ST. LOUIS, Feb. 23, 2016 /PRNewswire/ -- Isle of Capri
Casinos, Inc. (NASDAQ: ISLE) (the "Company") today reported
financial results for the third quarter of fiscal year 2016 ended
January 24, 2016 and other
Company-related news.
Fiscal 2016 Third Quarter Highlights
- Three properties set all-time third quarter Adjusted EBITDA
records.
- Adjusted property EBITDA margin was flat at 22.3% compared to
the prior year quarter.
- Adjusted earnings per share from continuing operations
increased to $0.17 compared to
$0.15 in the prior year quarter.
- Maintained Debt to Adjusted EBITDA ratio of 4.5x and have
repaid $69.1 million of debt during
the last twelve months, including $6.8
million in the most recent quarter.
Consolidated Financial Results
The following table outlines the Company's financial results
(dollars in millions, except per share data, unaudited):
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
January
24,
|
|
January
25,
|
|
January
24,
|
|
January
25,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Net
revenues
|
$ 230.5
|
|
$ 236.4
|
|
$ 713.7
|
|
$ 707.8
|
|
Consolidated Adjusted
EBITDA (1)
|
45.9
|
|
47.5
|
|
145.4
|
|
135.8
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
7.0
|
|
5.9
|
|
23.3
|
|
4.1
|
|
Loss from
discontinued operations
|
(0.4)
|
|
(0.5)
|
|
(2.1)
|
|
(2.0)
|
|
Net income
|
6.6
|
|
5.4
|
|
21.2
|
|
2.1
|
|
|
|
|
|
|
|
|
|
Diluted income per
share from continuing operations
|
0.17
|
|
0.15
|
|
0.56
|
|
0.10
|
|
Diluted (loss) per
share from discontinued operations
|
(0.01)
|
|
(0.02)
|
|
(0.05)
|
|
(0.05)
|
|
Diluted net income
per share
|
0.16
|
|
0.13
|
|
0.51
|
|
0.05
|
|
Adjusted income per
share (2)
|
0.17
|
|
0.15
|
|
0.63
|
|
0.23
|
|
|
|
|
|
|
|
|
|
(1)
|
For a further
description of Consolidated Adjusted EBITDA, refer to the
reconciliation tables following the narrative and the definition of
Adjusted EBITDA in footnote (1) of this release.
|
|
(2)
|
For a
reconciliation of the GAAP basis per share amounts to adjusted
income (loss) per share, refer to the reconciliation table labeled
"Reconciliation of GAAP Income (Loss) from Continuing Operations to
Adjusted Income (Loss) and GAAP Income (Loss) from Continuing
Operations Per Share to Adjusted Income (Loss) Per
Share."
|
Virginia McDowell, the Company's
president and chief executive officer, commented,
"We experienced more challenging weather comparisons at several
properties and isolated competitive pressure at a few properties
during the quarter which impacted results; however, win per visit
and retail play increased during the quarter highlighting our
underlying business trends remain solid.
Six properties generated increased Adjusted EBITDA this quarter,
including three properties which set an all-time third quarter
Adjusted EBITDA record. Additionally, four properties
generated their second highest third quarter Adjusted EBITDA.
We continued our balanced approach to capital
deployment—reinvesting into our existing assets to enhance our
guest experience, while at the same time reducing our debt
balance. Our balance sheet continues to be in the best shape
it has been in over a decade and we have significant financial
flexibility."
Financial Highlights
Net revenues for the current quarter were $230.5 million compared to $236.4 million in the prior year quarter, down
2.5%. We continued to focus on optimizing our reinvestment
rates. Gross revenues declined 3.9%, which was partially a
result of a 10% decline in promotional allowances during the
quarter.
Consolidated Adjusted EBITDA was $45.9
million for the quarter compared to $47.5 million in the prior year quarter, down
3.2%. We experienced a negative $1.7
million change year-over-year in our health and captive
company insurance expenses, which affected results.
Consolidated Adjusted EBITDA margins decreased slightly to 19.9%
from 20.1%.
Interest expense was $16.8 million
relative to $20.9 million in the
prior year quarter, as a result of our lower overall debt balance
as well as the benefits of refinancing our 7.75% Senior Notes due
2019, completed early in the first quarter of fiscal 2016.
On a GAAP basis, diluted income per share from continuing
operations was $0.17 compared to
diluted income per share from continuing operations of $0.15 in the prior year's quarter. Net income per
share was $0.16 for the quarter,
compared to net income of $0.13 per
share in the prior year quarter.
Operating Results
(All comparisons are to the prior year quarter)
Black Hawk – Net revenues decreased $0.4 million, or 1.3%, to $29.1 million and Adjusted EBITDA decreased
$0.2 million to $6.7 million, at our two casinos in Black
Hawk. The properties were unfavorably impacted by the timing
of winter weather systems relative to the prior year's quarter.
Pompano – Net revenues decreased $2.4 million, or 5.1%, to $44.1 million, and Adjusted EBITDA decreased
9.0%, to $9.6 million at Pompano
Park. The decline is attributable to fewer snow-bird trips
year over year, an increased competitive environment and the
closure of our popular Myron's Deli during the quarter for
renovations. Despite the decline, Pompano generated the
second highest third quarter Adjusted EBITDA since the property's
opening in 2007.
