ST. LOUIS, Sept. 4, 2013 /PRNewswire/ -- Isle of
Capri Casinos, Inc. (NASDAQ: ISLE) (the "Company") today reported
financial results for the first quarter of fiscal year 2014 ended
July 28, 2013 and other
Company-related news.
Consolidated Results
The following table outlines the Company's financial results
(dollars in millions, except per share data, unaudited):
|
Three Months Ended
|
|
July 28,
|
|
July 29,
|
|
2013
|
|
2012
|
Net
revenues
|
$ 247.7
|
|
$ 235.8
|
Consolidated adjusted
EBITDA (1)
|
43.3
|
|
45.0
|
|
|
|
|
Income (loss) from
continuing operations
|
(4.9)
|
|
4.7
|
Income from
discontinued operations
|
-
|
|
1.9
|
Net income
(loss)
|
(4.9)
|
|
6.7
|
|
|
|
|
Diluted income (loss)
per share from continuing operations
|
(0.12)
|
|
0.12
|
Diluted income per
share from discontinued operations
|
-
|
|
0.05
|
Diluted income (loss)
per share
|
(0.12)
|
|
0.17
|
Virginia McDowell, President and
Chief Executive Officer, commented "Our operating results continue
to be impacted by the soft regional gaming trends and several of
our properties were impacted by flooding and spring storms that
occurred in the Midwest during May and June. These items
contributed to a decrease in same store casino revenues of
$4.5 million, or 1.9%. Adjusted
EBITDA at properties open for more than one year decreased
$3.8 million, or 7.4%, as our same
store operating results have become particularly sensitive to
revenue trends. Partially offsetting the softness were Pompano,
Black Hawk, and Lake Charles which all experienced year over year
increases in net revenue and combined adjusted EBITDA flow through
of 60%.
"In Cape Girardeau we continue to refine our business model in
order to ramp up the property. Sequentially, from the fourth
quarter of fiscal 2013 adjusted EBITDA at the property increased
from $1.6 million to $2.1 million while net revenue decreased from
$16.7 million to $13.8 million. The increased adjusted
EBITDA is a reflection of improved operating efficiencies and
improved promotional spending.
"Our newest property, Lady Luck Nemacolin opened on July 1, and generated net revenue of $2.6 million and adjusted EBITDA of $(0.6) million during the period. While
customer feedback regarding the property has been extremely
positive, initial results have not met our expectations. Many
local customers have told us they are having difficulty accepting
the mandatory purchase requirement, which they view as an admission
charge, that doesn't exist at other casinos in the region. We are
exploring alternatives to make access to the casino more appealing
and least disruptive to customers as possible. In addition we are
making operating changes to match the level of customer
demand."
McDowell continued "We continue to strive to operate all of our
properties as efficiently as possible in this tough operating
environment and have a continuous focus on managing costs."
Financial Highlights
Net loss per share from continuing operations was $(0.12) for the quarter ended July 28, 2013 compared to net income per share
from continuing operations of $0.12
in the prior year quarter. Operating results in the most
recent quarter were impacted by $3.9
million in preopening expenses associated with Lady Luck
Nemacolin and a $1.0 million gain on
the sale of the Company's corporate aircraft. Without the impact of
these two items, the loss per share for the current quarter would
have been $(0.05).
Additionally, a valuation allowance of $2.3 million, or ($0.06) per share, was recorded against the
normal tax benefit associated with the net loss for the quarter due
to the Company's overall tax position.
Net revenues for the current quarter were $247.7 million compared to $235.8 million in the prior year quarter, and
consolidated adjusted EBITDA was $43.3
million compared to $45.0
million for the quarter compared to the same quarter of the
prior fiscal year. At properties open more than one year, net
revenues were $231.1 million compared
to $235.6 million and adjusted
property EBITDA was $48.2 million
compared to $52.1 million for the
first quarter compared to the prior year quarter. The
Company's Cape Girardeau and
Nemacolin properties contributed
combined net revenues of $16.4
million and adjusted EBITDA of $1.5
million in the current quarter.
Operating Results
Black Hawk – Net revenues increased $1.3 million to $32.7
million, and Adjusted EBITDA increased $0.8 million, or 11.2%, to $8.4 million. Black Hawk benefited from
increased gaming and non-gaming revenues compared to the prior
year, as well as decreased expenses, attributable to recent
facility enhancements and marketing programs that have driven the
property's market share to its highest level since August 2009.
