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In many cases, the end of the year gives you time to step back and take stock of the last 12 months. This is when many of us take a hard look at what worked and what did not, complete performance reviews, and formulate plans for the coming year. For me, it is all of those things plus a time when I u...
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Isle of Capri Casinos, Inc. Announces Second Quarter Results
* Company reaches settlement with insurance carriers for Hurricane Katrina

ST. LOUIS, Dec. 2 /PRNewswire-FirstCall/ -- Isle of Capri Casinos, Inc. (Nasdaq: ISLE) (the "Company") today reported financial results for the second quarter of fiscal year 2009 ended October 26, 2008 and other Company-related news.

CONSOLIDATED RESULTS

The following table outlines the Company's financial results (dollars in millions, except per share data, unaudited):



                             Three Months Ended           Six Months Ended
                           October 26,  October 28,   October 26,  October 28,
                              2008         2007          2008         2007
    Net revenues             $254.1       $278.8       $536.4       $557.4
    Net (loss)                (13.5)       (24.6)       (17.1)       (31.8)
    Net Loss per share        (0.43)       (0.80)       (0.55)       (1.04)
    EBITDA(1)                  35.7         35.5         87.1         82.2

Significant items impacting EBITDA and the net loss during the three and six months ended October 26, 2008 and October 28, 2007 are as follows:



                              Three Months Ended          Six Months Ended
                           October 26,   October 28,   October 26, October 28,
                               2008         2007          2008        2007
    Items impacting EBITDA
     and Net Loss:
      Write-offs and other
       charges                   $-        $(6.5)       $(6.0)       $(6.5)
      Pre-opening                 -         (0.3)           -         (6.5)
      Development              (0.1)        (0.8)        (0.2)        (2.3)
      Minority interest           -         (2.0)           -         (4.0)
    Additional item impacting
     Net Loss:
      Loss on early
       extinguishment of debt     -        (11.5)           -        (13.7)


In making the announcement, James B. Perry, the Company's executive vice chairman and chief executive officer, said, "Despite the overall economic uncertainty that has had a profound impact on consumer spending across the country, I believe that our company has done an effective job of improving our operations while coping with the first overall declining gaming market that I have experienced in my thirty year career. We are doing everything prudently possible to partially compensate for declining revenues. Overall, we are optimistic that we are implementing the right measures to have a meaningful positive impact on our operations which we believe will provide a platform for improved results when the economy improves.

"Consistent with industry trends, we experienced pronounced revenue declines in August and September, but slightly recovered in October. Our primary focus continues to be improving our operations, our balance sheet and protecting our capital structure.

"From the capital structure standpoint we're pleased to announce that we have recently reached an agreement with our insurance carriers to settle our Hurricane Katrina claim and expect to receive approximately $95 million by the end of December. While the settlement provides us with a significant liquidity cushion for the next twelve months, in light of the current economic uncertainty, the state of the capital markets, and our financial position we will not undertake any new significant capital projects, including any further work in Biloxi, until we have seen sustained signs of economic improvement."

Second Quarter Highlights

During the quarter, net revenues decreased $24.7 million, or 8.9%, compared to the second quarter of fiscal 2008, to $254.1 million. EBITDA increased by $0.2 million, to $35.7 million. The Company's net loss for the quarter improved to ($13.5) million, or ($0.43) per share, compared to ($24.6) million, or ($0.80) per share, for the same period of the prior fiscal year.

Included in EBITDA for the quarter ended October 28, 2007 is $6.5 million in write-offs and other charges related to abandoned development projects, $0.3 million in pre-opening costs, $0.8 million in development costs and $2.0 million in minority interest charges related to the previous minority interest in the Company's Colorado operations. Before consideration of these items, EBITDA for the second quarter of fiscal 2008 was $45.2 million. These items had a combined impact on earnings per share of ($0.25) during the second quarter of fiscal 2008.

