Isle of Capri Casinos, Inc. today (11/29) reported a $6.65 million loss for its second quarter, and company officials primarily blamed the decline on the poor performance of its gambling operations in Mississippi.
For the quarter ended Oct. 28, the Isle reported a loss of 17 cents per share, compared with a loss of 4 cents per share for the same period a year ago.
President and Chief Executive Officer Virginia McDowell said the earnings "continue to be hampered by several factors in Mississippi" including "construction disruption in Vicksburg," which she said is expected to end soon. "However, others (factors) related to market conditions and operations have the full attention and focus of our team," McDowell said in the earnings news release.
Overall, revenues for the second quarter totaled $223 million, down 3.5 percent from revenue of $231 million for the same period in 2011. Revenues at the company's Natchez, Lula and Vicksburg, Mississippi, facilities were off a combined $4 million when compared with the same period a year ago.
Net revenues at the Bettendorf Isle of Capri Casino increased nearly 3 percent to $19.7 million, while revenues at the Davenport Rhythm City Casino fell 1 percent to $10.4 million.
Results also were affected by higher promotional allowances, which totaled $50.2 million for the quarter, compared with $47.5 million for the same quarter a year ago. Interest expenses for the quarter totaled nearly $30 million.
The company stock (Nasdaq: Isle) Thursday closed at $5.01, down more than 5 percent (29 cents) for the day.
CLICK HERE to download the Isle's second quarter financial report.