Pompano – Net revenues increased $2.7 million to $37.4
million, and Adjusted EBITDA increased $1.5 million, or 33.3%, to $6.0 million. Results in Pompano led to a
margin increase of 310 basis points compared to prior year, as both
gaming and non-gaming revenues increased during the period.
We believe our focus on efficient marketing and quality non-gaming
amenities has increased our competitive position and market share
for the property. In addition, the property has benefitted
from the removal of electronic gaming devices in internet cafes in
south Florida.
Iowa – Net revenues
decreased $2.1 million to
$57.2 million, and Adjusted EBITDA
decreased $1.6 million to
$13.9 million. In Davenport, the
property was severely impacted by flooding and road closures during
the period, which contributed to adjusted EBITDA decreasing
$0.7 million to $1.4 million.
Results in Marquette were also
impacted by the severe weather during the period, offset by
decreased expenses that led to adjusted EBITDA and margin
improvement.
Lake Charles – Net revenues increased $0.1 million to $33.7
million, and Adjusted EBITDA increased $0.1 million to $5.6
million. Net revenues and Adjusted EBITDA were stable
in Lake Charles, despite an overall market decline of 3.2%.
We have been successful in maintaining operating results through a
variety of facility enhancements, new marketing programs and cost
savings initiatives.
Missouri – Net revenues
increased $10.8 million to
$58.3 million, and Adjusted EBITDA
increased $0.4 million to
$13.6 million. Increases in net
revenues and Adjusted EBITDA were driven by the introduction of our
Cape Girardeau property, which was
not open in the previous year and generated net revenue and
adjusted EBITDA of $13.8 million and
$2.1 million respectively.
Results in Boonville were
negatively impacted by three power outages and ongoing construction
disruption during the period to the casino floor and main bar,
which are now complete. Results in Caruthersville, while impacted by Cape Girardeau, were more positive than
expected, as the property successfully continues to build its
presence in the Tennessee
market. In Kansas City, increased marketing pressure led to
decreased net revenues, which were partially offset by cost
efficiencies.
Mississippi - Net
revenues decreased $3.5 million to
$25.7 million, and Adjusted EBITDA
decreased $3.0 million to
$2.8 million. The decrease in
revenues and earnings were primarily driven by continued market
pressures on our properties in Lula and Natchez. At Vicksburg, net
revenues and market share increased during the period, while an
aggressive promotional environment led to decreased Adjusted EBITDA
at the property. In addition, visitation was impacted by road
construction between Vicksburg and
Jackson, MS, a primary feeder
market.
Pennsylvania – Net
revenues were $2.6 million, and
Adjusted EBITDA was ($0.6)
million. Lady Luck Casino at Nemacolin Woodlands
Resort was open for only the month of July during the quarter.
Corporate Expenses
Corporate and development expenses were $6.7 million for the quarter, a decrease of
$1.8 million compared to prior
year. The current quarter benefitted from a $1.0 million gain from the sale of our
airplane.
Non-cash stock compensation expense was $1.1 million for the quarter compared to
$1.3 million in the first quarter of
fiscal 2013.
Development
Sale of Rhythm City Casino Davenport – In June 2013 we entered into an agreement with Kehl
Development-Scott County LLC, providing Kehl Development with an
option to purchase Rhythm City for $51
million subject to certain terms and conditions. Kehl
Development continues to work with the City of Davenport and our
non-profit partner, the Riverboat Development Authority, to
negotiate development and operating agreements for its planned new
development. Including extensions, Kehl Development has until
October 15, 2013 to exercise the
option to purchase Rhythm City.
Philadelphia,
Pennsylvania – On February 1,
2013, we entered into an agreement with Tower Entertainment,
LLC, to operate the proposed $700
million casino entertainment complex, dubbed The Provence,
in Philadelphia, if selected for
licensure by the Pennsylvania Gaming Control Board. As
proposed the 1.25 million square foot project is expected to
include a 125-room hotel, a casino featuring approximately 3,000
electronic gaming machines and 150 table games, as well as a
rooftop village, concert hall, 8 restaurants, private swim club,
night club, retail shopping and meeting and event space. The
Pennsylvania Gaming Control Board has held public input hearings
for the competitors for Pennsylvania's final remaining slot machine
and table games licenses. The Pennsylvania Gaming Control
Board has not announced a timeline for suitability hearings or
eventual licensure.