Iowa – Net revenues for
our Iowa properties decreased
$0.2 million, to $43.7 million, while Adjusted EBITDA decreased
$0.2 million, to $11.6 million. Despite construction disruption
from our new land-based facility, revenues increased $0.1 million and Adjusted EBITDA increased
$0.1 million at our property in
Bettendorf.
Our properties in Waterloo and
Marquette were more impacted by
winter weather in the current year. Waterloo's net revenues decreased $0.1 million, or 0.6%, to $21.3 million and Adjusted EBITDA decreased
$0.2 million to $6.5 million. If not for one-time severance
expenses, Adjusted EBITDA at Waterloo would have been slightly higher than
the prior year's all-time third quarter record.
Marquette's net revenues
decreased $0.1 million, or 2.5%, and
Adjusted EBITDA decreased less than $0.1
million to $1.0 million.
Lake Charles – Net revenues decreased $2.4 million, to $28.5
million, or 7.7%, while Adjusted EBITDA decreased
$0.7 million, to $3.8 million, or 15.3%. The decline in
EBITDA during the quarter happened entirely during November due
primarily to the continued impact of a new competitor in the
market, which anniversaried in early December. The months of
December and January combined showed a slight increase in Adjusted
EBITDA compared to the same periods in the prior year.
Mississippi – Net
revenues for Lula and Vicksburg decreased 4.1%, to $19.1 million while Adjusted EBITDA decreased
$0.3 million, to $4.0 million, or 7.8%. Both Lula and
Vicksburg experienced some
disruption and incurred some minor costs during the quarter from
the near-record flooding on the Mississippi River in early
January.
Vicksburg's Adjusted EBITDA
increased 42.2%, to $1.8 million; the
second highest third quarter Adjusted EBITDA since we purchased the
property in June 2010. Vicksburg's operating margins increased over
590 bps as a result of targeted customer reinvestment and reduced
operating costs.
Severe storms on Christmas weekend, including a tornado that
disrupted the local area, impacted results in Lula where net revenues decreased $1.3 million, or 10.3%, and Adjusted EBITDA
decreased $0.9 million, or
28.8%. The market in which Lula operates also remains highly
competitive.
Missouri – Net revenues
for our Missouri properties
increased $0.6 million to
$58.2 million and Adjusted EBITDA
increased $0.9 million to
$16.1 million. We grew net
revenues and set new third quarter Adjusted EBITDA records at our
Boonville, Cape Girardeau and Caruthersville properties.
In Caruthersville, net revenues
increased $0.3 million and Adjusted
EBITDA improved by 22.3%, to $2.0
million, primarily as a result of strategic marketing
spending and recent capital investments we have made to the
property.
Cape Girardeau's Adjusted
EBITDA increased $0.6 million, or
18.8%. The property continues to ramp-up while optimizing its
operating and marketing costs.
Boonville's net revenue and
Adjusted EBITDA improved 1.2% and 1.0%, respectively, despite hotel
renovations that were completed during the quarter. The property
had over 1,500 room nights out of service during the
quarter.
Kansas City reported their
second highest third quarter Adjusted EBITDA, although net revenue
and Adjusted EBITDA decreased 1.9% and 1.4% compared to the prior
year quarter, respectively. Kansas
City experienced some minor disruption from renovations to
the casino floor during the quarter.
Pennsylvania – At
Nemacolin, net revenues decreased 3.1% to $7.8 million while the Adjusted EBITDA loss
improved to $(0.5) million from
$(0.6) million. The property
was impacted by winter storm Jonas on the last weekend of the
quarter.
Corporate Expenses
Corporate and development expenses were $6.1 million for the quarter compared to
$5.9 million in the third quarter of
fiscal 2015. Non-cash stock compensation expense was $0.7 million for the quarter compared to
$0.6 million in the third quarter of
fiscal 2015. The current year quarter included a favorable
forfeiture adjustment of stock compensation expense of $0.5 million.
Capital Structure and Capital Expenditures
As of January 24, 2016, the
Company had:
- $59.8 million in cash and cash
equivalents, excluding $9.8 million
in restricted cash and investments;
- $951.7 million in total debt;
and
- $195.2 million in net line of
credit availability.
Capital expenditures were $52.7
million in the nine months ended January 24, 2016, including $44.3 million of maintenance and gaming equipment
purchases as well as spending related to the hotel renovations in
Bettendorf and Boonville. We
have spent $8.4 million to date this
fiscal year on the previously announced up to $60 million land-based project at
Bettendorf. For the project-to-date, we have expended
$10.6 million. The project
remains on time and on budget.
The Company expects total capital expenditures for fiscal 2016
of approximately $85 million to $90
million, inclusive of approximately $25 million to $30 million of capital spending
this fiscal year related to the land-based casino build out in
Bettendorf.
Conference Call Information
Isle of Capri Casinos, Inc. will host a conference call on
Tuesday, February 23, 2016 at
10:00 am central time during which
management will discuss the financial and other matters addressed
in this press release. The conference call can be accessed by
interested parties via webcast through the investor relations page
of the Company's website, www.islecorp.com, or, for domestic
callers, by dialing 888-346-3970. International callers can
access the conference call by dialing 412-902-4263. The
conference call will be recorded and available for review starting
at 11:59 pm central on Tuesday, February 23, 2016, until 11:59 pm central on Tuesday, March 1, 2016, by dialing 877-344-7529;
International: 412-317-0088 and access number 10081089.
