Isle of Capri Casinos Beats Q4 Estimates

Isle of Capri Casinos ISLE reported upbeat results for its fiscal fourth quarter. The St. Louis, Missouri-based company posted quarterly net income of $3.1 million, or $0.08 per share, versus a year-ago loss of $141.5 million, or $3.55 per share. Excluding one-time items, the company's earnings rose to $0.58 per share from $0.34 per share. Its net revenue climbed 5.3 percent year-over-year to $274.6 million from $260.8 million. However, analysts were expecting earnings of $0.41 per share on revenue of $266.04 million. Its adjusted EBITDA gained 14.8 percent year-over-year to $65.6 million in the quarter. Corporate and other expenses for the quarter increased to $7.3 million for the quarter, from $7.1 million. As of April 26, 2015, Isle of Capri Casinos had $66.4 million in cash and cash equivalents, excluding $9.2 million in restricted cash and investments, and $992.9 million in total debt. Virginia McDowell, President And Chief Executive Officer said, "With fiscal 2015 behind us, we are focused on fiscal 2016 and beyond. We continue to differentiate ourselves with friendly and excellent customer service. We are prudently investing in our properties by renovating hotel rooms and food and beverage outlets and improving our casino floors with new products. We broke ground on our land-based development at Bettendorf which we expect to open in early fiscal 2017. We continue to optimize our marketing programs and are introducing new productivity tools in fiscal 2016 across the enterprise. Finally we will remain vigilant about our cost structure and we will continue to manage our capital structure to maximize free cash flow, deleverage our balance sheet and lower our cost of capital." Isle of Capri Casinos shares gained 0.71 percent to close at $15.60 yesterday.