Capital Structure and Capital Expenditures
As of July 28, 2013, the Company
had:
- $66.6 million in cash and cash
equivalents, excluding $9.8 million
in restricted cash and investments;
- $1.2 billion in total debt;
and
- $95 million in net line of credit
availability.
First quarter capital expenditures (including the $7.5 million table games license fee for
Nemacolin) were $29.8 million, including capital expenditures of
$21.3 million at Nemacolin. The
Company expects to have approximately $46
million to $49 million in additional capital expenditures
for the balance of the fiscal year, including approximately
$9 million for Lady Luck
Nemacolin.
Conference Call Information
Isle of Capri Casinos, Inc. will host a conference call on
Wednesday, September 4, 2013 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 866-652-5200. International callers can
access the conference call by dialing 412-317-6060. The
conference call will be recorded and available for review starting
at 11:59 pm central on Wednesday, September 4, 2013, until midnight
central on Wednesday, September 11,
2013, by dialing 877-344-7829; International: 412-317-0088
and access number 10033258.
About Isle of Capri Casinos, Inc.
Isle of Capri Casinos, Inc. is a leading regional gaming
and entertainment company dedicated to providing guests with
exceptional experience at each of the 16 casino properties that it
owns or operates, primarily under the Isle and Lady Luck
brands. The Company currently operates gaming and
entertainment facilities in Mississippi, Louisiana, Iowa, Missouri, Colorado, Florida and Pennsylvania. 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
www.islecorp.com
ISLE OF CAPRI
CASINOS, INC.
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
(In thousands,
except share and per share amounts)
|
(Unaudited)
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
July
28,
|
|
July
29,
|
|
|
|
2013
|
|
2012
|
|
Revenues:
|
|
|
|
|
|
Casino
|
|
$
262,142
|
|
$
250,269
|
|
Rooms
|
|
8,915
|
|
8,630
|
|
Food, beverage,
pari-mutuel and other
|
|
35,216
|
|
32,806
|
|
Gross revenues
|
|
306,273
|
|
291,705
|
|
Less
promotional allowances
|
|
(58,544)
|
|
(55,882)
|
|
Net revenues
|
|
247,729
|
|
235,823
|
|
Operating
expenses:
|
|
|
|
|
|
Casino
|
|
41,743
|
|
38,496
|
|
Gaming
taxes
|
|
65,976
|
|
61,628
|
|
Rooms
|
|
1,909
|
|
1,773
|
|
Food, beverage,
pari-mutuel and other
|
|
11,069
|
|
10,104
|
|
Marine and
facilities
|
|
15,048
|
|
13,700
|
|
Marketing and
administrative
|
|
62,106
|
|
57,956
|
|
Corporate and
development
|
|
6,698
|
|
8,473
|
|
Preopening
|
|
3,898
|
|
687
|
|
Depreciation and
amortization
|
|
20,395
|
|
16,822
|
|
Total operating expenses
|
|
228,842
|
|
209,639
|
|
Operating
income
|
|
18,887
|
|
26,184
|
|
Interest
expense
|
|
(22,658)
|
|
(20,431)
|
|
Interest
income
|
|
90
|
|
175
|
|
Derivative
income
|
|
230
|
|
134
|
|
|
|
|
|
|
|
Income (loss) from
continuing operations before
income
taxes
|
|
|
|
|
|
|
(3,451)
|
|
6,062
|
|
Income tax
provision
|
|
(1,411)
|
|
(1,318)
|
|
Income (loss) from
continuing operations
|
|
(4,862)
|
|
4,744
|
|
Income from
discontinued operations, net
of income taxes
|
|
-
|
|
1,917
|
|
Net income
(loss)
|
|
$
(4,862)
|
|
$
6,661
|
|
|
|
|
|
|
|
Income (loss) per
common share-basic:
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
$
(0.12)
|
|
$
0.12
|
|
Income (loss) from
discontinued operations, net
of income taxes
|
|
-
|
|
0.05
|
|
Net income
(loss)
|
|
$
(0.12)
|
|
$
0.17
|
|
|
|
|
|
|
|
Income (loss) per
common share-dilutive:
|
|
|
|
|
|
Income (loss) from
continuing operations
|
|
$
(0.12)
|
|
$
0.12
|
|
Income from
discontinued operations, net of
income taxes
|
|
-
|
|
0.05
|
|
Net income
(loss)
|
|
$
(0.12)
|
|
$
0.17
|
|
|
|
|
|
|
|
Weighted average
basic shares
|
|
39,582,928
|
|
39,018,281
|
|
Weighted average
diluted shares
|
|
39,582,928
|
|
39,035,280
|
|
ISLE OF CAPRI
CASINOS, INC.
