170,058 Corporate, Development and
Other (11,661) (14,459) (40,349) (42,154) Minority Interest (895)
(566) (4,868) (2,119) Total EBIDTA $40,255 $33,749 $122,459
$125,785 Isle of Capri Casinos, Inc. Supplemental Data - Detail of
Certain Charges Affecting EBITDA(1) (unaudited, in thousands) Three
Months Ended January 28, 2007 Pre-opening Expenses Waterloo $342
Pompano 1,500 Coventry 657 $2,499 Nine Months Ended Nine Months
Ended January 27, 2008 January 28, 2007 Write-offs Write-offs and
and Pre-opening Valuation Pre-opening Valuation Expenses Charges
Total Expenses Charges Total Kansas City $- $1,136 $1,136 $- $- $-
Davenport - 532 532 - - - Waterloo 3,347 - 3,347 423 - 423 Pompano
307 - 307 1,870 - 1,870 Coventry 2,803 - 2,803 844 - 844 Blue Chip
- - - - 665 665 Total Properties 6,457 1,668 8,125 3,137 665 3,802
Corporate, Development and Other - 4,858 4,858 - - - $6,457 $6,526
$12,983 $3,137 $665 $3,802 Isle of Capri Casinos, Inc. Supplemental
Data - Reconcilation of Operating Income to EBITDA(1) (unaudited,
in thousands) Three Months Ended Three Months Ended January 27,
2008 January 28, 2007 Depreciation Depreciation and and Operating
Amorti- EBITDA Operating Amorti- EBITDA Income zation (1) Income
zation (1) Mississippi Biloxi $(1,960) $4,643 $2,683 $815 $4,744
$5,559 Natchez 1,819 905 2,724 2,002 964 2,966 Lula 1,947 2,719
4,666 3,017 2,617 5,634 Mississippi Total 1,806 8,267 10,073 5,834
8,325 14,159 Louisiana Lakes Charles 4,757 3,794 8,551 6,291 4,034
10,325 Missouri Kansas City 1,076 1,584 2,660 2,121 1,443 3,564
Boonville 4,557 1,312 5,869 4,362 1,243 5,605 Caruthersville (2) 95
1,620 1,715 - - - Missouri Total 5,728 4,516 10,244 6,483 2,686
9,169 Iowa Bettendorf 3,570 2,325 5,895 3,319 1,977 5,296 Davenport
1,944 1,271 3,215 994 1,579 2,573 Marquette 153 716 869 981 702
1,683 Waterloo (2) 749 2,612 3,361 (355) - (355) Iowa Total 6,416
6,924 13,340 4,939 4,258 9,197 Colorado Black Hawk/ Colorado
Central Station 6,509 3,997 10,506 5,873 3,976 9,849 Florida
Pompano (2) (1,730) 3,992 2,262 (3,050) 55 (2,995) International
Blue Chip (405) 148 (257) (73) 166 93 Coventry (2) (3,589) 1,850
(1,739) (1,164) 490 (674) Our Lucaya (173) 4 (169) (428) 79 (349)
International Total (4,167) 2,002 (2,165) (1,665) 735 (930) Total
Properties 19,319 33,492 52,811 24,705 24,069 48,774 Corporate,
Development and Other (3) (13,040) 1,379 (11,661) (14,998) 539
(14,459) Corporate write- offs (4) - - - - - - Minority Interest -
- (895) - - (566) $6,279 $34,871 $40,255 $9,707 $24,608 $33,749
Isle of Capri Casinos, Inc. Supplemental Data - Reconcilation of
Income (Loss) from Continuing Operations to EBITDA(1) (unaudited,
in thousands) Nine Months Ended Nine Months Ended January 27, 2008
January 28, 2007 Depreciation Depreciation and and Operating
Amorti- EBITDA Operating Amorti- EBITDA Income zation (1) Income
zation (1) Mississippi Biloxi $(2,177) $14,119 $11,942 $26,929
$13,065 $39,994 Natchez 5,495 2,800 8,295 6,009 2,868 8,877 Lula
6,123 8,833 14,956 7,669 7,649 15,318 Mississippi Total 9,441
25,752 35,193 40,607 23,582 64,189 Louisiana Lakes Charles 15,283
11,490 26,773 15,732 11,988 27,720 Missouri Kansas City 4,320 4,352
8,672 4,142 5,104 9,246 Boonville 14,853 3,813 18,666 12,712 3,868
16,580 Caruthersville (2) 2,051 2,591 4,642 - - - Missouri Total
21,224 10,756 31,980 16,854 8,972 25,826 Iowa Bettendorf 13,454
7,194 20,648 12,225 5,650 17,875 Davenport 5,506 3,912 9,418 6,305
4,621 10,926 Marquette 3,411 2,282 5,693 3,751 2,355 6,106 Waterloo
(2) 524 6,318 6,842 (451) - (451) Iowa Total 22,895 19,706 42,601
