ST. LOUIS, June 14, 2016 /PRNewswire/ -- Isle of Capri
Casinos, Inc. (NASDAQ: ISLE) (the "Company") today reported
financial results for the fourth quarter and fiscal year ended
April 24, 2016 and other
Company-related news.
Fiscal 2016 Fourth Quarter and Fiscal Year 2016
Highlights
- Diluted net income per share from continuing operations
increased to $0.60 per share from
$0.08 in the prior year quarter.
- Eight of 13 properties reported higher year-over-year Adjusted
EBITDA in the fourth quarter driven by continued strong performance
at our Missouri properties.
- Adjusted EBITDA increased $0.4
million, to $65.8 million in
the quarter compared to the prior year quarter while Adjusted
EBITDA margin increased 57 bps, to 24.9%.
- Fiscal 2016 Adjusted EBITDA increased 5.0% year over year and
Adjusted EBITDA margin increased 100 bps, to 21.6%.
- Our balance sheet continues to get stronger as debt to Adjusted
EBITDA ratio was 4.4x at the end of fiscal 2016 compared to 4.9x a
year ago.
Consolidated Financial Results
The following table outlines the Company's financial results
(dollars in millions, except per share data, unaudited):
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
April
24,
|
|
April
26,
|
|
April
24,
|
|
April
26,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Net
revenues
|
$ 264.9
|
|
$ 269.3
|
|
$ 978.6
|
|
$ 977.0
|
|
Consolidated Adjusted
EBITDA (1)
|
65.8
|
|
65.4
|
|
211.3
|
|
201.2
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
25.0
|
|
3.2
|
|
48.3
|
|
7.3
|
|
Loss from
discontinued operations
|
0.0
|
|
(0.1)
|
|
(2.1)
|
|
(2.1)
|
|
Net income
|
25.0
|
|
3.1
|
|
46.2
|
|
5.2
|
|
|
|
|
|
|
|
|
|
Diluted income per
share from continuing operations
|
0.60
|
|
0.08
|
|
1.17
|
|
0.18
|
|
Diluted loss per
share from discontinued operations
|
0.00
|
|
0.00
|
|
(0.05)
|
|
(0.05)
|
|
Diluted net income
per share
|
0.60
|
|
0.08
|
|
1.12
|
|
0.13
|
|
Adjusted diluted net
income per share (2)
|
0.62
|
|
0.58
|
|
1.26
|
|
0.81
|
|
(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."
|
Eric Hausler, the Company's chief
executive officer, commented,
"We increased Adjusted EBITDA and Adjusted EBITDA margins for
both the quarter and fiscal 2016, and have grown Adjusted EBITDA
and Adjusted EBITDA margins in eight of the last nine quarters.
"We continue to focus on driving increased profitability from
our existing operations, managing our corporate costs efficiently
and optimizing our marketing costs. We benefited from our
geographic diversity during the quarter as strength in our
Missouri and Iowa operations offset lower results year over
year in Colorado, Florida and Louisiana.
"During fiscal 2016, we continued to reinvigorate our properties
through prudent capital investments across the portfolio. Perhaps
most significantly, we are excited to open our new land-based
gaming and entertainment facility in Bettendorf on June
24, 2016. We believe it will be an outstanding upgrade
to the customer experience at our Bettendorf property. Later this summer,
we expect to launch our online play-for-fun casino and to offer
lifestyle products under the Lady Luck brand. We expect these
new offerings to further enhance our player loyalty and broaden the
demographic appeal of our Lady Luck brand.
"We are also particularly proud that we reduced our debt balance
by over $70 million in fiscal 2016
and strengthened our balance sheet, while building Bettendorf and reinvesting in our properties.
This highlights the strong free cash flow generation of our
business."
Financial Highlights
Net revenues for the current quarter were $264.9 million compared to $269.3 million in the prior year quarter, down
1.6%. Seven of 13 properties reported higher net revenues for
the quarter.
Consolidated Adjusted EBITDA was $65.8
million for the quarter compared to $65.4 million in the prior year quarter, up
0.7%. Consolidated Adjusted EBITDA margins improved to 24.9%
from 24.3%. Operating income increased to $43.2 million from $35.9
million in the prior year quarter.
Interest expense was $16.7 million
compared to $20.8 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 in the first quarter of fiscal 2016.
On a GAAP basis, diluted income per share from continuing
operations was $0.60 compared to
diluted income per share from continuing operations of $0.08 in the prior year's quarter.
The following items impacted income from continuing operations
during the fourth quarter of fiscal 2015:
- We recorded a non-cash impairment charge of $9.0 million in fiscal 2015.
- We recorded a loss on early extinguishment of debt of
$13.8 million in fiscal 2015 related
to the tender and refinancing of our 7.75% Senior Notes due
2019.
