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Isle of Capri Casinos Announces Fiscal 2010 Third Quarter Results


News provided by

Isle of Capri Casinos, Inc.

Feb 23, 2010, 08:30 ET

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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



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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