ST. LOUIS, Aug. 30, 2016 /PRNewswire/ -- Isle of Capri
Casinos, Inc. (NASDAQ: ISLE) (the "Company") today reported
financial results for the first quarter ended July 24, 2016 and other Company-related news.
Fiscal 2017 First Quarter Highlights
- Diluted net income per share from continuing operations
increased to $0.25 per share from
$0.21 in the prior year quarter.
- Adjusted EBITDA decreased $1.3
million, or 2.5%, year over year.
- Excluding our Lake Charles property, which the Company has
agreed to sell, Adjusted EBITDA increased slightly year over
year.
- Seven of 13 properties generated higher year-over-year Adjusted
EBITDA in the first quarter, five of which generated record first
quarter Adjusted EBITDA.
Consolidated Financial Results
The following table outlines the Company's financial results
(dollars in millions, except per share data, unaudited):
|
Three Months
Ended
|
|
July
24,
|
|
July
26,
|
|
2016
|
|
2015
|
Net
revenues
|
$
240.9
|
|
$
246.9
|
Consolidated Adjusted
EBITDA (1)
|
49.8
|
|
51.1
|
|
|
|
|
Income from
continuing operations
|
10.3
|
|
8.4
|
Loss from
discontinued operations
|
0.0
|
|
(5.3)
|
Net income
|
10.3
|
|
3.1
|
|
|
|
|
Diluted income per
share from continuing operations
|
0.25
|
|
0.21
|
Diluted loss per
share from discontinued operations
|
0.00
|
|
(0.13)
|
Diluted net income
per share
|
0.25
|
|
0.08
|
Adjusted diluted net
income per share (2)
|
0.26
|
|
0.28
|
|
|
(1)
|
For a further
description of Consolidated Adjusted EBITDA, refer to the
reconciliation tables following the narrative and the definition of
Adjusted EBITDA in footnote (1) of this release.
|
(2)
|
For a
reconciliation of the GAAP basis per share amounts to adjusted
income (loss) per share, refer to the reconciliation table labeled
"Reconciliation of GAAP Income (Loss) from Continuing Operations to
Adjusted Income (Loss) and GAAP Income (Loss) from Continuing
Operations Per Share to Adjusted Income (Loss) Per
Share."
|
Eric Hausler, the Company's chief
executive officer, commented,
"We experienced softer year-over-year trends in May and June;
however we saw a solid rebound in July. Despite the early
quarter softness, we generated record first quarter Adjusted EBITDA
at Pompano, Waterloo, Cape
Girardeau, Caruthersville
and Vicksburg, which was offset by
lower results in Black Hawk and
Lake Charles.
"We remain focused on driving increased profitability from our
existing operations and effectively managing our corporate
costs. Excluding Lake Charles, Adjusted EBITDA increased
$0.2 million and Adjusted EBITDA
margin increased 40 bps.
"We continue to reinvigorate our properties through prudent
capital investments to enhance the guest experience. During the
quarter, we began renovating the Kansas
City buffet and expect to start renovating the Black Hawk buffet in the second quarter, among
other projects.
"On June 24, our land-based
facility in Bettendorf opened to
the public and has been well received. The property opened on
time at a cost slightly under our previously announced $60 million budget. Bettendorf's Adjusted EBITDA increased 10.5%
during the first quarter year over year, despite the property being
closed for almost a week in June for the transition.
"We continued to execute on a variety of other strategic
initiatives which we believe enhance shareholder value. Most
notably, on August 22 we announced
that we have signed a definitive agreement to sell our Lake Charles
property for $134.5 million. On a pro
forma basis, we expect the transaction will be accretive to
Adjusted EBITDA margins and deleveraging. Beginning with the
fiscal 2017 second fiscal quarter, we will reflect Lake Charles in
discontinued operations in the consolidated income statements and
as assets held for sale in the consolidated balance
sheets.
"In late August, we launched LadyLuck®.com—the
essence of luck, fun and gaming—our social casino and merchandise
site. Both offer our customers new and exciting channels to engage
with our brand. We expect to further modify and enhance these
experiences in the coming quarters."
