Isle of Capri Casinos Inc. (ISLE) reported Wednesday a profit in the fourth quarter compared to loss in the corresponding quarter last year, despite dip in Casino revenues, reflecting mainly a gain on early extinguishment of debt this year. Analysts were expecting a loss of $0.03 a share for the period.
For the fourth quarter, net income was $14.59 million or $0.46 per share, compared to a net loss of $51.28 million or $1.66 per share in the previous year.
On average, Analysts polled by Thomson Reuters expected the company to report a loss of $0.03 per share in the fourth quarter. Analysts' estimates typically exclude special items.
Income from continuing operations before income taxes was $41.7 million, compared to loss of $6.1 million in the prior-year period.
Net revenues for the quarter decreased to $287.22 million from $292.62 million in the same period last year. Five analysts were expecting the company to record revenues of $279.70 million for the period.
Casino revenues slid year-over-year to $288.3 million from $292.1 million, while rooms revenues came down to $10..7 million from $11.9 million and Pari-mutuel, food, beverage and other revenues declined to $37.8 million from $40.3 million in the year-ago period.
Virginia McDowell, the Company's chief operating officer, said, "We experienced a significant decline in our retail play along with a decrease in the trip frequency and spend of our database customers late in calendar 2008. While January and February saw a somewhat substantial increase across both of these customer groups, we did see a moderate pull-back in spending during March and April."
Considering that the database customers increased trip frequency, but with lower average spend and lower retail visitation, Isle expects the trends from March and April to continue until the economy and consumer confidence improves.
During the fourth quarter of 2009, the company benefited from hurricane insurance recoveries of $2.9 million.
Total operating expenses increased to $284.2 million from $271.8 million, chiefly because the company had to pay valuation charges of $30.1 million in the latest quarter.
Gain on early extinguishment of debt was $57.7 million in the fourth quarter of 2009, compared to loss of $1.6 million in the past year.
For the full year, net income was $43.6 million or $1.39 a share, compared to loss of $96.9 million or $3.16 a share for 2008. Net revenues edged up year-on-year to $1.12 billion from $1.11 billion.
Analysts expected the company to report loss of $0.85 per share on revenue of $1.06 billion in fiscal 2009.
Looking ahead, for fiscal 2010, the company expects maintenance capital expenditures to be about $40 million.
ISLE is currently trading at $13.71, up $1.15 or 9.16%, on the NYSE.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.