Isle of Capri Casinos Announces Fiscal 2010 Third Quarter Results
ST. LOUIS, Feb. 23 /PRNewswire-FirstCall/ -- Isle of Capri Casinos, Inc. (Nasdaq: ISLE) (the "Company") today reported financial results for the third quarter of the Company's 2010 fiscal year, the three months ended January 24, 2010.
In making the announcement, James B. Perry, the Company's chairman and chief executive officer, said, "The ongoing pressure the macroeconomic environment is placing on our markets has negatively impacted our revenues. Overall, as we are bumping along the bottom of this economic cycle, we continue to generate free cash flow while managing with a solid operating plan and an eye towards increased future profitability.
"The recent amendment to our credit facility provides us greater financial flexibility to manage our business as we continue to focus on improving our balance sheet. Additionally, we continue to lay the foundation for growth upon an economic recovery. Further, we are optimistic about the future as we continue our commitment to gaming management, and are aggressively pursuing opportunities for such incremental revenue in Pennsylvania, as well as other growth opportunities across the United States."
Consolidated Results
The following table outlines the Company's financial results (dollars in millions, except per share amounts, unaudited):
Three Months Ended Nine Months Ended
----------------- -----------------
January 24, January 25, January 24, January 25,
2010 2009 2010 2009
---- ---- ---- ----
Net revenues,
excluding hurricane
insurance recoveries $227.0 $241.8 $730.7 $763.1
Net revenues 227.0 301.8 730.7 823.1
EBITDA(1) 29.5 131.8 120.5 222.6
Income (loss) from
continuing operations (11.4) 48.3 (8.0) 35.7
Net income (loss) (10.6) 46.1 (8.2) 29.0
Income (loss) per
share from continuing
operations (0.35) 1.52 (0.25) 1.14
Net income (loss) per
share (0.33) 1.45 (0.25) 0.93
Significant items impacting EBITDA during the three and nine months ended January 24, 2010 and January 25, 2009 are as follows:
Three Months Ended Nine Months Ended
----------------- -----------------
January 24, January 25, January 24, January 25,
2010 2009 2010 2009
---- ---- ---- ----
Expense
recoveries -
Pittsburgh
development
cost(2) $- $- $6.8 $-
Portland
development
expense(2) - - - (6.0)
Marquette hotel
demolition(3) - - (0.5) -
Caruthersville
property tax
settlement(4) - - 0.9 -
Hurricane Katrina
settlement(5) - 92.2 - 92.2
--- ---- --- ----
$- $92.2 $7.2 $86.2
=== ===== ==== =====
Third Quarter Highlights
During the quarter, net revenues were $227.0 million, a decrease of 6.1% compared to the third quarter of FY 2009. Excluding the impact of the items listed in the table above, EBITDA from continuing operations for the third quarter of FY 2010 was $29.5 million, compared to $39.6 million for the third quarter of FY 2009 and property EBITDA decreased $8.6 million from the prior year to $40.0 million.
Excluding the impact of the items reflected in the table above, EBITDA from continuing operations for the first nine months of FY 2010 was $113.3 million, compared to $136.4 million for the same period of FY 2009. Property EBITDA decreased $22.9 million from the prior year to $145.7 million.
Virginia McDowell, the Company's president and chief operating officer, said, "During the quarter, while our average spend per visit declined, our successful marketing efforts produced an increase in the average number of visits per rated patron and led to a significant number of new customers to our database with whom we are building strong relationships.
"While we were able to decrease property operating expenses by approximately $4 million during the quarter, and while we continue to trim expenses wherever possible, we remain resolute that we will not cut costs to the point where they begin to negatively impact the customer experience and erode the important progress we have made. To support this conclusion, we are continuing to receive increasing positive feedback as our customer satisfaction and courtesy scores steadily increase.
"Average year-end unemployment in the areas in which we operate has risen from 7.0% to 9.2%, contributing to the decline in revenues. Through innovation and discipline in a tough market, though, we maintained our margins in many locations while we are also addressing specific instances where improvement must be made. Across the portfolio, we are committed to continued improvement in our operations to best position our properties in an increasingly competitive marketplace."