Property EBITDA during the quarter ended October 26, 2008 was $45.2 million compared to Property EBITDA of $57.2 million for the quarter ended October 28, 2007 before consideration of the previously mentioned charges.

In commenting on the results, Virginia McDowell, the Company's president and chief operating officer, remarked, "We continue to focus on the key operating initiatives that we have implemented to enhance the customer experience and improve financial results across the company. We know through steadily improving See. Say. Smile. scores and customer research that our customer courtesy initiatives are proving successful and our customers are reacting positively to our operating and physical changes.

"Second quarter EBITDA was negatively impacted by the slowing economic environment and the impact on our Lake Charles, Biloxi and Natchez properties caused by hurricanes Gustav and Ike. We estimate the combined impact of the hurricanes to be at least $3.5 million in EBITDA in the second quarter. In addition, the smoking ban in Colorado, and an extremely unlevel playing field in terms of taxes and the nearby competitive landscape in Pompano continue to negatively impact operating results. We have also been operating without one of our hotels in Lula, Mississippi since October 2007, which has negatively impacted business, however, we look forward to re-opening the refurbished hotel in December, which will provide an important amenity for our overnight guests and provide the property with much needed weekend hotel capacity.

"On the positive front, our operations in Iowa and Missouri have held up relatively well in these uncertain economic conditions and we have been able to significantly reduce the losses in our international operations."

Corporate and Other Expenses

Corporate expense during the second quarter of fiscal 2009 increased to $13.2 million from $12.9 million during the comparable quarter in fiscal 2008. The increase is primarily due to stock compensation expenses related to the Company's recent tender offer pertaining to the exchange of certain employee stock options for cash and restricted stock.

Total consolidated stock compensation expense, including corporate and properties, was $3.8 million for the second quarter of fiscal 2009 compared to $2.9 million for the second quarter of fiscal 2008. For the six months ended October 26, 2008 stock compensation expense was $6.5 million compared to $3.8 million for the six months ended October 28, 2007.

A loss from early extinguishment of debt was recognized during the quarter ended October 28, 2007, relating to a previously outstanding bond issue with proceeds from the refinancing of our Senior Credit Facility.

Capital Structure and Capital Expenditures Update

The Company announced that it recently reached a final settlement with its insurance carriers relating to Hurricane Katrina. The settlement calls for the Company to receive approximately $95 million in cash before the end of the calendar year. In addition, the Company will record a pretax gain of approximately $90 million in its fiscal third quarter relating to this settlement.

As of October 26, 2008, the Company had $85.5 million cash and cash equivalents and total debt of $1.5 billion. Total borrowing capacity at the end of the quarter was approximately 100.0 million.

Capital expenditures for the three months ended October 26, 2008, totaled $23.0 million of which, approximately $11.5 million related to project capital expenditures. For the six months ended October 26, 2008, capital expenditures were approximately $31.0 million, of which approximately $14.0 million was related to project capital.

Capital expenditures for the last two quarters of the year are expected to be between $30 and $40 million, of which approximately $10 to $15 million is expected to be project capital, primarily attributable to completing room renovations in Lula and Lake Charles and completion of the rebranding efforts in Caruthersville and Marquette.

Conference Call Information

Isle of Capri Casinos, Inc. will host a conference call on Tuesday, December 2, 2008, at 10:00 am central time during which management will discuss the financial and other matters addressed in this press release. The conference call can be accessed by interested parties via webcast through the investor relations page of the Company's website, http://www.islecorp.com, or, for domestic callers, by dialing (800) 299-0148. Other international callers can access the conference call by dialing (617) 801-9711. The conference call reference number is 86106121.



