Delaware
|
41-1659606
|
(State
or other jurisdiction of
incorporation
or organization)
|
(I.R.S.
Employer
Identification
Number)
|
1641
Popps Ferry Road, Biloxi, Mississippi
|
39532
|
(Address
of principal executive offices)
|
(Zip
Code)
|
|
|
PAGE
|
PART
I
|
FINANCIAL
INFORMATION
|
|
ITEM 1.
|
FINANCIAL
STATEMENTS
|
|
|
CONSOLIDATED
BALANCE SHEETS, OCTOBER 23, 2005 (UNAUDITED)
AND
APRIL 24, 2005
|
2
|
|
CONSOLIDATED
STATEMENTS OF INCOME FOR THE THREE MONTHS AND SIX MONTHS ENDED
OCTOBER 23,
2005 AND OCTOBER 24, 2004 (UNAUDITED)
|
3
|
CONSOLIDATED
STATEMENT OF STOCKHOLDERS’ EQUITY FOR THE SIX MONTHS ENDED OCTOBER 23,
2005 (UNAUDITED)
|
4
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED OCTOBER 23,
2005 AND
OCTOBER 24, 2004 (UNAUDITED)
|
5
|
|
NOTES
TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
|
7
|
ITEM 2.
|
MANAGEMENT’S
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
|
26
|
ITEM 3.
|
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
|
37
|
ITEM 4.
|
CONTROLS
AND PROCEDURES
|
38
|
PART
II
|
OTHER
INFORMATION
|
|
ITEM 1.
|
LEGAL
PROCEEDINGS
|
39
|
ITEM 2.
|
UNREGISTERED
SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
40
|
ITEM 3.
|
DEFAULTS
UPON SENIOR SECURITIES
|
40
|
ITEM 4.
|
SUBMISSION
OF MATTERS TO A VOTE OF SECURITY HOLDERS
|
41
|
ITEM 5.
|
OTHER
INFORMATION
|
41
|
ITEM 6.
|
EXHIBITS
|
41
|
SIGNATURE
|
42
|
|
EXHIBITS
|
43
|
ASSETS
|
October
23,
|
April
24,
|
|||||
2005
|
2005
|
||||||
Current
assets:
|
|||||||
Cash
and cash equivalents
|
$
125,495
|
$
146,743
|
|||||
Marketable
securities
|
19,016
|
16,016
|
|||||
Accounts
receivable, net
|
15,377
|
15,460
|
|||||
Insurance
receivable
|
70,196
|
-
|
|||||
Deferred
income taxes
|
8,681
|
8,607
|
|||||
Deferred
state income taxes
|
988
|
988
|
|||||
Prepaid
expenses and other assets
|
23,846
|
16,634
|
|||||
Total
current assets
|
263,599
|
204,448
|
|||||
Property
and equipment, net
|
1,030,246
|
1,026,906
|
|||||
Other
assets:
|
|||||||
Goodwill
|
340,254
|
343,851
|
|||||
Other
intangible assets
|
92,829
|
72,364
|
|||||
Deferred
financing costs, net
|
17,830
|
19,461
|
|||||
Restricted
cash
|
2,208
|
2,193
|
|||||
Prepaid
deposits and other
|
27,063
|
15,665
|
|||||
Total
assets
|
$
|
1,774,029
|
$
|
1,684,888
|
|||
LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|||||||
Current
liabilities:
|
|||||||
Current
maturities of long-term debt
|
$
|
6,951
|
$
|
7,501
|
|||
Accounts
payable
|
52,050
|
42,456
|
|||||
Accrued
liabilities:
|
|||||||
Interest
|
10,921
|
10,312
|
|||||
Payroll
and related
|
49,338
|
47,806
|
|||||
Property
and other taxes
|
29,196
|
21,061
|
|||||
Income
taxes
|
3,611
|
1,160
|
|||||
Progressive
jackpots and slot club awards
|
15,174
|
15,045
|
|||||
Other
|
49,693
|
34,321
|
|||||
Total
current liabilities
|
216,934
|
179,662
|
|||||
Long-term
debt, less current maturities
|
1,205,112
|
1,148,617
|
|||||
Deferred
income taxes
|
43,594
|
45,544
|
|||||
Deferred
state income taxes
|
9,329
|
9,329
|
|||||
Other
accrued liabilities
|
22,675
|
17,115
|
|||||
Minority
interest
|
25,789
|
23,225
|
|||||
Stockholders'
equity:
|
|||||||
Preferred
stock, $.01 par value; 2,000 shares authorized; none
issued
|
-
|
-
|
|||||
Common
stock, $.01 par value; 45,000 shares authorized; shares issued
and
|
|||||||
outstanding:
33,624 at October 23, 2005 and 33,528 at April 24, 2005
|
336
|
335
|
|||||
Class