Corporate and Other Expenses
Corporate and other expenses increased $1.6 million to $10.5 million during the quarter compared to prior year, primarily due to increased insurance costs. For the three months ended January 24, 2010, non-cash stock compensation expense increased $0.6 million to $1.8 million, when compared to prior year. For the nine months ended January 24, 2010, non-cash stock compensation expense decreased $0.5 million to $5.4 million, when compared to prior year.
Interest expense for the quarter was $17.5 million, a decline of approximately $6.9 million compared to the prior fiscal year, primarily as a result of lower debt levels. We continue to expect interest expense for FY 2010 to be approximately $75 million to $80 million, including the impact of the recent amendment to our Credit Facility.
As a result of the amendment to the Credit Facility, we expect to incur a charge of approximately $2.2 million in the fourth quarter of FY 2010 related to fees and the write-off of certain unamortized deferred financing costs, of which approximately $0.3 million is non-cash. Based on current debt levels, the Company expects interest expense to increase by approximately $15 million to $18 million annually, as a result of the amendment to the Credit Facility.
Capital Structure and Capital Expenditures
As of January 24, 2010, the Company had $72.5 million in cash and cash equivalents and total debt of $1.2 billion. Capital expenditures for the nine months ended January 24, 2010 totaled $21.6 million, which included approximately $18.3 million of maintenance capital expenditures. The Company expects maintenance capital expenditures for the rest of the fiscal year to be approximately $10 million.
Conference Call Information
Isle of Capri Casinos, Inc. will host a conference call on Tuesday, February 23, 2010 at 10 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 access code is 9056848. This conference call will be recorded and available for review starting at noon on Tuesday, February 23, 2010, until midnight on Tuesday, March 2, 2010, by dialing (866) 397-1426 for domestic callers or (203) 369-0533 for International callers. The access code will be 875962.
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 24, January 25, January 24, January 25,
2010 2009 2010 2009
---- ---- ---- ----
Revenues:
Casino $229,520 $246,717 $742,957 $769,931
Rooms 8,424 9,216 32,488 35,696
Pari-mutuel,
food,
beverage and
other 31,240 32,240 98,821 101,147
Hurricane
insurance
recoveries - 60,000 - 60,000
--- ------ --- ------
Gross
revenues 269,184 348,173 874,266 966,774
Less
promotional
allowances (42,199) (46,354) (143,525) (143,628)
------- ------- -------- --------
Net revenues 226,985 301,819 730,741 823,146
Operating
expenses:
Casino 36,472 37,382 115,474 112,370
Gaming taxes 60,529 63,335 191,056 196,839
Rooms 2,192 2,624 7,939 9,206
Pari-mutuel,
food,
beverage and
other 10,717 12,011 33,126 37,903
Marine and
facilities 14,392 15,319 46,148 48,202
Marketing and
administrative 62,082 62,457 189,849 189,633
Corporate and
development 11,127 9,039 33,412 32,570
Hurricane
insurance
recoveries - (32,179) - (32,179)
Expense
recoveries
and other
charges - - (6,762) 6,000
Depreciation
and
amortization 26,798 29,847 84,062 92,339
------ ------ ------ ------
Total
operating
expenses 224,309 199,835 694,304 692,883
------- ------- ------- -------
Operating
income 2,676 101,984 36,437 130,263
Interest
expense (17,452) (24,400) (53,682) (72,522)
Interest
income 454 725 1,218 1,620
--- --- ----- -----
Income (loss)
from
continuing
operations
before
income taxes (14,322) 78,309 (16,027) 59,361
Income tax
benefit
(provision) 2,922 (30,044) 8,056 (23,682)
----- ------- ----- -------
Income (loss)
from
continuing
operations (11,400) 48,265 (7,971) 35,679
Income (loss)
from
discontinued
operations,
including
loss on
sale, net of
income taxes 775 (2,152) (187) (6,692)
--- ------ ---- ------
Net income
(loss) $(10,625) $46,113 $(8,158) $28,987
======== ======= ======= =======
Income (loss)
per common
share-basic
