Isle Of Capri Casinos, Inc. Announces Fiscal 2013 Second Quarter Results

Nov 29, 2012, 08:30 ET from Isle of Capri Casinos, Inc.

ST. LOUIS, Nov. 29, 2012 /PRNewswire/ -- Isle of Capri Casinos, Inc. (NASDAQ: ISLE) (the "Company") today reported financial results for the second quarter of fiscal year 2013 ended October 28, 2012 and other Company-related news. 

Consolidated Results

The following table outlines the Company's financial results (dollars in millions, except per shares data, unaudited):

Three Months Ended

Six Months Ended

October 28,

October 23,

October 28,

October 23,

2012

2011

2012

2011

Net revenues

$         223.2

$         231.4

$         459.0

$         459.0

Consolidated adjusted EBITDA (1)

38.7

41.9

83.7

80.7

Income (loss) from continuing operations

(4.3)

(1.0)

0.4

(3.6)

Loss from discontinued operations

(2.3)

(0.5)

(0.4)

(0.2)

Net income (loss)

(6.6)

(1.5)

-

(3.8)

Diluted income (loss) per share from continuing operations

(0.11)

(0.03)

0.01

(0.09)

Diluted loss per share from discontinued operations

(0.06)

(0.01)

(0.01)

(0.01)

Diluted income (loss) per share

(0.17)

(0.04)

-

(0.10)

Virginia McDowell, president and chief executive officer remarked, "The second quarter was a period of achievements and challenges. Similar to other regional gaming operators, we experienced softening net revenues during September and October. Cost containment efforts led to increased adjusted EBITDA and margins at several of our properties; however we could not overcome the softness in our Mississippi business."

"We continue to be hampered by several factors in Mississippi which accounted for more than 150% of our year-over-year property adjusted EBITDA decline. Some of these factors, such as construction disruption in Vicksburg, will end in the coming weeks, however others related to market conditions and operations have the full attention and focus of our team.  The balance of our properties experienced an overall increase in adjusted EBITDA of 2.5%, while net revenue decreased 1.9%. 

"Our new casino property in Cape Girardeau debuted on October 30, our rebranding project in Vicksburg is nearly complete and the renovation of the primary Lake Charles hotel tower will be complete by the end of December.  Additionally, we have begun construction on our Lady Luck Casino at Nemacolin Woodlands Resort in Pennsylvania. We are achieving our goals of renewing our asset base and restyling our customer experiences."

Operating Results

Net revenues decreased $8.2 million during the period, to $223.2 million. Consolidated adjusted EBITDA decreased $3.2 million, or 7.6%, to 38.7 million. This decrease of $3.2 million is attributable to a decrease in adjusted EBITDA of $3.2 million at our Mississippi properties and a $1.0 million increase in corporate legal costs, which offset gains in adjusted EBITDA at several of our other properties. 

Diluted loss per share from continuing operations for the quarter was $(0.11) compared to $(0.03) for the second quarter last year. The results for the current year were impacted by approximately $2.7 million in preopening costs associated with Cape Girardeau and $2.5 million of costs associated with the refinancing of our subordinated debt in July.  Before consideration of these items, diluted earnings per share from continuing operations for the quarter would have been break-even ($0.00).

As a result of efficiencies in marketing and cost containment efforts, we had favorable results at the following properties:

  • Black Hawk – Adjusted EBITDA increased 2.2% to $7.7 million despite a decrease in net revenues of 3.9% to $30.7 million, resulting in margin improvement of nearly 150 basis points to 25%.
  • Pompano – Despite the continued year over year impact of a major expansion at a competing facility, adjusted EBITDA increased $0.4 million while net revenues increased $0.8 million to $33.7 million. In addition, construction was completed to convert the buffet to a Farmer's Pick® in mid-September.
  • Quad Cities and Waterloo – Adjusted EBITDA increased a combined 5.2% to $13.9 million on increased revenues of 1.5% to $51.0 million, resulting in margin improvement of over 90 basis points to 27.2%.  The results were also favorably impacted by the successful implementation of Fan Club® in Waterloo and the introduction of our new Lone Wolf® Bar.
  • Lake Charles – Adjusted EBITDA increased $0.3 million despite decreased net revenues of $2.9 million for the quarter. Results were negatively impacted by construction disruption associated with ongoing renovation of the entire hotel tower, which caused an average of approximately 20% of our total hotel rooms to be out of service during the quarter.
  • Kansas City – Adjusted EBITDA remained flat at $4.1 million despite the impact of a new competitor in the market, which resulted in decreased revenues of $1.4 million.

