ST. LOUIS — Isle of Capri Casinos Inc. has reported financial results for the third quarter of fiscal year 2014 ended Jan. 26.
Diluted income (loss) per share from continuing operations for the quarter was $0.24 compared to ($0.06) for the third quarter last year. Income from continuing operations was impacted by the reversal of a $2-million litigation accrual due to a recent favorable court ruling, and the $12-million reversal of a previously recorded tax valuation allowance, as a result of the recent sale of Isle’s Davenport, Iowa, property. The loss from continuing operations for the prior year quarter were impacted by preopening expense of $1 million related to our Nemacolin and Cape Girardeau properties.
Excluding these items, adjusted earnings per share from continuing operations would have been a loss of ($0.12) for the fiscal 2014 quarter, compared to a loss of ($0.04) for the prior year quarter.
Isle reported Mississippi net revenues decreased from $25.9 million to $22.9 million and adjusted EBITDA decreased from $3.9 million to $2.1 million.
“Our properties in Mississippi continued to face competitive pressures during the period,” the company wrote in a statement.