Financial Highlights
Net revenues for the current quarter were $240.9 million compared to $246.9 million in the prior year quarter, down
2.5%.
Consolidated Adjusted EBITDA was $49.8
million for the quarter compared to $51.1 million in the prior year quarter, down
2.5%. Consolidated Adjusted EBITDA margins remained flat at
20.7%. Excluding Lake Charles, Adjusted EBITDA increased
$0.2 million, or 0.4%, year over
year, to $46.7 million during the
quarter. Operating income decreased to $27.9 million from $29.6
million in the prior year quarter.
Interest expense was $16.6 million
compared to $17.4 million in the
prior year quarter, as a result of our lower overall debt balance
as well as the benefits of refinancing our 7.75% Senior Notes due
2019 in the first quarter of fiscal 2016.
On a GAAP basis, diluted income per share from continuing
operations was $0.25 compared to
diluted income per share from continuing operations of $0.21 in the prior year's quarter.
In the first fiscal quarter of fiscal 2016, we recorded a loss
on early extinguishment of debt of $3.0
million related to the tender and refinancing of our 7.75%
Senior Notes due 2019.
Operating Results
(All comparisons are to the prior year quarter)
Black Hawk – Net
revenues decreased $2.0 million, or
5.9%, to $32.4 million and Adjusted
EBITDA decreased $2.1 million, or
19.5%, to $8.6 million, at our two
casinos in Black Hawk. We have
adjusted our marketing programming and cost structure going forward
in order to enhance profitability.
Pompano – Net revenues decreased $1.3 million, or 3.1%, to $40.6 million, and Adjusted EBITDA increased
1.9%, to $7.9 million at Pompano
Park. The property reported its highest Adjusted EBITDA for
the first quarter since opening, despite lower net revenues as a
result of rationalizing reinvestment rates and cost containment
initiatives.
Iowa – Net revenues for
our Iowa properties increased
$0.6 million, or 1.2%, compared to
prior year, and Adjusted EBITDA increased $0.7 million, to $13.5
million.
Despite construction disruption from our new land-based
facility, net revenues increased $1.2
million and Adjusted EBITDA increased $0.5 million, or 10.5%, for the quarter year over
year at our Bettendorf
property.
Waterloo posted its highest first quarter Adjusted EBITDA since
opening in June 2007. Adjusted EBITDA margins at the property
improved 218 basis points and Adjusted EBITDA increased
$0.4 million, or 6.0%, to
$7.1 million.
Our property in Marquette was
impacted by an increased competitive environment resulting in
decreased net revenues of $0.4
million, to $6.5
million. Adjusted EBITDA declined $0.2 million, to $1.4
million.
Lake Charles – Our property in Lake Charles was
negatively impacted by persistent rain and flooding in Texas as well as increased competition.
For the quarter, net revenues decreased $3.1
million, to $28.7 million, or
9.7%, while Adjusted EBITDA decreased $1.5
million, to $3.1 million, or
31.9%. The quarter's results include fees and expenses of
$0.3 million related to the announced
sale transaction of the property.
Mississippi – Net
revenues for Lula and Vicksburg decreased 1.2%, to $20.3 million while Adjusted EBITDA increased
$0.1 million, to $5.0 million, or 2.0%.
Vicksburg's net revenues
increased $0.7 million, or 8.9%, and
Adjusted EBITDA increased $0.4
million, or 20.4%, to $2.3
million, as a result of changes in our marketing
reinvestment strategy.
The Lula market continues to be
negatively impacted by increased competition in the market.
Net revenues at our Lula property
decreased $0.9 million, to
$12.0 million and Adjusted EBITDA
decreased $0.3 million, or
9.4%.
Missouri – Net revenues
for our Missouri properties
increased $0.1 million, to
$61.7 million and Adjusted EBITDA
increased $1.0 million, to
$17.8 million. Our Missouri
properties continue to post strong results with Cape Girardeau and Caruthersville producing their highest first
quarter Adjusted EBITDA since opening/acquisition while
Boonville and Kansas City produced their second highest
first quarter Adjusted EBITDA.
