Isle of Capri Casinos, Inc. Announces Fiscal 2013 Third Quarter Results

20 Feb, 2013, 08:30 ET from Isle of Capri Casinos, Inc.

SAINT LOUIS, Mo., Feb. 20, 2013 /PRNewswire/ -- Isle of Capri Casinos, Inc. (NASDAQ: ISLE) (the "Company") today reported financial results for the third quarter of fiscal year 2013 ended January 27, 2013 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

Nine Months Ended

January 27,

January 22,

January 27,

January 22,

2013

2012

2013

2012

Net revenues

$     238.1

$     227.3

$     697.1

$     686.4

Consolidated adjusted EBITDA (1)

41.9

41.2

125.6

122.8

Loss from continuing operations

(1.0)

(0.3)

(0.6)

(3.9)

Loss from discontinued operations

(1.2)

(0.9)

(1.6)

(1.1)

Net loss

(2.2)

(1.2)

(2.2)

(5.0)

Diluted loss per share from continuing operations

(0.03)

(0.01)

(0.02)

(0.10)

Diluted loss per share from discontinued operations

(0.03)

(0.02)

(0.04)

(0.03)

Diluted loss per share

(0.06)

(0.03)

(0.06)

(0.13)

Net revenue for the quarter increased to $238.1 million compared to $227.3 million in the comparable quarter last year. Consolidated Adjusted EBITDA increased $0.7 million to $41.9 million. The Company reported a loss per share from continuing operations of $(.03) for the current quarter compared to $(.01) in the prior year quarter.  Before the impact of preopening and development costs and the impact of insurance recoveries in the fiscal 2012 quarter the loss per share from continuing operations would have been $(.01) in the third quarter of fiscal 2013 compared to $(.03) in the fiscal 2012 third quarter.

Virginia McDowell, president and chief executive officer remarked, "Our fiscal third quarter is highlighted by the opening of our new property in Cape Girardeau on October 30, 2012, two full months ahead of its original schedule.  The property's appearance and experience has been extremely well received by customers, and our focus is now on the continuing ramp up in operational performance at the property.

"Similar to other operators in the regional gaming industry, our results were impacted by softness in consumer spending, including the effect of payroll and income tax modifications early in the calendar year.  In addition, last winter was one of the mildest on record in the Midwest, while in contrast this winter we have had some measurable weather disruptions at key times, including New Year's Eve weekend. 

"We continue to deliver on our strategy of improving our guest experience and enhancing our asset base.  During the quarter, in addition to opening Cape Girardeau, we completed the rebranding of our Vicksburg facility to a Lady Luck and completed renovations to our main hotel tower in Lake Charles. We also began construction on Lady Luck Nemacolin and completed the sale of our Biloxi property on November 29, 2012.  We are beginning to see the positive impact from the capital projects we have completed, and are confident our strategy to revitalize our asset base is working.

"We are also very excited to have entered into an agreement with Tower Entertainment, LLC in Philadelphia, to manage its proposed, $700 million, luxury casino entertainment complex, The Provence, subject to the project being selected by the Pennsylvania Gaming Control Board.  The proposed facility will be stunning and provides us the potential opportunity to enter into one of the preeminent US gaming markets."

Operating Overview

  The following highlights operating results at our properties:

