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Isle Of Capri Casinos, Inc. Announces Fiscal 2013 Second Quarter Results

Date : 11/29/2012 @ 7:00PM
Source : PR Newswire (US)
Stock : Isle of Capri Casinos, Inc. (MM) (ISLE)
Quote : 8.26  0.03 (0.36%) @ 1:20AM
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Isle Of Capri Casinos, Inc. Announces Fiscal 2013 Second Quarter Results

Isle of Capri Casinos, Inc. (MM) (NASDAQ:ISLE)
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Isle Of Capri Casinos, Inc. Announces Fiscal 2013 Second Quarter Results

ST. LOUIS, Nov. 29, 2012 /PRNewswire/ -- Isle of Capri Casinos, Inc. (NASDAQ: ISLE) (the "Company") today reported financial results for the second quarter of fiscal year 2013 ended October 28, 2012 and other Company-related news. 

Consolidated Results

The following table outlines the Company's financial results (dollars in millions, except per shares data, unaudited):


Three Months Ended


Six Months Ended


October 28,


October 23,


October 28,


October 23,


2012


2011


2012


2011

Net revenues

$         223.2


$         231.4


$         459.0


$         459.0

Consolidated adjusted EBITDA (1)

38.7


41.9


83.7


80.7









Income (loss) from continuing operations

(4.3)


(1.0)


0.4


(3.6)

Loss from discontinued operations

(2.3)


(0.5)


(0.4)


(0.2)

Net income (loss)

(6.6)


(1.5)


-


(3.8)

Diluted income (loss) per share from continuing operations

(0.11)


(0.03)


0.01


(0.09)

Diluted loss per share from discontinued operations

(0.06)


(0.01)


(0.01)


(0.01)

Diluted income (loss) per share

(0.17)


(0.04)


-


(0.10)

Virginia McDowell, president and chief executive officer remarked, "The second quarter was a period of achievements and challenges. Similar to other regional gaming operators, we experienced softening net revenues during September and October. Cost containment efforts led to increased adjusted EBITDA and margins at several of our properties; however we could not overcome the softness in our Mississippi business."

"We continue to be hampered by several factors in Mississippi which accounted for more than 150% of our year-over-year property adjusted EBITDA decline. Some of these factors, such as construction disruption in Vicksburg, will end in the coming weeks, however others related to market conditions and operations have the full attention and focus of our team.  The balance of our properties experienced an overall increase in adjusted EBITDA of 2.5%, while net revenue decreased 1.9%. 

"Our new casino property in Cape Girardeau debuted on October 30, our rebranding project in Vicksburg is nearly complete and the renovation of the primary Lake Charles hotel tower will be complete by the end of December.  Additionally, we have begun construction on our Lady Luck Casino at Nemacolin Woodlands Resort in Pennsylvania. We are achieving our goals of renewing our asset base and restyling our customer experiences."

Operating Results

Net revenues decreased $8.2 million during the period, to $223.2 million. Consolidated adjusted EBITDA decreased $3.2 million, or 7.6%, to 38.7 million. This decrease of $3.2 million is attributable to a decrease in adjusted EBITDA of $3.2 million at our Mississippi properties and a $1.0 million increase in corporate legal costs, which offset gains in adjusted EBITDA at several of our other properties. 

Diluted loss per share from continuing operations for the quarter was $(0.11) compared to $(0.03) for the second quarter last year. The results for the current year were impacted by approximately $2.7 million in preopening costs associated with Cape Girardeau and $2.5 million of costs associated with the refinancing of our subordinated debt in July.  Before consideration of these items, diluted earnings per share from continuing operations for the quarter would have been break-even ($0.00).

