Isle of Capri releases second-quarter earnings

Isle Of Capri Casinos Inc., the company that built and owns Isle Casino Cape Girardeau, announced second-quarter earnings results Thursday, but revenue from the company's newest operation was not included because of the opening date of the casino falling shortly after the end of the quarter.

Earnings from the casino, which opened Oct. 30, will be reported by the company after the third quarter. The second quarter ended Oct. 28.

Dale Black, chief financial officer for Isle of Capri, said in a conference call Thursday that loss per share for continuing operations for the quarter was 11 cents, which was affected by $2.7 million in pre-opening costs in Cape Girardeau and about $2.5 million in costs associated with a subordinated note offering from the company in July.

"Cape is ramping up to our expectations and we are looking forward to introducing the property to the investment community next week," said Virginia McDowell, president and chief executive officer of Isle of Capri.

McDowell congratulated and thanked the staff of the Cape Girardeau casino.

Several issues at the company's Mississippi properties, including disruption at one casino caused by construction and a temporary closure because of storm damage at another, caused a decline in revenue, according to McDowell.

Without the Cape Girardeau opening and other costs, according to a news release, the earnings per share would have been even.

Net revenue decreased $8.2 million during the period, to $223.2 million.

Pertinent address:

777 N. Main, Cape Girardeau, Mo.