  • Black Hawk – Adjusted EBITDA increased 23.6% to $6.0 million while net revenues increased 8.1% to $28.9 million, resulting in margin improvement of nearly 261 basis points, in spite of a year-over-year increase in the gaming tax rate.  Results were positively impacted by the continued impact of recent capital improvements at the properties and targeted marketing promotions.
  • Pompano –Despite the continued year-over-year impact of a major expansion at a competing facility, net revenue increased $1.2 million to $39.9 million while adjusted EBITDA increased 4.4% to $7.4 million.
  • Iowa – Net revenues decreased 1.2% to $54.7 million while Adjusted EBITDA decreased a combined $1.0 million to $13.2 million, largely attributable to inclement weather during the period relative to the prior year quarter.
  • Lake Charles – Adjusted EBITDA increased 17.9% to $3.7 million, despite decreased net revenues of 6.4% to $29.4 million.  Operating margins increased 264 basis points.  The renovation of the hotel rooms in the main tower was completed during the period, causing some construction disruption that negatively impacted revenues; however, we were able to offset the impact through improvements to the cost structure, primarily from the consolidation of our operations to a single facility, after the sale of our second casino vessel in late fiscal 2012.
  • Missouri – Net revenues increased 29.6% to $59.2 million and Adjusted EBITDA increased 16.7% to $13.9 million primarily as a result of the opening of our Cape Girardeau property. Our new Cape Girardeau facility contributed $16.1 million in net revenues and $2.9 million in Adjusted EBITDA during the quarter and we are experiencing a steady ramp up in operations as we have increased our database marketing programs at the property. Adjusted EBITDA in Kansas City was essentially flat despite the impact of a new competitor in the market last February.  Boonville results were negatively impacted by inclement weather over New Year's weekend and Caruthersville was impacted by both weather and the opening of Cape Girardeau.
  • Mississippi – Adjusted EBITDA decreased 29.0% to $3.9 million as net revenues declined 8.2% to $25.9 million. Results in Vicksburg were impacted by construction disruption early in the quarter and increased marketing costs associated with the Lady Luck rebrand launch.  In Natchez, a new competitor opened in the market in December. In Lula, we were able to mostly mitigate continuing competitive challenges with approximately $1.1 million of decreases in gaming taxes, marketing and operating expenses. 

Corporate Expenses and Other Items

Corporate and development expenses were $7.5 million for the quarter, a decrease of $0.3 million compared to prior year.  Non-cash stock compensation expense was $1.1 million for the quarter compared to $1.8 million in the third quarter of fiscal 2012.

Development

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. 

On February 1, 2013 we entered into an agreement with Tower Entertainment, LLC, to operate its proposed $700 million casino entertainment complex in Philadelphia, Pennsylvania, if selected for licensure by the Pennsylvania Gaming Control Board.  The hallmarks of the 1.25 million square-foot Provence resort and casino complex are expected to include a 125-room hotel housed in the landmark tower of the former Inquirer building; a 120,000 square-foot, high-quality casino featuring approximately 3,300 electronic gaming machines (slots and automated table games), and 150 table games; a 120,000 square-foot, family-oriented rooftop village; a 75,000 square-foot concert hall; eight restaurants; a private swim club with two pools; a 9,000 square-foot nightclub; 60,000 square feet of upscale shops; a 20,000 square-foot Spa & Fitness Center; 50,000 combined square-feet of meeting and event space; and two indoor parking garages.

Capital Structure

As of January 27, 2013, the Company had $67.8 million in cash and cash equivalents, $1.1 billion in total debt and $243 million in net line of credit availability.

Third quarter capital expenditures were $34.1 million, of which $19.0 million related to Cape Girardeau, $3.4 million related to Nemacolin, and $11.7 million at our existing properties. The Company expects capital expenditures to be approximately $45 million to $50 million for the balance of the fiscal year, including maintenance capital and construction costs in Nemacolin of approximately $25 million to $30 million.

Conference Call Information

Isle of Capri Casinos, Inc. will host a conference call on Wednesday, February 20, 2013 at 12:30 pm 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 4149287. The conference call will be recorded and available for review starting at 11:59 pm central on Wednesday, February 20, 2013, until 11:59 pm central on Wednesday, February 27, 2013, by dialing 866-495-6464; International: 203-369-1765 and access number 5425.

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

Nine Months Ended

January 27,

January 22,

January 27,

January 22,

2013

2012

2013

2012

Revenues:

Casino

$     248,404

$     236,649

$     733,321

$     711,583

Rooms

6,830

6,916

23,788

23,807

Food, beverage, pari-mutuel and other

32,749

30,935

95,992

91,285

Insurance recoveries

-

872

-

983

Gross revenues

287,983

275,372

853,101

827,658

Less promotional allowances

(49,888)

(48,051)

(155,976)

(141,307)

Net revenues

238,095

227,321

697,125

686,351

Operating expenses:

Casino

39,166

37,700

114,464

111,843

Gaming taxes

63,289

59,603

183,536

178,555

Rooms

1,405

1,417

4,959

5,265

Food, beverage, pari-mutuel and other

10,987

9,553

30,308

29,096

Marine and facilities

13,979

13,745

41,567

42,804

Marketing and administrative

61,012

57,294

175,432

172,835

Corporate and development

7,506

7,824

26,756

29,417

Preopening

978

68

4,319

131

Depreciation and amortization

19,390

19,304

53,062

58,126

Total operating expenses

217,712

206,508

634,403

628,072

Operating income

20,383

20,813

62,722

58,279

Interest expense

(22,009)

