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Isle Of Capri Casinos, Inc. Announces Fiscal 2015 First Quarter Results

SAINT LOUIS, Aug. 27, 2014 /PRNewswire/ -- Isle of Capri Casinos, Inc. (NASDAQ: ISLE) (the "Company") today reported financial results for the first quarter of fiscal year 2015 ended July 27, 2014 and other Company-related news. 

Consolidated Results

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


Three Months Ended


July 27,


July 28,


2014


2013

Net revenues

$  241.6


$  238.0

Consolidated adjusted EBITDA (1)

43.7


41.9





Loss from continuing operations

(2.3)


(5.7)

Income from discontinued operations

-


0.8

Net loss

(2.3)


(4.9)





Diluted loss per share from continuing operations

(0.06)


(0.14)

Diluted income per share from discontinued operations

-


0.02

Diluted loss per share

(0.06)


(0.12)

Adjusted income (loss) per share (2)

0.02


(0.07)



(1)

For a further description of Consolidated Adjusted EBITDA, refer to the reconciliation tables following the narrative and the definition of Adjusted EBITDA in footnote (1) of this release.

(2)

For a reconciliation of the GAAP basis per share amounts to adjusted income (loss) per share, refer to the reconciliation table labeled "Reconciliation of GAAP Income (Loss) from Continuing Operations to Adjusted Income (Loss) and GAAP Income (Loss) from Continuing Operations Per Share to Adjusted Income (Loss) Per Share."

Virginia McDowell, President and Chief Executive Officer, commented: "For the second consecutive quarter, we increased Adjusted EBITDA and operating margins, on a same-store basis, despite a still challenging operating environment.  Excluding Nemacolin, which was open for only one month during last year's quarter, six properties improved net revenues year over year and eight properties increased Adjusted EBITDA year over year.  We continued to benefit from our profit improvement initiatives during the quarter.

"In July we implemented a restructuring of our corporate group in which we eliminated certain executive positions to maximize our efficiency and streamline reporting lines.  These changes are expected to save approximately $2.5 million annually, not including severance expense of $2.3 million in the current quarter. 

"We are also continuing to refine our marketing programs to enhance our customers' experience.  On a same-store basis, during the quarter we saw a slight increase in play from our top tier customers and a 4% increase in retail play. This was offset by a decrease in play from customers in the lower segments of our database."

Financial Highlights

Net revenues for the current quarter were $241.6 million compared to $238.0 million in the prior year quarter, and consolidated Adjusted EBITDA was $43.7 million for the quarter compared to $41.9 million in the same quarter of the prior fiscal year.   Excluding the results at Nemacolin, same-store property net revenues decreased from $235.2 million to $232.9 million, Adjusted EBITDA increased to $50.1 million from $48.9 million, and operating margins increased to 21.5% from 20.8%.

Adjusted income per share from continuing operations was $0.02 for the quarter compared to adjusted net income per share from continuing operations of ($0.07) in the prior year. 

Operating results in the most recent quarter were impacted by $2.3 million of severance expenses related to the corporate restructuring and $1.0 million in expenses related to the voter referendum that would potentially allow casinos at certain racetracks in Colorado. The previous year's quarter benefited from a $1.0 million gain on the sale of our airplane. 

On a GAAP basis, diluted loss per share from continuing operations was ($0.06) compared to a loss from continuing operations of ($0.14) in the prior year's quarter.

Operating Results

Black Hawk – Net revenues decreased $1.0 million to $31.7 million, and Adjusted EBITDA decreased $0.5 million to $7.9 millionBlack Hawk continued to experience a heightened competitive environment during the quarter which impacted net revenues.  However, we continued to aggressively manage expenses, which mitigated some of the top-line weakness.

Pompano – Net revenues increased $0.3 million to $37.7 million, and Adjusted EBITDA increased $0.6 million, or 9.4%, to $6.6 million.  The property experienced an increased promotional environment at the beginning of the quarter and adjusted marketing programs and cost levels appropriately.

