Press Release: Isle of Capri Casinos, Inc.
August 23, 2000
BILOXI, MS -- Isle of Capri Casinos, Inc. (Nasdaq: ISLE) yesterday reported earnings per diluted share of $.33
for the first quarter ended July 30, 2000 compared to $.26 per share for the first quarter of the prior year, a
27% increase.
The positive results were driven by the improved combined operating results of the original five Isle properties,
the inclusion for the full quarter of the new Isle properties in Natchez and Lula, Mississippi, and Bettendorf
and Marquette, Iowa, as well as the inclusion for part of the quarter of our latest Isle property in Kansas City,
MO.
Bernard Goldstein, Chairman and Chief Executive Officer commented, ``We are very pleased with the year over year
improvement in operating results for the first quarter as we continue to implement our growth strategy. In May
we acquired the rights to develop a casino project in Boonville, MO and it is currently under construction. In
June we welcomed Kansas City Isle of Capri into the Isle Family as an existing operation. In July we signed an
agreement to acquire the operations of an existing Davenport, IA casino property and are moving forward in pursuing
the necessary approvals. Also in July, we were approved by the Missouri Gaming Commission to develop a gaming entertainment
facility in Jefferson County, MO. Earlier in August we opened our new 237- room hotel in Black Hawk, CO, and are
continuing construction of a 250-room hotel in Lake Charles, LA and also a 227-room hotel in Tunica, MS.''
Jack Gallaway, President and Chief Operating Officer added, ``We are continuing the process of 'Islestyling' the
latest additions to our Isle family, expanding our brand into new markets and strengthening it in existing markets.
With EBITDA growth of 73% to $57.6 million for the first quarter of this year we are just beginning to see the
fruits of our labor.''
Summarized below and on the following pages are the financial results for the corporation on a consolidated basis,
with operating highlights for some of its gaming facilities.
(Unaudited)
QTR QTR
(In thousands, except per share data) 07/30/00 07/25/99
Casino Revenue $230,335 $128,334
Hotel, Pari-mutuel, Food and Beverage,
Other Revenue 21,127 13,873
Total Revenue 251,462 142,207
Net Income $10,569 $6,528
Net Income per Diluted Share $0.33 $0.26
Weighted Average Common Shares 32,326 24,661
EBITDA (1) $57,644 $33,265
See footnotes on the following pages, for details regarding the above operating results.
(1) - See EBITDA defined in footnote (2) of Comparative Financial Highlights.
Isle of Capri Casinos, Inc.
Consolidated Statements of Operations
(In thousands, except per share amounts)
Three Months Ended
(Unaudited)
July 30, July 25,
2000 1999
Revenue:
Casino $230,335 $128,334
Hotel, pari-mutuel, food,
beverage & other 21,127 13,873
Total revenue 251,462 142,207
Operating and other expenses:
Corporate and new development 4,712 3,815
Properties 189,106 105,127
Preopening (1) --- 3,420
Depreciation and amortization 15,221 8,856
Total operating and other expenses 209,039 121,218
Operating income 42,423 20,989
Gain on disposal (2) --- 3,106
Equity in income of
unconsolidated joint venture (3) --- 52
Net interest expense (4) (20,992) (11,402)
Minority interest (5) (1,404) (490)
Income before income taxes 20,027 12,255
Income tax expense 9,458 5,727
Net income $10,569 $6,528
Net Income per diluted share $0.33 $0.26
Weighted average diluted
common shares 32,326 24,661
Included in the consolidated interest is Isle of Capri Black Hawk, L.L.C.'s gross interest expense of $2,768
and $2,681, interest income of $30 and $91, and capitalized interest of $726 and $244, for the quarters ended July
30, 2000 and July 25, 1999, respectively.
(5) Minority interest represents the portion of Isle of Capri Black Hawk, L.L.C. income before income taxes owned
by an unrelated third-party.
Isle of Capri Casinos, Inc.
Comparative Financial Highlights by Casino Property
(In thousands)
Three Months Ended
(Unaudited)
July 30, July 25,
2000 1999
Revenue(1) EBITDA(2) Margin % Revenue(1)EBITDA(2)Margin %
BILOXI $22,786 $5,402 23.7% $23,372 $6,389 27.3%
VICKSBURG 16,413 5,376 32.8% 15,750 4,893 31.1%
BOSSIER CITY 41,061 11,965 29.1% 32,755 8,539 26.1%
LAKE CHARLES 48,008 14,032 29.2% 44,728 11,958 26.7%
BLACK HAWK (3) 25,678 7,192 28.0% 20,229 5,124 25.3%
TUNICA (4) 7,000 (1,003) (14.3%) --- --- 0.0%
NATCHEZ (5) 10,116 2,824 27.9% 8,900 2,082 23.4%
LULA (5) 27,301 7,624 27.9% 27,776 7,455 26.8%
ETTENDORF (5) 25,007 5,556 22.2% 24,923 7,182 28.8%
MARQUETTE (5) 9,237 2,301 24.9% 9,654 2,209 22.9%
KANSAS CITY (6) 12,754 1,001 7.8% 11,500 333 2.9%
CORPORATE
& OTHER (3) 6,101 (4,626) (75.8%) 5,373 (3,638) (67.7%)
TOTAL $251,462 $57,644 22.9% $224,960 $52,526 23.3%
Isle of Capri Casinos, Inc. owns and operates twelve riverboat, dockside and land-based casinos at eleven locations,
including Biloxi, Vicksburg, Tunica, Lula, and Natchez, Mississippi; Bossier City and Lake Charles (two riverboats),
Louisiana; Black Hawk, Colorado; Bettendorf and Marquette, Iowa and Kansas City, Missouri. The Company also operates
Pompano Park Harness Racing Track in Pompano Beach, Florida and through a joint venture, the Enchanted Capri cruise
ship, that features an Isle of Capri Casino, sailing from New Orleans, Louisiana.
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, permits, competition and business conditions in the gaming industry. 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 10-K for the fiscal year ended April 30, 2000.
NOTE: Other Isle Of Capri Casinos, Inc. press releases and a corporate profile are available by fax at no charge.
for a menu of available isle of capri casinos, inc. press releases, call 800/758-5804, ext. 145913 or at http://www.prnewswire.com.
Isle Of Capri's home page is http://www.islecorp.com.
CONTACTS:
ALLAN SOLOMON, EXECUTIVE VICE PRESIDENT, 561/995-6660
REX YEISLEY, SENIOR VICE PRESIDENT AND
CHIEF FINANCIAL OFFICER 228/396-7000
SOURCE: Isle of Capri Casinos, Inc.