Our Mississippi properties faced significant challenges during the quarter, which contributed to over 150% of our property adjusted EBITDA loss year over year.

In Vicksburg, our results were impacted by construction disruption associated with the on-going rebranding of the property to a Lady Luck® Casino, as we experienced an average of 200 to 400 slot machines out of service per day.  The results were also impacted by an overall market decline of 6% during the quarter. 

In Natchez, our results were impacted by significant weather disruption and damage, where our boat was closed for four days due to a storm that caused meaningful decreased patron count for approximately one month.  In addition, the adverse weather conditions damaged each of the three entrances to the facility as well as some infrastructure components.  The facility continues to face extraordinarily low river levels, causing our boat to nearly sit on the bottom of the river, which has severely impacted the entrance and overall customer experience. We are committed to mitigating the damage done to our facility, but we expect business to suffer until water levels return to a reasonable level in this section of the Mississippi River. Additionally, pending regulatory approval, a new competitor facility is expected to open in the market before the end of the year.

In Lula, the market changes that occurred following the flooding in last fiscal year have not improved.  The market continues to decline, as customers continue to patronize the facilities in the Memphis and Little Rock areas that benefitted from the prior year's flooding.  We are pursuing financial improvements through cost savings and operational consolidations.

Corporate Expenses and Other Items

Corporate and development expenses were $10.8 million for the quarter, an increase of $1.5 million compared to prior year.  Included in the results for the fiscal 2013 quarter are $1.5 million in refinancing related costs and $1.0 million in increased legal costs offset by lower insurance costs and stock compensation expenses.

Non-cash stock compensation expense was $1.5 million for the quarter compared to $2.3 million in the second quarter of fiscal 2012.

Preopening costs associated with Cape Girardeau were $2.7 million.

Discontinued Operations

Included in discontinued operations are the operating results of our Biloxi property approximately $2.1 million of charges related to Hurricane Isaac for costs incurred and a credit against the purchase price to satisfy our obligation to repair the property, as required by the purchase agreement.

Development

We have begun preliminary demolition in advance of construction of Lady Luck Casino at Nemacolin Woodlands Resort. We currently expect to open Lady Luck Nemacolin during summer 2013. The facility is planned to include 600 slot machines, 28 table games, an Otis & Henry's Bar & Grill, and a Lone Wolf Bar.  The Company currently expects the total project to cost approximately $57 million to $60 million, including the $12.5 million license fee.  Several aspects of the project are currently out for bid and we expect to get firm pricing on those over the next few weeks. 

In Vicksburg, our Lady Luck rebranding project is complete, and we will hold our grand re-opening ceremony tomorrow.  The property is a fully-branded Lady Luck casino, as we have greatly enhanced the exterior and interior, completed the renovation of the casino floor and have introduced an Otis & Henry's Bar & Grill and a Lone Wolf Bar.  The property also has implemented our Fan Club® program.

Capital Structure

As of October 28, 2012, the Company had $75.5 million in cash and cash equivalents, $1.18 billion in total debt and $199 million in net line of credit availability.

Second quarter capital expenditures were $46 million, of which $32 million related to Cape Girardeau, and $14 million at our existing properties. The Company expects capital expenditures to be approximately $80 million to $90 million for the balance of the fiscal year, including maintenance capital, final costs in Cape Girardeau and construction costs in Nemacolin of approximately $20 million to $30 million.

Conference Call Information

Isle of Capri Casinos, Inc. will host a conference call on Thursday, November 29, 2012 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 877-917-8929.  International callers can access the conference call by dialing 517-308-9020.  The conference call reference number is 311019. The conference call will be recorded and available for review starting at noon central on Thursday, November 27, 2012, until 11:59 pm central on Tuesday, December 6, 2012, by dialing 866-463-2179; International: 203-369-1376 and access number 7007.

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 15 casino properties that it owns and operates, primarily under the Isle and Lady Luck brands.  The Company currently owns and operates gaming and entertainment facilities in Mississippi, Louisiana, Iowa, Missouri, Colorado and Florida. We are developing a new facility at the Nemacolin Woodlands Resort in Western 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

 

ISLE OF CAPRI CASINOS, INC. 

