Write-downs on the value of two casinos sold during the past year sent Isle of Capri Casinos, Inc. earnings to a loss of $3.35 per share for fiscal 2012. That compares to a 13 cents per share profit in fiscal 2011.
The Isle owns both the Isle of Capri riverboat casino in Bettendorf and the Rhythm City Casino in Davenport.
For fiscal 2012 ended April 29, the Isle reported a $17.4 million loss from continuing operation, compared to a $3.7 million profit for the year earlier.
When the $113-million write-down on the sale of its Biloxi casino and the $16-million write-down of its gambling riverboat in Lake Charles, Lousiana, are included, the Isle's net loss totaled nearly $130 million for fiscal 2012.
For the fourth quarter, the Isle reported a loss of 3.20 cents per share, compared to a profit of 29 cents per share for the same quarter a year ago.
Overall revenues in fiscal 2012 were up more than $40 million compared to fiscal 2011, but operating expenses climbed $58 million.
For the Bettendorf gambling operations, net revenues for fiscal 2012 totaled $79.2 million, virtually the same as a year ago when Isle property reported $79 million in net revenue.
For the Davenport casino, net revenues in 2012 totaled $44 million, up $300,000 from the previous fiscal year.
CLICK HERE to download the Isle financials for the fourth quarter and fiscal 2012.
