Consolidating Condensed Financial Information (Tables)

9 Months Ended

Jan. 24, 2016

Consolidating Condensed Financial Information

Schedule of consolidating condensed balance sheets

	As of January 24, 2016
	Isle of Capri							Consolidating
	Casinos, Inc.				Non-			and			Isle of Capri
	(Parent		Guarantor		Guarantor			Eliminating			Casinos, Inc.
	Obligor)		Subsidiaries		Subsidiaries			Entries			Consolidated
Balance Sheet
Current assets	$	24,303	$	70,454	$	25,764		$	(1,917	)	$	118,604
Intercompany receivables	435,392		1,602		—			(436,994		)	—
Investments in subsidiaries	566,420		—		—			(566,420		)	—
Property and equipment, net	3,858		868,455		25,016			—			897,329
Other assets	19,570		154,667		22,799			(3,835		)	193,201
Total assets	$	1,049,543	$	1,095,178	$	73,579		$	(1,009,166	)	$	1,209,134
Current liabilities	$	37,426	$	72,891	$	26,490		$	(1,917	)	$	134,890
Intercompany payables	6,225		409,153		48,079			(463,457		)	—
Long-term debt, less current maturities	951,646		—		—			—			951,646
Other accrued liabilities	4,972		65,170		7,017			(3,835		)	73,324
Stockholders’ equity	49,274		547,964		(8,007		)	(539,957		)	49,274
Total liabilities and stockholders’ equity	$	1,049,543	$	1,095,178	$	73,579		$	(1,009,166	)	$	1,209,134

	As of April 26, 2015
	Isle of Capri						Consolidating
	Casinos, Inc.				Non-		and			Isle of Capri
	(Parent		Guarantor		Guarantor		Eliminating			Casinos, Inc.
	Obligor)		Subsidiaries		Subsidiaries		Entries			Consolidated
Balance Sheet
Current assets	$	14,582	$	79,118	$	26,157	$	(185	)	$	119,672
Intercompany receivables	433,527		—		—		(433,527		)	—
Investments in subsidiaries	573,258		3,358		—		(576,616		)	—
Property and equipment, net	4,844		869,486		27,896		—			902,226
Other assets	32,217		160,727		22,123		(9,203		)	205,864
Total assets	$	1,058,428	$	1,112,689	$	76,176	$	(1,019,531	)	$	1,227,762
Current liabilities	$	36,304	$	71,723	$	25,769	$	(185	)	$	133,611
Intercompany payables	—		425,267		8,260		(433,527		)	—
Long-term debt, less current maturities	992,650		—		62		—			992,712
Other accrued liabilities	6,012		73,982		7,186		(9,203		)	77,977
Stockholders’ equity	23,462		541,717		34,899		(576,616		)	23,462
Total liabilities and stockholders’ equity	$	1,058,428	$	1,112,689	$	76,176	$	(1,019,531	)	$	1,227,762

Schedule of consolidating condensed statements of operations

	For the Three Months Ended January 24, 2016
	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	$	—		$	233,273		$	8,755		$	—		$	242,028
Rooms, food, beverage, pari-mutuel and other	22			37,301			2,840			(1,918		)	38,245
Management fee revenue	8,274			—			—			(8,274		)	—
Gross revenues	8,296			270,574			11,595			(10,192		)	280,273
Less promotional allowances	—			(47,842		)	(1,891		)	—			(49,733		)
Net revenues	8,296			222,732			9,704			(10,192		)	230,540
Operating expenses:
Casino	—			35,800			1,660			—			37,460
Gaming taxes	—			58,192			3,479			—			61,671
Rooms, food, beverage, pari-mutuel and other	6,474			76,971			4,711			(1,918		)	86,238
Management fee expense	—			7,974			300			(8,274		)	—
Depreciation and amortization	446			18,971			1,075			—			20,492
Total operating expenses	6,920			197,908			11,225			(10,192		)	205,861
Operating income (loss)	1,376			24,824			(1,521		)	—			24,679
Interest expense, net	(7,525		)	(8,801		)	(434		)	—			(16,760		)
Equity in income (loss) of subsidiaries	8,768			—			—			(8,768		)	—
Income (loss) from continuing operations before income taxes	2,619			16,023			(1,955		)	(8,768		)	7,919
Income tax benefit (provision)	4,396			(6,209		)	909			—			(904		)
Income (loss) from continuining operations	7,015			9,814			(1,046		)	(8,768		)	7,015
Income (loss) of discontinued operations	(400		)	(400		)	—			400			(400		)
Net income (loss)	$	6,615		$	9,414		$	(1,046	)	$	(8,368	)	$	6,615