About Isle of Capri Casinos, Inc.
Isle of Capri Casinos, Inc. is a leading regional gaming
and entertainment company dedicated to providing guests with
exceptional experience at each of the 14 casino properties that it
owns or operates, primarily under the Isle and Lady Luck
brands. The Company currently operates gaming and
entertainment facilities in Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, and Pennsylvania. More information is available at
the Company's website, www.islecorp.com.
Forward-Looking Statements
This press release may be deemed to contain forward-looking
statements, which are subject to change. These forward-looking
statements may be significantly impacted, either positively or
negatively by various factors, including without limitation,
licensing, and other regulatory approvals, financing sources,
development and construction activities, costs and delays, weather,
permits, competition and business conditions in the gaming
industry. The forward-looking statements are subject to numerous
risks and uncertainties that could cause actual results to differ
materially from those expressed in or implied by the statements
herein.
Additional information concerning potential factors that could
affect the Company's financial condition, results of operations and
expansion projects, is included in the filings of the Company with
the Securities and Exchange Commission, including, but not limited
to, its Form 10-K for the most recently ended fiscal year.
CONTACT:
Isle of Capri Casinos, Inc.,
Jill Alexander, Senior Director
of Corporate Communication-314.813.9368
www.islecorp.com
|
ISLE OF CAPRI
CASINOS, INC.
|
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
(In thousands,
except share and per share amounts)
|
|
(Unaudited)
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
January
24,
|
|
January
25,
|
|
January
24,
|
|
January
25,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Revenues:
|
|
|
|
|
|
|
|
|
Casino
|
$ 242,028
|
|
$ 251,272
|
|
$ 751,142
|
|
$ 750,951
|
|
Rooms
|
6,360
|
|
6,711
|
|
22,250
|
|
22,918
|
|
Food, beverage,
pari-mutuel and other
|
31,885
|
|
33,661
|
|
96,329
|
|
100,874
|
|
Gross
revenues
|
280,273
|
|
291,644
|
|
869,721
|
|
874,743
|
|
Less promotional
allowances
|
(49,733)
|
|
(55,240)
|
|
(155,996)
|
|
(166,985)
|
|
Net
revenues
|
230,540
|
|
236,404
|
|
713,725
|
|
707,758
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Casino
|
37,460
|
|
39,224
|
|
114,136
|
|
117,313
|
|
Gaming
taxes
|
61,671
|
|
64,603
|
|
191,460
|
|
191,179
|
|
Rooms
|
1,455
|
|
1,334
|
|
5,221
|
|
4,975
|
|
Food, beverage,
pari-mutuel and other
|
11,977
|
|
12,041
|
|
35,196
|
|
35,008
|
|
Marine and
facilities
|
12,901
|
|
13,609
|
|
40,923
|
|
41,679
|
|
Marketing and
administrative
|
53,764
|
|
52,921
|
|
164,417
|
|
167,826
|
|
Corporate and
development
|
6,141
|
|
5,880
|
|
20,770
|
|
21,763
|
|
Depreciation and
amortization
|
20,492
|
|
19,247
|
|
61,649
|
|
57,995
|
|
Total operating
expenses
|
205,861
|
|
208,859
|
|
633,772
|
|
637,738
|
|
Operating
income
|
24,679
|
|
27,545
|
|
79,953
|
|
70,020
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
(16,836)
|
|
(20,927)
|
|
(51,281)
|
|
(63,370)
|
|
Interest
income
|
76
|
|
94
|
|
235
|
|
273
|
|
Loss on early
extinguishment of debt
|
-
|
|
-
|
|
(2,966)
|
|
-
|
|
Income from
continuing operations before income taxes
|
|
|
|
|
|
|
|
|
7,919
|
|
6,712
|
|
25,941
|
|
6,923
|
|
Income tax
provision
|
(904)
|
|
(786)
|
|
(2,647)
|
|
(2,793)
|
|
Income from
continuing operations
|
7,015
|
|
5,926
|
|
23,294
|
|
4,130
|
|
Loss from
discontinued operations,
|
|
|
|
|
|
|
|
|
net of income
taxes
|
(400)
|
|
(503)
|
|
(2,085)
|
|
(2,045)
|
|
Net
income
|
$
6,615
|
|
$
5,423
|
|
$ 21,209
|
|
$
2,085
|
|
|
|
|
|
|
|
|
|
Income (loss) per
common share-basic:
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
0.17
|
|
$
0.15
|
|
$
0.57
|
|
$
0.10
|
|
Loss from
discontinued operations,
|
|
|
|
|
|
|
|
|
net of income
taxes
|
(0.01)
|
|
(0.01)
|
|
(0.05)
|
|
(0.05)
|
|
Net
income
|
$
0.16
|
|
$
0.14
|
|
$
0.52
|
|
$
0.05
|
|
|
|
|
|
|
|
|
|
Income (loss) per
common share-dilutive:
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
$
0.17
|
|
$
0.15
|
|
$
0.56
|
|
$
0.10
|
|
Loss from
discontinued operations, net
of income taxes
|
|
|
|
|
|
|
|
|
(0.01)
|
|
(0.02)
|
|
(0.05)
|
|
(0.05)
|
|
Net
income
|
$
0.16
|
|
$
0.13
|
|
$
0.51
|
|
$
0.05
|
|
|
|
|
|
|
|
|
|
Weighted average
basic shares
|
40,730,065
|
|
40,028,776
|
|
40,669,556
|
|
39,929,845
|
|
Weighted average
diluted shares
|
41,444,564
|
|
40,336,663
|
|
41,417,021
|
|
40,062,008
|
|
ISLE OF CAPRI
CASINOS, INC.