Cape Girardeau's net revenues
increased $1.0 million, or 7.0%, and
Adjusted EBITDA increased $0.9
million, or 33.2%. The property's Adjusted EBITDA
margin improved 452 bps and the property generated nearly 90%
flow-through on incremental revenues as it continues to
ramp-up.
In Caruthersville, net revenues
increased $0.4 million, Adjusted
EBITDA improved by 8.6%, to $2.4
million, and Adjusted EBITDA margins improved nearly 100 bps
primarily due to continued strategic marketing spending and capital
investments we have made to the property.
Boonville continues to post the
Company's highest Adjusted EBITDA margin, at 37.9% for the
quarter. During the first quarter of fiscal 2017, net
revenues decreased 3.2%, to $19.7
million and Adjusted EBITDA decreased 2.7%, to $7.5 million.
Kansas City reported its second
highest first quarter Adjusted EBITDA, despite net revenues
decreasing 3.3%, to $17.7 million.
Adjusted EBITDA increased 3.7%, to $4.4
million. We began remodeling and rebranding the Kansas City buffet to a Farmer's Pick in late
June which caused some construction disruption at the property. We
expect to reopen the buffet at the end of the second quarter.
Pennsylvania – At
Nemacolin, net revenues decreased 0.9%, to $9.7 million while Adjusted EBITDA decreased
$0.1 million to a loss of
$(0.1) million.
Corporate Expenses
Corporate and development expenses were $7.2 million for the quarter compared to
$7.6 million in the first quarter of
fiscal 2016.
Non-cash stock compensation expense was flat at $1.2 million for the first quarter of both fiscal
2017 and fiscal 2016.
Capital Structure and Capital Expenditures
As of July 24, 2016, the Company
had:
- $63.9 million in cash and cash
equivalents, excluding $9.9 million
in restricted cash and investments;
- $931.8 million in total debt;
and
- $215.0 million in net line of
credit availability.
First quarter capital expenditures were $9.7 million, excluding spending related to the
land-based project in Bettendorf. We spent $20.7 million in the first quarter of fiscal 2017
on the land-based project at Bettendorf. For the project
through the end of the first quarter, we have expended $42.3 million. We expect to incur the
remainder of the project cost in the second quarter of fiscal
2017.
Conference Call Information
Isle of Capri Casinos, Inc. will host a conference call on
Tuesday, August 30, 2016 at
10:00 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 888-346-3970. International callers can
access the conference call by dialing 412-902-4263. The
conference call will be recorded and available for review starting
at 11:59 pm central on Tuesday, August 30, 2016, until 11:59 pm central on Tuesday, September 6, 2016, by dialing
877-344-7529; International: 412-317-0088 and access number
10091663.
About Isle of Capri Casinos, Inc.
Isle of Capri Casinos, Inc. is a leading regional gaming
and entertainment company dedicated to providing guests with an
exceptional experience at each of the 14 casino properties that it
owns or operates, primarily under the Isle and Lady Luck
brands. The Company currently operates gaming and
entertainment facilities in Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, 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.