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share amounts)

(Unaudited)

Three Months Ended

Six Months Ended

October 28,

October 23,

October 28,

October 23,

2012

2011

2012

2011

Revenues:

Casino

$      234,648

$      239,707

$      484,917

$      474,934

Rooms

8,328

8,419

16,958

16,891

Food, beverage, pari-mutuel and other

30,437

30,723

63,243

60,350

Insurance recoveries

-

111

-

111

Gross revenues

273,413

278,960

565,118

552,286

Less promotional allowances

(50,206)

(47,534)

(106,088)

(93,256)

Net revenues

223,207

231,426

459,030

459,030

Operating expenses:

Casino

36,802

38,172

75,298

74,143

Gaming taxes

58,619

59,435

120,247

118,952

Rooms

1,781

1,929

3,554

3,848

Food, beverage, pari-mutuel and other

9,217

9,590

19,321

19,543

Marine and facilities

13,888

14,933

27,588

29,059

Marketing and administrative

56,464

58,594

114,420

115,541

Corporate and development

10,777

9,327

19,250

21,593

Preopening

2,654

27

3,341

63

Depreciation and amortization

16,850

19,646

33,672

38,822

Total operating expenses

207,052

211,653

416,691

421,564

Operating income

16,155

19,773

42,339

37,466

Interest expense

(21,985)

(21,877)

(42,416)

(43,702)

Interest income

131

192

306

435

Derivative income (expense)

176

260

310

29

Income (loss) from continuing operations before 

income taxes

(5,523)

(1,652)

539

(5,772)

Income tax (provision) benefit

1,182

622

(136)

2,183

Income (loss) from continuing operations 

(4,341)

(1,030)

403

(3,589)

Income (loss) from discontinued operations

net of income taxes 

(2,312)

(427)

(395)

(191)

Net income (loss)

$        (6,653)

$        (1,457)

$                 8

$        (3,780)

Income (loss) per common share-basic:

Income (loss) from continuing operations

$          (0.11)

$          (0.03)

$            0.01

$          (0.09)

Income from discontinued operations, 

net of income taxes 

(0.06)

(0.01)

(0.01)

(0.01)

Net income (loss)

$          (0.17)

$          (0.04)

$                -

$          (0.10)

Income (loss) per common share-dilutive:

Income (loss) from continuing operations

$          (0.11)

$          (0.03)

$            0.01

$          (0.09)

Income from discontinued operations, 

net of income taxes 

(0.06)

(0.01)

(0.01)

(0.01)

Net income (loss)

$          (0.17)

$          (0.04)

$                -

$          (0.10)

Weighted average basic shares

39,336,134

38,753,049

39,177,208

38,515,099

Weighted average diluted shares

39,336,134

38,753,049

39,192,075

38,515,099

ISLE OF CAPRI CASINOS, INC. 

CONSOLIDATED BALANCE SHEETS 

(In thousands, except share and per share amounts) 

October 28,

April 29,

2012

2012

ASSETS

(unaudited)

Current assets:

Cash and cash equivalents

$        75,479

$        94,461

Marketable securities

24,277

24,943

Accounts receivable, net

8,007

6,941

Insurance receivable

-

7,497

Income taxes receivable

4,723

2,161

Deferred income taxes

615

627

Prepaid expenses and other assets

28,550

18,950

Assets held for sale

45,557

46,703

Total current assets

187,208

202,283

Property and equipment, net

1,009,406

950,014

Other assets:

Goodwill

330,903

330,903

Other intangible assets, net

61,167

56,586

Deferred financing costs, net

18,246

13,205

Restricted cash

12,916

12,551

Prepaid deposits and other

7,469

9,428

Total assets

$   1,627,315

$   1,574,970

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Current maturities of long-term debt

$          5,406

$          5,393

Accounts payable 

33,282

23,536

Accrued liabilities:

Payroll and related

37,043

38,566

Property and other taxes

25,168

19,522

Interest

14,099

9,296

Progressive jackpots and slot club awards

15,136

14,892

Liabilities related to assets held for sale

8,041

4,362

Other

40,777

40,549

Total current liabilities

178,952

156,116

Long-term debt, less current maturities

1,177,065

1,149,038

Deferred income taxes

35,804

36,057

Other accrued liabilities

32,162

33,583

Other long-term liabilities

16,489

16,556

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 October 28, 2012 and 42,066,148 at April 29, 2012

421

421

Class B common stock, $.01 par value; 3,000,000 shares authorized; none issued

-

-

Additional paid-in capital

244,656

247,855

Retained earnings (deficit)

(26,650)

(26,658)

Accumulated other comprehensive (loss) income

(544)

(855)

217,883

220,763

Treasury stock, 2,577,155 shares at October 28, 2012 and 3,083,867 shares 

at April 29, 2012

(31,040)

(37,143)

Total stockholders' equity

186,843

183,620

Total liabilities and stockholders' equity

$   1,627,315

$   1,574,970

 

Isle of Capri Casinos, Inc.