and dilutive:
Income (loss)
from
continuing
operations $(0.35) $1.52 $(0.25) $1.14
Income (loss)
from
discontinued
operations,
including
loss on
sale, net of
income taxes 0.02 (0.07) - (0.21)
---- ----- --- -----
Net income
(loss) $(0.33) $1.45 $(0.25) $0.93
====== ===== ====== =====
Weighted
average
basic shares 32,438,809 31,765,365 32,179,233 31,240,008
Weighted
average
diluted
shares 32,438,809 31,765,365 32,179,233 31,248,402
ISLE OF CAPRI CASINOS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share amounts)
January 24, April 26,
2010 2009
---- ----
ASSETS (unaudited)
------
Current assets:
Cash and cash equivalents $72,536 $96,654
Marketable securities 20,050 17,548
Accounts receivable, net 8,462 11,935
Income taxes receivable 5,141 7,744
Deferred income taxes 13,233 16,295
Prepaid expenses and other assets 29,772 23,234
Assets held for sale - 4,183
--- -----
Total current assets 149,194 177,593
Property and equipment, net 1,117,227 1,177,540
Other assets:
Goodwill 313,136 313,136
Other intangible assets, net 80,653 83,588
Deferred financing costs, net 7,579 9,314
Restricted cash 2,774 2,774
Prepaid deposits and other 22,605 18,717
------ ------
Total assets $1,693,168 $1,782,662
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------
Current liabilities:
Current maturities of long-term debt $8,750 $9,688
Accounts payable 24,643 16,246
Accrued liabilities:
Interest 22,208 9,280
Payroll and related 41,600 47,209
Property and other taxes 21,015 31,487
Other 43,708 52,195
Liabilities related to assets held for sale - 1,888
--- -----
Total current liabilities 161,924 167,993
Long-term debt, less current maturities 1,223,277 1,291,384
Deferred income taxes 20,232 24,970
Other accrued liabilities 38,729 52,575
Other long-term liabilities 17,486 17,314
Stockholders' equity:
Preferred stock, $.01 par value;
2,000,000 shares authorized; none
issued - -
Common stock, $.01 par value;
45,000,000 shares authorized; shares
issued:
36,768,397 at January 24, 2010 and
36,111,089 at April 26, 2009 368 361
Class B common stock, $.01 par value;
3,000,000 shares authorized; none
issued - -
Additional paid-in capital 199,862 193,827
Retained earnings 93,670 101,828
Accumulated other comprehensive (loss)
income (10,273) (15,191)
------- -------
283,627 280,825
Treasury stock, 4,326,242 shares at
January 24, 2010 and 4,340,436
shares at April 26, 2009 (52,107) (52,399)
------- -------
Total stockholders' equity 231,520 228,426
------- -------
Total liabilities and stockholders'
equity $1,693,168 $1,782,662
========== ==========
Isle of Capri Casinos, Inc.
Supplemental Data - Net Revenues
(unaudited, in thousands)
Three Months Ended Nine Months Ended
------------------ -----------------
January 24, January 25, January 24, January 25,
2010 2009 2010 2009
---- ---- ---- ----
Mississippi
Biloxi(5) $15,152 $18,278 $53,183 $61,733
Natchez 7,147 8,797 23,506 25,894
Lula 15,276 16,312 48,824 50,659
------ ------ ------ ------
Mississippi Total 37,575 43,387 125,513 138,286
------ ------ ------- -------
Louisiana
Lake Charles 31,795 38,003 103,652 112,105
------ ------ ------- -------
Missouri
Kansas City 17,215 17,492 55,801 53,063
Boonville 17,557 18,151 57,475 56,996
Caruthersville 7,470 7,282 23,727 22,428
----- ----- ------ ------
Missouri Total 42,242 42,925 137,003 132,487
------ ------ ------- -------
Iowa
Bettendorf 17,480 19,414 59,153 68,695
Davenport 11,011 11,520 35,330 35,462
Marquette 5,476 5,837 20,431 22,651
Waterloo 18,818 18,814 58,918 58,680
------ ------ ------ ------
Iowa Total 52,785 55,585 173,832 185,488
------ ------ ------- -------
Colorado
Black Hawk 27,343 28,054 95,728 92,667
------ ------ ------ ------
Florida
Pompano 34,623 33,752 93,990 101,772
------ ------ ------ -------
Property Net Revenues
before Other 226,363 241,706 729,718 762,805
Insurance Recoveries -
Biloxi(5) - 60,000 60,000
Other 622 113 1,023 341
--- --- ----- ---
Net Revenues from
Continuing Operations $226,985 $301,819 $730,741 $823,146
======== ======== ======== ========
Isle of Capri Casinos, Inc.