(21,737)

(64,425)

(65,439)

Interest income

100

185

406

620

Derivative income expense

222

223

532

252

Loss from continuing operations before income taxes

(1,304)

(516)

(765)

(6,288)

Income tax benefit

302

200

166

2,383

Loss from continuing operations 

(1,002)

(316)

(599)

(3,905)

Loss from discontinued operations net of income taxes 

(1,184)

(866)

(1,579)

(1,057)

Net loss

$       (2,186)

$       (1,182)

$       (2,178)

$       (4,962)

Loss per common share-basic:

Loss from continuing operations

$         (0.03)

$         (0.01)

$         (0.02)

$         (0.10)

Loss from discontinued operations, net of income taxes 

(0.03)

(0.02)

(0.04)

(0.03)

Net loss

$         (0.06)

$         (0.03)

$         (0.06)

$         (0.13)

Loss per common share-dilutive:

Loss from continuing operations

$         (0.03)

$         (0.01)

$         (0.02)

$         (0.10)

Loss from discontinued operations, net of income taxes 

(0.03)

(0.02)

(0.04)

(0.03)

Net loss

$         (0.06)

$         (0.03)

$         (0.06)

$         (0.13)

Weighted average basic shares

39,488,480

38,982,281

39,280,965

38,670,827

Weighted average diluted shares

39,488,480

38,982,281

39,280,965

38,670,827

 

ISLE OF CAPRI CASINOS, INC. 

CONSOLIDATED BALANCE SHEETS 

(In thousands, except share and per share amounts) 

January 27,

April 29,

2013

2012

ASSETS

(unaudited)

Current assets:

Cash and cash equivalents

$        67,830

$        94,461

Marketable securities

25,136

24,943

Accounts receivable, net

9,583

6,941

Insurance receivable

-

7,497

Income taxes receivable

4,409

2,161

Deferred income taxes

1,841

627

Prepaid expenses and other assets

25,736

18,950

Assets held for sale

-

46,703

Total current assets

134,535

202,283

Property and equipment, net

1,016,796

950,014

Other assets:

Goodwill

330,903

330,903

Other intangible assets, net

60,957

56,586

Deferred financing costs, net

17,832

13,205

Restricted cash

12,930

12,551

Prepaid deposits and other

7,169

9,428

Total assets

$   1,581,122

$   1,574,970

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:

Current maturities of long-term debt

$          5,410

$          5,393

Accounts payable 

32,879

23,536

Accrued liabilities:

Payroll and related

37,305

38,566

Property and other taxes

20,395

19,522

Interest

15,840

9,296

Progressive jackpots and slot club awards

15,790

14,892

Liabilities related to assets held for sale

-

4,362

Other

33,895

40,549

Total current liabilities

161,514

156,116

Long-term debt, less current maturities

1,147,817

1,149,038

Deferred income taxes

36,370

36,057

Other accrued liabilities

32,717

33,583

Other long-term liabilities

16,732

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 January 27, 2013 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

245,782

247,855

Retained earnings (deficit)

(28,836)

(26,658)

Accumulated other comprehensive (loss) income

(396)

(855)

216,971

220,763

Treasury stock, 2,573,769 shares at January 27, 2013 and 3,083,867 shares at April 29, 2012

(30,999)

(37,143)

Total stockholders' equity

185,972

183,620

Total liabilities and stockholders' equity

$   1,581,122

$   1,574,970

 

Isle of Capri Casinos, Inc.

Supplemental Data - Net Revenues

(unaudited, in thousands)

Three Months Ended

Nine Months Ended

January 27,

January 22,

January 27,

January 22,

2013

2012

2013

2012

Properties Not Impacted by Flooding

Lake Charles, Louisiana

$       29,364

$       31,379

$       92,691

$       99,920

Kansas City, Missouri

17,513

19,038

54,045

58,149

Boonville, Missouri

18,383

18,658

58,569

58,481

Cape Girardeau, Missouri

16,111

-

16,111

-

Bettendorf, Iowa

17,892

18,230

57,441

57,441

Marquette, Iowa

6,003

5,907

20,716

20,679

Waterloo, Iowa

20,770

20,662

63,107

61,763

Black Hawk, Colorado

28,879

26,712

90,902

89,978

Pompano, Florida

39,860

38,631

108,236

106,202

194,775

179,217

561,818

552,613

Properties Impacted by Flooding

Natchez, Mississippi

6,129

6,668

19,092

18,149

Lula, Mississippi

12,587

13,805

39,990

37,770

Vicksburg, Mississippi

7,167

7,711

20,622

21,555

Caruthersville, Missouri

7,149

7,935

23,926

23,749

Davenport, Iowa

10,078

10,627

31,114

31,397

43,110

46,746

134,744

132,620

Property Net Revenues before Other

237,885

225,963

696,562

685,233

Insurance Recoveries(2)