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share and per share amounts)
|
|
|
|
|
|
July
28,
|
|
April
28,
|
|
2013
|
|
2013
|
ASSETS
|
(unaudited)
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
66,560
|
|
$
68,469
|
Marketable
securities
|
27,320
|
|
25,520
|
Accounts receivable,
net
|
10,688
|
|
11,077
|
Income taxes
receivable
|
4,263
|
|
4,789
|
Deferred income
taxes
|
2,096
|
|
1,573
|
Prepaid expenses and
other assets
|
30,486
|
|
20,872
|
Total current assets
|
141,413
|
|
132,300
|
Property and
equipment, net
|
1,033,438
|
|
1,034,026
|
Other
assets:
|
|
|
|
Goodwill
|
280,803
|
|
280,803
|
Other intangible
assets, net
|
68,004
|
|
60,748
|
Deferred financing
costs, net
|
26,784
|
|
27,230
|
Restricted cash and
investments
|
9,757
|
|
11,417
|
Prepaid deposits and
other
|
7,034
|
|
7,075
|
Total assets
|
$
1,567,233
|
|
$
1,553,599
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Current maturities of
long-term debt
|
$
429
|
|
$
415
|
Accounts
payable
|
24,487
|
|
34,533
|
Accrued
liabilities:
|
|
|
|
Payroll and
related
|
36,581
|
|
35,093
|
Property and other
taxes
|
23,012
|
|
21,340
|
Interest
|
21,516
|
|
18,502
|
Progressive jackpots
and slot club awards
|
17,263
|
|
16,579
|
Other
|
33,157
|
|
29,337
|
Total current liabilities
|
156,445
|
|
155,799
|
Long-term debt, less
current maturities
|
1,171,162
|
|
1,156,469
|
Deferred income
taxes
|
44,379
|
|
43,104
|
Other accrued
liabilities
|
33,661
|
|
33,303
|
Other long-term
liabilities
|
22,756
|
|
22,514
|
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 July
28, 2013 and at April 28, 2013
|
421
|
|
421
|
Class B common stock,
$.01 par value; 3,000,000 shares authorized; none issued
|
-
|
|
-
|
Additional paid-in
capital
|
246,760
|
|
246,214
|
Retained earnings
(deficit)
|
(79,089)
|
|
(74,227)
|
Accumulated other
comprehensive (loss) income
|
(99)
|
|
(247)
|
|
167,993
|
|
172,161
|
Treasury stock,
2,421,316 shares at July 28, 2013 and 2,470,128 shares at April 28,
2013
|
(29,163)
|
|
(29,751)
|
Total stockholders'
equity
|
138,830
|
|
142,410
|
Total liabilities and
stockholders' equity
|
$
1,567,233
|
|
$
1,553,599
|
Isle of Capri
Casinos, Inc.
|
Supplemental Data
- Net Revenues
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
July
28,
|
|
July
29,
|
|
|
|
2013
|
|
2012
|
|
Colorado
|
|
|
|
|
|
Black Hawk
|
|
$
32,684
|
|
$
31,353
|
|
|
|
|
|
|
|
Florida
|
|
|
|
|
|
Pompano
|
|
37,386
|
|
34,685
|
|
|
|
|
|
|
|
Iowa
|
|
|
|
|
|
Bettendorf
|
|
19,465
|
|
19,855
|
|
Davenport
|
|
9,716
|
|
10,646
|
|
Marquette
|
|
7,112
|
|
7,381
|
|
Waterloo
|
|
20,942
|
|
21,412
|
|
Iowa Total
|
|
57,235
|
|
59,294
|
|
|
|
|
|
|
|
Louisiana
|
|
|
|
|
|
Lake Charles
|
|
33,666
|
|
33,578
|
|
|
|
|
|
|
|
Mississippi
|
|
|
|
|
|
Lula
|
|
12,579
|
|
14,631
|
|
Natchez
|
|
5,327
|
|
7,001
|
|
Vicksburg
|
|
7,779
|
|
7,558
|
|
Mississippi Total
|
|
25,685
|
|
29,190
|
|
|
|
|
|
|
|
Missouri
|
|
|
|
|
|
Boonville
|
|
18,729
|
|
20,388
|
|
Cape Girardeau
|
|
13,809
|
|
-
|
|
Caruthersville
|
|
7,687
|
|
8,633
|
|
Kansas City
|
|
18,071
|
|
18,520
|
|
Missouri Total
|
|
58,296
|
|
47,541
|
|
|
|
|
|
|
|
Pennsylvania
|
|
|
|
|
|
Nemacolin
|
|
2,593
|
|
-
|
|
|
|
|
|
|
|
Property Net Revenues
before Other
|
|
247,545
|
|
235,641
|
|
Other
|
|
184
|
|
182
|
|
Net Revenues from
Continuing Operations
|
|
$ 247,729
|
|
$ 235,823
|
|
Isle of Capri
Casinos, Inc.