As a result of efficiencies in marketing and cost containment efforts, we had favorable results at the following properties:

  • Black Hawk – Adjusted EBITDA increased 2.2% to $7.7 million despite a decrease in net revenues of 3.9% to $30.7 million, resulting in margin improvement of nearly 150 basis points to 25%.
  • Pompano – Despite the continued year over year impact of a major expansion at a competing facility, adjusted EBITDA increased $0.4 million while net revenues increased $0.8 million to $33.7 million. In addition, construction was completed to convert the buffet to a Farmer's Pick® in mid-September.
  • Quad Cities and Waterloo – Adjusted EBITDA increased a combined 5.2% to $13.9 million on increased revenues of 1.5% to $51.0 million, resulting in margin improvement of over 90 basis points to 27.2%.  The results were also favorably impacted by the successful implementation of Fan Club® in Waterloo and the introduction of our new Lone Wolf® Bar.
  • Lake Charles – Adjusted EBITDA increased $0.3 million despite decreased net revenues of $2.9 million for the quarter. Results were negatively impacted by construction disruption associated with ongoing renovation of the entire hotel tower, which caused an average of approximately 20% of our total hotel rooms to be out of service during the quarter.
  • Kansas City – Adjusted EBITDA remained flat at $4.1 million despite the impact of a new competitor in the market, which resulted in decreased revenues of $1.4 million.

Our Mississippi properties faced significant challenges during the quarter, which contributed to over 150% of our property adjusted EBITDA loss year over year.

In Vicksburg, our results were impacted by construction disruption associated with the on-going rebranding of the property to a Lady Luck® Casino, as we experienced an average of 200 to 400 slot machines out of service per day.  The results were also impacted by an overall market decline of 6% during the quarter. 

In Natchez, our results were impacted by significant weather disruption and damage, where our boat was closed for four days due to a storm that caused meaningful decreased patron count for approximately one month.  In addition, the adverse weather conditions damaged each of the three entrances to the facility as well as some infrastructure components.  The facility continues to face extraordinarily low river levels, causing our boat to nearly sit on the bottom of the river, which has severely impacted the entrance and overall customer experience. We are committed to mitigating the damage done to our facility, but we expect business to suffer until water levels return to a reasonable level in this section of the Mississippi River. Additionally, pending regulatory approval, a new competitor facility is expected to open in the market before the end of the year.

In Lula, the market changes that occurred following the flooding in last fiscal year have not improved.  The market continues to decline, as customers continue to patronize the facilities in the Memphis and Little Rock areas that benefitted from the prior year's flooding.  We are pursuing financial improvements through cost savings and operational consolidations.

Corporate Expenses and Other Items

Corporate and development expenses were $10.8 million for the quarter, an increase of $1.5 million compared to prior year.  Included in the results for the fiscal 2013 quarter are $1.5 million in refinancing related costs and $1.0 million in increased legal costs offset by lower insurance costs and stock compensation expenses.

Non-cash stock compensation expense was $1.5 million for the quarter compared to $2.3 million in the second quarter of fiscal 2012.

Preopening costs associated with Cape Girardeau were $2.7 million.

Discontinued Operations

Included in discontinued operations are the operating results of our Biloxi property approximately $2.1 million of charges related to Hurricane Isaac for costs incurred and a credit against the purchase price to satisfy our obligation to repair the property, as required by the purchase agreement.

Development

We have begun preliminary demolition in advance of construction of Lady Luck Casino at Nemacolin Woodlands Resort. We currently expect to open Lady Luck Nemacolin during summer 2013. The facility is planned to include 600 slot machines, 28 table games, an Otis & Henry's Bar & Grill, and a Lone Wolf Bar.  The Company currently expects the total project to cost approximately $57 million to $60 million, including the $12.5 million license fee.  Several aspects of the project are currently out for bid and we expect to get firm pricing on those over the next few weeks. 

In Vicksburg, our Lady Luck rebranding project is complete, and we will hold our grand re-opening ceremony tomorrow.  The property is a fully-branded Lady Luck casino, as we have greatly enhanced the exterior and interior, completed the renovation of the casino floor and have introduced an Otis & Henry's Bar & Grill and a Lone Wolf Bar.  The property also has implemented our Fan Club® program.

Capital Structure

As of October 28, 2012, the Company had $75.5 million in cash and cash equivalents, $1.18 billion in total debt and $199 million in net line of credit availability.