Operating Results
(All comparisons are to the prior year quarter)
Black Hawk – Net
revenues decreased $1.4 million, or
4.0%, to $32.4 million and Adjusted
EBITDA decreased $0.9 million to
$9.2 million, at our two casinos in
Black Hawk. The property results
were affected by increased competition in the market this year; in
particular, the prior year quarter's results benefited from
construction disruption at a nearby property.
Pompano – Net revenues decreased $2.8 million, or 5.2%, to $51.8 million, and Adjusted EBITDA decreased
7.2%, to $13.8 million at Pompano
Park. Continuing from the third quarter, fewer transient
customer trips year over year and an increased competitive
environment hampered results in the early part of the quarter;
however, the property rebounded to prior year levels in April.
Despite the decline, Pompano generated the second highest fourth
quarter Adjusted EBITDA since the property's opening in
2007.
Iowa – Net revenues for
our Iowa properties were flat to
prior year at $48.5 million, while
Adjusted EBITDA increased $0.4
million, to $14.6 million.
Despite construction disruption from our new land-based facility,
net revenues increased $0.1 million
and Adjusted EBITDA increased $0.2
million at our property in Bettendorf.
Waterloo posted its second-highest fourth quarter Adjusted
EBITDA since opening in June 2007. Adjusted EBITDA margins at
the property improved 150 basis points and Adjusted EBITDA
increased $0.5 million, or 6.4%, to
$8.2 million.
Our property in Marquette was
impacted by an increased competitive environment resulting in
decreased net revenues of $0.5
million, to $6.2
million. Adjusted EBITDA declined $0.3 million, to $1.3
million.
Lake Charles – Our
property in Lake Charles was
negatively impacted by the closure of I-10 between Texas and Louisiana for four days in March due to
flooding. For the quarter, net revenues decreased
$1.8 million, to $32.1 million, or 5.4%, while Adjusted EBITDA
decreased $0.3 million, to
$5.4 million, or 4.7%.
Excluding March's results, Adjusted EBITDA increased compared to
the same periods in the prior year.
Mississippi – Net
revenues for Lula and Vicksburg decreased 1.0%, to $23.5 million while Adjusted EBITDA decreased
$0.3 million, to $7.3 million, or 4.2%.
Vicksburg's net revenues
increased $0.6 million, or 6.4%, and
Adjusted EBITDA increased $0.1
million, or 2.3%, to $3.1
million as a result of changes in our marketing reinvestment
strategy.
The Lula market continues to be
negatively impacted by increased competition in the market.
Net revenues at our Lula property
decreased $0.8 million, to
$14.2 million and Adjusted EBITDA
decreased $0.4 million, or 8.6%
Missouri – Net revenues
for our Missouri properties
increased $1.8 million, to
$67.4 million and Adjusted EBITDA
increased $2.1 million, to
$22.0 million. Cape Girardeau produced the highest fourth
quarter Adjusted EBITDA since opening and Boonville, Caruthersville and Kansas City all produced their respective
second highest quarterly Adjusted EBITDA.
Cape Girardeau's net revenues
increased $0.8 million, or 5.2%, and
Adjusted EBITDA increased $1.0
million, or 25.0%. The property's Adjusted EBITDA
margin improved 455 bps and generated over 100% flow-through on
incremental revenues as it continues to ramp up.
In Caruthersville, net revenues
increased $1.0 million, Adjusted
EBITDA improved by 32.5%, to $3.2
million, and Adjusted EBITDA margins improved nearly 520 bps
primarily due to continued strategic marketing spending and capital
investments we have made to the property.
Boonville continues to post the
Company's highest Adjusted EBITDA margin, at 39.1% for the quarter,
as it benefited from strategic marketing spending, maintaining a
prudent operating cost structure and recent capital
investments. During the fourth quarter of fiscal 2016, net
revenues increased 1.0%, to $20.6
million and Adjusted EBITDA increased 4.0%, to $8.1 million.
Kansas City reported its second
highest fourth quarter Adjusted EBITDA, despite net revenues
decreasing 1.4%, to $20.0 million.
Adjusted EBITDA increased 0.9%, to $5.8
million.
Pennsylvania – At
Nemacolin, net revenues increased 0.7%, to $9.1 million while the Adjusted EBITDA loss
improved to $(0.1) million from
$(0.2) million.
Corporate Expenses
Corporate and development expenses were $8.3 million for the quarter compared to
$7.3 million in the fourth quarter of
fiscal 2015. The current year quarter included expenses related to
the former CEO's exit agreement of $0.8
million.
Non-cash stock compensation expense was $1.2 million for the quarter compared to
$0.6 million in the fourth quarter of
fiscal 2015.
Excluding the aforementioned exit agreement costs and non-cash
stock compensation expense, corporate and development expenses
declined $0.4 million, or 5.3%, to
$6.4 million.