                         ISLE OF CAPRI CASINOS, INC.
                    CONSOLIDATED STATEMENTS OF OPERATIONS
               (In thousands, except share and per share data)
                                 (Unaudited)

                            Three Months Ended            Six Months Ended
                          October 26,   October 28,   October 26,  October 28,
                             2008          2007          2008         2007
    Revenues:
      Casino               $255,655      $278,282     $536,656     $555,516
      Rooms                  12,774        13,080       26,480       26,921
      Pari-mutuel
       commissions and fees   3,123         3,838        7,396        8,414
      Food, beverage and
       other                 30,682        33,603       63,722       67,671
        Gross revenues      302,234       328,803      634,254      658,522
          Less promotional
           allowances        48,094        49,965       97,809      101,151
            Net revenues    254,140       278,838      536,445      557,371
    Operating expenses:
      Casino                 39,677        41,330       80,103       80,693
      Gaming taxes           63,722        71,965      134,867      141,037
      Rooms                   3,193         3,164        6,582        6,345
      Pari-mutuel             2,929         3,172        6,115        6,844
      Food, beverage and
       other                 10,274        11,400       21,592       23,029
      Marine and facilities  17,388        16,781       34,293       33,271
      Marketing and
       administrative        68,049        73,683      136,301      142,999
      Corporate and
       development           13,225        12,919       23,531       23,993
      Write-offs and
       other charges              -         6,526        6,000        6,526
      Pre-opening                 -           324            -        6,457
      Depreciation and
       amortization          32,268        35,270       65,007       65,827
        Total operating
         expenses           250,725       276,534      514,391      537,021
    Operating income          3,415         2,304       22,054       20,350
      Interest expense      (24,837)      (29,176)     (49,493)     (54,990)
      Interest income           499         1,140        1,056        2,234
      Loss on early
       extinguishment of
       debt                       -       (11,468)           -      (13,660)

    Income (loss) before
     income taxes and
     minority interest      (20,923)      (37,200)     (26,383)     (46,066)
      Income tax
       (provision) benefit    7,423        14,611        9,257       18,289
      Minority interest           -        (2,046)           -       (3,973)
    Net income (loss)      $(13,500)     $(24,635)    $(17,126)    $(31,750)

    Earnings (loss) per
     common share-basic:
      Net income (loss)      $(0.43)       $(0.80)      $(0.55)      $(1.04)

    Earnings (loss) per
     common share-diluted:
      Net income (loss)      $(0.43)       $(0.80)      $(0.55)      $(1.04)


    Weighted average
     basic shares        31,171,903    30,726,768   31,019,289   30,558,957
    Weighted average
     diluted shares      31,171,903    30,726,768   31,019,289   30,558,957



                         ISLE OF CAPRI CASINOS, INC.
                         CONSOLIDATED BALANCE SHEETS
               (In thousands, except share and per share data)

                                                   (unaudited)
                              ASSETS                October 26,     April 27,
                                                       2008           2008
    Current assets:
      Cash and cash equivalents                      $85,497        $91,790
      Marketable securities                           19,227         18,533
      Accounts receivable, net                         9,093         12,195
      Insurance receivable, net                        3,928          7,689
      Income tax receivable                           37,539         28,663
      Deferred income taxes                           12,606         12,606
      Prepaid expenses and other assets               35,797         27,905
        Total current assets                         203,687        199,381
    Property and equipment, net                    1,287,098      1,328,986
    Other assets:
      Goodwill                                       307,649        307,649
      Other intangible assets, net                    88,676         89,252
      Deferred financing costs, net                   12,098         13,381
      Restricted cash                                  2,774          4,802
      Prepaid deposits and other                      21,629         22,948
      Deferred income taxes                            8,910          7,767
        Total assets                              $1,932,521     $1,974,166