Iowa – Net revenues decreased $0.2 million to $47.3 million, while Adjusted EBITDA increased $0.9 million to $13.4 million. Net revenues, Adjusted EBITDA and operating margins each increased at both Bettendorf and Waterloo, where profit enhancement initiatives and stronger marketing programs to top-tier customers offset overall gaming market weakness.  The decline in net revenues for the state was entirely attributable to Marquette, where road construction and softer tourism impacted results. 

Lake Charles – Net revenues decreased $1.1 million to $32.5 million, and Adjusted EBITDA decreased $0.4 million to $5.2 million.  Net revenues and Adjusted EBITDA were impacted by decreased rated play partially offset by lower expenses.

Mississippi - Net revenues decreased $0.8 million to $24.9 million, and Adjusted EBITDA was consistent with prior year at $2.8 million.  In Lula, we improved Adjusted EBITDA by over 30% and margins by over 400 basis points primarily as result of a more targeted marketing program and our profit improvement initiatives.  Natchez and Vicksburg continue to experience market pressures from competition and economic conditions.

Missouri –Net revenues increased $0.6 million to $58.9 million, and Adjusted EBITDA increased $0.7 million to $14.3 million.  Operating margins and Adjusted EBITDA increased at each of our four Missouri properties, despite slight decreases in net revenue in Caruthersville and Kansas City.  Boonville, Cape Girardeau and Caruthersville benefited from an increase in top-tier rated play during the quarter.  We also saw positive retail play trends at Boonville, Cape Girardeau and Kansas City.

Pennsylvania – Net revenues were $8.7 million, and Adjusted EBITDA was ($0.4) million, compared to $2.6 million and $(0.6) million, respectively, during the prior year, which included only the month of July.  We continue to focus on building our revenues at the property and bringing the cost structure in line with the business volumes.

Corporate Expenses

Corporate and development expenses were $9.1 million for the quarter compared to $6.7 million in the first quarter of fiscal 2014.  The current year quarter includes severance of $2.3 million and the prior year quarter benefitted from a $1.0 million gain from the sale of our airplane.  Excluding the aforementioned items, corporate expenses declined 10.7% year over year.

Non-cash stock compensation expense was $0.8 million for the quarter compared to $1.1 million in the first quarter of fiscal 2014.

Development

The Provence, Philadelphia, Pennsylvania – We continue to await the decision from the Pennsylvania Gaming Control Board (the "PGCB") regarding the awarding of the final license in Philadelphia where we would operate the proposed $700 million casino entertainment complex, dubbed The Provence, if the project is selected for licensure by the PGCB.  As proposed, the 1.25 million square foot project is expected to include a 125-room hotel, a casino featuring approximately 3,300 electronic gaming machines and 150 table games, as well as a wide variety of non-gaming entertainment amenities.  At this time, the PGCB has not communicated the timetable with respect to a forthcoming decision.

Capital Structure and Capital Expenditures

As of July 27, 2014, the Company had:

  • $68.3 million in cash and cash equivalents, excluding $9.1 million in restricted cash and investments;
  • $1.1 billion in total debt; and
  • $125 million in net line of credit availability.

First quarter capital expenditures were $9.0 million, primarily consisting of maintenance and gaming equipment purchases.  We expect to have capital expenditures of approximately $38 million to $41 million for the remainder of fiscal 2015.

Conference Call Information

Isle of Capri Casinos, Inc. will host a conference call on Wednesday, August 27, 2014 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 877-870-4263.  International callers can access the conference call by dialing 412-317-0790.  The conference call will be recorded and available for review starting at 11:59 pm central on Wednesday, August 27, 2014, until 11:59 pm central on Wednesday, September 3, 2014, by dialing 877-344-7529; International: 412-317-0088 and access number 10051402.

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 or operates, primarily under the Isle and Lady Luck brands.  The Company currently operates gaming and entertainment facilities in Mississippi, Louisiana, Iowa, Missouri, Colorado, Florida and 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.,
               Eric Hausler, Chief Financial Officer-314.813.9205
               Jill Alexander, Senior Director of Corporate Communication-314.813.9368
               www.islecorp.com

  

ISLE OF CAPRI CASINOS, INC. 