B common stock, $.01 par value; 3,000 shares authorized; none
issued
|
-
|
-
|
|||||
Additional
paid-in capital
|
149,030
|
148,177
|
|||||
Unearned
compensation
|
(1,830)
|
|
(1,488)
|
|
|||
Retained
earnings
|
145,898
|
146,133
|
|||||
Accumulated
other comprehensive income (loss)
|
(598)
|
|
2,858
|
||||
292,836
|
296,015
|
||||||
Treasury
stock, 3,909 shares at October 23, 2005 and 3,607 shares at
April 24,
2005
|
(42,240)
|
|
(34,619)
|
|
|||
Total
stockholders' equity
|
250,596
|
261,396
|
|||||
Total
liabilities and stockholders' equity
|
$
|
1,774,029
|
$
|
1,684,888
|
|||
Three Months Ended |
Six
Months Ended
|
||||||||||||
October
23,
|
October
24,
|
October
23,
|
October
24,
|
||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
Revenues:
|
|||||||||||||
Casino
|
$
|
252,579
|
$
|
273,564
|
$
|
536,430
|
$
|
555,644
|
|||||
Rooms
|
12,903
|
12,309
|
27,203
|
25,212
|
|||||||||
Pari-mutuel
commissions and fees
|
3,779
|
3,362
|
8,951
|
7,801
|
|||||||||
Food,
beverage and other
|
32,325
|
36,248
|
70,895
|
72,440
|
|||||||||
Gross
revenues
|
301,586
|
325,483
|
643,479
|
661,097
|
|||||||||
Less
promotional allowances
|
53,644
|
57,712
|
114,003
|
114,606
|
|||||||||
Net
revenues
|
247,942
|
267,771
|
529,476
|
546,491
|
|||||||||
Operating
expenses:
|
|||||||||||||
Casino
|
40,612
|
46,658
|
87,592
|
91,838
|
|||||||||
Gaming
taxes
|
56,372
|
61,810
|
119,143
|
124,570
|
|||||||||
Rooms
|
2,922
|
2,586
|
5,939
|
5,414
|
|||||||||
Pari-mutuel
|
3,200
|
2,749
|
7,116
|
6,219
|
|||||||||
Food,
beverage and other
|
7,948
|
8,691
|
17,088
|
17,785
|
|||||||||
Marine
and facilities
|
17,259
|
16,191
|
34,099
|
33,266
|
|||||||||
Marketing
and administrative
|
78,055
|
80,488
|
163,393
|
158,764
|
|||||||||
Other
charges
|
151
|
192
|
184
|
247
|
|||||||||
Hurricane
related charges, net
|
1,200
|
-
|
1,200
|
-
|
|||||||||
Depreciation
and amortization
|
25,383
|
25,725
|
50,652
|
49,246
|
|||||||||
Total
operating expenses
|
233,102
|
245,090
|
486,406
|
487,349
|
|||||||||
Operating
income
|
14,840
|
22,681
|
43,070
|
59,142
|
|||||||||
Interest
expense
|
(21,394)
|
|
(18,958)
|
|
(41,604)
|
|
(36,353)
|
|
|||||
Interest
income
|
1,092
|
-
|
2,166
|
-
|
|||||||||
Minority
interest
|
(1,892)
|
|
(1,549)
|
|
(3,948)
|
|
(3,682)
|
|
|||||
Income
(loss) from continuing operations before income taxes
|
(7,354)
|
|
2,174
|
(316)
|
|
19,107
|
|||||||
Income
tax expense (benefit)
|
(3,135)
|
|
1,989
|
(139)
|
|
8,675
|
|||||||
Income
(loss) from continuing operations
|
(4,219)
|
|
185
|
(177)
|
|
10,432
|
|||||||
Income
(loss) from discontinued operations, net of income taxes
|
-
|
263
|
(58)
|
|
625
|
||||||||
Net
income (loss)
|
$
|
(4,219)
|
|
$
|
448
|
$
|
(235)
|
|
$
|
11,057
|
|||
Earnings
(loss) per common share-basic:
|
|||||||||||||
Income
(loss) from continuing operations
|
$
|
(0.14)
|
|
$
|
0.01
|
$
|
(0.01)
|
|
$
|
0.35
|
|||
Income
(loss) from discontinued operations, net of income taxes
|
-
|
0.01
|
(0.00)
|
|
0.02
|
||||||||
Net
income (loss)
|
$
|
(0.14)
|
|
$
|
0.02
|
$
|
(0.01)
|
|
$
|
0.37
|
|||
Earnings
(loss) per common share-diluted:
|
|||||||||||||
Income
(loss) from continuing operations
|
$
|
(0.14)
|
|
$
|
0.01
|
$
|
(0.01)
|
|
$
|
0.34
|
|||
Income
(loss) from discontinued operatons, net of income taxes
|
-
|
0.01
|
(0.00)
|
|
0.02
|
||||||||
Net
income (loss)
|
$
|
(0.14)
|
|
$
|
0.01
|
$
|
(0.01)
|
|
$
|
0.36
|
|||
Accum.