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(In thousands,
except share and per share amounts)
|
|
(Unaudited)
|
|
January
24,
|
|
April
26,
|
|
2016
|
|
2015
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
59,799
|
|
$
66,437
|
|
Marketable
securities
|
19,225
|
|
19,517
|
|
Accounts receivable,
net
|
10,918
|
|
11,171
|
|
Inventory
|
6,461
|
|
6,509
|
|
Deferred income
taxes
|
6,669
|
|
4,626
|
|
Prepaid expenses and
other assets
|
15,532
|
|
11,274
|
|
Assets held for
sale
|
-
|
|
138
|
|
Total current
assets
|
118,604
|
|
119,672
|
|
Property and
equipment, net
|
897,329
|
|
902,226
|
|
Other
assets:
|
|
|
|
|
Goodwill
|
108,970
|
|
108,970
|
|
Other intangible
assets, net
|
53,445
|
|
54,073
|
|
Deferred financing
costs, net
|
15,768
|
|
19,075
|
|
Restricted cash and
investments
|
9,769
|
|
9,193
|
|
Prepaid deposits and
other
|
5,249
|
|
4,743
|
|
Long-term assets held
for sale
|
-
|
|
9,810
|
|
Total
assets
|
$ 1,209,134
|
|
$ 1,227,762
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current maturities of
long-term debt
|
$
78
|
|
$
170
|
|
Accounts
payable
|
30,453
|
|
19,690
|
|
Accrued
liabilities:
|
|
|
|
|
Payroll and
related
|
33,282
|
|
43,371
|
|
Property and other
taxes
|
19,275
|
|
20,456
|
|
Income taxes
payable
|
67
|
|
125
|
|
Interest
|
14,320
|
|
15,350
|
|
Progressive jackpots
and slot club awards
|
15,353
|
|
16,123
|
|
Other
|
22,062
|
|
18,326
|
|
Total current
liabilities
|
134,890
|
|
133,611
|
|
Long-term debt, less
current maturities
|
951,646
|
|
992,712
|
|
Deferred income
taxes
|
41,951
|
|
37,334
|
|
Other accrued
liabilities
|
17,461
|
|
18,432
|
|
Other long-term
liabilities
|
13,912
|
|
22,211
|
|
Stockholders'
equity:
|
|
|
|
|
Preferred stock, $.01
par value; 2,000,000 shares authorized; none issued
|
-
|
|
-
|
|
Common stock, $.01
par value; 60,000,000 shares authorized; shares issued:
42,066,148 at January 24, 2016 and
at April 26, 2015
|
|
|
|
|
421
|
|
421
|
|
Class B common stock,
$.01 par value; 3,000,000 shares authorized; none issued
|
-
|
|
-
|
|
Additional paid-in
capital
|
243,353
|
|
241,899
|
|
Retained earnings
(deficit)
|
(177,863)
|
|
(199,072)
|
|
65,911
|
-
|
43,248
|
|
Treasury stock,
1,319,219 shares at January 24, 2016 and 1,568,875
shares at April 26,
2015
|
|
|
|
|
(16,637)
|
|
(19,786)
|
|
Total stockholders'
equity
|
49,274
|
-
|
23,462
|
|
Total liabilities and
stockholders' equity
|
$ 1,209,134
|
|
$ 1,227,762
|
|
|
|
|
|
|
Isle of Capri
Casinos, Inc.
