Isle Of Capri Casinos Q4 Loss Widens, But Revenues Up; Shares Climb - Update

(RTTNews) - Isle of Capri Casinos, Inc. (ISLE) Tuesday reported a wider loss for the fourth quarter, reflecting an increase in non-cash impairment charges. The gaming and entertainment company, however, generated higher revenues. The shares rose about 6 percent in the morning trade.

For the fourth quarter ended April 27, the company posted a net loss of $141.52 million or $3.55 per share, significantly wider than $45.39 million or $1.15 per share in the previous year.

Loss from continuing operations was $3.51 per share, compared to a loss of $1.20 per share in the prior fiscal. On an adjusted basis, the company earned $0.34 per share for the quarter, compared to $0.19 per share last year.

On average, nine analysts polled by Thomson Reuters expected earnings per share of $0.22 for the quarter. Analysts' estimates typically exclude one-time items.

Net revenues for the quarter increased to $260.78 million from $257.39 million in the same quarter last year. Analysts estimated revenues of $258.57 million for the quarter.

Virginia McDowell, president and chief executive officer of the company said, "Weakness in both visitation and win per visit impacted revenue from customers who spend less than $100 per visit. However, visitation and revenues from our top customers has remained relatively constant."

Total operating expenses advanced to $387 million from $273.04 million a year earlier, which included non-cash impairment charges of $162.1 million, compared to $50.1 million in fiscal 2013.

For full year 2015, the company expects maintenance capital expenditures of nearly $47 million to $50 million, and depreciation and amortization expense of around $80 million to $82 million.

ISLE is currently trading at $7.12, up $0.37, or 5.54 percent.