Isle of Capri Casinos posts another loss

Isle of Capri Casinos posts another loss Isle of Capri Casinos Inc. posted a Q1 loss, due to a hefty impairment charge related to its U.K. business and an increase in operating expenses. The casino company's adjusted results, however, managed to beat Wall Street expectations. For the first three months of the year Isle of Capri Casinos posted a loss of $51.3 million, or $1.66 per share, compared with a loss of $14.6 million, or 48 cents per share, in the year-ago period. Revenue rose 15 percent to $350.1 million from $304.7 million last year. Total operating expenses rose 49 percent to $361 million from $242.5 million in the fourth quarter of last year, due in part to a steep increase in write-offs and other valuation charges. For the full year, the company reported a loss of $96.9 million, or $3.16 per share, compared with a loss of $4.6 million, or 15 cents per share, in fiscal 2007.

"During the fourth quarter, the closure of our property for 15 days in Natchez due to flooding, the implementation of the Colorado smoking ban, the rising price of gas and the overall pressure on the national economy did, we believe, have an impact on our results," Virginia McDowell, president and chief operating officer, said in a statement released by the gambling company.

Published on 07/02/2008