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except share and per share amounts)

(Unaudited)







Three Months Ended




July 27,


July 28,




2014


2013


Revenues:






Casino


$     255,072


$     250,834


Rooms


8,312


8,915


Food, beverage, pari-mutuel and other


34,123


34,122


Gross revenues


297,507


293,871


Less promotional allowances


(55,858)


(55,858)


Net revenues


241,649


238,013


Operating expenses:






Casino


40,128


40,268


Gaming taxes


64,467


62,678


Rooms


1,903


1,901


Food, beverage, pari-mutuel and other


11,372


10,802


Marine and facilities


14,719


14,619


Marketing and administrative


60,361


59,250


Corporate and development


9,148


6,698


Preopening


-


3,898


Depreciation and amortization


19,643


19,802


Total operating expenses


221,741


219,916


Operating income


19,908


18,097


Interest expense


(21,329)


(22,654)


Interest income


87


90


Derivative income


-


230








Loss from continuing operations before 






income taxes


(1,334)


(4,237)


Income tax provision


(983)


(1,411)


Loss from continuing operations 


(2,317)


(5,648)


Income from discontinued operations, 






net of income taxes 


-


786


Net loss


$       (2,317)


$       (4,862)








Income (loss) per common share-basic and diluted:






Loss from continuing operations


$         (0.06)


$         (0.14)


Income from discontinued operations, 






net of income taxes 


-


0.02


Net loss


$         (0.06)


$         (0.12)








Weighted average basic shares


39,827,889


39,582,928


Weighted average diluted shares


39,827,889


39,582,928


 


ISLE OF CAPRI CASINOS, INC. 

CONSOLIDATED BALANCE SHEETS 

(In thousands, except share and per share amounts) 






July 27,


April 27,


2014


2014

ASSETS

(unaudited)



Current assets:




Cash and cash equivalents

$       68,330


$       69,830

Marketable securities

27,566


27,289

Accounts receivable, net

10,806


12,615

Income taxes receivable

243


73

Deferred income taxes

4,106


4,106

Prepaid expenses and other assets

28,535


18,526

Total current assets

139,586


132,439

Property and equipment, net

946,193


955,604

Other assets:




Goodwill

108,970


108,970

Other intangible assets, net

54,701


54,911

Deferred financing costs, net

22,320


23,439

Restricted cash and investments

9,125


9,807

Prepaid deposits and other

4,865


4,904

Total assets

$  1,285,760


$  1,290,074





LIABILITIES AND STOCKHOLDERS' EQUITY




Current liabilities:




Current maturities of long-term debt

$            231


$            230

Accounts payable 

19,196


20,869

Accrued liabilities:




Payroll and related

35,384


34,700

Property and other taxes

22,274


20,360

Interest

20,020


16,920

Progressive jackpots and slot club awards

16,526


16,306

Other

19,746


18,478

Total current liabilities

133,377


127,863

Long-term debt, less current maturities

1,056,377


1,066,071

Deferred income taxes

36,852


35,870

Other accrued liabilities

18,575


18,495

Other long-term liabilities

22,629


22,391

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 July 27, 2014 and at April 27, 2014

421


421

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

-


-

Additional paid-in capital

248,785


247,819

Retained earnings (deficit)

(204,230)


(201,913)


44,976


46,327

Treasury stock, 2,243,789 shares at July 27, 2014 and 2,236,971 shares at April 27, 2014

(27,026)


(26,743)

Total stockholders' equity

17,950


19,584

Total liabilities and stockholders' equity

$  1,285,760


$  1,290,274

 


Isle of Capri Casinos, Inc.