Capital Structure and Capital Expenditures
As of April 24, 2016, the Company
had:
- $62.1 million in cash and cash
equivalents, excluding $9.8 million
in restricted cash and investments;
- $922.7 million in total debt;
and
- $224.2 million in net line of
credit availability.
Fourth quarter capital expenditures were $6.6 million, excluding spending related to the
land-based project in Bettendorf.
Capital expenditures were $50.9
million for the fiscal year ended April 24, 2016, excluding the Bettendorf land-based project, and consisted
of maintenance and gaming equipment purchases as well as spending
related to the hotel renovations in Bettendorf and Boonville. We spent
$19.4 million in fiscal 2016 on the
$60 million land-based project at
Bettendorf. For the project-to-date, we have expended
$21.6 million. We expect to
incur the remainder of the project cost in the first half of fiscal
2017.
For fiscal 2017 we provide guidance for the following
specific non-operating items:
- Depreciation and amortization expense is expected to be
approximately $78 million to $82
million.
- Interest expense is expected to be approximately $66 million to $68 million.
- The Company expects cash income taxes pertaining to fiscal 2017
operations to be less than $2
million.
- Corporate and development expenses for fiscal 2017 are expected
to be approximately $28 million to $29
million, including approximately $5
million in non-cash stock compensation expense.
- Maintenance and other capital expenditures for fiscal 2017 are
expected to be approximately $100
million, inclusive of the remaining spend on the
Bettendorf land-based
project.
Conference Call Information
Isle of Capri Casinos, Inc. will host a conference call on
Tuesday, June 14, 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, June 14, 2016, until 11:59 pm central on Tuesday, June 28, 2016, by dialing 877-344-7529;
International: 412-317-0088 and access number 10087579.
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
|
|
Twelve Months
Ended
|
|
|
|
April
24,
|
|
April
26,
|
|
April
24,
|
|
April
26,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
Revenues:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
$ 276,905
|
|
$ 281,290
|
|
$ 1,028,047
|
|
$ 1,032,241
|
|
|
Rooms
|
|
7,207
|
|
7,509
|
|
29,457
|
|
30,427
|
|
|
Food, beverage,
pari-mutuel and other
|
|
36,107
|
|
36,341
|
|
132,436
|
|
137,215
|
|
|
Gross
revenues
|
|
320,219
|
|
325,140
|
|
1,189,940
|
|
1,199,883
|
|
|
Less promotional
allowances
|
|
(55,352)
|
|
(55,853)
|
|
(211,348)
|
|
(222,838)
|
|
|
Net
revenues
|
|
264,867
|
|
269,287
|
|
978,592
|
|
977,045
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Casino
|
|
38,577
|
|
39,234
|
|
152,713
|
|
156,547
|
|
|
Gaming
taxes
|
|
70,456
|
|
72,183
|
|
261,916
|
|
263,362
|
|
|
Rooms
|
|
1,599
|
|
1,601
|
|
6,820
|
|
6,576
|
|
|
Food, beverage,
pari-mutuel and other
|
|
13,285
|
|
13,895
|
|
48,481
|
|
48,903
|
|
|
Marine and
facilities
|
|
13,188
|
|
14,315
|
|
54,111
|
|
55,994
|
|
|
Marketing and
administrative
|
|
55,662
|
|
56,031
|
|
220,079
|
|
223,857
|
|
|
Corporate and
development
|
|
8,297
|
|
7,325
|
|
29,067
|
|
29,088
|
|
|
Valuation
charges
|
|
-
|
|
9,000
|
|
-
|
|
9,000
|
|
|
Preopening
expense
|
|
153
|
|
-
|
|
153
|
|
-
|
|
|
Depreciation and
amortization
|
|
20,456
|
|
19,803
|
|
82,105
|
|
77,798
|
|
|
Total operating
expenses
|
|
221,673
|
|
233,387
|
|
855,445
|
|
871,125
|
|
|
Operating
income
|
|
43,194
|
|
35,900
|
|
123,147
|
|
105,920
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
expense
|
|
(16,744)
|
|
(20,761)
|
|
(68,025)
|
|
(84,131)
|
|
|
Interest