|
|
Supplemental Data
- Net Revenues
|
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
|
January
24,
|
|
January
25,
|
|
January
24,
|
|
January
25,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Colorado
|
|
|
|
|
|
|
|
|
|
Black Hawk
|
|
$ 29,138
|
|
$ 29,523
|
|
$ 97,142
|
|
$ 93,942
|
|
|
|
|
|
|
|
|
|
|
|
Florida
|
|
|
|
|
|
|
|
|
|
Pompano
|
|
44,108
|
|
46,485
|
|
124,532
|
|
120,942
|
|
|
|
|
|
|
|
|
|
|
|
Iowa
|
|
|
|
|
|
|
|
|
|
Bettendorf
|
|
16,812
|
|
16,754
|
|
53,282
|
|
54,561
|
|
Marquette
|
|
5,549
|
|
5,689
|
|
19,359
|
|
19,126
|
|
Waterloo
|
|
21,313
|
|
21,452
|
|
64,914
|
|
64,353
|
|
Iowa Total
|
|
43,674
|
|
43,895
|
|
137,555
|
|
138,040
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana
|
|
|
|
|
|
|
|
|
|
Lake
Charles
|
|
28,467
|
|
30,836
|
|
89,160
|
|
94,447
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi
|
|
|
|
|
|
|
|
|
|
Lula
|
|
11,688
|
|
13,024
|
|
36,802
|
|
38,034
|
|
Vicksburg
|
|
7,448
|
|
6,930
|
|
21,948
|
|
21,175
|
|
Mississippi
Total
|
|
19,136
|
|
19,954
|
|
58,750
|
|
59,209
|
|
|
|
|
|
|
|
|
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
Boonville
|
|
18,438
|
|
18,228
|
|
57,641
|
|
56,493
|
|
Cape
Girardeau
|
|
14,614
|
|
14,267
|
|
44,123
|
|
43,436
|
|
Caruthersville
|
|
7,952
|
|
7,604
|
|
24,568
|
|
22,670
|
|
Kansas
City
|
|
17,204
|
|
17,536
|
|
52,968
|
|
52,760
|
|
Missouri
Total
|
|
58,208
|
|
57,635
|
|
179,300
|
|
175,359
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania
|
|
|
|
|
|
|
|
|
|
Nemacolin
|
|
7,788
|
|
8,038
|
|
27,229
|
|
25,728
|
|
|
|
|
|
|
|
|
|
|
|
Property Net Revenues
before Other
|
|
230,519
|
|
236,366
|
|
713,668
|
|
707,667
|
|
Other
|
|
21
|
|
38
|
|
57
|
|
91
|
|
Net Revenues from
Continuing Operations
|
$ 230,540
|
|
$ 236,404
|
|
$ 713,725
|
|
$ 707,758
|
|
|
|
|
|
|
|
|
|
|
|
Isle of Capri
Casinos, Inc.
|
|
Reconciliation of
Operating Income (Loss) to Adjusted EBITDA
|
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
January 24, 2016
|
|
|
Operating Income
(Loss)
|
|
Depreciation and
Amortization
|
|
Stock-Based
Compensation
|
|
Other
|
|
Adjusted
EBITDA
|
|
Black Hawk,
Colorado
|
|
$
4,540
|
|
$
2,188
|
|
$
14
|
|
$
-
|
|
$ 6,742
|
|
|
|
|
|
|
|
|
|
|
|
|
Pompano,
Florida
|
|
7,837
|
|
1,785
|
|
14
|
|
-
|
|
9,636
|
|
|
|
|
|
|
|
|
|
|
|
|
Bettendorf,
Iowa
|
|
1,180
|
|
2,902
|
|
8
|
|
-
|
|
4,090
|
|
Marquette,
Iowa
|
|
619
|
|
363
|
|
6
|
|
-
|
|
988
|
|
Waterloo,
Iowa
|
|
5,223
|
|
1,317
|
|
6
|
|
-
|
|
6,546
|
|
Iowa Total
|
|
7,022
|
|
4,582
|
|
20
|
|
-
|
|
11,624
|
|
|
|
|
|
|
|
|
|
|
|
|
Lake Charles,
Louisiana
|
|
943
|
|
2,811
|
|
6
|
|
-
|
|
3,760
|
|
|
|
|
|
|
|
|
|
|
|
|
Lula,
Mississippi
|
|
824
|
|
1,331
|
|
3
|
|
-
|
|
2,158
|
|
Vicksburg,
Mississippi
|
|
895
|
|
903
|
|
6
|
|
-
|
|
1,804
|
|
Mississippi
Total
|
|
1,719
|
|
2,234
|
|
9
|
|
-
|
|
3,962
|
|
|
|
|
|
|
|
|
|
|
|
|
Boonville,
Missouri
|
|
5,347
|
|
1,269
|
|
13
|
|
-
|
|
6,629
|
|
Cape Girardeau,
Missouri
|
|
942
|
|
2,527
|
|
7
|
|
-
|
|
3,476
|
|
Caruthersville,
Missouri
|
|
1,378
|
|
614
|
|
6
|
|
-
|
|
1,998
|
|
Kansas City,
Missouri
|
|
3,069
|
|
961
|
|
6
|
|
-
|
|
4,036
|
|
Missouri
Total
|
|
10,736
|
|
5,371
|
|