CONTACT:
Isle of Capri Casinos, Inc.,
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
|
|
|
July
24,
|
|
July
26,
|
|
|
2016
|
|
2015
|
Revenues:
|
|
|
|
|
Casino
|
|
$
256,268
|
|
$
260,053
|
Rooms
|
|
8,069
|
|
8,115
|
Food, beverage,
pari-mutuel and other
|
|
32,140
|
|
32,989
|
Gross
revenues
|
|
296,477
|
|
301,157
|
Less promotional
allowances
|
|
(55,621)
|
|
(54,233)
|
Net
revenues
|
|
240,856
|
|
246,924
|
Operating
expenses:
|
|
|
|
|
Casino
|
|
38,048
|
|
38,713
|
Gaming
taxes
|
|
65,102
|
|
66,359
|
Rooms
|
|
1,744
|
|
1,883
|
Food, beverage,
pari-mutuel and other
|
|
10,975
|
|
12,122
|
Marine and
facilities
|
|
13,346
|
|
14,106
|
Marketing and
administrative
|
|
55,958
|
|
56,400
|
Corporate and
development
|
|
7,202
|
|
7,643
|
Preopening
expenses
|
|
597
|
|
-
|
Depreciation and
amortization
|
|
20,009
|
|
20,051
|
Total operating
expenses
|
|
212,981
|
|
217,277
|
Operating
income
|
|
27,875
|
|
29,647
|
|
|
|
|
|
Interest
expense
|
|
(16,593)
|
|
(17,441)
|
Interest
income
|
|
78
|
|
79
|
Loss on early
extinguishment of debt
|
|
-
|
|
(2,966)
|
Income from
continuing operations before income
taxes
|
|
11,360
|
|
9,319
|
Income tax
provision
|
|
(1,046)
|
|
(851)
|
Income from
continuing operations
|
|
10,314
|
|
8,468
|
Loss from
discontinued operations, net of income
taxes
|
|
-
|
|
(5,324)
|
Net
income
|
|
$
10,314
|
|
$
3,144
|
|
|
|
|
|
Income (loss) per
common share-basic:
|
|
|
|
|
Income from
continuing operations
|
|
$
0.25
|
|
$
0.21
|
Loss from
discontinued operations, net of
income taxes
|
|
-
|
|
(0.13)
|
Net
income
|
|
$
0.25
|
|
$
0.08
|
|
|
|
|
|
Income (loss) per
common share-dilutive:
|
|
|
|
|
Income from
continuing operations
|
|
$
0.25
|
|
$
0.21
|
Loss from discontinued
operations,net of income taxes
|
|
-
|
|
(0.13)
|
Net
income
|
|
$
0.25
|
|
$
0.08
|
|
|
|
|
|
Weighted average
basic shares
|
|
41,263,363
|
|
40,580,806
|
Weighted average
diluted shares
|
|
41,442,635
|
|
41,253,611
|
ISLE OF CAPRI
CASINOS, INC.
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share and per share amounts)
|
(Unaudited)
|
|
July
24,
|
|
April
24,
|
|
2016
|
|
2016
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
63,928
|
|
$
62,126
|
Marketable
securities
|
19,847
|
|
19,338
|
Accounts receivable,
net
|
11,183
|
|
13,252
|
Inventory
|
6,401
|
|
6,305
|
Prepaid expenses and
other assets
|
18,645
|
|
11,874
|
Total current
assets
|
120,004
|
|
112,895
|
Property and
equipment, net
|
908,023
|
|
899,167
|
Other
assets:
|
|
|
|
Goodwill
|
108,970
|
|
108,970
|
Other intangible
assets, net
|
53,026
|
|
53,236
|
Deferred financing
costs, net
|
3,309
|
|
3,777
|
Restricted cash and
investments
|
9,863
|
|
9,819
|
Prepaid deposits and
other
|
5,025
|
|
5,216
|
Deferred income
taxes
|
966
|
|
1,144
|
Total
assets
|
$
1,209,186
|
|
$
1,194,224
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Current maturities of
long-term debt
|
$
81
|
|
$
80
|
Accounts
payable
|
27,959
|
|
29,723
|
Accrued
liabilities:
|
|
|
|
Payroll and
related
|
31,785
|
|
36,915
|
Property and other
taxes
|
21,094
|
|
19,428
|
Income taxes
payable
|
149
|
|
123
|
Interest
|
14,211
|
|
14,678
|
Progressive jackpots
and slot club awards
|
16,220
|
|
15,564
|
Other
|
23,310
|
|
21,036
|
Total current
liabilities
|
134,809
|
|
137,547
|
Long-term debt, less
current maturities and net deferred financing costs
|
921,345
|
|
911,688
|
Deferred income
taxes
|
38,743
|
|
37,902
|
Other accrued
liabilities
|
17,570
|
|
17,557
|
Other long-term
liabilities
|
13,912
|
|
13,912
|
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 24, 2016 and at
April 24, 2016
|
421
|
|
421
|
Class B common
stock, $.01 par value; 3,000,000 shares authorized; none
issued
|
-
|
|
-
|
Additional
paid-in capital
|
238,105
|
|
244,472
|
Retained
earnings (deficit)
|
(145,384)
|
|
(152,868)
|
|
93,142
|
|
92,025
|
Treasury stock,768,860 shares at July 24, 2016 and
1,300,955 shares at April 24, 2016
|
(10,335)
|
|
(16,407)
|
Total
stockholders' equity
|
82,807
|
|
75,618
|
Total
liabilities and stockholders' equity
|
$
1,209,186
|
|
$
1,194,224
|
Isle of Capri
Casinos, Inc.
