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Isle of Capri logs 132 percent Q1 profit jump
 Message was posted: 07:37 Aug 26th, 2006     
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Isle of Capri logs 132 percent Q1 profit jump

Isle of Capri Casinos saw its profit more than double in the first quarter of fiscal 2007 as new development expenses decreased compared to the same period in 2006.

The firm's profit in the first quarter ended July 30 jumped to $9.2 million from nearly $4 million last year.

For the quarter, the company, which wants to build a casino in Pittsburgh, reported that its net revenue grew nearly 13 percent to more than $273.9 million from $242.5 million in the same period a year ago.

The decrease in new development expenses in the first quarter this fiscal year versus last year's quarter related to costs incurred last fiscal first quarter in pursuit of the casino license in Singapore.

Bernard Goldstein, the firm's chairman and CEO, said in a statement that "the completion of the sale of our Vicksburg and Bossier City properties enhances our financial flexibility and allows us to focus on development projects as we move forward."

On July 31, the company finalized the sale of its Vicksburg, Miss., and Bossier City, La., properties to Legends Gaming LLC. Isle of Capri received net proceeds, before related income taxes, of $239.4 million, and said in a release that it is continuing to evaluate its options for using the funds.

St. Louis-based Isle of Capri Casinos Inc. (Nasdaq: ISLE) currently owns and operates riverboat, dockside and land-based casinos at 13 locations in Mississippi, Louisiana, Colorado, Iowa, Missouri and Nevada.

The company announced in November 2005 its plan to relocate its headquarters from Biloxi to St. Louis.


Pittsburgh Business Times





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