|
|||||||||||||||||||||||||
|
Other
|
||||||||||||||||||||||||
|
Compre-
|
||||||||||||||||||||||||
|
|
Shares
of
|
Additional
|
Unearned
|
hensive
|
Total
|
|||||||||||||||||||
Common
|
Common
|
Paid-in
|
Compen-
|
Retained
|
Income
|
Treasury
|
Stockholders'
|
||||||||||||||||||
|
Stock
|
Stock
|
Capital
|
sation
|
Earnings
|
(Loss)
|
|
Stock
|
Equity
|
||||||||||||||||
Balance,
April 24, 2005
|
33,528
|
$
|
335
|
$
|
148,177
|
$
|
(1,488)
|
|
$
|
146,133
|
$
|
2,858
|
$
|
(34,619)
|
|
$
|
261,396
|
||||||||
Net
loss
|
-
|
-
|
-
|
-
|
(235)
|
|
-
|
-
|
(235)
|
|
|||||||||||||||
Unrealized
gain on interest
|
|||||||||||||||||||||||||
rate
swap contracts
|
|||||||||||||||||||||||||
net
of income taxes of $158
|
-
|
-
|
-
|
-
|
-
|
237
|
-
|
237
|
|||||||||||||||||
Foreign
currency translation
|
|||||||||||||||||||||||||
adjustments
|
-
|
-
|
-
|
-
|
-
|
(3,693)
|
|
-
|
(3,693)
|
|
|||||||||||||||
Comprehensive
income (loss)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(3,691)
|
|
||||||||||||||||
Exercise
of stock options, including
|
|||||||||||||||||||||||||
income
tax benefit of $204
|
96
|
1
|
279
|
-
|
-
|
-
|
873
|
1,153
|
|||||||||||||||||
Purchase
of treasury stock
|
-
|
-
|
-
|
-
|
-
|
-
|
(8,494)
|
|
(8,494)
|
|
|||||||||||||||
Grant
of nonvested stock
|
-
|
-
|
574
|
(574)
|
|
-
|
-
|
-
|
-
|
||||||||||||||||
Amortization
of unearned
|
|||||||||||||||||||||||||
compensation
|
-
|
-
|
-
|
232
|
-
|
-
|
-
|
232
|
|||||||||||||||||
Balance,
October 23, 2005
|
33,624
|
$
|
336
|
$
|
149,030
|
$
|
(1,830)
|
|
$
|
145,898
|
$
|
(598)
|
|
$
|
(42,240)
|
|
$
|
250,596
|
|||||||
|
Six
Months Ended
|
||||||
|
October
23,
|
October
24,
|
|||||
2005
|
2004
|
||||||
Operating
activities:
|
|||||||
Net
income (loss)
|
$
|
(235)
|
|
$
|
11,057
|
||
Adjustments
to reconcile net income to net cash
|
|||||||
provided
by operating activities:
|
|||||||
Depreciation
and amortization
|
50,652
|
49,457
|
|||||
Amortization
of deferred financing costs
|
1,661
|
2,028
|
|||||
Amortization
of unearned compensation
|
232
|
328
|
|||||
Deferred
income taxes
|
(2,212)
|
|
-
|
||||
Minority
interest
|
3,948
|
3,682
|
|||||
Impairment
charges
|
60,051
|
-
|
|||||
Changes
in operating assets and liabilities:
|
|||||||
Accounts
receivable
|
(713)
|
|
519
|
||||
Insurance
receivable
|
(70,196)
|
|
-
|
||||
Income
tax payable
|
2,656
|
9,535
|
|||||
Prepaid
expenses and other assets
|
(7,445)
|
|
(5,763)
|
|
|||
Accounts
payable and accrued liabilities
|
16,400
|
15,060
|
|||||
Net
cash provided by operating activities
|
54,799
|
85,903
|
|||||
Investing
activities:
|
|||||||
Purchase
of property and equipment
|
(108,659)
|
|
(80,156)
|
|
|||
Acquistion
of license
|
(5,775)
|
|
-
|
||||
Purchase
of short-term investments, net of sales
|
(2,922)
|
|
-
|
||||
Payments
on notes receivable
|
12
|
(1,023)
|
|
||||
Restricted
cash
|
(173)
|
|
(70)
|
|
|||
Prepaid
deposits and other
|
(7,128)
|
|
(172)
|
|
|||
Net
cash used in investing activities
|
(124,645)
|
|
(81,421)
|
|
|||
Financing
activities:
|
|||||||
Proceeds
from debt
|
50,000
|
1,153
|
|||||
Net
increase in line of credit
|
