Thursday, June 7, 2012

Isle of Capri (Nasdaq: ISLE) 4Q adj. profit tops Street's view

Isle of Capri (Nasdaq: ISLE) 4Q adj. profit tops Street's viewOrlando, FL 6/7/12 (StreetBeat) -- Isle of Capri Casinos (Nasdaq: ISLE) lost money in its fiscal fourth quarter, dragged down by a hefty charge tied to the pending sale of a Mississippi property as well as other costs. Adjusted results topped analysts' expectations and its stock climbed inpremarket trading.

The company lost $124.8 million, or $3.20 per share, for the period ended April 29. That compares with a profit of $10.9 million, or 28 cents per share, a year ago.

Loss from continuing operations was $13.5 million, or 35 cents per share, compared with a gain of $8.4 million, or 22 cents per share, last year.

Taking out the $112.6 million Biloxi-related charge and other items, earnings were 38 cents per share.

Analysts forecast earnings of 31 cents per share, according to a FactSet survey.

Shares of Isle of Capri Casinos Inc. gained 21 cents, or 3.7 percent, to $5.84 before the market open.

Revenue increased 11 percent to $294.9 million from $264.9 million, buoyed by revenue gains in Colorado, Florida, Louisiana, Mississippi and Missouri.

This beat the $277.6 million that Wall Street expected.

Isle of Capri's full-year loss was $129.8 million, or $3.35 per share. In the previous year the St. Louis company recorded a profit of $4.5 million, or 13 cents per share.

Adjusted earnings were 43 cents per share.

Annual revenue improved to $1.01 billion from $968.4 million.

President and CEO Virginia McDowell said in a statement that the company is on pace to open Cape Girardeau in Missouri on Nov. 1, two months ahead of what was originally planned.

Isle of Capri has 15 casino properties, mostly under the Isle and Lady Luck brands.

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