Second quarter capital expenditures were $46 million, of which $32 million related to Cape Girardeau, and $14 million at our existing properties. The Company expects capital expenditures to be approximately $80 million to $90 million for the balance of the fiscal year, including maintenance capital, final costs in Cape Girardeau and construction costs in Nemacolin of approximately $20 million to $30 million.

Conference Call Information

Isle of Capri Casinos, Inc. will host a conference call on Thursday, November 29, 2012 at 10:00 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 reference number is 311019. The conference call will be recorded and available for review starting at noon central on Thursday, November 27, 2012, until 11:59 pm central on Tuesday, December 6, 2012, by dialing 866-463-2179; International: 203-369-1376 and access number 7007.

About Isle of Capri Casinos, Inc.

Isle of Capri Casinos, Inc. is a leading regional gaming and entertainment company dedicated to providing guests with exceptional experience at each of the 15 casino properties that it owns and operates, primarily under the Isle and Lady Luck brands.  The Company currently owns and operates gaming and entertainment facilities in Mississippi, Louisiana, Iowa, Missouri, Colorado and Florida. We are developing a new facility at the Nemacolin Woodlands Resort in Western Pennsylvania.  More information is available at the Company's website, www.islecorp.com.

Forward-Looking Statements

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 Alexander, Senior Director of Corporate Communication-314.813.9368

 

ISLE OF CAPRI CASINOS, INC. 

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share amounts)

(Unaudited)









Three Months Ended


Six Months Ended




October 28,


October 23,


October 28,


October 23,




2012


2011


2012


2011


Revenues:










Casino


$      234,648


$      239,707


$      484,917


$      474,934


Rooms


8,328


8,419


16,958


16,891


Food, beverage, pari-mutuel and other


30,437


30,723


63,243


60,350


Insurance recoveries


-


111


-


111


Gross revenues


273,413


278,960


565,118


552,286


Less promotional allowances


(50,206)


(47,534)


(106,088)


(93,256)


Net revenues


223,207


231,426


459,030


459,030


Operating expenses:










Casino


36,802


38,172


75,298


74,143


Gaming taxes


58,619


59,435


120,247


118,952


Rooms


1,781


1,929


3,554


3,848


Food, beverage, pari-mutuel and other


9,217


9,590


19,321


19,543


Marine and facilities


13,888


14,933


27,588


29,059


Marketing and administrative


56,464


58,594


114,420


115,541


Corporate and development


10,777


9,327


19,250


21,593


Preopening


2,654


27


3,341


63


Depreciation and amortization


16,850


19,646


33,672


38,822


Total operating expenses


207,052


211,653


416,691


421,564


Operating income


16,155


19,773


42,339


37,466


Interest expense


(21,985)


(21,877)


(42,416)


(43,702)


Interest income


131


192


306


435


Derivative income (expense)


176


260


310


29












Income (loss) from continuing operations before 










income taxes


(5,523)


(1,652)


539


(5,772)


Income tax (provision) benefit


1,182


622


(136)


2,183


Income (loss) from continuing operations 


(4,341)


(1,030)


403


(3,589)


Income (loss) from discontinued operations










net of income taxes 


(2,312)


(427)


(395)


(191)


Net income (loss)


$        (6,653)


$        (1,457)


$                 8


$        (3,780)












Income (loss) per common share-basic:










Income (loss) from continuing operations


$          (0.11)


$          (0.03)


$            0.01


$          (0.09)


Income from discontinued operations, 










net of income taxes 


(0.06)


(0.01)


(0.01)


(0.01)


Net income (loss)


$          (0.17)


$          (0.04)


$                -


$          (0.10)












Income (loss) per common share-dilutive:










Income (loss) from continuing operations


$          (0.11)


$          (0.03)


$            0.01


$          (0.09)


Income from discontinued operations, 










net of income taxes 


(0.06)


(0.01)


(0.01)


(0.01)


Net income (loss)


$          (0.17)


$          (0.04)


$                -


$          (0.10)












Weighted average basic shares


39,336,134


38,753,049


39,177,208


38,515,099


Weighted average diluted shares


39,336,134


38,753,049


39,192,075


38,515,099




ISLE OF CAPRI CASINOS, INC. 