32
|
|
-
|
|
16,139
|
|
|
|
|
|
|
|
|
|
|
|
|
Nemacolin,
Pennsylvania
|
(1,551)
|
|
1,074
|
|
-
|
|
|
|
(477)
|
|
Total Operating
Properties
|
31,246
|
|
20,045
|
|
95
|
|
-
|
|
51,386
|
|
Corporate and
Other
|
(6,567)
|
|
447
|
|
669
|
|
-
|
|
(5,451)
|
|
Total
|
$
24,679
|
|
$
20,492
|
|
$
764
|
|
$
-
|
|
$ 45,935
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
January 25, 2015
|
|
|
Operating Income
(Loss)
|
|
Depreciation and
Amortization
|
|
Stock-Based
Compensation
|
|
Other
|
|
Adjusted
EBITDA
|
|
Black Hawk,
Colorado
|
|
$
4,660
|
|
$
2,257
|
|
$
7
|
|
$
-
|
|
$ 6,924
|
|
|
|
|
|
|
|
|
|
|
|
|
Pompano,
Florida
|
|
8,786
|
|
1,793
|
|
7
|
|
-
|
|
10,586
|
|
|
|
|
|
|
|
|
|
|
|
|
Bettendorf,
Iowa
|
|
2,573
|
|
1,451
|
|
7
|
|
-
|
|
4,031
|
|
Marquette,
Iowa
|
|
685
|
|
365
|
|
3
|
|
-
|
|
1,053
|
|
Waterloo,
Iowa
|
|
5,543
|
|
1,236
|
|
5
|
|
-
|
|
6,784
|
|
Iowa Total
|
|
8,801
|
|
3,052
|
|
15
|
|
-
|
|
11,868
|
|
|
|
|
|
|
|
|
|
|
|
|
Lake Charles,
Louisiana
|
|
1,696
|
|
2,740
|
|
5
|
|
-
|
|
4,441
|
|
|
|
|
|
|
|
|
|
|
|
|
Lula,
Mississippi
|
|
1,748
|
|
1,276
|
|
5
|
|
-
|
|
3,029
|
|
Vicksburg,
Mississippi
|
|
364
|
|
901
|
|
4
|
|
-
|
|
1,269
|
|
Mississippi
Total
|
|
2,112
|
|
2,177
|
|
9
|
|
-
|
|
4,298
|
|
|
|
|
|
|
|
|
|
|
|
|
Boonville,
Missouri
|
|
5,588
|
|
971
|
|
2
|
|
-
|
|
6,561
|
|
Cape Girardeau,
Missouri
|
|
94
|
|
2,827
|
|
4
|
|
-
|
|
2,925
|
|
Caruthersville,
Missouri
|
|
1,036
|
|
595
|
|
3
|
|
-
|
|
1,634
|
|
Kansas City,
Missouri
|
|
3,126
|
|
961
|
|
8
|
|
-
|
|
4,095
|
|
Missouri
Total
|
|
9,844
|
|
5,354
|
|
17
|
|
-
|
|
15,215
|
|
|
|
|
|
|
|
|
|
|
|
|
Nemacolin,
Pennsylvania
|
(2,005)
|
|
1,366
|
|
3
|
|
|
|
(636)
|
|
Total Operating
Properties
|
33,894
|
|
18,739
|
|
63
|
|
-
|
|
52,696
|
|
Corporate and
Other
|
(6,349)
|
|
508
|
|
597
|
|
-
|
|
(5,244)
|
|
Total
|
$
27,545
|
|
$
19,247
|
|
$
660
|
|
$
-
|
|
$ 47,452
|
|
|
|
|
|
|
|
|
|
|
|
|
Isle of Capri
Casinos, Inc.
|
|
Reconciliation of
Operating Income (Loss) to Adjusted EBITDA
|
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
January 24, 2016
|
|
|
Operating Income
(Loss)
|
|
Depreciation and
Amortization
|
|
Stock-Based
Compensation
|
|
Other
|
|
Adjusted
EBITDA
|
|
Black Hawk,
Colorado
|
|
$
20,776
|
|
$
6,589
|
|
$
42
|
|
$
-
|
|
$ 27,407
|
|
|
|
|
|
|
|
|
|
|
|
|
Pompano,
Florida
|
|
18,392
|
|
6,242
|
|
42
|
|
-
|
|
24,676
|
|
|
|
|
|
|
|
|
|
|
|
|
Bettendorf,
Iowa
|
|
5,478
|
|
7,857
|
|
25
|
|
-
|
|
13,360
|
|
Marquette,
Iowa
|
|
3,157
|
|
1,101
|
|
18
|
|
-
|
|
4,276
|
|
Waterloo,
Iowa
|
|
15,964
|
|
3,930
|
|
20
|
|
-
|
|
19,914
|
|
Iowa Total
|
|
24,599
|
|
12,888
|
|
63
|
|
-
|
|
37,550
|
|
|
|
|
|
|
|
|
|
|
|
|
Lake Charles,
Louisiana
|
|
3,393
|
|
8,397
|
|
22
|
|
-
|
|
11,812
|
|
|
|
|
|
|
|
|
|
|
|
|
Lula,
Mississippi
|
|
3,944
|
|
3,895
|
|
13
|
|
-
|
|
7,852
|
|
Vicksburg,
Mississippi
|
|
2,268
|
|
2,679
|
|
20
|
|
-
|
|
4,967
|
|
Mississippi
Total
|
|
6,212
|
|
6,574
|
|
33
|
|
-
|
|
12,819
|
|
|
|
|
|
|
|
|
|
|
|
|
Boonville,
Missouri
|
|
17,755
|
|
3,356
|
|
38
|
|
-
|
|
21,149
|
|
Cape Girardeau,
Missouri
|
|
984
|
|
8,313
|
|
19
|
|
-
|
|
9,316
|
|
Caruthersville,
Missouri
|
|
4,346
|
|
1,840
|
|
17
|