|
Supplemental Data
- Net Revenues
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
July
24,
|
|
July
26,
|
|
|
|
2016
|
|
2015
|
Colorado
|
|
|
|
|
|
Black Hawk
|
|
$
32,381
|
|
$
34,406
|
|
|
|
|
|
|
Florida
|
|
|
|
|
|
Pompano
|
|
40,588
|
|
41,898
|
|
|
|
|
|
|
Iowa
|
|
|
|
|
|
Bettendorf
|
|
19,176
|
|
17,992
|
|
Marquette
|
|
6,487
|
|
6,871
|
|
Waterloo
|
|
21,818
|
|
22,043
|
|
Iowa Total
|
|
47,481
|
|
46,906
|
|
|
|
|
|
|
Louisiana
|
|
|
|
|
|
Lake
Charles
|
|
28,723
|
|
31,825
|
|
|
|
|
|
|
Mississippi
|
|
|
|
|
|
Lula
|
|
12,021
|
|
12,947
|
|
Vicksburg
|
|
8,262
|
|
7,587
|
|
Mississippi
Total
|
|
20,283
|
|
20,534
|
|
|
|
|
|
|
Missouri
|
|
|
|
|
|
Boonville
|
|
19,680
|
|
20,338
|
|
Cape
Girardeau
|
|
15,488
|
|
14,481
|
|
Caruthersville
|
|
8,821
|
|
8,422
|
|
Kansas
City
|
|
17,678
|
|
18,279
|
|
Missouri
Total
|
|
61,667
|
|
61,520
|
|
|
|
|
|
|
Pennsylvania
|
|
|
|
|
|
Nemacolin
|
|
9,730
|
|
9,816
|
|
|
|
|
|
|
Property Net Revenues
before Other
|
|
240,853
|
|
246,905
|
Other
|
|
3
|
|
19
|
Net Revenues from
Continuing Operations
|
|
$ 240,856
|
|
$ 246,924
|
Isle of Capri
Casinos, Inc.
|
Reconciliation of
Operating Income (Loss) to Adjusted EBITDA
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
July 24, 2016
|
|
|
|
Operating
Income (Loss)
|
|
Depreciation
and
Amortization
|
|
Stock-Based
Compensation
|
|
Preopening
and Other
|
|
Adjusted
EBITDA
|
Black Hawk,
Colorado
|
|
$
6,509
|
|
$
2,110
|
|
$
10
|
|
$
-
|
|
$
8,629
|
|
|
|
|
|
|
|
|
|
|
|
|
Pompano,
Florida
|
|
6,079
|
|
1,812
|
|
10
|
|
-
|
|
7,901
|
|
|
|
|
|
|
|
|
|
|
|
|
Bettendorf,
Iowa
|
|
1,613
|
|
2,696
|
|
9
|
|
597
|
|
4,915
|
Marquette,
Iowa
|
|
1,085
|
|
316
|
|
7
|
|
-
|
|
1,408
|
Waterloo,
Iowa
|
|
5,903
|
|
1,224
|
|
8
|
|
-
|
|
7,135
|
|
Iowa Total
|
|
8,601
|
|
4,236
|
|
24
|
|
597
|
|
13,458
|
|
|
|
|
|
|
|
|
|
|
|
|
Lake Charles,
Louisiana
|
|
611
|
|
2,486
|
|
8
|
|
-
|
|
3,105
|
|
|
|
|
|
|
|
|
|
|
|
|
Lula,
Mississippi
|
|
1,254
|
|
1,510
|
|
6
|
|
-
|
|
2,770
|
Vicksburg,
Mississippi
|
|
1,365
|
|
900
|
|
7
|
|
-
|
|
2,272
|
|
Mississippi
Total
|
|
2,619
|
|
2,410
|
|
13
|
|
-
|
|
5,042
|
|
|
|
|
|
|
|
|
|
|
|
|
Boonville,
Missouri
|
|
6,210
|
|
1,246
|