Supplemental Data - Net Revenues

(unaudited, in thousands)











Three Months Ended





July 27,


July 28,





2014


2013


Colorado







Black Hawk


$     31,681


$     32,684









Florida







Pompano


37,724


37,386









Iowa







Bettendorf


19,534


19,465



Marquette


6,487


7,112



Waterloo


21,252


20,942



Iowa Total


47,273


47,519









Louisiana







Lake Charles


32,536


33,666









Mississippi







Lula


12,675


12,579



Natchez


4,753


5,327



Vicksburg


7,442


7,779



Mississippi Total


24,870


25,685









Missouri







Boonville


19,190


18,729



Cape Girardeau


14,360


13,809



Caruthersville


7,483


7,687



Kansas City


17,829


18,071



Missouri Total


58,862


58,296









Pennsylvania







Nemacolin


8,657


2,593









Property Net Revenues before Other

241,603


237,829


Other

46


184


Net Revenues from Continuing Operations

$   241,649


$   238,013


 

Isle of Capri Casinos, Inc.

Reconciliation of Operating Income (Loss) to Adjusted EBITDA

(unaudited, in thousands)




Three Months Ended July 27, 2014




Operating

Income (Loss)


Depreciation and

Amortization


Stock-Based

Compensation


Other


Adjusted

EBITDA

Black Hawk, Colorado

$           4,510


$                  2,343


$                    8


$       1,013


$   7,874













Pompano, Florida

4,839


1,742


6


-


6,587













Bettendorf

4,016


1,452


4


-


5,472

Marquette

898


456


1


-


1,355

Waterloo

5,348


1,186


4


-


6,538


Iowa Total

10,262


3,094


9


-


13,365













Lake Charles, Louisiana

2,345


2,830


4


-


5,179













Lula


926


1,287


3


-


2,216

Natchez

(591)


233


4


-


(354)

Vicksburg

90


892


4


-


986


Mississippi Total

425


2,412


11


-


2,848













Boonville

5,778


988


6


-


6,772

Cape Girardeau

(479)


2,790


1


-


2,312

Caruthersville

660


668


4


-


1,332

Kansas City

2,912


950


4


-


3,866


Missouri Total

8,871


5,396


15


-


14,282













Nemacolin, Pennsylvania

(1,773)


1,357


1




(415)













Total Operating Properties

29,479


19,174


54


1,013


49,720

Corporate and Other

(9,571)


469


829


2,259


(6,014)

Total


$         19,908


$                19,643


$                883


$       3,272


$ 43,706
















Three Months Ended July 28, 2013




Operating

Income (Loss)


Depreciation and

Amortization


Stock-Based

Compensation


Preopening

and Other


Adjusted

EBITDA

Black Hawk, Colorado

$           6,084


$                  2,319


$                  11


$             -


$   8,414













Pompano, Florida

4,167


1,846


7


-


6,020













Bettendorf

3,213


1,699


4


-


4,916

Marquette

1,220


478


3


-


1,701

Waterloo

4,628


1,220


6


-


5,854


Iowa Total

9,061


3,397


13


-


12,471













Lake Charles, Louisiana

2,734


2,877


5


-


5,616













Lula


362


1,326


5


-


1,693

Natchez

(599)


351


5


-


(243)

Vicksburg

380


1,005


5


-


1,390


Mississippi Total

143


2,682


15


-


2,840













Boonville

5,225


1,152


6


-


6,383

Cape Girardeau

(685)


2,787


3


-


2,105

Caruthersville

457


805


6


-


1,268

Kansas City

2,840


976


4


-


3,820


Missouri Total

7,837


5,720


19


-


13,576













Nemacolin, Pennsylvania

(5,011)


557


-


3,898


(556)













Total Operating Properties

25,015


19,398


70


3,898


48,381

Corporate and Other

(6,918)


404


1,059


(1,019)


(6,474)

Total


$         18,097


$                19,802


$             1,129


$       2,879


$ 41,907

 


Isle of Capri Casinos, Inc.