|
Reconciliation of
Operating Income (Loss) to Adjusted EBITDA
|
(unaudited, in
thousands)
|
|
|
|
Three Months Ended
July 28, 2013
|
|
|
|
Operating Income
(Loss)
|
|
Depreciation and
Amortization
|
|
Stock-Based
Compensation
|
|
Preopening and
Other
|
|
Adjusted
EBITDA
|
Black Hawk,
Colorado
|
|
|
6,084
|
|
2,319
|
|
11
|
|
-
|
|
8,414
|
|
|
|
|
|
|
|
|
|
|
|
|
Pompano,
Florida
|
|
|
4,167
|
|
1,846
|
|
7
|
|
-
|
|
6,020
|
|
|
|
|
|
|
|
|
|
|
|
|
Bettendorf,
Iowa
|
|
|
3,213
|
|
1,699
|
|
4
|
|
-
|
|
4,916
|
Davenport,
Iowa
|
|
|
790
|
|
593
|
|
5
|
|
-
|
|
1,388
|
Marquette,
Iowa
|
|
|
1,220
|
|
478
|
|
3
|
|
-
|
|
1,701
|
Waterloo,
Iowa
|
|
|
4,628
|
|
1,220
|
|
6
|
|
-
|
|
5,854
|
Iowa Total
|
|
|
9,851
|
|
3,990
|
|
18
|
|
-
|
|
13,859
|
|
|
|
|
|
|
|
|
|
|
|
|
Lake Charles,
Louisiana
|
|
|
2,734
|
|
2,877
|
|
5
|
|
-
|
|
5,616
|
|
|
|
|
|
|
|
|
|
|
|
|
Lula,
Mississippi
|
|
|
362
|
|
1,326
|
|
5
|
|
-
|
|
1,693
|
Natchez,
Mississippi
|
|
|
(599)
|
|
351
|
|
5
|
|
-
|
|
(243)
|
Vicksburg,
Mississippi
|
|
|
380
|
|
1,005
|
|
5
|
|
-
|
|
1,390
|
Mississippi Total
|
|
|
143
|
|
2,682
|
|
15
|
|
-
|
|
2,840
|
|
|
|
|
|
|
|
|
|
|
|
|
Boonville,
Missouri
|
|
|
5,225
|
|
1,152
|
|
6
|
|
-
|
|
6,383
|
Cape Girardeau,
Missouri
|
|
|
(685)
|
|
2,787
|
|
3
|
|
-
|
|
2,105
|
Caruthersville,
Missouri
|
|
|
457
|
|
805
|
|
6
|
|
-
|
|
1,268
|
Kansas City,
Missouri
|
|
|
2,840
|
|
976
|
|
4
|
|
-
|
|
3,820
|
Missouri Total
|
|
|
7,837
|
|
5,720
|
|
19
|
|
-
|
|
13,576
|
|
|
|
|
|
|
|
|
|
|
|
|
Nemacolin,
Pennsylvania
|
(5,011)
|
|
557
|
|
-
|
|
3,898
|
|
(556)
|
Total Operating
Properties
|
25,805
|
|
19,991
|
|
75
|
|
3,898
|
|
49,769
|
Corporate and
Other
|
|
(6,918)
|
|
404
|
|
1,059
|
|
(1,019)
|
|
(6,474)
|
Total
|
|
$
18,887
|
|
$
20,395
|
|
$
1,134
|
|
$
2,879
|
|
$
43,295
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
July 29, 2012
|
|
|
|
Operating Income
(Loss)
|
|
Depreciation and
Amortization
|
|
Stock-Based
Compensation
|
|
Preopening and
Other
|
|
Adjusted
EBITDA
|
Black Hawk,
Colorado
|
|
|
5,408
|
|
2,148
|
|
10
|
|
-
|
|
7,566
|
|
|
|
|
|
|
|
|
|
|
|
|
Pompano,
Florida
|
|
|
2,737
|
|
1,774
|
|
6
|
|
-
|
|
4,517
|
|
|
|
|
|
|
|
|
|
|
|
|
Bettendorf,
Iowa
|
|
|
3,530
|
|
1,713
|
|
5
|
|
-
|
|
5,248
|
Davenport,
Iowa
|
|
|
1,601
|
|
528
|
|
5
|
|
-
|
|
2,134
|
Marquette,
Iowa
|
|
|
1,259
|
|
431
|
|
5
|
|
-
|
|
1,695
|
Waterloo,
Iowa
|
|
|
4,914
|
|
1,492
|
|
5
|
|
-
|
|
6,411
|
Iowa Total
|
|
|
11,304
|
|
4,164
|
|
20
|
|
-
|
|
15,488
|
|
|
|
|
|
|
|
|
|
|
|
|
Lake Charles,
Louisiana
|
|
|
3,363
|
|
2,112
|
|
4
|
|
-
|
|
5,479