21,830 12,626 34,456 Colorado Black Hawk/ Colorado Central Station
26,451 11,965 38,416 18,967 11,921 30,888 Florida Pompano (2)
(7,345) 11,844 4,499 (6,761) 168 (6,593) International Blue Chip
(1,067) 400 (667) (1,769) 394 (1,375) Coventry (2) (14,594) 4,600
(9,994) (2,334) 1,428 (906) Our Lucaya (1,131) 6 (1,125) (4,385)
238 (4,147) International Total (16,792) 5,006 (11,786) (8,488)
2,060 (6,428) Total Properties 71,157 96,519 167,676 98,741 71,317
170,058 Corporate, Development and Other (3) (39,670) 4,179
(35,491) (43,735) 1,581 (42,154) Corporate write- offs (4) (4,858)
- (4,858) - - - Minority Interest - - (4,868) - - (2,119) $26,629
$100,698 $122,459 $55,006 $72,898 $125,785 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. "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 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. Reconciliations of operating
income to EBITDA are included in the financial schedules
accompanying this release. A reconciliation of EBITDA to net income
and of operating income to Property EBITDA are included in the
financial schedules accompanying this release. Three Months Ended
Nine Months Ended January 27, January 28, January 27, January 28,
2008 2007 2008 2007 EBITDA $40,255 $33,749 $122,459 $125,785
(Add)/deduct: Depreciation and amortization 34,871 24,608 100,698
72,898 Interest expense, net 26,676 20,427 79,432 59,845 Loss on
early extinguishment of debt - - 13,660 - Income tax provision
(benefit) (7,443) (1,940) (25,732) 1,247 Income from discontinued
operations, net of income taxes - (416) - (18,189) Net income
(loss) $(13,849) $(8,930) $(45,599) $9,984 2. Reflects results
since opening or acquisition date as follows: Property Date Pompano
April 2007 Caruthersville June 2007 Waterloo June 2007 Coventry
July 2007 3. Total consolidated stock compensation expense
including corporate and properties for the three months ended
January 27, 2008 and January 28, 2007 was $1.7 million and $1.5
million, respectively, of which, $1.4 million and $1.0 million were
included in corporate and development expense, respectively. Total
consolidated stock compensation expense including corporate and
properties for the nine months ended January 27, 2008 and January
28, 2007 was $5.4 million and $5.6 million, respectively, of which,
$4.6 million and $4.4 million were included in corporate and
development expense, respectively. 4. Corporate write offs of $4.9
million primarily reflect the termination of plans to develop a new
casino project in west Harrison County, Mississippi. 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 18 casino properties. The Company owns and operates
casinos in Biloxi, Lula and Natchez, Mississippi; Lake Charles,
Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa;
Boonville, Caruthersville, Kansas City, Missouri, two casinos in
Black Hawk, Colo., and a casino and harness track in Pompano Beach,
Florida. Isle of Capri Casinos' international gaming interests
include a casino that it operates in Freeport, Grand Bahama, a
casino in Coventry, England, and a two-thirds ownership interest in
casinos in Dudley and Wolverhampton, England. 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 Allan B. Solomon, Executive Vice
President-561.995.6660 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: Dale Black, Chief Financial Officer, +1-314-813-9327,
or Allan B. Solomon, Executive Vice President, +1-561-995-6660, 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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