10,000
|
1,634
|
|||||
Principal
payments on debt and cash paid to retire debt
|
(3,166)
|
|
(4,851)
|
|
|||
Payment
of deferred financing costs
|
(40)
|
|
(280)
|
|
|||
Purchase
of treasury stock
|
(8,494)
|
|
(6,360)
|
|
|||
Proceeds
from exercise of stock options
|
949
|
891
|
|||||
Cash
distributions to minority partner
|
-
|
(2,309)
|
|
||||
Net
cash provided by (used in) financing activities
|
49,249
|
(10,122)
|
|
||||
Effect
of foreign currency exchange rates on cash
|
(651)
|
|
31
|
||||
Net
decrease in cash and cash equivalents
|
(21,248)
|
|
(5,609)
|
|
|||
Cash
and cash equivalents at beginning of period
|
146,743
|
134,582
|
|||||
Cash
and cash equivalents at end of period
|
$
|
125,495
|
$
|
128,973
|
|||
Six
Months Ended
|
|||||||
October
23,
|
October
24,
|
||||||
2005
|
2004
|
||||||
Supplemental
disclosure of cash flow information:
|
|||||||
Net
cash payments for:
|
|||||||
Interest
|
$
|
41,859
|
$
|
36,323
|
|||
Income
taxes
|
(593)
|
|
(814)
|
|
|||
Supplemental
schedule of noncash investing and financing
activities:
|
|||||||
Other:
|
|||||||
Construction
costs funded through accrued liabilities
|
7,484
|
6,115
|
|||||
Acquisition
of license
|
16,000
|
-
|
|
|
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||
|
October
23, 2005
|
October
24, 2004
|
October
23, 2005
|
October
24, 2004
|
|||||||||
|
|
(In
thousands, except per share data)
|
|||||||||||
Income
(loss) from continuing operations
|
$
|
(4,219)
|
|
$
|
185
|
$
|
(177)
|
|
$
|
10,432
|
|||
Deduct:
Total stock-based employee
|
|||||||||||||
compensation
expense determined under fair
|
|||||||||||||
value
based method for all awards, net of
|
|||||||||||||
related
tax effects
|
(1,119)
|
|
(516)
|
|
(2,141)
|
|
(1,780)
|
|
|||||
Pro
forma Net Income before discontinued operations
|
$
|
(5,338)
|
|
$
|
(331)
|
|
$
|
(2,318)
|
|
$
|
8,652
|
||
Net
Income (loss) from discontinued operations
|
$
|
-
|
$
|
263
|
$
|
(58)
|
|
$
|
625
|
||||
Pro
forma Net Income (loss) after discontinued operations
|
$
|
(5,338)
|
|
$
|
(68)
|
|
$
|
(2,376)
|
|
$
|
9,277
|
||
|
|
||||||||||||
Earnings
per share: Basic
|
|||||||||||||
As
Reported
|
|||||||||||||
Income
(loss) from continuing operations
|
$
|
(0.14)
|
|
$
|
0.01
|
$
|
(0.01)
|
|
$
|
0.35
|
|||
Income
(loss) from discontinued operations
|
$
|
-
|
$
|
0.01
|
$
|
(0.00)
|
|
$
|
0.02
|
||||
Net
Income (loss)
|
$
|
(0.14)
|
|
$
|
0.02
|
$
|
(0.01)
|
|
$
|
0.37
|
|||
Earnings
per share: Basic
|
|||||||||||||
Pro
Forma
|
|||||||||||||
Income
(loss) from continuing operations
|
$
|
(0.18)
|
|
$
|
(0.01)
|
|
$
|
(0.08)
|
|
$
|
0.29
|
||
Income
(loss) from discontinued operations
|
$
|
-
|
$
|
0.01
|
$
|
(0.00)
|
|
$
|
0.02
|
||||
Net
Income (loss)
|
$
|
(0.18)
|
|
$
|
(0.00)
|
|
$
|
(0.08)
|
|
$
|
0.31
|
||
Earnings
per share: Diluted
|
|||||||||||||
As
Reported
|
|||||||||||||
Income
(loss) from continuing operations
|
$
|
(0.14)
|
|
$
|
0.01
|
$
|
(0.01)
|
|
$
|
0.34
|
|||
Income
(loss) from discontinued operations
|
$
|
-
|
$
|
0.01
|
$
|
(0.00)
|
|
$
|
0.02
|
||||
Net
Income (loss)
|
$
|
(0.14)
|
|
$
|
0.01
|
$
|
(0.01)
|
|
$
|
0.36
|
|||
Earnings