income
|
|
76
|
|
96
|
|
311
|
|
369
|
|
|
Loss on early
extinguishment of debt
|
|
-
|
|
(13,757)
|
|
(2,966)
|
|
(13,757)
|
|
|
Income from
continuing operations before income
taxes
|
|
26,526
|
|
1,478
|
|
52,467
|
|
8,401
|
|
|
Income tax
(provision) benefit
|
|
(1,531)
|
|
1,682
|
|
(4,178)
|
|
(1,111)
|
|
|
Income from
continuing operations
|
|
24,995
|
|
3,160
|
|
48,289
|
|
7,290
|
|
|
Loss from
discontinued operations, net of income
taxes
|
|
-
|
|
(68)
|
|
(2,085)
|
|
(2,113)
|
|
|
Net
income
|
|
$ 24,995
|
|
$
3,092
|
|
$ 46,204
|
|
$
5,177
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per
common share-basic:
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
0.61
|
|
$
0.08
|
|
$
1.19
|
|
$
0.18
|
|
|
Loss from
discontinued operations, net of income taxes
|
|
-
|
|
-
|
|
(0.05)
|
|
(0.05)
|
|
|
Net
income
|
|
$
0.61
|
|
$
0.08
|
|
$
1.14
|
|
$
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per
common share-dilutive:
|
|
|
|
|
|
|
|
|
|
|
Income from
continuing operations
|
|
$
0.60
|
|
$
0.08
|
|
$
1.17
|
|
$
0.18
|
|
|
Loss from discontinued operations, net of
income taxes
|
|
-
|
|
-
|
|
(0.05)
|
|
(0.05)
|
|
|
Net
income
|
|
$
0.60
|
|
$
0.08
|
|
$
1.12
|
|
$
0.13
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
basic shares
|
|
40,755,048
|
|
40,033,404
|
|
40,690,929
|
|
39,955,735
|
|
|
Weighted average
diluted shares
|
|
41,351,978
|
|
41,020,503
|
|
41,323,473
|
|
40,320,267
|
|
|
ISLE OF CAPRI
CASINOS, INC.
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
(In thousands,
except share and per share amounts)
|
|
(Unaudited)
|
|
April
24,
|
|
April
26,
|
|
2016
|
|
2015
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$ 62,126
|
|
$ 66,437
|
|
Marketable
securities
|
19,338
|
|
19,517
|
|
Accounts receivable,
net
|
13,252
|
|
11,171
|
|
Inventory
|
6,305
|
|
6,509
|
|
Deferred income
taxes
|
-
|
|
4,626
|
|
Prepaid expenses and
other assets
|
11,874
|
|
11,274
|
|
Assets held for
sale
|
-
|
|
138
|
|
Total current
assets
|
112,895
|
|
119,672
|
|
Property and
equipment, net
|
899,167
|
|
902,226
|
|
Other
assets:
|
|
|
|
|
Goodwill
|
108,970
|
|
108,970
|
|
Other intangible
assets, net
|
53,236
|
|
54,073
|
|
Deferred financing
costs, net
|
14,702
|
|
19,075
|
|
Restricted cash and
investments
|
9,819
|
|
9,193
|
|
Prepaid deposits and
other
|
5,216
|
|
4,743
|
|
Deferred income
taxes
|
1,144
|
|
-
|
|
Long-term assets held
for sale
|
-
|
|
9,810
|
|
Total
assets
|
$ 1,205,149
|
|
$ 1,227,762
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Current maturities of
long-term debt
|
$
80
|
|
$
170
|
|
Accounts
payable
|
29,723
|
|
19,690
|
|
Accrued
liabilities:
|
|
|
|
|
Payroll and
related
|
36,915
|
|
43,371
|
|
Property and other
taxes
|
19,428
|
|
20,456
|
|
Income taxes
payable
|
123
|
|
125
|
|
Interest
|
14,678
|
|
15,350
|
|
Progressive jackpots
and slot club awards
|
15,564
|
|
16,123
|
|
Other
|
21,036
|
|
18,326
|
|
Total current
liabilities
|
137,547
|
|
133,611
|
|
Long-term debt, less
current maturities
|
922,613
|
|
992,712
|
|
Deferred income
taxes
|
37,902
|
|
37,334
|
|
Other accrued
liabilities
|
17,557
|
|
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 April 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
|
244,472
|
|
241,899
|
|
Retained earnings
(deficit)
|
(152,868)
|
|
(199,072)
|
|
92,025
|
|
43,248
|
|
Treasury stock,1,300,955 shares at April 24, 2016 and
1,568,875 shares at April 26, 2015
|
(16,407)
|
|
(19,786)
|
|
Total stockholders'
equity
|
75,618
|
|
23,462
|
|
Total liabilities and
stockholders' equity
|
$ 1,205,149
|
|
$ 1,227,762
|
|
Isle of Capri
Casinos, Inc.
