We would like to highlight Isle of Capris Casinos, Inc. (NASDAQ: ISLE). The company is a developer, owner and operator of branded gaming facilities and related lodging and entertainment facilities in regional markets in the United States and internationally. The Company operates 14 casinos in the United States, located in Mississippi, Louisiana, Missouri, Iowa, Colorado and Florida. Internationally, it operates four casinos in Coventry, Dudley and Wolverhampton, England and Freeport, Grand Bahamas.
In the company’s recent news,
Isle of Capris Casinos, Inc. (ISLE) reported its financial results for the first quarter of fiscal year 2009 ended July 27, 2008. The company’s first quarter net revenues increased by $3.8 million, a 1.4 percent year-over-year gain, which improved the quarterly net loss to $3.6 million from $7.1 million during the first quarter of fiscal 2008. Earnings per share improved from a loss of $0.23 per share to a loss of $0.12 per share.
The chief financial officer of Isle of Capris Casinos, Dale R. Black, commented on the company’s quarterly results, “Impacting EPS was a $6 million charge related to our decision to get out of a potential development project in Portland. This had the impact of almost $0.12 per share on EPS. Without the impact of that, we would have been slightly profitable and break-even on an EPS basis.” The company’s capital expenditures for the three months ended July 27, 2008 totaled $8.2 million, which included approximately $5.0 of maintenance capital expenditures.
Over this past Labor Day weekend, the company was forced to close its two properties in Biloxi and Natchez, Mississippi, and its property in Lake Charles, Louisiana, due to Hurricane Gustav. Although there was some flooding and minor damage to some facilities, management is working to reopen these properties as quickly as possible, pending regulatory approval. The damage was not as severe as anticipated and should not have a significant impact on operations moving forward.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