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

(unaudited, in thousands)









Three Months Ended




July 27, 


July 28, 




2014


2013


Loss from continuing operations

$   (2,317)


$   (5,648)



Income tax provision

983


1,411



Derivative income

-


(230)



Interest income

(87)


(90)



Interest expense

21,329


22,654



Depreciation and amortization

19,643


19,802



Stock-based compensation

883


1,129



Severance charges

2,259


-



Colorado referendum costs

1,013


-



Preopening expense

-


3,898



Gain on sale of airplane

-


(1,019)


Adjusted EBITDA (1)

$  43,706


$  41,907


 

Isle of Capri Casinos, Inc.

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

Income (Loss) and GAAP Income (Loss) From Continuing Operations Per Share to

 Adjusted Income (Loss) Per Share

(unaudited, in thousands)







Three Months Ended



July  27,


July 28,



2014


2013







GAAP loss from continuing operations

$ (2,317)


$ (5,648)


Severance expense (3)

2,259


-


Colorado referendum expense (3)

1,013


-


Preopening expense

-


3,898


Gain on sale of corporate aircraft

-


(1,019)


Adjusted income (loss)  (2)

$     955


$ (2,769)












GAAP loss from continuing operations per share

$   (0.06)


$   (0.14)


Severance expense (3)

0.06


-


Colorado referendum expense (3)

0.02


-


Preopening expense

-


0.10


Gain on sale of corporate aircraft

-


(0.03)


Adjusted income (loss) per share

$    0.02


$   (0.07)


 

1.

Adjusted EBITDA is "earnings before interest and other non-operating income (expense), income taxes, stock-based compensation, certain severance expenses, certain expenses related to the Colorado gaming referendum, preopening expense, certain asset sale gains 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 it is an important component 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. 



2.

Adjusted income (loss) is presented solely as a supplemental disclosure as this is one method management reviews and utilizes to analyze the performance of its core operating business.  For many of the same reasons mentioned above related to Adjusted EBITDA, management believes Adjusted income (loss) and Adjusted income (loss) per share are useful analytic tools as they enable management to track the performance of its core casino operating business separate and apart from factors that do not impact decisions affecting its operating casino properties, such as certain severance expenses, certain expenses related to the Colorado gaming referendum, certain asset sale gains and preopening expenses.  Management believes Adjusted income (loss) and Adjusted income (loss) per share are useful to investors since these adjustments provide a measure of financial performance that more closely resembles widely used measures of performance and valuation in the gaming industry.  Adjusted income (loss) and adjusted income (loss) per share do not include certain severance expenses, certain expenses related to the Colorado gaming referendum, certain asset sale gains and preopening expenses.



3.

The Company recorded $2.3 million of severance expense in the first quarter of fiscal 2015 related to restructuring at the corporate office.  The Company incurred $1.0 million of expense during the first quarter of fiscal 2015 related to the Colorado gaming expansion referendum.

 

SOURCE Isle of Capri Casinos, Inc.

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Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT depl...
The pace of innovation, vendor lock-in, production sustainability, cost-effectiveness, and managing risk… In his session at 18th Cloud Expo, Dan Choquette, Founder of RackN, discussed how CIOs are challenged finding the balance of finding the right tools, technology and operational model that serves the business the best. He also discussed how clouds, open source software and infrastructure solutions have benefits but also drawbacks and how workload and operational portability between vendors an...
Adding public cloud resources to an existing application can be a daunting process. The tools that you currently use to manage the software and hardware outside the cloud aren’t always the best tools to efficiently grow into the cloud. All of the major configuration management tools have cloud orchestration plugins that can be leveraged, but there are also cloud-native tools that can dramatically improve the efficiency of managing your application lifecycle. In his session at 18th Cloud Expo, ...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
Big Data, cloud, analytics, contextual information, wearable tech, sensors, mobility, and WebRTC: together, these advances have created a perfect storm of technologies that are disrupting and transforming classic communications models and ecosystems. In his session at @ThingsExpo, Erik Perotti, Senior Manager of New Ventures on Plantronics’ Innovation team, provided an overview of this technological shift, including associated business and consumer communications impacts, and opportunities it m...
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...