	For the Three Months Ended January 25, 2015
	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	$	—		$	241,696		$	9,576		$	—		$	251,272
Rooms, food, beverage, pari-mutuel and other	32			39,367			3,199			(2,226		)	40,372
Management fee revenue	8,460			—			—			(8,460		)	—
Gross revenues	8,492			281,063			12,775			(10,686		)	291,644
Less promotional allowances	—			(52,735		)	(2,505		)	—			(55,240		)
Net revenues	8,492			228,328			10,270			(10,686		)	236,404
Operating expenses:
Casino	—			37,453			1,771			—			39,224
Gaming taxes	—			60,825			3,778			—			64,603
Rooms, food, beverage, pari-mutuel and other	7,327			76,778			3,906			(2,226		)	85,785
Management fee expense	—			8,160			300			(8,460		)	—
Depreciation and amortization	507			17,374			1,366			—			19,247
Total operating expenses	7,834			200,590			11,121			(10,686		)	208,859
Operating income (loss)	658			27,738			(851		)	—			27,545
Interest expense, net	(10,773		)	(9,531		)	(529		)	—			(20,833		)
Equity in income (loss) of subsidiaries	10,422			—			—			(10,422		)	—
Income (loss) from continuing operations before income taxes	307			18,207			(1,380		)	(10,422		)	6,712
Income tax (provision) benefit	5,619			(7,301		)	896			—			(786		)
Income (loss) from continuining operations	5,926			10,906			(484		)	(10,422		)	5,926
Income (loss) of discontinued operations	(503		)	(601		)	—			601			(503		)
Net income (loss)	$	5,423		$	10,305		$	(484	)	$	(9,821	)	$	5,423

	For the Nine Months Ended January 24, 2016
	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	$	—		$	720,191		$	30,951		$	—		$	751,142
Rooms, food, beverage, pari-mutuel and other	57			115,403			9,220			(6,101		)	118,579
Management fee revenue	25,715			—			—			(25,715		)	—
Gross revenues	25,772			835,594			40,171			(31,816		)	869,721
Less promotional allowances	—			(149,154		)	(6,842		)	—			(155,996		)
Net revenues	25,772			686,440			33,329			(31,816		)	713,725
Operating expenses:
Casino	—			108,905			5,231			—			114,136
Gaming taxes	—			179,088			12,372			—			191,460
Rooms, food, beverage, pari-mutuel and other	21,601			235,624			15,403			(6,101		)	266,527
Management fee expense	—			24,815			900			(25,715		)	—
Depreciation and amortization	1,335			57,105			3,209			—			61,649
Total operating expenses	22,936			605,537			37,115			(31,816		)	633,772
Operating income (loss)	2,836			80,903			(3,786		)	—			79,953
Interest expense, net	(22,855		)	(26,689		)	(1,502		)	—			(51,046		)
Loss on extinguishment of debt	(2,966		)	—			—			—			(2,966		)
Equity in income (loss) of subsidiaries	35,378			—			—			(35,378		)	—
Income (loss) from continuing operations before income taxes	12,393			54,214			(5,288		)	(35,378		)	25,941
Income tax benefit (provision)	10,901			(16,306		)	2,758			—			(2,647		)
Income (loss) from continuining operations	23,294			37,908			(2,530		)	(35,378		)	23,294
Income (loss) of discontinued operations	(2,085		)	(2,151		)	—			2,151			(2,085		)
Net income (loss)	$	21,209		$	35,757		$	(2,530	)	$	(33,227	)	$	21,209

