Consolidating Condensed Financial Information (Tables)

6 Months Ended

Oct. 28, 2012

Consolidating Condensed Financial Information

Schedule of consolidating condensed balance sheets

	As of October 28, 2012
	Isle of Capri									Consolidating
	Casinos, Inc.						Non-			and			Isle of Capri
	(Parent			Guarantor			Guarantor			Eliminating			Casinos, Inc.
Balance Sheet	Obligor)			Subsidiaries			Subsidiaries			Entries			Consolidated
Current assets	$	36,374		$	126,104		$	29,509		$	(4,779	)	$	187,208
Intercompany receivables	708,620			(210,889		)	(51,706		)	(446,025		)	—
Investments in subsidiaries	662,323			(29,794		)	—			(632,529		)	—
Property and equipment, net	8,868			968,259			32,279			—			1,009,406
Other assets	(243		)	382,092			22,574			26,278			430,701
Total assets	$	1,415,942		$	1,235,772		$	32,656		$	(1,057,055	)	$	1,627,315
Current liabilities	$	49,605		$	101,199		$	32,927		$	(4,779	)	$	178,952
Intercompany payables	—			446,025			—			(446,025		)	—
Long-term debt, less current maturities	1,173,632			3,035			398			—			1,177,065
Other accrued liabilities	5,862			37,338			14,977			26,278			84,455
Stockholders’ equity	186,843			648,175			(15,646		)	(632,529		)	186,843
Total liabilities and stockholders’ equity	$	1,415,942		$	1,235,772		$	32,656		$	(1,057,055	)	$	1,627,315

	As of April 29, 2012
	Isle of Capri									Consolidating
	Casinos, Inc.						Non-			and			Isle of Capri
	(Parent			Guarantor			Guarantor			Eliminating			Casinos, Inc.
Balance Sheet	Obligor)			Subsidiaries			Subsidiaries			Entries			Consolidated
Current assets	$	52,532		$	120,711		$	29,324		$	(284	)	$	202,283
Intercompany receivables	673,849			(176,882		)	(50,942		)	(446,025		)	—
Investments in subsidiaries	644,424			(29,795		)	—			(614,629		)	—
Property and equipment, net	9,194			908,586			32,234			—			950,014
Other assets	(5,524		)	384,469			17,209			26,519			422,673
Total assets	$	1,374,475		$	1,207,089		$	27,825		$	(1,034,419	)	$	1,574,970
Current liabilities	$	37,509		$	89,213		$	29,690		$	(296	)	$	156,116
Intercompany payables	—			446,025			—			(446,025		)	—
Long-term debt, less current maturities	1,145,301			3,264			473			—			1,149,038
Other accrued liabilities	8,045			37,175			14,445			26,531			86,196
Stockholders’ equity	183,620			631,412			(16,783		)	(614,629		)	183,620
Total liabilities and stockholders’ equity	$	1,374,475		$	1,207,089		$	27,825		$	(1,034,419	)	$	1,574,970

Schedule of consolidating condensed statements of operations

	For the Three Months Ended October 28, 2012
	Isle of Capri									Consolidating
	Casinos, Inc.						Non-			and			Isle of Capri
	(Parent			Guarantor			Guarantor			Eliminating			Casinos, Inc.
Statement of Operations	Obligor)			Subsidiaries			Subsidiaries			Entries			Consolidated
Revenues:
Casino	$	—		$	234,648		$	—		$	—		$	234,648
Rooms, food, beverage, pari-mutuel and other	165			38,594			2,260			(2,254		)	38,765
Gross revenues	165			273,242			2,260			(2,254		)	273,413
Less promotional allowances	—			(50,206		)	—			—			(50,206		)
Net revenues	165			223,036			2,260			(2,254		)	223,207
Operating expenses:
Casino	—			36,802			—			—			36,802
Gaming taxes	—			58,619			—			—			58,619
Rooms, food, beverage, pari-mutuel and other	12,265			84,004			766			(2,254		)	94,781
Management fee expense (revenue)	(7,671		)	7,671			—			—			—
Depreciation and amortization	516			16,229			105			—			16,850
Total operating expenses	5,110			203,325			871			(2,254		)	207,052
Operating income (loss)	(4,945		)	19,711			1,389			—			16,155
Interest expense, net	(13,128		)	(8,488		)	(238		)	—			(21,854		)
Derivative income	176			—			—			—			176
Equity in income (loss) of subsidiaries	8,169			—			—			(8,169		)	—
Income (loss) from continuing operations before income taxes	(9,728		)	11,223			1,151			(8,169		)	(5,523		)
Income tax (provision) benefit	5,387			(3,791		)	(414		)	—			1,182
Income (loss) from continuining operations	(4,341		)	7,432			737			(8,169		)	(4,341		)
Income (loss) of discontinued operations	(2,312		)	(2,609		)	—			2,609			(2,312		)
Net income (loss)	$	(6,653	)	$	4,823		$	737		$	(5,560	)	$	(6,653	)