|
|
Supplemental Data
- Net Revenues
|
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
April
24,
|
|
April
26,
|
|
April
24,
|
|
April
26,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Colorado
|
|
|
|
|
|
|
|
|
|
Black Hawk
|
|
$ 32,423
|
|
$ 33,780
|
|
$ 129,565
|
|
$ 127,722
|
|
|
|
|
|
|
|
|
|
|
|
Florida
|
|
|
|
|
|
|
|
|
|
Pompano
|
|
51,802
|
|
54,646
|
|
176,334
|
|
175,588
|
|
|
|
|
|
|
|
|
|
|
|
Iowa
|
|
|
|
|
|
|
|
|
|
Bettendorf
|
|
18,482
|
|
18,420
|
|
71,764
|
|
72,981
|
|
Marquette
|
|
6,198
|
|
6,667
|
|
25,557
|
|
25,793
|
|
Waterloo
|
|
23,827
|
|
23,409
|
|
88,741
|
|
87,762
|
|
Iowa Total
|
|
48,507
|
|
48,496
|
|
186,062
|
|
186,536
|
|
|
|
|
|
|
|
|
|
|
|
Louisiana
|
|
|
|
|
|
|
|
|
|
Lake
Charles
|
|
32,139
|
|
33,966
|
|
121,299
|
|
128,413
|
|
|
|
|
|
|
|
|
|
|
|
Mississippi
|
|
|
|
|
|
|
|
|
|
Lula
|
|
14,210
|
|
15,008
|
|
51,012
|
|
53,042
|
|
Vicksburg
|
|
9,258
|
|
8,701
|
|
31,206
|
|
29,876
|
|
Mississippi
Total
|
|
23,468
|
|
23,709
|
|
82,218
|
|
82,918
|
|
|
|
|
|
|
|
|
|
|
|
Missouri
|
|
|
|
|
|
|
|
|
|
Boonville
|
|
20,646
|
|
20,441
|
|
78,287
|
|
76,934
|
|
Cape
Girardeau
|
|
17,030
|
|
16,192
|
|
61,153
|
|
59,628
|
|
Caruthersville
|
|
9,709
|
|
8,699
|
|
34,277
|
|
31,369
|
|
Kansas
City
|
|
20,033
|
|
20,310
|
|
73,001
|
|
73,070
|
|
Missouri
Total
|
|
67,418
|
|
65,642
|
|
246,718
|
|
241,001
|
|
|
|
|
|
|
|
|
|
|
|
Pennsylvania
|
|
|
|
|
|
|
|
|
|
Nemacolin
|
|
9,090
|
|
9,027
|
|
36,319
|
|
34,755
|
|
|
|
|
|
|
|
|
|
|
|
Property Net Revenues
before Other
|
|
264,847
|
|
269,266
|
|
978,515
|
|
976,933
|
|
Other
|
|
20
|
|
21
|
|
77
|
|
112
|
|
Net Revenues from
Continuing Operations
|
$ 264,867
|
|
$ 269,287
|
|
$ 978,592
|
|
$ 977,045
|
|
Isle of Capri
Casinos, Inc.
|
|
Reconciliation of
Operating Income (Loss) to Adjusted EBITDA
|
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
April 24, 2016
|
|
|
|
Operating Income
(Loss)
|
|
Depreciation and
Amortization
|
|
Stock-Based
Compensation
|
|
Preopening and
Other
|
|
Adjusted
EBITDA
|
|
Black Hawk,
Colorado
|
|
$
7,049
|
|
$
2,152
|
|
$
14
|
|
$
-
|
|
$ 9,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pompano,
Florida
|
|
11,961
|
|
1,832
|
|
13
|
|
-
|
|
13,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bettendorf,
Iowa
|
|
1,859
|
|
3,064
|
|
7
|
|
153
|
|
5,083
|
|
Marquette,
Iowa
|
|
959
|
|
327
|
|
6
|
|
-
|
|
1,292
|
|
Waterloo,
Iowa
|
|
7,013
|
|
1,160
|
|
7
|
|
-
|
|
8,180
|
|
Iowa Total
|
|
9,831
|
|
4,551
|
|
20
|
|
153
|
|
14,555
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lake Charles,
Louisiana
|
|
2,572
|
|
2,819
|
|
7
|
|
-
|
|
5,398
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lula,
Mississippi
|
|
2,788
|
|
1,379
|
|
4
|
|
-
|
|
4,171
|
|
Vicksburg,
Mississippi
|
|
2,202
|
|
905
|
|
6
|
|
-
|
|
3,113
|
|
Mississippi
Total
|
|
4,990
|
|
2,284
|
|
10
|
|
-
|
|
7,284
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boonville,
Missouri
|
|
6,836
|
|
1,228
|
|
13
|
|
-
|
|
8,077
|
|
Cape Girardeau,
Missouri
|
|
2,339
|
|
2,547
|
|
5
|
|
-
|
|
4,891