                      LIABILITIES AND STOCKHOLDERS' EQUITY
    Current liabilities:
      Current maturities of long-term debt            $9,225         $9,698
      Accounts payable                                23,095         29,283
    Accrued liabilities:
      Interest                                         9,665          8,580
      Payroll and related                             46,925         47,618
      Property and other taxes                        34,676         30,137
      Other                                           58,064         58,121
        Total current liabilities                    181,650        183,437
    Long-term debt, less current maturities        1,476,081      1,497,591
    Other accrued liabilities                         51,062         52,821
    Other long-term liabilities                       50,423         52,305
    Stockholders' equity:
      Preferred stock, $.01 par value; 2,000,000
       shares authorized; none issued                      -              -
      Common stock, $.01 par value; 45,000,000 shares
       authorized; shares issued:
        36,104,924 at October 26, 2008 and 35,229,006
         at April 27, 2008                               361            353
      Class B common stock, $.01 par value; 3,000,000
       shares authorized; none issued                      -              -
      Additional paid-in capital                     193,936        188,036
      Retained earnings                               41,127         58,253
      Accumulated other comprehensive income (loss)   (9,720)        (5,601)
                                                     225,704        241,041
    Treasury stock, 4,340,476 shares at October 26,
     2008 and 4,372,073 shares at April 27, 2008     (52,399)       (53,029)
      Total stockholders' equity                     173,305        188,012
      Total liabilities and stockholders' equity  $1,932,521     $1,974,166



                         Isle of Capri Casinos, Inc.
                       Supplemental Data - Net Revenues
                          (unaudited, in thousands)

                             Three Months Ended          Six Months Ended
                           October 26,  October 28,   October 26,  October 28,
                              2008         2007          2008         2007
    Mississippi
      Biloxi                $19,112       $21,019      $43,455      $47,772
      Natchez                 8,511         8,766       17,096       18,420
      Lula                   15,945        18,549       34,346       38,065
      Mississippi Total      43,568        48,334       94,897      104,257

    Louisiana
      Lakes Charles          32,928        37,502       74,102       80,503

    Missouri
      Kansas City            17,360        18,766       35,571       38,476
      Boonville              18,610        20,403       38,845       41,069
      Caruthersville (2)      7,331         7,459       15,146       11,839
      Missouri Total         43,301        46,628       89,562       91,384

    Iowa
      Bettendorf             23,154        23,133       49,281       46,580
      Davenport              13,357        13,068       23,942       26,677
      Marquette               8,327         8,875       16,814       18,372
      Waterloo (2)           20,267        18,955       39,866       27,069
      Iowa Total             65,105        64,031      129,903      118,698

    Colorado
      Black Hawk/Colorado
       Central Station       31,423        39,309       64,612       78,529

    Florida
      Pompano (2)            31,117        36,396       68,020       70,593

    International
      Blue Chip               1,840         2,078        3,903        4,555
      Coventry (2)            2,723         1,576        5,570        1,976
      Our Lucaya              2,072         2,879        5,645        6,709
      International Total     6,635         6,533       15,118       13,240

    Other                        63           105          231          167

                           $254,140      $278,838     $536,445     $557,371



                         Isle of Capri Casinos, Inc.
                          Supplemental Data - EBITDA
                          (unaudited, in thousands)

                             Three Months Ended           Six Months Ended
                           October 26,   October 28,   October 26, October 28,
                              2008          2007          2008        2007

    Mississippi
      Biloxi                 $1,333        $2,967       $6,245       $9,260
      Natchez                 2,729         2,547        5,707        5,571
      Lula                    3,526         4,862        9,626       10,289
      Mississippi Total       7,588        10,376       21,578       25,120

    Louisiana
      Lakes Charles           5,467         7,676       16,154       18,222

    Missouri
      Kansas City             2,658         2,301        6,277        6,011
      Boonville               5,995         6,184       12,343       12,797
      Caruthersville (2)      1,246         1,809        2,949        2,927
      Missouri Total          9,899        10,294       21,569       21,735

    Iowa
      Bettendorf              7,945         7,040       17,514       14,752
      Davenport               4,309         2,637        7,509        6,203
      Marquette               2,267         2,067        4,687        4,825
      Waterloo (2)            5,589         3,761       11,722        3,481
      Iowa Total             20,110        15,505       41,432       29,261

