2014

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

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.



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