|
|
Caruthersville,
Missouri
|
|
2,576
|
|
613
|
|
5
|
|
-
|
|
3,194
|
|
Kansas City,
Missouri
|
|
4,890
|
|
943
|
|
7
|
|
-
|
|
5,840
|
|
Missouri
Total
|
|
16,641
|
|
5,331
|
|
30
|
|
-
|
|
22,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nemacolin,
Pennsylvania
|
|
(1,166)
|
|
1,080
|
|
-
|
|
-
|
|
(86)
|
|
Total Operating
Properties
|
|
51,878
|
|
20,049
|
|
94
|
|
153
|
|
72,174
|
|
Corporate and
Other
|
|
(8,684)
|
|
407
|
|
1,153
|
|
770
|
|
(6,354)
|
|
Total
|
|
$
43,194
|
|
$
20,456
|
|
$
1,247
|
|
$
923
|
|
$ 65,820
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
April 26, 2015
|
|
|
|
Operating Income
(Loss)
|
|
Depreciation and
Amortization
|
|
Stock-Based
Compensation
|
|
Other
|
|
Adjusted
EBITDA
|
|
Black Hawk,
Colorado
|
|
$
7,815
|
|
$
2,285
|
|
$
7
|
|
$
-
|
|
$ 10,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pompano,
Florida
|
|
13,008
|
|
1,864
|
|
6
|
|
-
|
|
14,878
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bettendorf,
Iowa
|
|
3,158
|
|
1,672
|
|
6
|
|
-
|
|
4,836
|
|
Marquette,
Iowa
|
|
1,216
|
|
366
|
|
3
|
|
-
|
|
1,585
|
|
Waterloo,
Iowa
|
|
6,416
|
|
1,267
|
|
4
|
|
-
|
|
7,687
|
|
Iowa Total
|
|
10,790
|
|
3,305
|
|
13
|
|
-
|
|
14,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lake Charles,
Louisiana
|
|
2,904
|
|
2,754
|
|
6
|
|
-
|
|
5,664
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lula,
Mississippi
|
|
3,283
|
|
1,274
|
|
4
|
|
-
|
|
4,561
|
|
Vicksburg,
Mississippi
|
|
2,125
|
|
914
|
|
5
|
|
-
|
|
3,044
|
|
Mississippi
Total
|
|
5,408
|
|
2,188
|
|
9
|
|
-
|
|
7,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boonville,
Missouri
|
|
6,754
|
|
1,014
|
|
2
|
|
-
|
|
7,770
|
|
Cape Girardeau,
Missouri
|
|
1,058
|
|
2,852
|
|
3
|
|
-
|
|
3,913
|
|
Caruthersville,
Missouri
|
|
1,804
|
|
605
|
|
2
|
|
-
|
|
2,411
|
|
Kansas City,
Missouri
|
|
4,729
|
|
1,053
|
|
8
|
|
-
|
|
5,790
|
|
Missouri
Total
|
|
14,345
|
|
5,524
|
|
15
|
|
-
|
|
19,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nemacolin,
Pennsylvania
|
|
(10,557)
|
|
1,375
|
|
15
|
|
9,000
|
|
(167)
|
|
Total Operating
Properties
|
|
43,713
|
|
19,295
|
|
71
|
|
9,000
|
|
72,079
|
|
Corporate and
Other
|
|
(7,813)
|
|
508
|
|
596
|
|
-
|
|
(6,709)
|
|
Total
|
|
$
35,900
|
|
$
19,803
|
|
$
667
|
|
$ 9,000
|
|
$ 65,370
|
|
Isle of Capri
Casinos, Inc.
|
|
Reconciliation of
Operating Income (Loss) to Adjusted EBITDA
|
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended April 24, 2016
|
|
|
|
Operating Income
(Loss)
|
|
Depreciation and
Amortization
|
|
Stock-Based
Compensation
|
|
Preopening and
Other
|
|
Adjusted
EBITDA
|
|
Black Hawk,
Colorado
|
|
$
27,825
|
|
$
8,741
|
|
$
56
|
|
$
-
|
|
$ 36,622
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pompano,
Florida
|
|
30,353
|
|
8,074
|
|
55
|
|
-
|
|
38,482
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bettendorf,
Iowa
|
|
7,337
|
|
10,921
|
|
32
|
|
153
|
|
18,443
|
|
Marquette,
Iowa
|
|
4,116
|
|
1,428
|
|
24
|
|
-
|
|
5,568
|
|
Waterloo,
Iowa
|
|
22,977
|
|
5,090
|
|
27
|
|
-
|
|
28,094
|
|
