Isle Of Capri Casinos (ISLE) Tops Q2 EPS by 6c

Isle Of Capri Casinos (NASDAQ: ISLE) reported Q2 EPS of $0.02, $0.06 better than the analyst estimate of ($0.04). Revenue for the quarter came in at $238.9 million versus the consensus estimate of $232.9 million.

Virginia McDowell, the Company's president and chief executive officer, commented,

"Approximately a year ago, we undertook a comprehensive review of our business practices and implemented bold changes to the way we view and operate our business. We saw the benefits of those efforts once again as this is the third consecutive quarter we reported a year over year increase in Adjusted EBITDA.

"Our business continued to gain momentum during the quarter as we saw a year over year increase in net revenues and Adjusted EBITDA at ten properties. A combination of better overall macro-economic trends and our redesigned marketing and operating programs resulted in a 3% revenue increase year over year, while our more streamlined cost structure contributed to a 17% increase in Adjusted EBITDA year over year. Our revenue flow through during the quarter was 87%, demonstrating the operating leverage in our business.

"We continue to focus on improving the profitability of our newest properties and saw positive results at Cape Girardeau where Adjusted EBITDA improved 51% year over year. At Nemacolin we reduced the Adjusted EBITDA loss by nearly $1 million year over year and are continuing to focus on driving profitable revenues.

"We also remain focused on improving our balance sheet and property assets. We reduced debt by approximately $32 million since the beginning of our fiscal year, while continuing to invest in our properties to enhance the guest experience."

For earnings history and earnings-related data on Isle Of Capri Casinos (ISLE) click here.

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