per share: Diluted
|
|||||||||||||
Pro
Forma
|
|||||||||||||
Income
(loss) from continuing operations
|
$
|
(0.18)
|
|
$
|
(0.01)
|
|
$
|
(0.08)
|
|
$
|
0.28
|
||
Income
(loss) from discontinued operations
|
$
|
-
|
$
|
0.01
|
$
|
(0.00)
|
|
$
|
0.02
|
||||
Net
Income (loss)
|
$
|
(0.18)
|
|
$
|
(0.00)
|
|
$
|
(0.08)
|
|
$
|
0.30
|
Risk-Free
|
Original
|
Expected
|
Expected
|
||||||||||||||
|
Fiscal
Quarter
|
Interest
Rate
|
Expected
Life
|
Volatility
|
Dividends
|
||||||||||||
|
October
23, 2005
|
4.00
|
%
|
|
6.26
|
years
|
55.8
|
%
|
|
None
|
|||||||
|
October
24, 2004
|
3.97
|
%
|
|
6.38
|
years
|
55.5
|
%
|
|
None
|
Balance
at April 24, 2005
|
$
|
343,851
|
||
Sale
of Colorado Grande Enterprises, Inc
|
(2,897)
|
|
||
Foreign
currency translation
|
(700)
|
|
||
Balance
at October 23, 2005
|
$
|
340,254
|
October
23,
|
April
24,
|
||||||||||||||
2005
|
2005
|
||||||||||||||
|
Gaming
licenses
|
$
|
75,143
|
$
|
53,379
|
||||||||||
Trademarks
and player database
|
17,686
|
18,985
|
|||||||||||||
Other
intangible assets, net
|
$
|
92,829
|
$
|
72,364
|
October
23,
|
April
24,
|
||||||
2005
|
2005
|
||||||
Long-term
debt consists of the following:
|
(In
thousands)
|
||||||
7%
Senior Subordinated Notes (described below)
|
$
|
500,000
|
$
|
500,000
|
|||
9%
Senior Subordinated Notes (described below)
|
200,000
|
200,000
|
|||||
Senior
Secured Credit Facility (described below):
|
|||||||
Variable
rate term loan
|
298,000
|
249,375
|
|||||
Revolver
|
-
|
-
|
|||||
Isle-Black
Hawk Senior Secured Credit Facility, non-recourse to Isle of Capri
|
|||||||
Casinos,
Inc. (described below):
|
|||||||
Variable
rate term loan Tranche A
|
-
|
-
|
|||||
Variable
rate term loan Tranche B
|
-
|
-
|
|||||
Variable
rate term loan Tranche C
|
162,525
|
163,350
|
|||||
Revolver
|
36,000
|
26,000
|
|||||
Special
Assessment BID Bonds, non-recourse to Isle of Capri Casinos,
Inc.
|
|||||||
(described
below)
|
532
|
590
|
|||||
Blue
Chip Credit Facility (6.50% at July 24, 2005) due January
2009;
|
|||||||
non-recourse
to Isle of Capri Casinos, Inc. (described below)
|
6,236
|
6,942
|
|||||
Variable
rate TIF Bonds due to City of Bettendorf (described below)
|
3,511
|
3,875
|
|||||
Variable
rate General Obligation Bonds due to City of Davenport (described
below)
|
1,675
|
1,830
|
|||||
12.5%
note payable, due in monthly installments of $125, including
interest,
|
|||||||
beginning
October 1997 through October 2005
|
-
|
494
|
|||||
Other
|
3,584
|
3,662
|
|||||
1,212,063
|
1,156,118
|
||||||
Less
current maturities
|
6,951
|
7,501
|
|||||
Long-term
debt
|
$
|
1,205,112
|
$
|
1,148,617
|
Year
|
Percentage
|
|||
2009
|
103.500
|
%
|
||
2010
|
102.333
|
%
|
||
2011
|
101.167
|
%
|
||
2012
and thereafter
|
100.000
|
%
|
Year
|
Percentage
|
|||
2007
|
104.500
|
%
|
||
2008
|
103.000
|
%
|
||
2009
|
101.500
|
%
|
||
2010
and thereafter
|
100.000
|
%
|
Unrealized
gain (loss) on interest rate swaps
|
Foreign
currency translation adjustment
|
Accumulated
other comprehensive income (loss)
|
|
|||||||
|
(In
thousands)
|
|||||||||
Balance,
April 24, 2005
|
$
|
105
|
$
|
2,753
|
$
|
2,858
|
||||
Net
change
|
74