Supplemental Data - EBITDA (1)
(unaudited, in thousands)
Three Months Ended Nine Months Ended
------------------ -----------------
January 24, January 25, January 24, January 25,
2010 2009 2010 2009
---- ---- ---- ----
Mississippi
Biloxi(5) $(614) $734 $3,278 $6,980
Natchez 1,882 3,103 7,009 8,810
Lula 3,968 4,164 12,255 13,790
----- ----- ------ ------
Mississippi Total 5,236 8,001 22,542 29,580
----- ----- ------ ------
Louisiana
Lake Charles 4,521 8,662 16,357 24,816
----- ----- ------ ------
Missouri
Kansas City 3,260 3,234 11,860 9,511
Boonville 5,497 5,577 18,798 17,920
Caruthersville 1,475 1,202 4,368 4,151
----- ----- ----- -----
Missouri Total 10,232 10,013 35,026 31,582
------ ------ ------ ------
Iowa
Bettendorf 4,233 5,227 15,501 22,741
Davenport 2,800 3,096 9,487 10,605
Marquette 549 470 3,718 5,157
Waterloo 4,742 4,424 16,100 16,146
----- ----- ------ ------
Iowa Total 12,324 13,217 44,806 54,649
------ ------ ------ ------
Colorado
Black Hawk 5,236 6,421 22,829 23,748
----- ----- ------ ------
Florida
Pompano 2,429 2,266 4,106 4,273
----- ----- ----- -----
Property EBITDA Before
Corporate and Other
Items 39,978 48,580 145,666 168,648
Corporate and Other (10,504) (8,928) (32,388) (32,225)
------ ----- ------ ------
EBITDA Before Other
Items 29,474 39,652 113,278 136,423
Other Items:
Expense Recoveries
and Other (2) - - 6,762 (6,000)
Marquette Hotel
Demolition(3) - - (475) -
Caruthersville Property
Tax Settlement(4) - - 934 -
Insurance Recoveries -
Biloxi(5) - 92,179 - 92,179
--- ------ --- ------
EBITDA from Continuing
Operations $29,474 $131,831 $120,499 $222,602
======= ======== ======== ========
Isle of Capri Casinos, Inc.
