-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, RwFs6ZUP0j5elcQ/A8GY8YYfGhxGcXQh7VUd4B2g8slR69F0g8vaXea9NXFBixil PNCza8o1hWxzsuMqCLKnVg== /in/edgar/work/20000822/0000863015-00-000030/0000863015-00-000030.txt : 20000922 0000863015-00-000030.hdr.sgml : 20000922 ACCESSION NUMBER: 0000863015-00-000030 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20000730 ITEM INFORMATION: FILED AS OF DATE: 20000822 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ISLE OF CAPRI CASINOS INC CENTRAL INDEX KEY: 0000863015 STANDARD INDUSTRIAL CLASSIFICATION: [7990 ] IRS NUMBER: 411659606 STATE OF INCORPORATION: DE FISCAL YEAR END: 0425 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-20538 FILM NUMBER: 707683 BUSINESS ADDRESS: STREET 1: 1641 POPPS FERRY RD STREET 2: N/A CITY: BILOXI STATE: MS ZIP: 39532 BUSINESS PHONE: 2283967000 MAIL ADDRESS: STREET 1: 1641 POPPS FERRY RD CITY: BILOXI STATE: MS ZIP: 39532 FORMER COMPANY: FORMER CONFORMED NAME: CASINO AMERICA INC DATE OF NAME CHANGE: 19930328 FORMER COMPANY: FORMER CONFORMED NAME: ANUBIS II CORP DATE OF NAME CHANGE: 19600201 8-K 1 0001.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of report (Date of earliest event reported): August 22, 2000 ISLE OF CAPRI CASINOS, INC. --------------------------- (Exact name of registrant as specified in its charter) Delaware 0-20538 41-1659606 -------- ------- ---------- (State or other (Commission (I.R.S. Employer Jurisdiction of File Identification Incorporation) Number) No.) 1641 Popps Ferry Road, Biloxi, Mississippi 39532 - ------------------------------------------- ----- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (228) 396-7000 ITEM 5. OTHER EVENTS On August 22, 2000, the Registrant announced its earnings for the first quarter ended July 30, 2000. A copy of the press release of the Registrant is attached hereto as Exhibit 99 and incorporated herein by reference. ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS 7 (c) Exhibits -------- 99 Press Release of Isle of Capri Casinos, Inc., dated August 22, 2000. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized. ISLE OF CAPRI CASINOS, INC. Dated: August 22, 2000 By: /s/ Rexford A. Yeisley -------------------------- Rexford A. Yeisley, Chief Financial Officer (Principal Financial and Accounting Officer) EX-99 2 0002.txt [LETTERHEAD] FOR IMMEDIATE RELEASE - --------------------- ISLE OF CAPRI CASINOS, INC. ANNOUNCES 27% INCREASE IN E.P.S. Biloxi, Mississippi, August 22, 2000. Isle of Capri Casinos, Inc. (NASDAQ:ISLE ) today 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 attached 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) . . . . . . . . 7/30/00 7/25/99 -------- -------- 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
(1) Preopening of $3.4 million relates to expenses incurred with the opening of the Isle of Capri Casino in Tunica, MS in the first quarter of fiscal 2000. (2) Gain on Disposal relates to the sale of an option to purchase land adjacent to the Pompano Park, Inc. facility. (3) Equity in unconsolidated joint venture represents the Company's ownership interest in the Enchanted Capri cruise ship, a joint venture with an unrelated third-party. (4) Consolidated interest expense is net of interest income of $2,401 and $708 and capitalized interest of $1,329 and $944, for the quarters ended July 30, 2000 and July 25, 1999, respectively. 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% BETTENDORF (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% ========= =========== ======== ========== =========== ========
(1) - Total Revenue is presented net of complimentaries. (2) - EBITDA is calculated by adding income taxes, net interest expense, minority interest, equity in unconsolidated joint ventures, depreciation and amortization, and preopening expense to net income. (3) - EBITDA includes equipment operating lease expense for QTD and Prior Year QTD of $904 and $929, respectively; and excludes Management Fee Expense for QTD and Prior Year QTD of $1,019 and $860, respectively. Corporate and other EBITDA includes miscellaneous income. Prior Year QTD corporate and other does not include any Lady Luck Gaming corporate expenses. (4) - Isle Tunica commenced operations in July 1999. (5) - These properties were not acquired by Isle of Capri Casinos, Inc. until March 2, 2000 during the fiscal 2000 period and accordingly their results are not included in the consolidated results for the quarter ended July 25, 1999. (6) - Kansas City was not acquired by Isle of Capri Casinos, Inc. until June 6, 2000 during the fiscal 2001 period and accordingly it's results are not included in the consolidated results for the quarter ended July 25, 1999. 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 -----END PRIVACY-ENHANCED MESSAGE-----