|
(4,045)
|
|
(3,971)
|
|
|||||
Balance,
October 23, 2005
|
$
|
179
|
$
|
(1,292)
|
|
$
|
(1,113)
|
|
|
Three
Months Ended
|
Six
Months Ended
|
|||||||||||
October
23,
|
October
24,
|
October
23,
|
October
24,
|
||||||||||
2005
|
2004
|
2005
|
2004
|
||||||||||
(In
thousands, except per share data)
|
|||||||||||||
Numerator:
|
|||||||||||||
Net
income (loss)
|
$
|
(4,219)
|
|
$
|
448
|
$
|
(235)
|
|
$
|
11,057
|
|||
Numerator
for basic earnings per share - income (loss)
|
|||||||||||||
available
to common stockholders
|
$
|
(4,219)
|
|
$
|
448
|
$
|
(235)
|
|
$
|
11,057
|
|||
Effect
of diluted securities
|
-
|
-
|
-
|
-
|
|||||||||
Numerator
for diluted earnings per share-
|
|||||||||||||
income
(loss) available to common stockholders after
|
|||||||||||||
assumed
conversions
|
$
|
(4,219)
|
|
$
|
448
|
$
|
(235)
|
|
$
|
11,057
|
|||
Denominator:
|
|||||||||||||
Denominator
for basic earnings per share -
|
|||||||||||||
weighted
- average shares
|
30,097
|
29,532
|
30,105
|
29,610
|
|||||||||
Effect
of dilutive securities
|
|||||||||||||
Employee
stock options and
|
|||||||||||||
nonvested
restricted stock
|
-
|
1,010
|
-
|
1,036
|
|||||||||
Denominator
for diluted earnings per share -
|
|||||||||||||
adjusted
weighted - average shares and
|
|||||||||||||
assumed
conversions
|
30,097
|
30,542
|
30,105
|
30,646
|
|||||||||
Basic
earnings (loss) per share
|
$
|
(0.14)
|
|
$
|
0.02
|
$
|
(0.01)
|
|
$
|
0.37
|
|||
Diluted
earnings (loss) per share
|
$
|
(0.14)
|
|
$
|
0.01
|
$
|
(0.01)
|
|
$
|
0.36
|
Isle
of Capri
|
(b)
|
Consolidating
|
||||||||||||||
|
Casinos,
Inc.
|
(a)
|
|
Non-
|
and
|
Isle
of Capri
|
||||||||||
(Parent
|
Guarantor
|
Guarantor
|
Eliminating
|
Casinos,
Inc.
|
||||||||||||
Obligor)
|
Subsidiaries
|
Subsidiaries
|
Entries
|
Consolidated
|
||||||||||||
As
of October 23, 2005
|
||||||||||||||||
Balance
Sheet
|
||||||||||||||||
Current
assets
|
$
|
53,079
|
$
|
168,605
|
$
|
65,873
|
$
|
(23,958)
|
|
$
|
263,599
|
|||||
Intercompany
receivables
|
955,410
|
(317,763)
|
|
34,123
|
(671,770)
|
|
-
|
|||||||||
Investments
in subsidiaries
|
235,383
|
264,986
|
(4,846)
|
|
(495,523)
|
|
-
|
|||||||||
Property
and equipment, net
|
5,445
|
754,684
|
270,117
|
-
|
1,030,246
|
|||||||||||
Other
assets
|
20,636
|
408,327
|
55,721
|
(4,500)
|
|
480,184
|
||||||||||
Total
assets
|
$
|
1,269,953
|
$
|
1,278,839
|
$
|
420,988
|
$
|
(1,195,751)
|
|
$
|
1,774,029
|
|||||
Current
liabilities
|
$
|
27,213
|
$
|
137,473
|
$
|
79,682
|
$
|
(27,434)
|
|
$
|
216,934
|
|||||
Intercompany
payables
|
-
|
585,821
|
84,553
|
(670,374)
|
|
-
|
||||||||||
Long-term
debt,
|
||||||||||||||||
less
current maturities
|
995,500
|
7,417
|
202,195
|
-
|
1,205,112
|
|||||||||||
Other
accrued liabilities
|
(3,717)
|
|
79,275
|
40
|
-
|
75,598
|
||||||||||
Minority
interest
|
-
|
-
|
-
|
25,789
|
25,789
|
|||||||||||
Stockholders'
equity
|
250,957
|
468,853
|
54,518
|
(523,732)
|
|
250,596
|
||||||||||
Total
liabilities and stockholders' equity
|
$
|
1,269,953
|
$
|
1,278,839
|
$
|
420,988
|
$
|
(1,195,751)
|
|
$
|
1,774,029
|
Isle
of Capri
|
(b)
|
Consolidating
|
||||||||||||||
|
Casinos,
Inc.