Iowa Total
|
|
34,430
|
|
17,439
|
|
83
|
|
153
|
|
52,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lake Charles,
Louisiana
|
|
5,965
|
|
11,216
|
|
29
|
|
-
|
|
17,210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lula,
Mississippi
|
|
6,732
|
|
5,274
|
|
17
|
|
-
|
|
12,023
|
|
Vicksburg,
Mississippi
|
|
4,470
|
|
3,584
|
|
26
|
|
-
|
|
8,080
|
|
Mississippi
Total
|
|
11,202
|
|
8,858
|
|
43
|
|
-
|
|
20,103
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boonville,
Missouri
|
|
24,591
|
|
4,584
|
|
51
|
|
-
|
|
29,226
|
|
Cape Girardeau,
Missouri
|
|
3,323
|
|
10,860
|
|
24
|
|
-
|
|
14,207
|
|
Caruthersville,
Missouri
|
|
6,922
|
|
2,453
|
|
22
|
|
-
|
|
9,397
|
|
Kansas City,
Missouri
|
|
14,151
|
|
3,849
|
|
28
|
|
-
|
|
18,028
|
|
Missouri
Total
|
|
48,987
|
|
21,746
|
|
125
|
|
-
|
|
70,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nemacolin,
Pennsylvania
|
|
(4,880)
|
|
4,286
|
|
30
|
|
-
|
|
(564)
|
|
Total Operating
Properties
|
|
153,882
|
|
80,360
|
|
421
|
|
153
|
|
234,816
|
|
Corporate and
Other
|
|
(30,735)
|
|
1,745
|
|
4,648
|
|
870
|
|
(23,472)
|
|
Total
|
|
$ 123,147
|
|
$
82,105
|
|
$
5,069
|
|
$ 1,023
|
|
$ 211,344
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended April 26, 2015
|
|
|
|
Operating Income
(Loss)
|
|
Depreciation and
Amortization
|
|
Stock-Based
Compensation
|
|
Other
|
|
Adjusted
EBITDA
|
|
Black Hawk,
Colorado
|
|
$
20,614
|
|
$
9,192
|
|
$
29
|
|
$ 4,057
|
|
$ 33,892
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pompano,
Florida
|
|
31,122
|
|
7,131
|
|
26
|
|
-
|
|
38,279
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bettendorf,
Iowa
|
|
13,271
|
|
6,011
|
|
23
|
|
-
|
|
19,305
|
|
Marquette,
Iowa
|
|
4,060
|
|
1,589
|
|
11
|
|
-
|
|
5,660
|
|
Waterloo,
Iowa
|
|
23,901
|
|
4,978
|
|
18
|
|
(1,225)
|
|
27,672
|
|
Iowa Total
|
|
41,232
|
|
12,578
|
|
52
|
|
(1,225)
|
|
52,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lake Charles,
Louisiana
|
|
8,650
|
|
11,069
|
|
21
|
|
-
|
|
19,740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Lula,
Mississippi
|
|
6,630
|
|
5,113
|
|
16
|
|
-
|
|
11,759
|
|
Vicksburg,
Mississippi
|
|
2,719
|
|
3,600
|
|
17
|
|
-
|
|
6,336
|
|
Mississippi
Total
|
|
9,349
|
|
8,713
|
|
33
|
|
-
|
|
18,095
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Boonville,
Missouri
|
|
23,778
|
|
3,960
|
|
12
|
|
-
|
|
27,750
|
|
Cape Girardeau,
Missouri
|
|
215
|
|
11,281
|
|
12
|
|
-
|
|
11,508
|
|
Caruthersville,
Missouri
|
|
4,346
|
|
2,497
|
|
12
|
|
-
|
|
6,855
|
|
Kansas City,
Missouri
|
|
13,664
|
|
3,923
|
|
27
|
|
-
|
|
17,614
|
|
Missouri
Total
|
|
42,003
|
|
21,661
|
|
63
|
|
-
|
|
63,727
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nemacolin,
Pennsylvania
|
|
(16,079)
|
|
5,460
|
|
22
|
|
9,000
|
|
(1,597)
|
|
Total Operating
Properties
|
|
136,891
|
|
75,804
|
|
246
|
|
11,832
|
|
224,773
|
|
Corporate and
Other
|
|
(30,971)
|
|
1,994
|
|
3,150
|
|
2,259
|
|
(23,568)
|
|
Total
|
|
$ 105,920
|
|
$
77,798
|
|
$
3,396
|
|
$ 14,091
|
|
$ 201,205
|
|
Isle of Capri
Casinos, Inc.
