Isle of Capri Casinos, Inc. lost nearly $2.7 million during the first quarter, with the poor financial news Tuesday (August 31) prompting a 24 percent drop in the company's stock price.
The Isle operates four casinos in Iowa, including "riverboats" in Bettendorf and Davenport. The quarterly loss would have been even higher, $4.5 million, without a one-time income tax benefit of $1.9 million.
The company's stock was trading at $8.91 per share August 30, and fell to a low of $6.75 after the earnings release August 31. The stock was trading at $6.79 as of Friday (Sept. 3).
For the first quarter ended July 25, the Isle reported a loss of 8 cents per share, compared to a 3 cents per share gain for the same period a year ago.
Revenues at the Bettendorf Isle fell from $21.2 million in the first quarter last year to $19.7 million this year. Revenues at the Davenport Isle property (Rhythm City) fell from $12.5 million in the first quarter last year to $11.3 million this year. The company's newest Iowa casino in Waterloo posted a $1 million gain in revenue compared to the first quarter of last year.
Adding in the Marquette operation, the Isle's Iowa revenues for the first quarter totaled $59 million, down from $61 million for the same period a year ago.
The biggest drop in corporation's revenue came at its Colorado (Black Hawk) casino where revenues were off nearly $4 million, falling to $30 million this year compared to $33.8 million a year ago. Casino revenues at the company's Mississippi and Florida casinos and tracks were up slightly compared to a year earlier.
CLICK HERE for the complete earnings filing with the U.S. Securities and Exchange Commission (SEC).