|
(a)
|
|
Non-
|
and
|
Isle
of Capri
|
||||||||||
|
(Parent
|
Guarantor
|
Guarantor
|
Eliminating
|
Casinos,
Inc.
|
|||||||||||
Obligor)
|
Subsidiaries
|
Subsidiaries
|
Entries
|
Consolidated
|
||||||||||||
|
For
the Three Months Ended October 23, 2005
|
|||||||||||||||
Statement
of Income
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Casino
|
$
|
-
|
$
|
203,571
|
$
|
49,008
|
$
|
-
|
$
|
252,579
|
||||||
Rooms,
food, beverage and other
|
11
|
41,619
|
10,232
|
(2,855)
|
|
49,007
|
||||||||||
Gross
revenues
|
11
|
245,190
|
59,240
|
(2,855)
|
|
301,586
|
||||||||||
Less
promotional allowances
|
-
|
43,485
|
10,159
|
-
|
53,644
|
|||||||||||
Net
revenues
|
11
|
201,705
|
49,081
|
(2,855)
|
|
247,942
|
||||||||||
Operating
expenses:
|
||||||||||||||||
Casino
|
139
|
32,976
|
7,497
|
-
|
40,612
|
|||||||||||
Gaming
taxes
|
-
|
47,053
|
9,319
|
-
|
56,372
|
|||||||||||
Rooms,
food, beverage and other
|
11,247
|
78,817
|
23,769
|
(3,098)
|
|
110,735
|
||||||||||
Management
fee expense (revenue)
|
(7,147)
|
|
7,259
|
(112)
|
|
-
|
-
|
|||||||||
Depreciation
and amortization
|
297
|
21,203
|
3,883
|
-
|
25,383
|
|||||||||||
Total
operating expenses
|
4,536
|
187,308
|
44,356
|
(3,098)
|
|
233,102
|
||||||||||
Operating
income (loss)
|
(4,525)
|
|
14,397
|
4,725
|
243
|
14,840
|
||||||||||
Interest
expense
|
(17,886)
|
|
(13,637)
|
|
(5,072)
|
|
15,201
|
(21,394)
|
|
|||||||
Interest
income
|
14,008
|
323
|
1,962
|
(15,201)
|
|
1,092
|
||||||||||
Interest
expense, net
|
(3,878)
|
|
(13,314)
|
|
(3,110)
|
|
-
|
(20,302)
|
|
|||||||
Minority
interest
|
-
|
-
|
-
|
(1,892)
|
|
(1,892)
|
|
|||||||||
Equity
in income (loss) of subsidiaries
|
1,329
|
(4,304)
|
|
(1,049)
|
|
4,023
|
-
|
|||||||||
Income
(loss) from continuing operations
|
||||||||||||||||
before
income taxes
|
(7,074)
|
|
(3,221)
|
|
566
|
2,374
|
(7,354)
|
|
||||||||
Income
tax expense (benefit)
|
(2,855)
|
|
-
|
(280)
|
|
-
|
(3,135)
|
|
||||||||
Income
(loss) from continuing operations
|
(4,219)
|
|
(3,221)
|
|
846
|
2,374
|
(4,219)
|
|
||||||||
Loss
from discontinued operations, net of taxes
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Net
income (loss)
|
$
|
(4,219)
|
|
$
|
(3,221)
|
|
$
|
846
|
$
|
2,374
|
$
|
(4,219)
|
|
Isle
of Capri
|
(b)
|
Consolidating
|
|||||||
Casinos,
Inc.
|
(a)
|
Non-
|
and
|
Isle
of Capri
|
|||||
(Parent
|
Guarantor
|
Guarantor
|
Eliminating
|
Casinos,
Inc.