    Colorado
      Black Hawk/Colorado
       Central Station        7,919        14,035       17,327       27,911

    Florida
      Pompano (2)              (224)        2,844        2,006        2,238

    International
      Blue Chip                (195)         (433)        (307)        (409)
      Coventry (2)             (802)       (4,146)      (2,326)      (8,255)
      Our Lucaya               (918)         (897)      (1,074)        (956)
      International Total    (1,915)       (5,476)      (3,707)      (9,620)

    Total Property
     EBITDA(1)               48,844        55,254      116,359      114,867

    Corporate, Development
     and Other(3)(4)        (13,161)      (17,680)     (29,298)     (28,690)

    Minority Interest             -        (2,046)           -       (3,973)

    Total EBITDA(1)         $35,683       $35,528      $87,061      $82,204



                         Isle of Capri Casinos, Inc.
       Supplemental Data - Reconciliation of Operating Income to EBITDA
                          (unaudited, in thousands)

                          Three Months Ended         Three Months Ended
                           October 26, 2008           October 28, 2007

                              Depreciation                Depreciation
                   Operating       and           Operating     and
                     Income   Amortization EBITDA  Income Amortization EBITDA
    Mississippi
      Biloxi        $(3,093)    $4,426    $1,333  $(1,724)   $4,691    $2,967
      Natchez         1,925        804     2,729    1,612       935     2,547
      Lula            1,404      2,122     3,526    1,583     3,279     4,862
      Mississippi
       Total            236      7,352     7,588    1,471     8,905    10,376

    Louisiana
      Lakes Charles   2,320      3,147     5,467    3,855     3,821     7,676

    Missouri
      Kansas City     1,503      1,155     2,658      827     1,474     2,301
      Boonville       4,776      1,219     5,995    4,911     1,273     6,184
      Caruthersville(2)  58      1,188     1,246    1,130       679     1,809
      Missouri Total  6,337      3,562     9,899    6,868     3,426    10,294

    Iowa
      Bettendorf      5,698      2,247     7,945    4,655     2,385     7,040
       Davenport      3,249      1,060     4,309   1,345      1,292     2,637
      Marquette       1,583        684     2,267    1,318       749     2,067
      Waterloo (2)    2,686      2,903     5,589      997     2,764     3,761
      Iowa Total     13,216      6,894    20,110    8,315     7,190    15,505

    Colorado
      Black Hawk/
       Colorado
       Central
       Station        3,432      4,487     7,919   10,038     3,997    14,035

    Florida
      Pompano (2)    (4,395)     4,171      (224)  (1,161)    4,005     2,844

    International
      Blue Chip        (267)        72      (195)    (560)      127      (433)
      Coventry (2)   (2,063)     1,261      (802)  (6,058)    1,912    (4,146)
      Our Lucaya       (922)         4      (918)    (899)        2      (897)
      International
       Total         (3,252)     1,337    (1,915)  (7,517)    2,041    (5,476)

    Total Properties 17,894     30,950    48,844   21,869    33,385    55,254

    Corporate,
     Development and
     Other (3)(4)   (14,479)     1,318   (13,161) (19,565)    1,885   (17,680)
    Minority Interest                         -                        (2,046)
                     $3,415    $32,268   $35,683   $2,304   $35,270   $35,528



                         Isle of Capri Casinos, Inc.
       Supplemental Data - Reconciliation of Operating Income to EBITDA
                          (unaudited, in thousands)

                             Six Months Ended           Six Months Ended
                             October 26, 2008           October 28, 2007

                              Depreciation                Depreciation
                   Operating       and           Operating     and
                     Income   Amortization EBITDA  Income Amortization EBITDA
    Mississippi
      Biloxi        $(2,731)    $8,976    $6,245    $(216)   $9,476    $9,260
      Natchez         4,018      1,689     5,707    3,676     1,895     5,571
      Lula            5,252      4,374     9,626    4,175     6,114    10,289
      Mississippi
       Total          6,539     15,039    21,578    7,635    17,485    25,120

