Isle of Capri revenue increased over last year

Isle of Capri released its third quarter financial report Wednesday, which reflected an overall increase in revenue compared to last year.

"We are pleased that we are attracting customers [from] Illinois, Kentucky, Tennessee and Arkansas, as well as Missouri," said Virginia McDowell, president and chief executive officer, about Isle Casino Cape Girardeau in a conference call after the release of the report

"Our fiscal third quarter is highlighted by the opening of our new property in Cape Girardeau on October 30, 2012, two full months before its original schedule," McDowell said in the report. "The property's appearance and experience has been extremely well-received by customers, and our focus is now on the continuing ramp up in operational performance at the property."

McDowell said in the report that quarterly results were affected by "softness in consumer spending, including the effect of payroll and income tax modifications early in the calendar year. In addition, last winter was one of the mildest on record in the Midwest, while in contrast, this winter we have had some measurable weather disruptions at key times, including New Year's Eve weekend."

Regarding Missouri properties, the report said net revenue increased 29.6 percent to $59.2 million. Consolidated Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) increased 16.7 percent to $13.9 million "primarily as a result of the opening of our Cape Girardeau property."

"Our new Cape Girardeau facility contributed $16.1 million in net revenue and $2.9 million in Adjusted EBITDA during the quarter and we are experiencing a steady ramp up in operations as we have increased our database marketing programs at the property," the report said.

Companywide, net revenue for the quarter ending Jan. 27 increased to $238.1 million, compared to $227.3 million in the comparable quarter last year. Consolidated Adjusted EBITDA increased $0.7 million to $41.9 million.

A 3-cent loss per share from continuing operations was reported compared to a 1-cent loss per share in the quarter that ended in January 2012.

"Before the impact of preopening and development costs and the impact of insurance recoveries in the fiscal 2012 quarter the loss per share from continuing operations would have been [1 cent] in the third quarter of fiscal 2013 compared to [3 cents] in the fiscal 2012 third quarter," according to the report.

Representatives for Isle of Capri said detailed information regarding visitor demographics was not available.

The company owns and operates facilities in Mississippi, Louisiana, Iowa, Missouri, Colorado and Florida.

The full report can be found at prnewswire.com/news-releases/isle-of-capri-casinos-inc-announces-fiscal-2013-third-quarter-results-192008781.html.

salderman@semissourian.com

388-36456

Pertinent address:

777 N. Main St., Cape Girardeau, Mo.