Casino operator Isle of Capri Casinos Inc. on Wednesday reported a wider fiscal fourth-quarter loss, hurt by a hefty impairment charge related to its U.K. business and an increase in operating expenses, but adjusted results beat Wall Street expectations.
For the three months ended April 27, the company reported a loss of $51.3 million, or $1.66 per share, compared with a loss of $14.6 million, or 48 cents per share, in the year-ago period. Excluding an impairment charge of $1.60 per share related to its U.K. operations, the company's loss totaled 6 cents per share in the latest quarter.
Revenue rose 15 percent to $350.1 million from $304.7 million in the prior-year quarter.
Analysts polled by Thomson Financial, on average, estimated a larger loss of 12 cents per share on sales of $301.8 million. Analyst estimates typically exclude one-time, unusual items.
Total operating expenses rose 49 percent to $361 million from $242.5 million in the fourth quarter of last year, due in part to a steep increase in write-offs and other valuation charges.
"During the fourth quarter, the closure of our property for 15 days in Natchez due to flooding, the implementation of the Colorado smoking ban, the rising price of gas and the overall pressure on the national economy did, we believe, have an impact on our results," said Virginia McDowell, president and chief operating officer, in a statement.
For the full year, the company reported a loss of $96.9 million, or $3.16 per share, compared with a loss of $4.6 million, or 15 cents per share, in fiscal 2007.
Revenue increased 9 percent to $1.33 billion from $1.22 billion.
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