Isle of Capri Casinos' loss widens in FY08 Q2
Isle of Capri Casinos, Inc. (Nasdaq: ISLE) reported a wider loss from a year ago for its fiscal 2008 second quarter.
For the second fiscal quarter ended Oct. 28, the Saint Louis, Mo.-based company recorded a loss from continuing operations for the quarter of $24.6 million, or $0.80 per diluted share, widening from a loss from continuing operations of $4.2 million, or $0.14 per diluted share, for the second quarter of fiscal 2007. The consensus of twelve analysts surveyed by Thomson Financial was for a loss of $0.03 per share.
Results for second quarter included a pre-tax charge of $6.5 million related to costs previously capitalized in connection with a proposed project in west Harrison County, Mississippi, and proposed expansions in Davenport, Iowa, Kansas City and Missouri, which negatively impacted the small cap’s results.
Additionally, the company’s second-quarter results were impacted by significant non-recurring charges. Such charges stemmed from the retirement of the company’s 9% senior subordinated notes as part of refinancing completed in July 2007.
The company said it began conducting a strategic review of its existing portfolio and growth opportunities.
Isle of Capri Casinos reported a 14.6% increase in net revenues to $278.8 million, compared with net revenues of $243.2 million for the same quarter in fiscal 2007. Eight analysts were on average expecting revenues of $304.95 million.
Shares of Isle of Capri Casinos (ISLE) lost $0.53, or 3.20%, to $16.01 at 1:14 p.m. Shares of Isle of Capri Casinos have been trading in the range of $15.46 to $31.82 for the past 52 weeks.