|
9
|
|
-
|
|
7,465
|
Cape Girardeau,
Missouri
|
|
981
|
|
2,564
|
|
7
|
|
-
|
|
3,552
|
Caruthersville,
Missouri
|
|
1,672
|
|
686
|
|
4
|
|
-
|
|
2,362
|
Kansas City,
Missouri
|
|
3,216
|
|
1,161
|
|
8
|
|
-
|
|
4,385
|
|
Missouri
Total
|
|
12,079
|
|
5,657
|
|
28
|
|
-
|
|
17,764
|
|
|
|
|
|
|
|
|
|
|
|
|
Nemacolin,
Pennsylvania
|
|
(1,085)
|
|
959
|
|
-
|
|
-
|
|
(126)
|
Total Operating
Properties
|
|
35,413
|
|
19,670
|
|
93
|
|
597
|
|
55,773
|
Corporate and
Other
|
|
(7,538)
|
|
339
|
|
1,231
|
|
-
|
|
(5,968)
|
Total
|
|
$
27,875
|
|
$
20,009
|
|
$
1,324
|
|
$
597
|
|
$ 49,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
July 26, 2015
|
|
|
|
Operating
Income (Loss)
|
|
Depreciation
and
Amortization
|
|
Stock-Based
Compensation
|
|
Other
|
|
Adjusted
EBITDA
|
Black Hawk,
Colorado
|
|
$
8,471
|
|
$
2,239
|
|
$
14
|
|
$
-
|
|
$ 10,724
|
|
|
|
|
|
|
|
|
|
|
|
|
Pompano,
Florida
|
|
5,842
|
|
1,899
|
|
14
|
|
-
|
|
7,755
|
|
|
|
|
|
|
|
|
|
|
|
|
Bettendorf,
Iowa
|
|
2,173
|
|
2,265
|
|
10
|
|
-
|
|
4,448
|
Marquette,
Iowa
|
|
1,240
|
|
361
|
|
6
|
|
-
|
|
1,607
|
Waterloo,
Iowa
|
|
5,410
|
|
1,311
|
|
8
|
|
-
|
|
6,729
|
|
Iowa Total
|
|
8,823
|
|
3,937
|
|
24
|
|
-
|
|
12,784
|
|
|
|
|
|
|
|
|
|
|
|
|
Lake Charles,
Louisiana
|
|
1,772
|
|
2,780
|
|
9
|
|
-
|
|
4,561
|
|
|
|
|
|
|
|
|
|
|
|
|
Lula,
Mississippi
|
|
1,781
|
|
1,270
|
|
6
|
|
-
|
|
3,057
|
Vicksburg,
Mississippi
|
|
988
|
|
892
|
|
7
|
|
-
|
|
1,887
|
|
Mississippi
Total
|
|
2,769
|
|
2,162
|
|
13
|
|
-
|
|
4,944
|
|
|
|
|
|
|
|
|
|
|
|
|
Boonville,
Missouri
|
|
6,629
|
|
1,029
|
|
12
|
|
-
|
|
7,670
|
Cape Girardeau,
Missouri
|
|
(221)
|
|
2,881
|
|
7
|
|
-
|
|
2,667
|
Caruthersville,
Missouri
|
|
1,556
|
|
612
|
|
6
|
|
-
|
|
2,174
|
Kansas City,
Missouri
|
|
3,229
|
|
991
|
|
9
|
|
-
|
|
4,229
|
|
Missouri
Total
|
|
11,193
|
|
5,513
|
|
34
|
|
-
|
|
16,740
|
|
|
|
|
|
|
|
|
|
|
|
|
Nemacolin,
Pennsylvania
|
|
(1,141)
|
|
1,064
|
|
29
|
|
-
|
|
(48)
|
Total Operating
Properties
|
|
37,729
|
|
19,594
|
|
137
|
|
-
|
|
57,460
|
Corporate and
Other
|
|
(8,082)
|
|
457
|
|
1,224
|
|
-
|
|
(6,401)
|
Total
|
|
$
29,647
|
|
$
20,051
|
|
$
1,361
|
|
$
-
|
|
$ 51,059
|
Isle of Capri
Casinos, Inc.