	For the Nine Months Ended January 25, 2015
	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	$	—		$	719,836		$	31,115		$	—		$	750,951
Rooms, food, beverage, pari-mutuel and other	74			120,639			9,835			(6,756		)	123,792
Management fee revenue	25,129			—			—			(25,129		)	—
Gross revenues	25,203			840,475			40,950			(31,885		)	874,743
Less promotional allowances	—			(158,536		)	(8,449		)	—			(166,985		)
Net revenues	25,203			681,939			32,501			(31,885		)	707,758
Operating expenses:
Casino	—			112,349			4,964			—			117,313
Gaming taxes	—			179,314			11,865			—			191,179
Rooms, food, beverage, pari-mutuel and other	24,753			239,152			14,102			(6,756		)	271,251
Management fee expense	—			24,229			900			(25,129		)	—
Depreciation and amortization	1,483			52,425			4,087			—			57,995
Total operating expenses	26,236			607,469			35,918			(31,885		)	637,738
Operating income (loss)	(1,033		)	74,470			(3,417		)	—			70,020
Interest expense, net	(32,927		)	(28,571		)	(1,599		)	—			(63,097		)
Loss on extinguishment of debt	—			—			—			—			—
Equity in income (loss) of subsidiaries	23,673			—			—			(23,673		)	—
Income (loss) from continuing operations before income taxes	(10,287		)	45,899			(5,016		)	(23,673		)	6,923
Income tax (provision) benefit	14,417			(20,802		)	3,592			—			(2,793		)
Income (loss) from continuining operations	4,130			25,097			(1,424		)	(23,673		)	4,130
Income (loss) of discontinued operations	(2,045		)	(2,274		)	—			2,274			(2,045		)
Net income (loss)	$	2,085		$	22,823		$	(1,424	)	$	(21,399	)	$	2,085

Schedule of consolidating condensed statements of cash flows

	Nine Months Ended January 24, 2016
	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 (used in) provided by operating activities	$	2,101		$	83,692		$	1,348		$	—		$	87,141
Investing Activities:
Purchases of property and equipment, net of proceeds	(353		)	(51,869		)	(406		)	—			(52,628		)
Proceeds from sales of assets held for sale	—			11,448			—			—			11,448
Restricted cash and investments	—			—			(378		)	—			(378		)
Parent company investment in subsidiaries	32,319			—			—			(32,319		)	—
Net cash provided by (used in) investing activities	31,966			(40,421		)	(784		)	(32,319		)	(41,558		)
Financing Activities:
Principal payments on debt	(62,222		)	—			(158		)	—			(62,380		)
Net repayments on line of credit	21,400			—			—			—			21,400
Payments of other long-term obligation	—			(9,384		)	—			—			(9,384		)
Premium payments on retirement of long-term debt	(2,409		)	—			—			—			(2,409		)
Payment of deferred financing costs	(215		)	—			—			—			(215		)
Proceeds from exercise of stock options	767			—			—			—			767
Net proceeds from (payments to) related parties	—			(44,179		)	11,860			32,319			—
Net cash (used in) provided by financing activities	(42,679		)	(53,563		)	11,702			32,319			(52,221		)
Net (decrease) increase in cash and cash equivalents	(8,612		)	(10,292		)	12,266			—			(6,638		)
Cash and cash equivalents at beginning of period	5,077			53,033			8,327			—			66,437
Cash and cash equivalents at end of the period	$	(3,535	)	$	42,741		$	20,593		$	—		$	59,799

	Nine Months Ended January 25, 2015
	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 (used in) provided by operating activities	$	(10,373	)	$	79,173		$	3,447		$	—		$	72,247
Investing Activities:
Purchases of property and equipment, net of proceeds	(1,863		)	(27,758		)	(357		)	—			(29,978		)
Payments towards gaming license	—			—			—			—			—
Restricted cash and investments	—			—			614			—			614
Parent company investment in subsidiaries	56,786			—			—			(56,786		)	—
Net cash provided by (used in) investing activities	54,923			(27,758		)	257			(56,786		)	(29,364		)
Financing Activities:
Principal payments on debt	(50		)	—			(123		)	—			(173		)
Net borrowings on line of credit	(45,400		)	—			—			—			(45,400		)
Payments of deferred financing costs	—			—			—			—			—
Net proceeds from (payments to) related parties	—			(51,269		)	(5,517		)	56,786			—
Net cash provided by (used in) financing activities	(45,450		)	(51,269		)	(5,640		)	56,786			(45,573		)
Net (decrease) increase in cash and cash equivalents	(900		)	146			(1,936		)	—			(2,690		)
Cash and cash equivalents at beginning of period	6,051			53,787			9,992			—			69,830
Cash and cash equivalents at end of the period	$	5,151		$	53,933		$	8,056		$	—		$	67,140