	For the Three Months Ended October 23, 2011
	Isle of Capri									Consolidating
	Casinos, Inc.						Non-			and			Isle of Capri
	(Parent			Guarantor			Guarantor			Eliminating			Casinos, Inc.
Statement of Operations	Obligor)			Subsidiaries			Subsidiaries			Entries			Consolidated
Revenues:
Casino	$	—		$	239,707		$	—		$	—		$	239,707
Rooms, food, beverage, pari-mutuel and other	140			38,789			2,571			(2,247		)	39,253
Gross revenues	140			278,496			2,571			(2,247		)	278,960
Less promotional allowances	—			(47,534		)	—			—			(47,534		)
Net revenues	140			230,962			2,571			(2,247		)	231,426
Operating expenses:
Casino	—			38,172			—			—			38,172
Gaming taxes	—			59,435			—			—			59,435
Rooms, food, beverage, pari-mutuel and other	8,947			85,073			2,627			(2,247		)	94,400
Management fee expense (revenue)	(8,161		)	8,161			—			—			—
Depreciation and amortization	569			18,939			138			—			19,646
Total operating expenses	1,355			209,780			2,765			(2,247		)	211,653
Operating income (loss)	(1,215		)	21,182			(194		)	—			19,773
Interest expense, net	(6,341		)	(15,189		)	(155		)	—			(21,685		)
Derivative income	260			—			—			—			260
Equity in income (loss) of subsidiaries	3,805			—			—			(3,805		)	—
Income (loss) from continuing operations before income taxes	(3,491		)	5,993			(349		)	(3,805		)	(1,652		)
Income tax (provision) benefit	2,461			(1,970		)	131			—			622
Income (loss) from continuining operations	(1,030		)	4,023			(218		)	(3,805		)	(1,030		)
Income (loss) of discontinued operations	(427		)	(973		)	—			973			(427		)
Net income (loss)	$	(1,457	)	$	3,050		$	(218	)	$	(2,832	)	$	(1,457	)

	For the Six Months Ended October 28, 2012
	Isle of Capri									Consolidating
	Casinos, Inc.						Non-			and			Isle of Capri
	(Parent			Guarantor			Guarantor			Eliminating			Casinos, Inc.
Statement of Operations	Obligor)			Subsidiaries			Subsidiaries			Entries			Consolidated
Revenues:
Casino	$	—		$	484,917		$	—		$	—		$	484,917
Rooms, food, beverage, pari-mutuel and other	341			79,849			4,711			(4,700		)	80,201
Gross revenues	341			564,766			4,711			(4,700		)	565,118
Less promotional allowances	—			(106,088		)	—			—			(106,088		)
Net revenues	341			458,678			4,711			(4,700		)	459,030
Operating expenses:
Casino	—			75,298			—			—			75,298
Gaming taxes	—			120,247			—			—			120,247
Rooms, food, beverage, pari-mutuel and other	21,728			168,230			2,216			(4,700		)	187,474
Management fee expense (revenue)	(16,108		)	16,108			—			—			—
Depreciation and amortization	1,005			32,424			243			—			33,672
Total operating expenses	6,625			412,307			2,459			(4,700		)	416,691
Operating income (loss)	(6,284		)	46,371			2,252			—			42,339
Interest expense, net	(24,199		)	(17,459		)	(452		)	—			(42,110		)
Derivative income	310			—			—			—			310
Equity in income (loss) of subsidiaries	19,065			—			—			(19,065		)	—
Income (loss) from continuing operations before income taxes	(11,108		)	28,912			1,800			(19,065		)	539
Income tax (provision) benefit	11,511			(10,983		)	(664		)	—			(136		)
Income (loss) from continuining operations	403			17,929			1,136			(19,065		)	403
Income (loss) of discontinued operations	(395		)	(1,317		)	—			1,317			(395		)
Net income (loss)	$	8		$	16,612		$	1,136		$	(17,748	)	$	8