|
|
|
|
|
|
|
|
|
|
|
|
|
Lula,
Mississippi
|
|
|
1,107
|
|
1,723
|
|
5
|
|
-
|
|
2,835
|
Natchez,
Mississippi
|
|
|
843
|
|
468
|
|
5
|
|
-
|
|
1,316
|
Vicksburg,
Mississippi
|
|
|
595
|
|
1,044
|
|
4
|
|
-
|
|
1,643
|
Mississippi Total
|
|
|
2,545
|
|
3,235
|
|
14
|
|
-
|
|
5,794
|
|
|
|
|
|
|
|
|
|
|
|
|
Boonville,
Missouri
|
|
|
6,494
|
|
867
|
|
5
|
|
-
|
|
7,366
|
Cape Girardeau,
Missouri
|
|
|
(687)
|
|
-
|
|
-
|
|
687
|
|
-
|
Caruthersville,
Missouri
|
|
|
823
|
|
856
|
|
5
|
|
-
|
|
1,684
|
Kansas City,
Missouri
|
|
|
3,115
|
|
1,039
|
|
2
|
|
-
|
|
4,156
|
Missouri Total
|
|
|
9,745
|
|
2,762
|
|
12
|
|
687
|
|
13,206
|
|
|
|
|
|
|
|
|
|
|
|
|
Nemacolin,
Pennsylvania
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Total Operating
Properties
|
35,102
|
|
16,195
|
|
66
|
|
687
|
|
52,050
|
Corporate and
Other
|
|
(8,918)
|
|
627
|
|
1,252
|
|
-
|
|
(7,039)
|
Total
|
|
$
26,184
|
|
$
16,822
|
|
$
1,318
|
|
$
687
|
|
$
45,011
|
Isle of Capri
Casinos, Inc.
|
Reconciliation of
Income (Loss) From Continuing Operations to Adjusted
EBITDA
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
July
28,
|
|
July
29,
|
|
|
|
2013
|
|
2012
|
|
Income (loss) from
continuing operations
|
$
(4,862)
|
|
$
4,744
|
|
|
Income tax
provision
|
1,411
|
|
1,318
|
|
|
Derivative
income
|
(230)
|
|
(134)
|
|
|
Interest
income
|
(90)
|
|
(175)
|
|
|
Interest
expense
|
22,658
|
|
20,431
|
|
|
Depreciation and
amortization
|
20,395
|
|
16,822
|
|
|
Stock-based
compensation
|
1,134
|
|
1,318
|
|
|
Preopening
expense
|
3,898
|
|
687
|
|
|
Gain on sale of
airplane
|
(1,019)
|
|
-
|
|
Adjusted EBITDA
(1)
|
$
43,295
|
|
$
45,011
|
|
|
|
|
|
|
|
1.
|
Adjusted EBITDA is
"earnings before interest and other non-operating income (expense),
income taxes, stock-based compensation, preopening expense and
depreciation and amortization." Adjusted 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 Adjusted 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. Adjusted 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 Adjusted EBITDA. Also, other gaming
companies that report Adjusted EBITDA information may calculate
Adjusted EBITDA in a different manner than the Company. A
reconciliation of Adjusted EBITDA to income (loss) from continuing
operations is included in the financial schedules accompanying this
release.
|
|
|
|
Certain of our debt
agreements use a similar calculation of "Adjusted EBITDA" as a
financial measure for the calculation of financial debt covenants
and 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.
|
SOURCE Isle of Capri Casinos, Inc.