CONSOLIDATED BALANCE SHEETS 

(In thousands, except share and per share amounts) 






October 28,


April 29,


2012


2012

ASSETS

(unaudited)



Current assets:




Cash and cash equivalents

$        75,479


$        94,461

Marketable securities

24,277


24,943

Accounts receivable, net

8,007


6,941

Insurance receivable

-


7,497

Income taxes receivable

4,723


2,161

Deferred income taxes

615


627

Prepaid expenses and other assets

28,550


18,950

Assets held for sale

45,557


46,703

Total current assets

187,208


202,283

Property and equipment, net

1,009,406


950,014

Other assets:




Goodwill

330,903


330,903

Other intangible assets, net

61,167


56,586

Deferred financing costs, net

18,246


13,205

Restricted cash

12,916


12,551

Prepaid deposits and other

7,469


9,428

Total assets

$   1,627,315


$   1,574,970





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Current maturities of long-term debt

$          5,406


$          5,393

Accounts payable 

33,282


23,536

Accrued liabilities:




Payroll and related

37,043


38,566

Property and other taxes

25,168


19,522

Interest

14,099


9,296

Progressive jackpots and slot club awards

15,136


14,892

Liabilities related to assets held for sale

8,041


4,362

Other

40,777


40,549

Total current liabilities

178,952


156,116

Long-term debt, less current maturities

1,177,065


1,149,038

Deferred income taxes

35,804


36,057

Other accrued liabilities

32,162


33,583

Other long-term liabilities

16,489


16,556

Stockholders' equity:




Preferred stock, $.01 par value; 2,000,000 shares authorized; none issued

-


-

Common stock, $.01 par value; 60,000,000 shares authorized; shares issued:




42,066,148 at October 28, 2012 and 42,066,148 at April 29, 2012

421


421

Class B common stock, $.01 par value; 3,000,000 shares authorized; none issued

-


-

Additional paid-in capital

244,656


247,855

Retained earnings (deficit)

(26,650)


(26,658)

Accumulated other comprehensive (loss) income

(544)


(855)


217,883


220,763

Treasury stock, 2,577,155 shares at October 28, 2012 and 3,083,867 shares 




at April 29, 2012

(31,040)


(37,143)

Total stockholders' equity

186,843


183,620

Total liabilities and stockholders' equity

$   1,627,315


$   1,574,970

 

Isle of Capri Casinos, Inc.

Supplemental Data - Net Revenues

(unaudited, in thousands)














Three Months Ended


Six Months Ended




October 28,


October 23,


October 28,


October 23,




2012


2011


2012


2011

Properties Not Impacted by Flooding










Lake Charles, Louisiana


$       29,749


$       32,617


$       63,327


$       68,541


Kansas City, Missouri


18,012


19,453


36,532


39,111


Boonville, Missouri


19,798


19,736


40,186


39,823


Bettendorf, Iowa


19,694


19,130


39,549


39,211


Marquette, Iowa


7,332


7,271


14,713


14,772


Waterloo, Iowa


20,925


20,601


42,337


41,101


Black Hawk, Colorado


30,670


31,905


62,023


63,266


Pompano, Florida


33,691


32,869


68,376


67,571




179,871


183,582


367,043


373,396

Properties Impacted by Flooding










Natchez, Mississippi


5,962


7,036


12,963


11,061


Lula, Mississippi


12,772


14,213


27,403


23,965


Vicksburg, Mississippi


5,897


7,411


13,455


13,790


Caruthersville, Missouri


8,144


8,204


16,777


15,416


Davenport, Iowa


10,390


10,516


21,036


20,770




43,165


47,380


91,634


85,002





















Property Net Revenues before Other


223,036


230,962


458,677


458,398











Other


171


464


353


632











Net Revenues from Continuing Operations


$     223,207


$     231,426


$     459,030


$     459,030

Isle of Capri Casinos, Inc.

