(RTTNews) -  Tuesday, gaming facilities operator Isle of Capri Casinos Inc. (ISLE: News ) posted profit for the second quarter from a loss reported in the same period a year ago, as expenses declined. Revenues for the quarter were slightly down compared to last year.

The St. Louis, Missouri-based company posted net income of $1.56 million or $0.05 per share, compared to a net loss of $13.5 million or $0.43 per share in the year ago period. On average, eight analysts polled by Thomson Reuters expected the company to post a loss of $0.05 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly net revenues slipped to $247.37 million from $249.58 million in the same period last year. Analysts expected revenues of $250.24 million.

Casino revenues increased to $252.19 million from $251.83 million in the comparable quarter last year, while room revenues declined to $11.8 million from $12.77 million a year ago.

Total operating expenses declined to $234.51 million from $243.81 million in the prior year quarter.

The company also noted that its interest expense for the quarter declined to $17.9 million from $24.23 million in the prior year quarter, primarily as a result of lower debt levels.
For the first half, the company had net income of $2.47 million or $0.08 per share, compared to net loss of $17.13 million or $0.55 per share in the corresponding period last year. Net revenues dipped to $507.31 million from $526.97 million a year ago.

Virginia McDowell, president and chief operating officer, commented, "While we performed well overall, the competitive landscape in three markets presented difficulties during the quarter that we continue to address. In Iowa, the introduction or expansion of several new facilities has had a significant negative impact on our revenues and earnings, and we are exploring new strategies to improve our market share there as the trial period for the newer facilities fades."

Additionally, the company indicated that it closed the sale of a majority of its Blue Chip operating casino assets, completed exit from the property in Grand Bahama, and expect to liquidate its remaining United Kingdom net assets before the end of the current fiscal year.

ISLE is trading at $8.57, up $1.00 or $13.21% on Nasdaq in early morning trade.

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by RTT Staff Writer

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