|
|
Reconciliation of
Income From Continuing Operations to Adjusted EBITDA
|
|
(unaudited, in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
|
April
24,
|
|
April
26,
|
|
April
24,
|
|
April
26,
|
|
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Income from
continuing operations
|
|
$ 24,995
|
|
$ 3,160
|
|
$ 48,289
|
|
$ 7,290
|
|
Income tax provision
(benefit)
|
|
1,531
|
|
(1,682)
|
|
4,178
|
|
1,111
|
|
Loss on
extinguishment of debt
|
|
-
|
|
13,757
|
|
2,966
|
|
13,757
|
|
Interest
income
|
|
(76)
|
|
(96)
|
|
(311)
|
|
(369)
|
|
Interest
expense
|
|
16,744
|
|
20,761
|
|
68,025
|
|
84,131
|
|
Depreciation and
amortization
|
|
20,456
|
|
19,803
|
|
82,105
|
|
77,798
|
|
Stock-based
compensation
|
|
1,247
|
|
667
|
|
5,069
|
|
3,396
|
|
Exit agreement
expense (3)
|
|
770
|
|
-
|
|
870
|
|
-
|
|
Preopening expense
(3)
|
|
153
|
|
-
|
|
153
|
|
-
|
|
Valuation charges
(4)
|
|
-
|
|
9,000
|
|
-
|
|
9,000
|
|
Colorado referendum
expense (5)
|
|
-
|
|
-
|
|
-
|
|
4,057
|
|
Property tax
settlement (5)
|
|
-
|
|
-
|
|
-
|
|
(1,225)
|
|
Severance expense
(5)
|
|
-
|
|
-
|
|
-
|
|
2,259
|
|
Adjusted EBITDA
(1)
|
|
$ 65,820
|
|
$ 65,370
|
|
$ 211,344
|
|
$ 201,205
|
|
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
|
|
Twelve Months
Ended
|
|
April
24,
|
|
April
26,
|
|
April
24,
|
|
April
26,
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
|
|
|
|
|
|
|
|
GAAP income from
continuing operations
|
$ 24,995
|
|
$ 3,160
|
|
$ 48,289
|
|
$ 7,290
|
|
Exit agreement
expense (3)
|
770
|
|
-
|
|
870
|
|
-
|
|
Preopening expense
(3)
|
153
|
|
-
|
|
153
|
|
-
|
|
Loss on early
extinguishment of debt
|
-
|
|
13,757
|
|
2,966
|
|
13,757
|
|
Valuation charges
(4)
|
-
|
|
9,000
|
|
-
|
|
9,000
|
|
Colorado referendum
expense (5)
|
-
|
|
-
|
|
-
|
|
4,057
|
|
Property tax
settlement (5)
|
-
|
|
-
|
|
-
|
|
(1,225)
|
|
Severance expense
(5)
|
-
|
|
-
|
|
-
|
|
2,259
|
|
Tax valuation
allowance reversal
|
-
|
|
(2,301)
|
|
-
|
|
(2,301)
|
|
Adjusted income
(2)
|
$ 25,918
|
|
$ 23,616
|
|
$ 52,278
|
|
$ 32,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income from
continuing operations per share
|
$ 0.60
|
|
$ 0.08
|
|
$ 1.17
|
|
$ 0.18
|
|
Exit agreement
expense (3)
|
0.02
|
|
-
|
|
0.02
|
|
-
|
|
Preopening expense
(3)
|
0.00
|
|
-
|
|
0.00
|
|
-
|
|
Loss on early
extinguishment of debt
|
-
|
|
0.34
|
|
0.07
|
|
0.34
|
|
Valuation charges
(4)
|
-
|
|
0.22
|
|
-
|
|
0.22
|
|
Colorado referendum
expense (5)
|
-
|
|
-
|
|
-
|
|
0.10
|
|
Property tax
settlement (5)
|
-
|
|
-
|
|
-
|
|
(0.03)
|
|
Severance expense
(5)
|
-
|
|
-
|
|
-
|
|
0.06
|
|
Tax valuation
allowance reversal
|
-
|
|
(0.06)
|
|
-
|
|
(0.06)
|
|
Adjusted income per
share (2)
|
$ 0.62
|
|
$ 0.58
|
|
$ 1.26
|
|
$ 0.81
|
|
1.
|
Adjusted EBITDA is
"earnings from continuing operations before interest and other
non-operating income (expense), income taxes, stock-based
compensation, certain severance expenses, preopening 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, preopening
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, preopening expenses, certain
expenses related to the Colorado gaming referendum and certain
property tax settlements.
|
|
|
|
3.
|
The Company incurred
$0.8 million and $0.9 million of expense during the three and
twelve months ended April 24, 2016, respectively, pertaining to the
former CEO's exit agreement and had preopening expenses of $0.2
million in the three and twelve months ended April 24, 2016 related
to the Bettendorf land-based casino expected to open on June 24,
2016.
|
|
|
|
4.
|
Valuation charges in
the fourth quarter and fiscal 2015 consist of $9.0 million of
impairment on the Nemacolin property, plant and
equipment.
|
|
|
|
5.
|
During fiscal 2015,
the Company incurred $4.1 million of expense related to the
Colorado gaming expansion referendum, had a favorable property tax
settlement related to our Waterloo property of $1.2 million and
recorded $2.3 million of severance expense 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-fourth-quarter-and-year-results-300284003.html
SOURCE Isle of Capri Casinos, Inc.