Supplemental Data - Reconciliation of Operating Income to EBITDA (1)
(unaudited, in thousands)
Three Months Ended Three Months Ended
January 24, 2010 January 25, 2009
------------------------------ -----------------------------
Depreciation Depreciation
Operating and Operating and
Income Amortization EBITDA Income Amortization EBITDA
------ ------------ ------ ------ ------------ ------
Mississippi
Biloxi(5) $(4,034) $3,420 $(614) $(3,363) $4,097 $734
Natchez 1,468 414 1,882 2,412 691 3,103
Lula 1,996 1,972 3,968 2,132 2,032 4,164
----- ----- ----- ----- ----- -----
Mississippi
Total (570) 5,806 5,236 1,181 6,820 8,001
--- ----- ----- ----- ----- -----
Louisiana
Lake Charles 2,047 2,474 4,521 5,584 3,078 8,662
Missouri
Kansas City 2,337 923 3,260 2,063 1,171 3,234
Boonville 4,398 1,099 5,497 4,365 1,212 5,577
Caruthersville 578 897 1,475 28 1,174 1,202
--- --- ----- --- ----- -----
Missouri Total 7,313 2,919 10,232 6,456 3,557 10,013
----- ----- ----- ----- ----- ------
Iowa
Bettendorf 2,081 2,152 4,233 2,981 2,246 5,227
Davenport 2,096 704 2,800 2,060 1,036 3,096
Marquette (61) 610 549 (150) 620 470
Waterloo 1,797 2,945 4,742 1,501 2,923 4,424
----- ----- ----- ----- ----- -----
Iowa Total 5,913 6,411 12,324 6,392 6,825 13,217
----- ----- ----- ----- ----- ------
Colorado
Black Hawk 1,585 3,651 5,236 2,539 3,882 6,421
----- ----- ----- ----- ----- -----
Florida
Pompano (1,914) 4,343 2,429 (1,961) 4,227 2,266
----- ----- ----- ----- ----- -----
Total Property
Before Corporate
and Other
Items 14,374 25,604 39,978 20,191 28,389 48,580
Corporate
and Other (11,698) 1,194 (10,504) (10,386) 1,458 (8,928)
------ ----- ------ ------ ----- -----
Total Before
Other Items 2,676 26,798 29,474 9,805 29,847 39,652
Other Items:
Insurance
Recoveries -
Biloxi(5) - 92,179 92,179
--- --- --- ------ --- ------
Total From
Continuing
Operations $2,676 $26,798 $29,474 $101,984 $29,847 $131,831
====== ======= ======= ======== ======= ========
Isle of Capri Casinos, Inc.
Supplemental Data - Reconciliation of Operating Income to EBITDA (1)
(unaudited, in thousands)
Nine Months Ended Nine Months Ended
January 24, 2010 January 25, 2009
------------------------------ -----------------------------
Depreciation Depreciation
Operating and Operating and
Income Amortization EBITDA Income Amortization EBITDA
------ ------------ ------ ------ ------------ ------
Mississippi
Biloxi(5) $(7,281) $10,559 $3,278 $(6,094) $13,074 $6,980
Natchez 5,561 1,448 7,009 6,430 2,380 8,810
Lula 6,051 6,204 12,255 7,384 6,406 13,790
----- ----- ------ ----- ----- ------
Mississippi
Total 4,331 18,211 22,542 7,720 21,860 29,580
----- ----- ----- ----- ------ ------
Louisiana
Lake Charles 8,548 7,809 16,357 15,293 9,523 24,816
----- ----- ------ ------ ----- ------
Missouri
Kansas City 8,861 2,999 11,860 5,920 3,591 9,511
Boonville 15,386 3,412 18,798 14,279 3,641 17,920
Caruthersville 1,727 2,641 4,368 658 3,493 4,151
----- ----- ----- --- ----- -----
Missouri
Total 25,974 9,052 35,026 20,857 10,725 31,582
------ ----- ------ ------ ------ ------
Iowa
Bettendorf 8,793 6,708 15,501 15,948 6,793 22,741
Davenport 6,988 2,499 9,487 7,383 3,222 10,605
Marquette 1,815 1,903 3,718 3,162 1,995 5,157
Waterloo 7,237 8,863 16,100 7,506 8,640 16,146
----- ----- ------ ----- ----- ------
Iowa Total 24,833 19,973 44,806 33,999 20,650 54,649
------ ------ ------ ------ ------ ------
Colorado
Black Hawk 11,544 11,285 22,829 10,891 12,857 23,748
------ ------ ------ ------ ------ ------
Florida
Pompano (8,884) 12,990 4,106 (8,332) 12,605 4,273
----- ------ ----- ----- ------ -----
Total Property
Before Corporate
and Other
Items 66,346 79,320 145,666 80,428 88,220 168,648
Corporate
and Other (36,172) 3,784 (32,388) (36,344) 4,119 (32,225)
------ ----- ------ ------ ----- ------
Total Before
Other Items 30,174 83,104 113,278 44,084 92,339 136,423
Other Items:
Expense
Recoveries
and Other (2) 6,762 - 6,762 (6,000) - (6,000)
Marquette
Hotel
Demolition
(3) (1,433) 958 (475) - - -
Caruthersville
Property Tax
Settlement(4) 934 - 934 - - -
Insurance
Recoveries -
Biloxi(5) 92,179 - 92,179
--- --- --- ------ --- ------
Total From
Continuing
Operations $36,437 $84,062 $120,499 $130,263 $92,339 $222,602
======= ======= ======== ======== ======= ========
1. EBITDA is "earnings before interest and other non-operating income
(expense), income taxes, and depreciation and amortization."