Natchez

-

420

-

-

Vicksburg

-

54

-

-

Caruthersville

-

398

-

-

Other

210

486

563

1,118

Net Revenues from Continuing Operations

$     238,095

$     227,321

$     697,125

$     686,351

 

Isle of Capri Casinos, Inc.

Reconciliation of Operating Income (Loss) to Adjusted EBITDA

(unaudited, in thousands)

Three Months Ended January 27, 2013

Operating Income (Loss)

Depreciation and Amortization

Stock-Based Compensation

Preopening

Financing

Adjusted EBITDA

Properties Not Impacted by Flooding

Lake Charles, Louisiana

$     1,147

$          2,591

$                   8

$              -

$              -

$     3,746

Kansas City, Missouri

2,800

1,001

4

-

-

3,805

Boonville, Missouri

5,341

896

6

-

-

6,243

Cape Girardeau, Missouri

92

2,762

6

-

-

2,860

Bettendorf, Iowa

2,676

1,728

4

-

-

4,408

Marquette, Iowa

309

469

2

-

-

780

Waterloo, Iowa

4,785

1,175

5

-

-

5,965

Black Hawk, Colorado

3,823

2,176

8

-

-

6,007

Pompano, Florida

5,595

1,829

7

-

-

7,431

26,568

14,627

50

-

-

41,245

Properties Impacted by Flooding

Natchez, Mississippi

208

359

4

-

-

571

Lula, Mississippi

882

1,355

4

-

-

2,241

Vicksburg, Mississippi

(41)

1,078

5

-

-

1,042

Caruthersville, Missouri

140

830

6

-

-

976

Davenport, Iowa

1,452

585

5

-

-

2,042

2,641

4,207

24

-

-

6,872

Total Operating Properties

29,209

18,834

74

-

-

48,117

Corporate and Other

(8,826)

556

1,097

978

-

(6,195)

Total

$   20,383

$        19,390

$            1,171

$           978

$              -

$   41,922

Three Months Ended January 22, 2012

Operating Income (Loss)

Depreciation and Amortization

Stock-Based Compensation

Preopening

Insurance Recoveries

Adjusted EBITDA

Properties Not Impacted by Flooding

Lake Charles, Louisiana

$        781

$          2,391

$                   4

$              -

$              -

$     3,176

Kansas City, Missouri

2,982

1,005

3

-

-

3,990

Boonville, Missouri

5,629

876

5

-

-

6,510

Bettendorf, Iowa

2,837

1,978

5

-

-

4,820

Marquette, Iowa

443

466

5

-

-

914

Waterloo, Iowa

4,584

1,648

5

-

-

6,237

Black Hawk, Colorado

1,918

2,932

10

-

-

4,860

Pompano, Florida

4,356

2,757

6

-

-

7,119

23,530

14,053

43

-

-

37,626

Properties Impacted by Flooding

Natchez, Mississippi

1,312

384

5

-

(420)

1,281

Lula, Mississippi

808

1,563

5

-

-

2,376

Vicksburg, Mississippi

561

1,257

4

-

(54)

1,768

Caruthersville, Missouri

918

873

5

-

(398)

1,398

Davenport, Iowa

1,718

547

5

-

-

2,270

5,317

4,624

24

-

(872)

9,093

Total Operating Properties

28,847

18,677

67

-

(872)

46,719

Corporate and Other

(8,034)

627

1,807

68

-

(5,532)

Total

$   20,813

$        19,304

$            1,874

$             68

$          (872)

$   41,187

 

Isle of Capri Casinos, Inc.