	For the Six Months Ended October 23, 2011
	Isle of Capri									Consolidating
	Casinos, Inc.						Non-			and			Isle of Capri
	(Parent			Guarantor			Guarantor			Eliminating			Casinos, Inc.
Statement of Operations	Obligor)			Subsidiaries			Subsidiaries			Entries			Consolidated
Revenues:
Casino	$	—		$	474,934		$	—		$	—		$	474,934
Rooms, food, beverage, pari-mutuel and other	291			76,720			4,991			(4,650		)	77,352
Gross revenues	291			551,654			4,991			(4,650		)	552,286
Less promotional allowances	—			(93,256		)	—			—			(93,256		)
Net revenues	291			458,398			4,991			(4,650		)	459,030
Operating expenses:
Casino	—			74,143			—			—			74,143
Gaming taxes	—			118,952			—			—			118,952
Rooms, food, beverage, pari-mutuel and other	21,836			168,054			4,407			(4,650		)	189,647
Management fee expense (revenue)	(16,165		)	16,165			—			—			—
Depreciation and amortization	1,002			37,544			276			—			38,822
Total operating expenses	6,673			414,858			4,683			(4,650		)	421,564
Operating income (loss)	(6,382		)	43,540			308			—			37,466
Interest expense, net	(12,828		)	(30,152		)	(287		)	—			(43,267		)
Derivative income	29			—			—			—			29
Equity in income (loss) of subsidiaries	6,486			—			—			(6,486		)	—
Income (loss) from continuing operations before income taxes	(12,695		)	13,388			21			(6,486		)	(5,772		)
Income tax (provision) benefit	9,106			(4,881		)	(2,042		)	—			2,183
Income (loss) from continuining operations	(3,589		)	8,507			(2,021		)	(6,486		)	(3,589		)
Income (loss) of discontinued operations	(191		)	(1,357		)	—			1,357			(191		)
Net income (loss)	$	(3,780	)	$	7,150		$	(2,021	)	$	(5,129	)	$	(3,780	)

Schedule of consolidating condensed statements of cash flows

	Six Months Ended October 28, 2012
	Isle of Capri									Consolidating
	Casinos, Inc.						Non-			and			Isle of Capri
	(Parent			Guarantor			Guarantor			Eliminating			Casinos, Inc.
Statement of Cash Flows	Obligor)			Subsidiaries			Subsidiaries			Entries			Consolidated
Net cash provided by (used in) operating activities	$	(16,621	)	$	65,922		$	7,225		$	—		$	56,526
Net cash provided by (used in) investing activities	(35,228		)	(88,431		)	(6,142		)	34,770			(95,031		)
Net cash provided by (used in) financing activities	19,815			33,782			696			(34,770		)	19,523
Net increase (decrease) in cash and cash equivalents	(32,034		)	11,273			1,779			—			(18,982		)
Cash and cash equivalents at beginning of the period	39,365			50,749			4,347			—			94,461
Cash and cash equivalents at end of the period	$	7,331		$	62,022		$	6,126		$	—		$	75,479

	Six Months Ended October 23, 2011
	Isle of Capri									Consolidating
	Casinos, Inc.						Non-			and			Isle of Capri
	(Parent			Guarantor			Guarantor			Eliminating			Casinos, Inc.
Statement of Cash Flows	Obligor)			Subsidiaries			Subsidiaries			Entries			Consolidated
Net cash provided by (used in) operating activities	$	(12,832	)	$	45,046		$	1,195		$	—		$	33,409
Net cash provided by (used in) investing activities	24,482			(32,762		)	(1,030		)	(24,909		)	(34,219		)
Net cash provided by (used in) financing activities	(7,881		)	(21,106		)	(4,083		)	24,909			(8,161		)
Net increase (decrease) in cash and cash equivalents	3,769			(8,822		)	(3,918		)	—			(8,971		)
Cash and cash equivalents at beginning of the period	3,952			62,105			9,121			—			75,178
Cash and cash equivalents at end of the period	$	7,721		$	53,283		$	5,203		$	—		$	66,207