Reconciliation of Operating Income (Loss) to Adjusted EBITDA

(unaudited, in thousands)
















Three Months Ended October 28, 2012



Operating Income (Loss)


Depreciation and Amortization


Stock-Based Compensation


Preopening


Financing


Adjusted EBITDA

Properties Not Impacted by Flooding













Lake Charles, Louisiana

$     1,867


$         2,310


$                  2


$             -


$             -


$     4,179


Kansas City, Missouri

3,152


980


4


-


-


4,136


Boonville, Missouri

5,918


886


6


-


-


6,810


Bettendorf, Iowa

3,578


1,770


4


-


-


5,352


Marquette, Iowa

1,172


445


5


-


-


1,622


Waterloo, Iowa

5,218


1,165


6


-


-


6,389


Black Hawk, Colorado

5,435


2,210


14


-


-


7,659


Pompano, Florida

3,083


1,803


8


-


-


4,894



29,423


11,569


49


-


-


41,041

Properties Impacted by Flooding













Natchez, Mississippi

118


359


5


-


-


482


Lula, Mississippi

(803)


1,702


6


-


-


905


Vicksburg, Mississippi

(860)


1,218


5


-


-


363


Caruthersville, Missouri

593


835


5


-


-


1,433


Davenport, Iowa

1,566


546


6


-


-


2,118



614


4,660


27


-


-


5,301














Total Operating Properties

30,037


16,229


76


-


-


46,342


Corporate and Other

(13,882)


621


1,501


2,654


1,478


(7,628)

Total

$   16,155


$       16,850


$           1,577


$       2,654


$       1,478


$   38,714





























Three Months Ended October 23, 2011



Operating Income (Loss)


Depreciation and Amortization


Stock-Based Compensation


Preopening


Financing


Adjusted EBITDA

Properties Not Impacted by Flooding













Lake Charles, Louisiana

$     1,475


$         2,355


$                12


$             -


$             -


$     3,842


Kansas City, Missouri

2,989


1,073


2


-


-


4,064


Boonville, Missouri

6,204


878


15


-


-


7,097


Bettendorf, Iowa

2,559


2,121


6


-


-


4,686


Marquette, Iowa

1,219


424


8


-


-


1,651


Waterloo, Iowa

4,529


1,644


12


-


-


6,185


Black Hawk, Colorado

4,460


3,023


11


-


-


7,494


Pompano, Florida

1,779


2,692


7


-


-


4,478



25,214


14,210


73


-


-


39,497

Properties Impacted by Flooding













Natchez, Mississippi

1,114


374


8


-


-


1,496


Lula, Mississippi

354


1,671


16


-


-


2,041


Vicksburg, Mississippi

91


1,282


3


-


-


1,376


Caruthersville, Missouri

856


844


8


-


-


1,708


Davenport, Iowa

1,741


558


8


-


-


2,307



4,156


4,729


43


-


-


8,928














Total Operating Properties

29,370


18,939


116


-


-


48,425


Corporate and Other

(9,597)


707


2,316


27


-


(6,547)

Total

$   19,773


$       19,646


$           2,432


$            27


$             -


$   41,878

Isle of Capri Casinos, Inc.

Reconciliation of Operating Income (Loss) to Adjusted EBITDA

(unaudited, in thousands)
















Six Months Ended October 28, 2012



Operating Income (Loss)


Depreciation and Amortization


Stock-Based Compensation


Preopening


Financing


Adjusted EBITDA

Properties Not Impacted by Flooding













Lake Charles, Louisiana

$     5,230


$         4,422


$                  6


$           -


$          -


$     9,658


Kansas City, Missouri

6,267


2,019


6


-


-


8,292


Boonville, Missouri

12,412


1,753


11


-


-


14,176


Bettendorf, Iowa

7,108


3,483


9


-


-


10,600


Marquette, Iowa

2,431


876


10


-


-


3,317


Waterloo, Iowa

10,132


2,657


11


-


-


12,800


Black Hawk, Colorado

10,843


4,358


24


-


-


15,225


Pompano, Florida

5,820


3,577


14


-


-


9,411



60,243


23,145


91


-


-


83,479

Properties Impacted by Flooding













Natchez, Mississippi

961


827


10


-


-


1,798


Lula, Mississippi

304


3,425


11


-


-


3,740


Vicksburg, Mississippi

(265)