|
-
|
|
6,203
|
|
Kansas City,
Missouri
|
|
9,261
|
|
2,906
|
|
21
|
|
-
|
|
12,188
|
|
Missouri
Total
|
|
32,346
|
|
16,415
|
|
95
|
|
-
|
|
48,856
|
|
|
|
|
|
|
|
|
|
|
|
|
Nemacolin,
Pennsylvania
|
(3,714)
|
|
3,206
|
|
30
|
|
-
|
|
(478)
|
|
Total Operating
Properties
|
102,004
|
|
60,311
|
|
327
|
|
-
|
|
162,642
|
|
Corporate and
Other
|
(22,051)
|
|
1,338
|
|
3,495
|
|
-
|
|
(17,218)
|
|
Total
|
$
79,953
|
|
$
61,649
|
|
$
3,822
|
|
$
-
|
|
$ 145,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
January 25, 2015
|
|
|
Operating Income
(Loss)
|
|
Depreciation and
Amortization
|
|
Stock-Based
Compensation
|
|
Other
|
|
Adjusted
EBITDA
|
|
Black Hawk,
Colorado
|
|
$
12,799
|
|
$
6,907
|
|
$
22
|
|
$
4,057
|
|
$ 23,785
|
|
|
|
|
|
|
|
|
|
|
|
|
Pompano,
Florida
|
|
18,114
|
|
5,267
|
|
20
|
|
-
|
|
23,401
|
|
|
|
|
|
|
|
|
|
|
|
|
Bettendorf,
Iowa
|
|
10,113
|
|
4,339
|
|
17
|
|
-
|
|
14,469
|
|
Marquette,
Iowa
|
|
2,844
|
|
1,223
|
|
8
|
|
-
|
|
4,075
|
|
Waterloo,
Iowa
|
|
17,485
|
|
3,711
|
|
14
|
|
(1,225)
|
|
19,985
|
|
Iowa Total
|
|
30,442
|
|
9,273
|
|
39
|
|
(1,225)
|
|
38,529
|
|
|
|
|
|
|
|
|
|
|
|
|
Lake Charles,
Louisiana
|
|
5,746
|
|
8,315
|
|
15
|
|
-
|
|
14,076
|
|
|
|
|
|
|
|
|
|
|
|
|
Lula,
Mississippi
|
|
3,347
|
|
3,839
|
|
12
|
|
-
|
|
7,198
|
|
Vicksburg,
Mississippi
|
|
594
|
|
2,686
|
|
12
|
|
-
|
|
3,292
|
|
Mississippi
Total
|
|
3,941
|
|
6,525
|
|
24
|
|
-
|
|
10,490
|
|
|
|
|
|
|
|
|
|
|
|
|
Boonville,
Missouri
|
|
17,024
|
|
2,946
|
|
10
|
|
-
|
|
19,980
|
|
Cape Girardeau,
Missouri
|
|
(843)
|
|
8,429
|
|
9
|
|
-
|
|
7,595
|
|
Caruthersville,
Missouri
|
|
2,542
|
|
1,892
|
|
10
|
|
-
|
|
4,444
|
|
Kansas City,
Missouri
|
|
8,935
|
|
2,870
|
|
19
|
|
-
|
|
11,824
|
|
Missouri
Total
|
|
27,658
|
|
16,137
|
|
48
|
|
-
|
|
43,843
|
|
|
|
|
|
|
|
|
|
|
|
|
Nemacolin,
Pennsylvania
|
(5,522)
|
|
4,085
|
|
7
|
|
-
|
|
(1,430)
|
|
Total Operating
Properties
|
93,178
|
|
56,509
|
|
175
|
|
2,832
|
|
152,694
|
|
Corporate and
Other
|
(23,158)
|
|
1,486
|
|
2,554
|
|
2,259
|
|
(16,859)
|
|
Total
|
$
70,020
|
|
$
57,995
|
|
$
2,729
|
|
$
5,091
|
|
$ 135,835
|
|
|
|
|
|
|
|
|
|
|
|
|
Isle of Capri
Casinos, Inc.
|
|
Reconciliation of
Income (Loss) From Continuing Operations to Adjusted
EBITDA
|
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
January
24,
|
|
January
25,
|
|
January
24,
|
|
January
25,
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Income (loss) from
continuing operations
|
$ 7,015
|
|
$ 5,926
|
|
$ 23,294
|
|
$ 4,130
|
|
Income tax
provision
|
904
|
|
786
|
|
2,647
|
|
2,793
|
|
Loss on
extinguishment of debt
|
-
|
|
-
|
|
2,966
|
|
-
|
|
Interest
income
|
(76)
|
|
(94)
|
|
(235)
|
|
(273)
|
|
Interest
expense
|
16,836
|
|
20,927
|
|
51,281
|
|
63,370
|
|
Depreciation and
amortization
|
20,492
|
|
19,247
|
|
61,649
|
|
57,995
|
|
Stock-based
compensation
|
764
|
|
660
|
|
3,822
|
|
2,729
|
|
Colorado referendum
expense (3)
|
-
|
|
-
|
|
-
|
|
4,057
|
|
Property tax
settlement (3)
|
-
|
|
-
|
|
-
|
|
(1,225)
|
|
Severance expense
(3)
|
-
|
|
-
|
|
-
|
|
2,259
|
|
Adjusted EBITDA
(1)
|
$ 45,935
|
|
$ 47,452
|
|
$ 145,424
|
|
$ 135,835
|
|
|
|
|
|
|
|
|
|
|
Isle of Capri
Casinos, Inc.