Supplemental Data - Net Revenues

(unaudited, in thousands)

Three Months Ended

Six Months Ended

October 28,

October 23,

October 28,

October 23,

2012

2011

2012

2011

Properties Not Impacted by Flooding

Lake Charles, Louisiana

$       29,749

$       32,617

$       63,327

$       68,541

Kansas City, Missouri

18,012

19,453

36,532

39,111

Boonville, Missouri

19,798

19,736

40,186

39,823

Bettendorf, Iowa

19,694

19,130

39,549

39,211

Marquette, Iowa

7,332

7,271

14,713

14,772

Waterloo, Iowa

20,925

20,601

42,337

41,101

Black Hawk, Colorado

30,670

31,905

62,023

63,266

Pompano, Florida

33,691

32,869

68,376

67,571

179,871

183,582

367,043

373,396

Properties Impacted by Flooding

Natchez, Mississippi

5,962

7,036

12,963

11,061

Lula, Mississippi

12,772

14,213

27,403

23,965

Vicksburg, Mississippi

5,897

7,411

13,455

13,790

Caruthersville, Missouri

8,144

8,204

16,777

15,416

Davenport, Iowa

10,390

10,516

21,036

20,770

43,165

47,380

91,634

85,002

Property Net Revenues before Other

223,036

230,962

458,677

458,398

Other

171

464

353

632

Net Revenues from Continuing Operations

$     223,207

$     231,426

$     459,030

$     459,030

Isle of Capri Casinos, Inc.

Reconciliation of Operating Income (Loss) to Adjusted EBITDA

(unaudited, in thousands)

Three Months Ended October 28, 2012

Operating Income (Loss)

Depreciation and Amortization

Stock-Based Compensation

Preopening

Financing

Adjusted EBITDA

Properties Not Impacted by Flooding

Lake Charles, Louisiana

$     1,867

$         2,310

$                  2

$             -

$             -

$     4,179

Kansas City, Missouri

3,152

980

4

-

-

4,136

Boonville, Missouri

5,918

886

6

-

-

6,810

Bettendorf, Iowa

3,578

1,770

4

-

-

5,352

Marquette, Iowa

1,172

445

5

-

-

1,622

Waterloo, Iowa

5,218

1,165

6

-

-

6,389

Black Hawk, Colorado

5,435

2,210

14

-

-

7,659

Pompano, Florida

3,083

1,803

8

-

-

4,894

29,423

11,569

49

-

-

41,041

Properties Impacted by Flooding

Natchez, Mississippi

118

359

5

-

-

482

Lula, Mississippi

(803)

1,702

6

-

-

905

Vicksburg, Mississippi

(860)

1,218

5

-

-

363

Caruthersville, Missouri

593

835

5

-

-

1,433

Davenport, Iowa

1,566

546

6

-

-

2,118

614

4,660

27

-

-

5,301

Total Operating Properties

30,037

16,229

76

-

-

46,342

Corporate and Other

(13,882)

621

1,501

2,654

1,478

(7,628)

Total

$   16,155

$       16,850

$           1,577

$       2,654

$       1,478

$   38,714

Three Months Ended October 23, 2011

Operating Income (Loss)

Depreciation and Amortization

Stock-Based Compensation

Preopening

Financing

Adjusted EBITDA

Properties Not Impacted by Flooding

Lake Charles, Louisiana

$     1,475

$         2,355

$                12

$             -

$             -

$     3,842

Kansas City, Missouri

2,989

1,073

2

-

-

4,064

Boonville, Missouri

6,204

878

15

-

-

7,097

Bettendorf, Iowa

2,559

2,121

6

-

-

4,686

Marquette, Iowa

1,219

424

8

-

-

1,651

Waterloo, Iowa

4,529

1,644

12

-

-

6,185

Black Hawk, Colorado

4,460

3,023

11

-

-

7,494

Pompano, Florida

1,779

2,692

7

-

-

4,478

25,214

14,210

73

-

-

39,497

Properties Impacted by Flooding

Natchez, Mississippi

1,114

374

8

-

-

1,496

Lula, Mississippi

354

1,671

16

-

-

2,041

Vicksburg, Mississippi

91

1,282

3

-

-

1,376

Caruthersville, Missouri

856

844

8

-

-

1,708

Davenport, Iowa

1,741

558

8

-

-

2,307

4,156

4,729

43

-

-

8,928

Total Operating Properties

29,370

18,939

116

-

-

48,425

Corporate and Other

(9,597)

707

2,316

27

-

(6,547)

Total

$   19,773

$       19,646

$           2,432

$            27

$             -

$   41,878

Isle of Capri Casinos, Inc.