2,262


9


-


-


2,006


Caruthersville, Missouri

1,416


1,691


10


-


-


3,117


Davenport, Iowa

3,167


1,074


11


-


-


4,252



5,583


9,279


51


-


-


14,913














Total Operating Properties

65,826


32,424


142


-


-


98,392


Corporate and Other

(23,487)


1,248


2,753


3,341


1,478


(14,667)

Total

$    42,339


$       33,672


$           2,895


$      3,341


$     1,478


$   83,725





























Six Months Ended October 23, 2011



Operating Income (Loss)


Depreciation and Amortization


Stock-Based Compensation


Preopening


Financing


Adjusted EBITDA

Properties Not Impacted by Flooding













Lake Charles, Louisiana

$     5,934


$         4,664


$                31


$          -


$          -


$   10,629


Kansas City, Missouri

6,179


2,012


7


-


-


8,198


Boonville, Missouri

12,522


1,756


34


-


-


14,312


Bettendorf, Iowa

5,533


4,150


11


-


-


9,694


Marquette, Iowa

2,512


856


15


-


-


3,383


Waterloo, Iowa

8,682


3,274


26


-


-


11,982


Black Hawk, Colorado

8,093


6,029


20


-


-


14,142


Pompano, Florida

4,699


5,325


12


-


-


10,036



54,154


28,066


156


-


-


82,376

Properties Impacted by Flooding













Natchez, Mississippi

1,308


734


16


-


-


2,058


Lula, Mississippi

(234)


3,442


35


-


-


3,243


Vicksburg, Mississippi

56


2,551


3


-


-


2,610


Caruthersville, Missouri

1,051


1,629


16


-


-


2,696


Davenport, Iowa

3,433


1,122


16


-


-


4,571



5,614


9,478


86


-


-


15,178














Total Operating Properties

59,768


37,544


242


-


-


97,554


Corporate and Other

(22,302)


1,278


4,137


63


-


(16,824)

Total

$    37,466


$       38,822


$           4,379


$          63


$          -


$   80,730

Isle of Capri Casinos, Inc.

Reconciliation of Income (Loss) From Continuing Operations to Adjusted EBITDA

(unaudited, in thousands)














Three Months Ended


Six Months Ended




October 28,


October 23,


October 28,


October 23,




2012


2011


2012


2011

Income (loss) from continuing operations


$         (4,341)


$         (1,030)


$             403


$         (3,589)


Income tax provision


(1,182)


(622)


136


(2,183)


Derivative (income) expense


(176)


(260)


(310)


(29)


Interest income


(131)


(192)


(306)


(435)


Interest expense


21,985


21,877


42,416


43,702


Depreciation and amortization


16,850


19,646


33,672


38,822


Stock-based compensation


1,577


2,432


2,895


4,379


Preopening


2,654


27


3,341


63


Financing related


1,478


-


1,478


-

Adjusted EBITDA


$        38,714


$        41,878


$        83,725


$        80,730

1.

Adjusted EBITDA is "earnings before interest and other non-operating income (expense), income taxes, stock-based compensation, preopening expense and depreciation and amortization." Adjusted 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 Adjusted 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.  Adjusted 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 Adjusted EBITDA.  Also, other gaming companies that report Adjusted EBITDA information may calculate Adjusted EBITDA in a different manner than the Company.  A reconciliation of Adjusted EBITDA to income (loss) from continuing operations is included in the financial schedules accompanying this release.




Certain of our debt agreements use a similar calculation of "Adjusted EBITDA" as a financial measure for the calculation of financial debt covenants and 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. 

SOURCE Isle of Capri Casinos, Inc.

Copyright 2012 PR Newswire



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