|
|
Reconciliation of
GAAP Income From Continuing Operations to Adjusted Income and
GAAP Income From Continuing Operations Per Share to Adjusted Income
Per Share
|
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
January
24,
|
|
January
25,
|
|
January
24,
|
|
January
25,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
GAAP income from
continuing operations
|
$ 7,015
|
|
$ 5,926
|
|
$ 23,294
|
|
$ 4,130
|
|
Loss on early
extinguishment of debt
|
-
|
|
-
|
|
2,966
|
|
-
|
|
Colorado referendum
expense (3)
|
-
|
|
-
|
|
-
|
|
4,057
|
|
Property tax
settlement (3)
|
-
|
|
-
|
|
-
|
|
(1,225)
|
|
Severance expense
(3)
|
-
|
|
-
|
|
-
|
|
2,259
|
|
Adjusted income
(2)
|
$ 7,015
|
|
$ 5,926
|
|
$ 26,260
|
|
$ 9,221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from
continuing operations per share
|
$ 0.17
|
|
$ 0.15
|
|
$ 0.56
|
|
$ 0.10
|
|
Loss on early
extinguishment of debt
|
-
|
|
-
|
|
0.07
|
|
-
|
|
Colorado referendum
expense (3)
|
-
|
|
-
|
|
-
|
|
0.10
|
|
Property tax
settlement (3)
|
-
|
|
-
|
|
-
|
|
(0.03)
|
|
Severance expense
(3)
|
-
|
|
-
|
|
-
|
|
0.06
|
|
Adjusted income per
share (2)
|
$ 0.17
|
|
$ 0.15
|
|
$ 0.63
|
|
$ 0.23
|
|
|
|
|
|
|
|
|
|
|
|
1.
|
Adjusted EBITDA
is "earnings from continuing operations before interest and other
non-operating income (expense), income taxes, stock-based
compensation, certain severance expenses, certain expenses related
to the Colorado gaming referendum, certain property tax settlements
and depreciation and amortization." Adjusted EBITDA is presented
solely as a supplemental disclosure because management believes
that it is 1) a widely used measure of operating performance in the
gaming industry, 2) used as a component of calculating required
leverage and minimum interest coverage ratios under our Senior
Credit Facility and 3) a principal basis of valuing gaming
companies. Management uses Adjusted EBITDA as the primary measure
of the Company's operating properties' performance, and it is an
important component in evaluating the performance of management and
other operating personnel in the determination of certain
components of employee compensation. Adjusted EBITDA should
not be construed as an alternative to operating income as an
indicator of the Company's operating performance, as an alternative
to cash flows from operating activities as a measure of liquidity
or as an alternative to any other measure determined in accordance
with U.S. generally accepted accounting principles (GAAP).
The Company has significant uses of cash flows, including capital
expenditures, interest payments, taxes and debt principal
repayments, which are not reflected in Adjusted EBITDA. Also, other
gaming companies that report Adjusted EBITDA information may
calculate Adjusted EBITDA in a different manner than the
Company. A reconciliation of Adjusted EBITDA to income (loss)
from continuing operations is included in the financial schedules
accompanying this release.
|
|
|
|
Certain of our debt
agreements use a similar calculation of "Adjusted EBITDA" as a
financial measure for the calculation of financial debt covenants
and includes add back of items such as gain on early extinguishment
of debt, preopening expenses, certain write-offs and valuation
expenses, and non-cash stock compensation expense. Reference can be
made to the definition of Adjusted EBITDA in the applicable debt
agreements on file as Exhibits to our filings with the Securities
and Exchange Commission.
|
|
|
|
2.
|
Adjusted income
(loss) is presented solely as a supplemental disclosure as this is
one method management reviews and utilizes to analyze the
performance of its core operating business. For many of the
same reasons mentioned above related to Adjusted EBITDA, management
believes Adjusted income (loss) and Adjusted income (loss) per
share are useful analytic tools as they enable management to track
the performance of its core casino operating business separate and
apart from factors that do not impact decisions affecting its
operating casino properties, such as gain (loss) on early
extinguishment of debt, certain severance expenses, certain
expenses related to the Colorado gaming referendum and certain
property tax settlements. Management believes Adjusted income
(loss) and Adjusted income (loss) per share are useful to investors
since these adjustments provide a measure of financial performance
that more closely resembles widely used measures of performance and
valuation in the gaming industry. Adjusted income (loss) and
adjusted income (loss) per share do not include the gain (loss) on
early extinguishment of debt, certain severance expenses, certain
expenses related to the Colorado gaming referendum and certain
property tax.
|
|
|
|
3.
|
The Company incurred
$4.1 million of expense during the nine months ended January 24,
2015 related to the Colorado gaming expansion referendum. The
Company had a favorable property tax settlement related to our
Waterloo property of $1.2 million in during the nine months ended
January 24, 2015. The Company recorded $2.3 million of
severance expense during the nine months ended January 24, 2015,
related to restructuring at the corporate office.
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/isle-of-capri-casinos-inc-announces-fiscal-2016-third-quarter-results-300224186.html
SOURCE Isle of Capri Casinos, Inc.