ST. LOUIS, March 15 /PRNewswire-FirstCall/ -- Isle of Capri Casinos,
Inc. (Nasdaq: ISLE) announced that on March 13, 2007 the Company received a
NASDAQ Staff Determination letter indicating that due to the Company's
announcement of its intention to restate certain of its financial
statements as set forth in its March 12 press release and as detailed
below, and the Company's resulting inability to file its Quarterly Report
on Form 10-Q by the March 9 due date, Isle of Capri is not in compliance
with the filing requirements for continued listing of its common stock on
the NASDAQ Global Select Market as set forth in Marketplace Rule
4310(c)(14). The Company plans to request a hearing before the NASDAQ
Listing Qualifications Panel, during which time the delisting will be
suspended, meaning that the company's common stock will continue to trade
on the NASDAQ Global Select Market without interruption. The issuance of
this press release is required by NASDAQ's rules and regulations.
On March 12, the Company announced that it will restate its financial
statements for the fiscal years ended April 25, 2004; April 24, 2005 and
April 30, 2006, and the quarterly results for fiscal 2005 and 2006 included
therein, and for the first two quarters of fiscal 2007. The Company is
assessing the time frame in which it expects to complete and file the
restated financial statements and its Form 10-Q for the fiscal quarter
ended January 28, 2007, but expects that the restatements and Form 10-Q
filing will be completed prior to any final NASDAQ delisting determination.
Isle of Capri Casinos, Inc., a leading developer and owner of gaming
and entertainment facilities, operates 13 casinos in 11 locations. The
company owns and operates riverboat and dockside casinos in Biloxi, Lula
and Natchez, Mississippi; Lake Charles (2 riverboats), Louisiana;
Bettendorf, Davenport and Marquette, Iowa; and Kansas City and Boonville,
Missouri. The company also owns a 57 percent interest in and operates
land-based casinos in Black Hawk (two casinos), Colorado. Isle of Capri's
international gaming interests include a casino that it operates in
Freeport, Grand Bahama and a two-thirds ownership interest in casinos in
Dudley and Wolverhampton, England. The company also owns and operates
Pompano Park Harness Racing Track in Pompano Beach, Florida.
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.,
Allan B. Solomon, Executive Vice President - 561.995.6660
Donn Mitchell, Chief Financial Officer - 314.813.9319
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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Related links:
http://www.islecorp.com
Photo Notes:
NewsCom: http://www.newscom.com/cgi-bin/prnh/20020502/ISLELOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Allan B. Solomon, Executive Vice President,
+1-561-995-6660, Donn Mitchell, Chief Financial Officer,
+1-314-813-9319, or Jill Haynes, Senior Director of Corporate
Communication, +1-314-813-9368, all of Isle of Capri Casinos
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