ST. LOUIS, July 16 /PRNewswire-FirstCall/ -- Isle of Capri Casinos,
Inc. (Nasdaq: ISLE) announced today that it will delay filing financial
results for the fiscal quarter and fiscal year ended April 29, 2007 due to
completion of its on-going restatement of its financial statements through
its fiscal year ended April 30, 2006 and through its third fiscal quarter
ended January 28, 2007. The Company expects to file its Form 10-Q/A for the
2007 fiscal third quarter and its Form 10-K for the fiscal fourth quarter
and year ended April 29, 2007 before the end of July 2007.
As disclosed in the filing extension Form 12b-25 the Company filed
today, the Company expects to report a loss from continuing operations
before income taxes and minority interest for fiscal 2007 of approximately
$15.3 million on revenues of approximately $1.0 billion, as compared to
income from continuing operations before income taxes and minority interest
for fiscal 2006 (as expected to be restated) of $20.7 million on revenues
of $987.4 million.
The filing states that as disclosed previously, fiscal 2007 has been a
transitional year for the Company, as the Company has sold two of its
casino properties, developed three new casino properties and moved its
corporate headquarters. Additionally, the Company's operating results have
been negatively impacted compared to fiscal year 2006 by increased
competition and severe weather in certain of the Company's markets, as well
as the normalization of operating results along the Gulf Coast markets in
the post hurricane recovery period. Fiscal year 2007 includes significant
pre-opening expenses of approximately $13.5 million, primarily incurred in
the fourth fiscal quarter, related to the openings of the three casino
properties in recent months and the Company will record a valuation charge
on its Lula, Mississippi property of approximately $8.0 million in the
fourth fiscal quarter.
The filing states that the impact of the restatement on the fiscal year
2006 operating results, includes adjustments of approximately $3.5 million
decreasing income from continuing operations before income taxes and
minority interest relating to the application of EITF 97-10 to the
Company's Coventry casino lease, adjustments of approximately $1.0 million
decreasing income from continuing operations before income taxes and
minority interest relating to the amortization of certain intangible items,
and other various adjustments related to operations decreasing income from
continuing operations before income taxes approximately $3.3 million. The
expected impact of all restatement adjustments on fiscal year 2006 net
income, including the tax effect on the items mentioned above and the
restatement adjustments to income taxes, is expected to be a decrease in
net income of approximately $0.1 million.
While the Company does not expect the results of operations to differ
materially from those reported on the Form 12b-25, since the audit of its
fiscal 2007 results and the restatement of its fiscal 2006 results have not
been completed, the audited results ultimately reported in the Company's
Annual Report on Form 10-K for the fiscal year ended April 29, 2007 may
differ from those reported above.
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 18 casino properties. The Company owns and operates casinos in
Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf,
Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville and
Kansas City, Missouri and a casino and harness track in Pompano Beach,
Florida. The Company also operates and has a 57 percent ownership interest
in two casinos in Black Hawk, Colorado. Isle of Capri Casinos'
international gaming interests include a casino that it operates in
Freeport, Grand Bahama, a casino in Coventry, England, and a two-thirds
ownership interest in casinos in Dudley and Wolverhampton, England.
There are four Isle of Capri Casinos brands including "the isle," Isle
of Capri, Colorado Central Station and Rhythm City, providing over 16,000
slot machines, 550 table games and 3000 hotel rooms for our guests'
enjoyment.
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
http://www.islecorp.com
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
CONTACT:
Allan B. Solomon, Executive Vice President,
+1-561-995-6660, or 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,
Inc.
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