SEARCH NEWS:

 

Isle Of Capri Casinos Lowers Q2 Estimate

BILOXI, Mississippi – (PRESS RELEASE) -- Isle of Capri Casinos, Inc. (Nasdaq: ISLE) today lowered its estimate of earnings for the second quarter ended October 24, 2004, to a range of a $0.01 loss per share to $0.03 in earnings per diluted share. The company's previously disclosed estimate of second quarter earnings was $0.20 to $0.30 per diluted share.

The company's second quarter adjusted EBITDA(1) is expected to be in the range of $46.5 million to $48.5 million, compared to the company's previous estimate of $55.0 million to $60.0 million. The company attributes the change in estimate to the greater-than-expected disruptive effects of expansion and development activities at its Biloxi, Miss. and Black Hawk, Co. properties; the effects of hurricanes Frances and Ivan, before expected future insurance recoveries, on its Freeport, Bahamas and Biloxi, Miss. properties; lower-than- expected revenue at its Iowa and Lula, Miss. properties; and greater-than- projected development spending in Florida and Iowa.

Additionally, the company will record a one-time $2.9 million depreciation adjustment related to a misclassification of certain land improvements resulting from the conversion of the company's manual system to a computerized asset tracking system in fiscal 2002. The after tax effect of this adjustment is approximately $1.8 million or $0.06.

The company will release its second quarter results and will host an investor conference call in mid-November, details to be announced at a later date.

Isle of Capri Casinos, Inc., a leading developer and owner of gaming and entertainment facilities, operates 16 casinos in 14 locations. The company owns and operates riverboat and dockside casinos in Biloxi, Vicksburg, Lula and Natchez, Mississippi; Bossier City and Lake Charles (two riverboats), Louisiana; Bettendorf, Davenport and Marquette, Iowa; and Kansas City and Boonville, Missouri. The company also owns a 57 percent interest in and operates land-based casinos in Black Hawk (two casinos) and Cripple Creek, Colorado. Isle of Capri's international gaming interests include a casino that it operates in Freeport, Grand Bahamas, and a two-thirds ownership interest in casinos in Dudley, Wolverhampton and Walsall, England. The company also owns and operates Pompano Park Harness Racing Track in Pompano Beach, Florida.

< Gaming News