    Louisiana
      Lakes Charles   9,709      6,445    16,154   10,526     7,696    18,222

    Missouri
      Kansas City     3,858      2,419     6,277    3,243     2,768     6,011
      Boonville       9,914      2,429    12,343   10,296     2,501    12,797
      Caruthersville(2) 630      2,319     2,949    1,956       971     2,927
      Missouri Total 14,402      7,167    21,569   15,495     6,240    21,735

    Iowa
      Bettendorf     12,967      4,547    17,514    9,883     4,869    14,752
      Davenport       5,322      2,187     7,509    3,562     2,641     6,203
      Marquette       3,311      1,376     4,687    3,259     1,566     4,825
      Waterloo (2)    6,004      5,718    11,722     (225)    3,706     3,481
      Iowa Total     27,604     13,828    41,432   16,479    12,782    29,261

    Colorado
      Black Hawk/
       Colorado
       Central
       Station        8,352      8,975    17,327   19,943     7,968    27,911

    Florida
      Pompano (2)    (6,371)     8,377     2,006   (5,615)    7,853     2,238

    International
      Blue Chip        (477)       170      (307)    (661)      252      (409)
      Coventry (2)   (4,662)     2,336    (2,326) (11,005)    2,750    (8,255)
      Our Lucaya     (1,083)         9    (1,074)    (958)        2      (956)
      International
       Total         (6,222)     2,515    (3,707) (12,624)    3,004    (9,620)

    Total Properties 54,013     62,346   116,359   51,839    63,028   114,867

    Corporate,
     Development
     and
     Other (3)(4)   (31,959)     2,661   (29,298) (31,489)    2,799   (28,690)
    Minority
     Interest                                 -                        (3,973)
                    $22,054    $65,007   $87,061  $20,350   $65,827   $82,204



    1.  EBITDA is "earnings before interest and other non-operating income
        (expense), income taxes, and depreciation and amortization."  EBITDA
        is presented after consideration of minority interest.  "Property
        EBITDA" is EBITDA before Corporate and development expenses and
        minority interest.  EBITDA is presented solely as a supplemental
        disclosure because management believes that it is 1) a widely used
        measure of operating performance in the gaming industry, 2) used as a
        component of calculating required leverage and minimum interest
        coverage ratios under our Senior Credit Facility and 3) a principal
        basis of valuing gaming companies. Management uses EBITDA and Property
        EBITDA as the primary measure of the Company's operating properties'
        performance, and they are important components in evaluating the
        performance of management and other operating personnel in the
        determination of certain components of employee compensation.  EBITDA
        should not be construed as an alternative to operating income as an
        indicator of the Company's operating performance, as an alternative to
        cash flows from operating activities as a measure of liquidity or as
        an alternative to any other measure determined in accordance with U.S.
        generally accepted accounting principles (GAAP).  The Company has
        significant uses of cash flows, including capital expenditures,
        interest payments, taxes and debt principal repayments, which are not
        reflected in EBITDA.  Also, other gaming companies that report EBITDA
        information may calculate EBITDA in a different manner than the
        Company.  A reconciliation of EBITDA and Property EBITDA to operating
        income is included in the financial schedules accompanying this
        release. A reconciliation of EBITDA to the Company's net income (loss)
        is shown below (in thousands).



