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Articles 

Isle of Capri Casinos Inc. Reports Operating Results (10-Q)

December 03, 2010 | About:

Isle of Capri Casinos Inc. (NASDAQ:ISLE) filed Quarterly Report for the period ended 2010-10-24.

Isle Of Capri Casinos Inc. has a market cap of $298.7 million; its shares were traded at around $9.12 with and P/S ratio of 0.3. ISLE is in the portfolios of Paul Tudor Jones of The Tudor Group, Chuck Royce of Royce& Associates, Jim Simons of Renaissance Technologies LLC.

Highlight of Business Operations:

For the three months ended October 24, 2010, casino revenues increased $2.6 million at our Pompano property, and included $9.4 million from our newly acquired Vicksburg casino. These increases were offset by decreased casino revenues at our Black Hawk and Quad Cities properties of $5.5 million reflecting the impact of competition and net decreases at our other properties of $3.0 million primarily due to current economic conditions.

For the six months ended October 24, 2010, casino revenues increased $6.1 million at our Pompano property, and included $14.8 million from our newly acquired Vicksburg casino. These increases were offset by decreased casino revenues at our Black Hawk and Quad Cities properties of $12.0 million reflecting the impact of competition and net decreases at our other properties of $8.5 million primarily due to current economic conditions.

Casino - Casino operating expenses increased $0.3 million, or 0.8%, and $0.7 million, or 0.9%, for the three and six months ended October 24, 2010, respectively, as compared to the same period in the prior fiscal year. Excluding casino costs of $1.2 million and $2.0 million for the three and six months ended October 24, 2010, incurred by our recently acquired Vicksburg casino, our casino costs would have decreased $0.9 million and $1.3 million, respectively. This net decrease

Pari-mutuel, Food, Beverage and Other Pari-mutuel, food, beverage and other expenses decreased $0.1 million and increased $0.2 million for the three and six months ended October 24, 2010, respectively, as compared to the same period in the prior fiscal year. Excluding food beverage and other costs of $0.4 million and $0.6 million for the three and six months ended October 24, 2010, incurred by our recently acquired Vicksburg casino, our food, beverage and other expenses would have increased $0.1 million and $0.2 million, respectively.

Marketing and Administrative - Marketing and administrative expenses decreased $0.4 million, or 0.6%, and $0.8 million, or 0.6%, for the three and six months ended October 24, 2010 as compared to the same period in the prior fiscal year. Excluding marketing and administrative costs of $2.2 million and $3.3 million for the three and six months ended October 24, 2010, incurred by our recently acquired Vicksburg casino, our marketing and administrative costs would have decreased $2.6 million and $4.1 million, respectively. These decreases reflect reductions in our operating cost to align such expenditures with changes in our net revenues.

Corporate and Development - During the three months ended October 24, 2010, our corporate and development expenses were $10.9 million compared to $12.3 million for the three months ended October 25, 2009. During the six months ended October 24, 2010, our corporate and development expenses were $23.5 million compared to $22.3 million for the six months ended October 25, 2009. The increase in corporate and development expenses for the six months end

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10qk
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