Isle of Capri records loss; says state properties face ‘pressure’
by MBJ Staff
Published: February 27,2014
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.
To sign up for Mississippi Business Daily Updates, click here.
Twang & Tourism: The Country Music Trail
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- DAVID DALLAS: Mr. McDaniel goes to Washington
- Judge to hear from True the Vote as McDaniel attempts to overturn loss to Cochran
- Moon River Foods creating 100 jobs in Mississippi Delta
- Weyerhaeuser investing $57M to modernize lumber mill
- Google chooses Mad Genius as example of Internet use
- Two BancorpSouth mergers delayed by federal inquiries
- Health officials identify another case of chikungunya virus
- Biloxi council approves $29M contract for baseball stadium construction
- Wasted away — Margaritaville in Biloxi to close by Sept. 19
- Cochran continues to question EPA over new regulations