                            Three Months Ended            Six Months Ended
                          October 26,    October 28,  October 26,  October 28,
                             2008           2007         2008         2007

    EBITDA                  $35,683       $35,528       $87,061      $82,204
      (Add)/deduct:
      Depreciation and
       amortization          32,268        35,270        65,007       65,827
      Interest expense:
        Interest expense,
         net                 24,338        28,036        48,437       52,756
        Loss on early
         extinguishment
         of debt                  -        11,468             -       13,660
      Income tax
       provision (benefit)   (7,423)      (14,611)       (9,257)     (18,289)
    Net income (loss)      $(13,500)     $(24,635)     $(17,126)    $(31,750)



        Certain of our debt agreements use "Adjusted EBITDA" as a financial
        measure for the calculation of financial debt covenants.  Adjusted
        EBITDA differs from EBITDA as Adjusted EBITDA includes add back of
        items such as pre-opening expenses, certain write-offs and valuation
        expenses, and stock compensation expense.  Reference can be made to
        the definition of Adjusted EBITDA in the applicable debt agreements on
        file as Exhibits to our filing with the Securities and Exchange
        Commission.

    2.  During 2007, we opened or acquired new properties as follows:



                             Property         Date

                             Pompano          April 2007
                             Caruthersville   June 2007
                             Waterloo         June 2007
                             Coventry         July 2007



        Our operating results reflect the impact of these openings as well as
        the incurrence of pre-opening costs for the three and six months ended
        October 26, 2007 as follows:



                                             Pre-Opening Expenses
                                               October 28, 2007
    Property                    Three Months Ended           Six Months Ended
    Pompano                              $-                        $307
    Waterloo                            324                       3,348
    Coventry                              -                       2,802



    3.  Total consolidated stock compensation expense including corporate and
        properties for the three and six months ended October 26, 2008 and
        October 28, 2007 was $3.8 million, $6.5 million, $2.9 million, and
        $3.8 million respectively, of which, $2.8 million, $4.8 million, $2.5
        million, and $3.2 million were included in corporate and development
        expense, respectively.

    4.  Write-offs and other charges for the six months ended October 26, 2008
        reflect a charge for $6.0 million relating the termination of an
        agreement for the potential development of a casino project in the
        Portland, Oregon area. As a part of this termination agreement reached
        during the six months ended October 26, 2008, we agreed to terminate
        our rights under a land option and to pay a termination fee. As a
        result of this termination, we recorded a $6.0 million charge
        consisting of a write-off of $5.0 million representing our previously
        capitalized rights under the land option and $1.0 million termination
        fee.  For the three and six months ended October 28, 2007, write-offs
        and other charges reflected a $6.5 million for the termination of a
        lease to develop a new casino in West Harrison County, Mississippi and
        the write-off of construction projects in Davenport, Iowa, and Kansas
        City, Missouri.

About Isle of Capri Casinos, Inc.

Isle of Capri Casinos, Inc., founded in 1992, is dedicated to providing its customers with an exceptional gaming and entertainment experience at each of its 18 casino properties. The Company owns and operates casinos in Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport, Marquette and Waterloo, Iowa; Boonville, Caruthersville, Kansas City, Missouri; two casinos in Black Hawk, Colorado; and a casino and harness track in Pompano Beach, Florida. Isle of Capri Casinos' international gaming interests include a casino that it operates in Freeport, Grand Bahama, a casino in Coventry, England, and a two-thirds ownership interest in casinos in Dudley and Wolverhampton, England.

Forward-Looking Statements

This press release may 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 conditions, the economy, financing sources, development and construction activities, costs and delays, weather, permits, competition and business conditions in the gaming industry. The forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements herein.

Additional information concerning potential factors that could affect the Company's financial condition and results of operations is included in the Company's filings with the Securities and Exchange Commission, including, but not limited to, the Company's annual report on Form 10-K for the most recently ended fiscal year. This and other information is available through the Securities and Exchange Commission at http://www.sec.gov, or through the Company's website, http://www.islecorp.com.

     CONTACTS:
     Isle of Capri Casinos, Inc.,
          Dale Black, Chief Financial Officer-314.813.9327
          Jill Haynes, Senior Director of Corporate Communication-314.813.9368

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SOURCE Isle of Capri Casinos, Inc.

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