Isle of Capri Casinos Inc. (NASDAQ:ISLE) filed Quarterly Report for the period ended 2010-07-25.
Isle Of Capri Casinos Inc. has a market cap of $225.8 million; its shares were traded at around $6.96 with and P/S ratio of 0.2.
Highlight of Business Operations:Casino Revenues - Casino revenues decreased $3.1 million, or 1.2%, for the three months ended July 25, 2010, as compared to the same period in fiscal 2010. For the three months ended July 25, 2010, casino revenues increased $3.4 million at our Pompano property, $0.9 million at our Waterloo property and included $5.3 million from our newly acquired Vicksburg casino. These increases were offset by decreased casino revenues at our Black Hawk and Quad Cities properties of $6.5 million reflecting the impact of competition and decreases at our other properties of $6.2 million primarily due to current economic conditions.
Casino - Casino operating expenses increased $0.3 million, or 0.9%, for the three months ended July 25, 2010, as compared to the same period in the prior fiscal year. Excluding casino costs of $0.8 million incurred by our newly acquired Vicksburg casino, our casino operating expenses would have decreased $0.5 million. This net decrease reflects costs reductions in casino expense at most of our properties offset by a slight increase in casino expenses at our Pompano property following the expansion of gaming hours effective July 1, 2010.
Corporate and Development - During the three months ended July 25, 2010, our corporate and development expenses were $12.5 million compared to $9.9 million for the three months ended July 26, 2009. The increase in corporate and development expenses for the three months ended July 25, 2010, reflects approximately $1.1 million in expenses related to our attempted equity offering and an additional $1.1 million in acquisition related costs regarding the Rainbow acquisition.
Cash Flows used in Investing Activities - During the three months ended July 25, 2010, we used $98.6 million for investing activities compared to using $8.6 million during the three months ended July 26, 2009. Significant investing activities for the three months ended July 25, 2010 included the purchase of the Rainbow casino in Vicksburg, Mississippi for $76.2 million, net of cash acquired and purchase price adjustments, purchases of property and equipment of $12.9 million and increases in restricted cash at our captive insurance company by $9.5 million to fund insurance reserves in lieu of providing letters of credit.
Cash Flows used in Financing Activities - During the three months ended July 25, 2010 we had net borrowings under our line of credit of $68.5 million which included the borrowing of $80 million to fund our acquisition of the Rainbow casino in Vicksburg, Mississippi. We also used $2.3 million to repay other outstanding long-term debt.
Availability of Cash and Additional Capital - At July 25, 2010, we had cash and cash equivalents of $63.5 million and marketable securities of $23.7 million. As of July 25, 2010, we had $90 million in revolving credit and $815.2 million in term loans outstanding under the senior secured credit facility. Our line of credit availability at July 25, 2010 was approximately $126 million as limited by our leverage ratio.
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