Reconciliation of Operating Income (Loss) to Adjusted EBITDA

(unaudited, in thousands)

Six Months Ended October 28, 2012

Operating Income (Loss)

Depreciation and Amortization

Stock-Based Compensation

Preopening

Financing

Adjusted EBITDA

Properties Not Impacted by Flooding

Lake Charles, Louisiana

$     5,230

$         4,422

$                  6

$           -

$          -

$     9,658

Kansas City, Missouri

6,267

2,019

6

-

-

8,292

Boonville, Missouri

12,412

1,753

11

-

-

14,176

Bettendorf, Iowa

7,108

3,483

9

-

-

10,600

Marquette, Iowa

2,431

876

10

-

-

3,317

Waterloo, Iowa

10,132

2,657

11

-

-

12,800

Black Hawk, Colorado

10,843

4,358

24

-

-

15,225

Pompano, Florida

5,820

3,577

14

-

-

9,411

60,243

23,145

91

-

-

83,479

Properties Impacted by Flooding

Natchez, Mississippi

961

827

10

-

-

1,798

Lula, Mississippi

304

3,425

11

-

-

3,740

Vicksburg, Mississippi

(265)

2,262

9

-

-

2,006

Caruthersville, Missouri

1,416

1,691

10

-

-

3,117

Davenport, Iowa

3,167

1,074

11

-

-

4,252

5,583

9,279

51

-

-

14,913

Total Operating Properties

65,826

32,424

142

-

-

98,392

Corporate and Other

(23,487)

1,248

2,753

3,341

1,478

(14,667)

Total

$    42,339

$       33,672

$           2,895

$      3,341

$     1,478

$   83,725

Six Months Ended October 23, 2011

Operating Income (Loss)

Depreciation and Amortization

Stock-Based Compensation

Preopening

Financing

Adjusted EBITDA

Properties Not Impacted by Flooding

Lake Charles, Louisiana

$     5,934

$         4,664

$                31

$          -

$          -

$   10,629

Kansas City, Missouri

6,179

2,012

7

-

-

8,198

Boonville, Missouri

12,522

1,756

34

-

-

14,312

Bettendorf, Iowa

5,533

4,150

11

-

-

9,694

Marquette, Iowa

2,512

856

15

-

-

3,383

Waterloo, Iowa

8,682

3,274

26

-

-

11,982

Black Hawk, Colorado

8,093

6,029

20

-

-

14,142

Pompano, Florida

4,699

5,325

12

-

-

10,036

54,154

28,066

156

-

-

82,376

Properties Impacted by Flooding

Natchez, Mississippi

1,308

734

16

-

-

2,058

Lula, Mississippi

(234)

3,442

35

-

-

3,243

Vicksburg, Mississippi

56

2,551

3

-

-

2,610

Caruthersville, Missouri

1,051

1,629

16

-

-

2,696

Davenport, Iowa

3,433

1,122

16

-

-

4,571

5,614

9,478

86

-

-

15,178

Total Operating Properties

59,768

37,544

242

-

-

97,554

Corporate and Other

(22,302)

1,278

4,137

63

-

(16,824)

Total

$    37,466

$       38,822

$           4,379

$          63

$          -

$   80,730

Isle of Capri Casinos, Inc.

Reconciliation of Income (Loss) From Continuing Operations to Adjusted EBITDA

(unaudited, in thousands)

Three Months Ended

Six Months Ended

October 28,

October 23,

October 28,

October 23,

2012

2011

2012

2011

Income (loss) from continuing operations

$         (4,341)

$         (1,030)

$             403

$         (3,589)

Income tax provision

(1,182)

(622)

136

(2,183)

Derivative (income) expense

(176)

(260)

(310)

(29)

Interest income

(131)

(192)

(306)

(435)

Interest expense

21,985

21,877

42,416

43,702

Depreciation and amortization

16,850

19,646

33,672

38,822

Stock-based compensation

1,577

2,432

2,895

4,379

Preopening

2,654

27

3,341

63

Financing related

1,478

-

1,478

-

Adjusted EBITDA

$        38,714

$        41,878

$        83,725

$        80,730

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.



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http://www.islecorp.com