|
Reconciliation of
Income From Continuing Operations to Adjusted EBITDA
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
July
24,
|
|
July
26,
|
|
|
|
|
2016
|
|
2015
|
|
Income from
continuing operations
|
|
$ 10,314
|
|
$
8,468
|
|
|
Income tax provision
(benefit)
|
|
1,046
|
|
851
|
|
|
Interest
income
|
|
(78)
|
|
(79)
|
|
|
Interest
expense
|
|
16,593
|
|
17,441
|
|
|
Depreciation and
amortization
|
|
20,009
|
|
20,051
|
|
|
Stock-based
compensation
|
|
1,324
|
|
1,361
|
|
|
Preopening expense
(3)
|
|
597
|
|
-
|
|
|
Loss on early
extinguishment of debt
|
|
-
|
|
2,966
|
|
Adjusted EBITDA
(1)
|
|
$ 49,805
|
|
$ 51,059
|
|
Isle of Capri
Casinos, Inc.
|
Reconciliation of
GAAP Income From Continuing Operations to Adjusted Income and
GAAP Income From Continuing Operations Per Share to Adjusted Income
Per Share
|
(unaudited, in
thousands)
|
|
Three Months
Ended
|
|
July
24,
|
|
July
26,
|
|
2016
|
|
2015
|
|
|
|
|
GAAP income from
continuing operations
|
$ 10,314
|
|
$
8,468
|
Preopening expense
(3)
|
597
|
|
-
|
Loss on early
extinguishment of debt
|
-
|
|
2,966
|
Adjusted income
(2)
|
$ 10,911
|
|
$ 11,434
|
|
|
|
|
|
|
|
|
GAAP income from
continuing operations per share
|
$
0.25
|
|
$
0.21
|
Preopening expense
(3)
|
0.01
|
|
-
|
Loss on early
extinguishment of debt
|
-
|
|
0.07
|
Adjusted income per
share (2)
|
$
0.26
|
|
$
0.28
|
|
|
1.
|
Adjusted EBITDA is
"earnings from continuing operations before interest and other
non-operating income (expense), income taxes, stock-based
compensation, preopening expenses 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 it is an important
component 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, preopening 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.
|
Adjusted income
(loss) is presented solely as a supplemental disclosure as this is
one method management reviews and utilizes to analyze the
performance of its core operating business. For many of the
same reasons mentioned above related to Adjusted EBITDA, management
believes Adjusted income (loss) and Adjusted income (loss) per
share are useful analytic tools as they enable management to track
the performance of its core casino operating business separate and
apart from factors that do not impact decisions affecting its
operating casino properties, such as loss on early extinguishment
of debt and preopening expenses. Management believes Adjusted
income (loss) and Adjusted income (loss) per share are useful to
investors since these adjustments provide a measure of financial
performance that more closely resembles widely used measures of
performance and valuation in the gaming industry. Adjusted
income (loss) and adjusted income (loss) per share do not include
the loss on early extinguishment of debt and preopening
expenses.
|
|
|
3.
|
The Company had
preopening expenses of $0.6 million in the three months ended July
24, 2016 related to the Bettendorf land-based casino which opened
on June 24, 2016.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/isle-of-capri-casinos-inc-announces-fiscal-2017-first-quarter-results-300319696.html
SOURCE Isle of Capri Casinos, Inc.