"Property EBITDA" is EBITDA before Corporate and development
expenses and minority interest. 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 EBITDA
and Property 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. 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 EBITDA.
Also, other gaming companies that report EBITDA information may
calculate EBITDA in a different manner than the Company. A
reconciliation of EBITDA and Property EBITDA to operating income is
included in the financial schedules accompanying this release. A
reconciliation of EBITDA to the Company's net income (loss) is shown
below (in thousands).
Three Months Ended Nine Months Ended
------------------ -----------------
January 24, January 25, January 24, January 25,
2010 2009 2010 2009
---- ---- ---- ----
EBITDA $29,474 $131,831 $120,499 $222,602
Add/(deduct):
Depreciation and
amortization (26,798) (29,847) (84,062) (92,339)
Interest expense:
Interest expense, net (16,998) (23,675) (52,464) (70,902)
Income tax (provision)
benefit 2,922 (30,044) 8,056 (23,682)
Income (loss) from
discontinued operations,
including loss on sale,
net of income taxes 775 (2,152) (187) (6,692)
--- ------ ---- ------
Net income (loss) $(10,625) $46,113 $(8,158) $28,987
======== ======= ======= =======
Certain of our debt agreements use "Adjusted EBITDA" as a financial
measure for the calculation of financial debt covenants. Adjusted
EBITDA differs from EBITDA as Adjusted EBITDA 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. Expense recoveries and other of $(6.8) million for the nine months
ended January 24, 2010 reflect income from the recording of a
receivable for reimbursement of Pittsburgh development costs.
Expense recoveries and other of $6.0 million for the nine months
ended January 25, 2009 reflect a charge representing the
cancellation of our rights to acquire land including a $1.0 million
termination fee, related to the potential development of a casino
project in the Portland, Oregon area.
3. During October 2010 the Company demolished the hotel at our
Marquette property. As a result, operating income for the nine
months ended January 24, 2010 includes $0.5 million in demolition
costs and $1.0 million in acceleration of remaining depreciation.
4. Caruthersville includes the favorable impact of $0.9 million from
the settlement of a property tax appeal during the nine months ended
January 24, 2010.
5. For comparability purposes, the insurance recoveries from Hurricane
Katrina related to our Biloxi property are presented separately from
Biloxi EBITDA, net revenues and operating income. EBITDA for the
three and nine months ended includes $92.2 million from our
insurance settlement for our Biloxi property. Included in net
revenues for the three and nine months ended January 25, 2009 is $60
million of these insurance recoveries.
About Isle of Capri Casinos, Inc.
Isle of Capri Casinos, Inc., founded in 1992, is dedicated to providing its customers with an exceptional gaming and entertainment experience at each of its 14 casino properties. The Company owns and operates casinos domestically in Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and Kansas City, Missouri, two casinos in Black Hawk, Colorado, and a casino and harness track in Pompano Beach, Florida. More information is available at the Company's website, www.islecorp.com.
Forward-Looking Statement
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 Haynes, Senior Director of Corporate Communication-314.813.9368 |
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NOTE: Other Isle of Capri Casinos, Inc. press releases and a corporate profile are available at http://www.prnewswire.com. Isle of Capri Casinos, Inc.'s home page is http://www.islecorp.com.
SOURCE Isle of Capri Casinos, Inc.
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