Isle of Capri Casinos Inc. (ISLE, Financial) filed Quarterly Report for the period ended 2009-07-26.
Isle of Capri Casinos is a developer owner and operator of branded gaming and related lodging and entertainment facilities in growing markets in the United States. The company wholly or partially owns and operates gaming facilities under the name ``Isle of Capri``. In addition the company wholly owns and operates a pari-mutuel harness racing facility and owns interests in and operates gaming activities aboard a cruise ship based. Isle Of Capri Casinos Inc. has a market cap of $325 million; its shares were traded at around $10.23 with and P/S ratio of 0.3. Isle Of Capri Casinos Inc. had an annual average earning growth of 3.3% over the past 10 years.
Casino Revenues - Casino revenues decreased $12.8 million, or 4.6%, for the three months ended July 26, 2009, compared to the three months ended July 27, 2008. Decreases in our casino revenues are reflective of competitive and economic conditions in our markets. The majority of the decline in our casino revenues included; Pompano $3.9 million; Quad Cities $3.0 million; Biloxi $2.6 million; Lake Charles $2.0 million; and Lucaya of $1.8 million. Our Black Hawk properties experienced an increase in casino revenues of $0.8 million as compared to the first three months of fiscal 2009, reflecting the impact of new gaming laws in early July 2009.
Corporate and Development - During the three months ended July 26, 2009, our corporate and development expenses were $9.9 million compared to $10.3 million for the three months ended July 27, 2008. The three months ended July 26, 2009 included $2.2 million of expenses related to the cash awards under our long-term incentive plan compared to no expense in the three months ended July 27, 2008 as such awards were made during the first quarter of fiscal 2010 and during the second quarter of fiscal year 2009. Additionally, non-cash stock compensation expense included in corporate expense was reduced by $1.0 million from $2.1 million for the three months ended July 27, 2008 to $1.1 million for the three months ended July 26, 2009, reflecting the impact of our October 2008 tender offer.
Cash Flows from Operating Activities - During the three months ended July 26, 2009, we generated $38.0 million in cash flows from operating activities compared to generating $36.4 million during the three months ended July 27, 2008. Our current year net income compared to last years net loss and current year cash flows from working capital changes compared to last years working capital usages of cash, offset year over year reductions in non cash adjustments to improve our operating cash flows by $1.6 million.
Cash Flows used in Investing Activities - During the three months ended July 26, 2009, we used $8.6 million for investing activities compared to using $10.5 million during the three months ended July 27, 2008. Significant investing activities for the three months ended July 26, 2009 included the purchases of property and equipment of $4.4 million and payment towards our Waterloo gaming license of $4.0 million.
Availability of Cash and Additional Capital - At July 26, 2009, we had cash and cash equivalents and marketable securities of $123.4 million. As of July 26, 2009, we had $93.0 million in revolving credit and $823.5 million in term loans outstanding under the senior secured credit facility. Our net line of credit availability at July 26, 2009 was approximately $364 million.
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Isle of Capri Casinos is a developer owner and operator of branded gaming and related lodging and entertainment facilities in growing markets in the United States. The company wholly or partially owns and operates gaming facilities under the name ``Isle of Capri``. In addition the company wholly owns and operates a pari-mutuel harness racing facility and owns interests in and operates gaming activities aboard a cruise ship based. Isle Of Capri Casinos Inc. has a market cap of $325 million; its shares were traded at around $10.23 with and P/S ratio of 0.3. Isle Of Capri Casinos Inc. had an annual average earning growth of 3.3% over the past 10 years.
Highlight of Business Operations:
includes $2.2 million of expenses related to the cash awards under of our long-term incentive plan compared to no expense in the three months ended July 27, 2008. Additionally, noncash stock compensation expense included in corporate expense was reduced by $1.0 million from $2.1 million for the three months ended July 27, 2008 to $1.1 million for the three months ended July 26, 2009, reflecting the impact of our October 2008 tender offer.Casino Revenues - Casino revenues decreased $12.8 million, or 4.6%, for the three months ended July 26, 2009, compared to the three months ended July 27, 2008. Decreases in our casino revenues are reflective of competitive and economic conditions in our markets. The majority of the decline in our casino revenues included; Pompano $3.9 million; Quad Cities $3.0 million; Biloxi $2.6 million; Lake Charles $2.0 million; and Lucaya of $1.8 million. Our Black Hawk properties experienced an increase in casino revenues of $0.8 million as compared to the first three months of fiscal 2009, reflecting the impact of new gaming laws in early July 2009.
Corporate and Development - During the three months ended July 26, 2009, our corporate and development expenses were $9.9 million compared to $10.3 million for the three months ended July 27, 2008. The three months ended July 26, 2009 included $2.2 million of expenses related to the cash awards under our long-term incentive plan compared to no expense in the three months ended July 27, 2008 as such awards were made during the first quarter of fiscal 2010 and during the second quarter of fiscal year 2009. Additionally, non-cash stock compensation expense included in corporate expense was reduced by $1.0 million from $2.1 million for the three months ended July 27, 2008 to $1.1 million for the three months ended July 26, 2009, reflecting the impact of our October 2008 tender offer.
Cash Flows from Operating Activities - During the three months ended July 26, 2009, we generated $38.0 million in cash flows from operating activities compared to generating $36.4 million during the three months ended July 27, 2008. Our current year net income compared to last years net loss and current year cash flows from working capital changes compared to last years working capital usages of cash, offset year over year reductions in non cash adjustments to improve our operating cash flows by $1.6 million.
Cash Flows used in Investing Activities - During the three months ended July 26, 2009, we used $8.6 million for investing activities compared to using $10.5 million during the three months ended July 27, 2008. Significant investing activities for the three months ended July 26, 2009 included the purchases of property and equipment of $4.4 million and payment towards our Waterloo gaming license of $4.0 million.
Availability of Cash and Additional Capital - At July 26, 2009, we had cash and cash equivalents and marketable securities of $123.4 million. As of July 26, 2009, we had $93.0 million in revolving credit and $823.5 million in term loans outstanding under the senior secured credit facility. Our net line of credit availability at July 26, 2009 was approximately $364 million.
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