Reconciliation of Operating Income (Loss) to Adjusted EBITDA

(unaudited, in thousands)

Nine Months Ended January 27, 2013

Operating Income (Loss)

Depreciation and Amortization

Stock-Based Compensation

Preopening

Financing

Adjusted EBITDA

Properties Not Impacted by Flooding

Lake Charles, Louisiana

$      6,377

$          7,013

$                 14

$            -

$            -

$     13,404

Kansas City, Missouri

9,067

3,020

10

-

-

12,097

Boonville, Missouri

17,753

2,649

17

-

-

20,419

Cape Girardeau, Missouri

92

2,762

6

-

-

2,860

Bettendorf, Iowa

9,784

5,211

13

-

-

15,008

Marquette, Iowa

2,740

1,345

12

-

-

4,097

Waterloo, Iowa

14,917

3,832

16

-

-

18,765

Black Hawk, Colorado

14,666

6,534

32

-

-

21,232

Pompano, Florida

11,415

5,406

21

-

-

16,842

86,811

37,772

141

-

-

124,724

Properties Impacted by Flooding

Natchez, Mississippi

1,169

1,186

14

-

-

2,369

Lula, Mississippi

1,186

4,780

15

-

-

5,981

Vicksburg, Mississippi

(306)

3,340

14

-

-

3,048

Caruthersville, Missouri

1,556

2,521

16

-

-

4,093

Davenport, Iowa

4,619

1,659

16

-

-

6,294

8,224

13,486

75

-

-

21,785

Total Operating Properties

95,035

51,258

216

-

-

146,509

Corporate and Other

(32,313)

1,804

3,850

4,319

1,478

(20,862)

Total

$    62,722

$        53,062

$            4,066

$      4,319

$      1,478

$   125,647

Nine Months Ended January 22, 2012

Operating Income (Loss)

Depreciation and Amortization

Stock-Based Compensation

Preopening

Financing

Adjusted EBITDA

Properties Not Impacted by Flooding

Lake Charles, Louisiana

$      6,715

$          7,055

$                 35

$            -

$            -

$     13,805

Kansas City, Missouri

9,161

3,017

10

-

-

12,188

Boonville, Missouri

18,151

2,632

39

-

-

20,822

Bettendorf, Iowa

8,370

6,128

16

-

-

14,514

Marquette, Iowa

2,955

1,322

20

-

-

4,297

Waterloo, Iowa

13,266

4,922

31

-

-

18,219

Black Hawk, Colorado

10,011

8,961

30

-

-

19,002

Pompano, Florida

9,055

8,082

18

-

-

17,155

77,684

42,119

199

-

-

120,002

Properties Impacted by Flooding

Natchez, Mississippi

2,620

1,118

21

-

-

3,759

Lula, Mississippi

574

5,005

40

-

-

5,619

Vicksburg, Mississippi

617

3,808

7

-

-

4,432

Caruthersville, Missouri

1,969

2,502

21

-

-

4,492

Davenport, Iowa

5,151

1,669

21

-

-

6,841

10,931

14,102

110

-

-

25,143

Total Operating Properties

88,615

56,221

309

-

-

145,145

Corporate and Other

(30,336)

1,905

5,944

131

-

(22,356)

Total

$    58,279

$        58,126

$            6,253

$         131

$            -

$   122,789

 

Isle of Capri Casinos, Inc.

Reconciliation of Loss From Continuing Operations to Adjusted EBITDA

(unaudited, in thousands)

Three Months Ended

Nine Months Ended

January 27,

January 22,

January 27,

January 22,

2013

2012

2013

2012

Loss from continuing operations

$       (1,002)

$          (316)

$          (599)

$       (3,905)

Income tax benefit

(302)

(200)

(166)

(2,383)

Derivative income

(222)

(223)

(532)

(252)

Interest income

(100)

(185)

(406)

(620)

Interest expense

22,009

21,737

64,425

65,439

Depreciation and amortization

19,390

19,304

53,062

58,126

Stock-based compensation

1,171

1,874

4,066

6,253

Preopening

978

68

4,319

131

Financing related

-

-

1,478

-

Insurance recoveries

-

(872)

-

-

Adjusted EBITDA

$       41,922

$       41,187

$     125,647

$     122,789

1.

Adjusted EBITDA is "earnings before interest and other non-operating income (expense), income taxes, stock-based compensation, preopening expense, refinancing 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.

2.

During the third quarter of fiscal 2012 we received insurance recoveries related to the flood claims associated with flooding along the Mississippi River in the first quarter of fiscal 2012.

 

SOURCE Isle of Capri Casinos, Inc.



RELATED LINKS

http://www.islecorp.com