|
|||||
Obligor)
|
Subsidiaries
|
Subsidiaries
|
Entries
|
Consolidated
|
|||||
For
the Six Months Ended October 23, 2005
|
|||||||||
Statement
of Income
|
|||||||||
Revenues:
|
|||||||||
Casino
|
$
-
|
$
36,921
|
$
99,509
|
$
-
|
$
536,430
|
||||
Rooms,
food, beverage and other
|
94
|
|
90,865
|
|
21,968
|
|
(5,878)
|
|
107,049
|
Gross
revenues
|
94
|
|
527,786
|
|
121,477
|
|
(5,878)
|
|
643,479
|
Less
promotional allowances
|
-
|
|
93,378
|
|
20,625
|
|
-
|
|
114,003
|
Net
revenues
|
94
|
|
434,408
|
|
100,852
|
|
(5,878)
|
|
529,476
|
Operating
expenses:
|
|||||||||
Casino
|
249
|
|
71,718
|
|
15,625
|
|
-
|
|
87,592
|
Gaming
taxes
|
-
|
|
100,375
|
|
18,768
|
|
-
|
|
119,143
|
Rooms,
food, beverage and other
|
21,146
|
|
167,489
|
|
46,630
|
|
(6,246)
|
|
229,019
|
Management
fee expense (revenue)
|
(15,147)
|
|
15,301
|
|
(154)
|
|
-
|
|
-
|
Depreciation
and amortization
|
632
|
|
42,416
|
|
7,604
|
|
-
|
|
50,652
|
Total
operating expenses
|
6,880
|
|
397,299
|
|
88,473
|
|
(6,246)
|
|
486,406
|
Operating
income (loss)
|
(6,786)
|
|
37,109
|
|
12,379
|
|
368
|
|
43,070
|
Interest
expense
|
(35,406)
|
|
(28,908)
|
|
(9,726)
|
|
32,436
|
|
(41,604)
|
Interest
income
|
30,007
|
|
627
|
|
3,968
|
|
(32,436)
|
|
2,166
|
Interest
expense, net
|
(5,399)
|
|
(28,281)
|
|
(5,758)
|
|
-
|
|
(39,438)
|
Minority
interest
|
-
|
|
-
|
|
-
|
|
(3,948)
|
|
(3,948)
|
Equity
in income (loss) of subsidiaries
|
12,020
|
|
(4,831)
|
|
(2,111)
|
|
(5,078)
|
|
-
|
Income
(loss) from continuing operations before
|
|||||||||
income
taxes
|
(165)
|
|
3,997
|
|
4,510
|
|
(8,658)
|
|
(316)
|
Income
tax expense (benefit)
|
70
|
|
-
|
|
(209)
|
|
-
|
|
(139)
|
Income
(loss) from continuing operations
|
(235)
|
|
3,997
|
|
4,719
|
|
(8,658)
|
|
(177)
|
Loss
from discontinued operations, net of taxes
|
-
|
|
-
|
|
(58)
|
|
-
|
|
(58)
|
Net
income (loss)
|
$
(235)
|
|
$
3,997
|
|
$
4,661
|
|
$
(8,658)
|
|
$
(235)
|
Isle
of Capri
|
(b)
|
|
Consolidating
|
|||||||||||||
Casinos,
Inc.
|
(a)
|
|
Non-
|
and
|
Isle
of Capri
|
|||||||||||
|
(Parent
|
Guarantor
|
Guarantor
|
Eliminating
|
Casinos,
Inc.
|
|||||||||||
|
Obligor)
|
Subsidiaries
|
Subsidiaries
|
Entries
|
Consolidated
|
|||||||||||
|
For
the Six Months Ended October 23, 2005
|
|||||||||||||||
Statement
of Cash Flows
|
||||||||||||||||
Net
cash provided by (used in)
|
||||||||||||||||
operating
activities
|
$
|
(48,360)
|
|
$
|
89,215
|
$
|
19,022
|
$
|
(5,078)
|
|
$
|
54,799
|
||||
Net
cash provided by (used in)
|
||||||||||||||||
investing
activities
|
(13,736)
|
|
(84,677)
|
|
(31,593)
|
|
5,361
|
(124,645)
|
|
|||||||
Net
cash provided by (used in)
|
||||||||||||||||
financing
activities
|
41,041
|
(719
|
)
|
9,210
|
(283)
|
|
49,249
|
|||||||||
Effect
of foreign currency exchange rates on
|
||||||||||||||||
cash
and cash equivalents
|
-
|
-
|
(651)
|
|
-
|
(651)
|
|
|||||||||
Net
increase (decrease) in cash and
|
||||||||||||||||
cash
equivalents
|
(21,055)
|
|
3,819
|
(4,012)
|
|
-
|
(21,248)
|
|
||||||||
Cash
and cash equivalents at
|
||||||||||||||||
beginning
of the period
|
53,584
|
57,661
|
35,498
|
-
|
146,743
|
|||||||||||
Cash
and cash equivalents at
|
||||||||||||||||
end
of the period
|
$
|
32,529
|
$
|
61,480
|
$
|
31,486
|
$
|
-
|
$
|
125,495
|
Isle
of Capri
|
(b)
|
Consolidating
|
||||||||||||||
Casinos,
Inc.
|
(a)
|
Non-
|
and
|
Isle
of Capri
|
||||||||||||
(Parent
|
Guarantor
|
Guarantor
|
Eliminating
|
Casinos,
Inc.
|
||||||||||||
Obligor)
|
Subsidiaries
|
Subsidiaries
|
Entries
|
Consolidated
|
||||||||||||
|
|
For
the Three Months Ended October 24, 2004
|
||||||||||||||
Statement
of Income
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Casino
|
$
|
-
|
$
|
232,110
|
$
|
41,454
|
$
|
-
|
$
|
273,564
|
||||||
Rooms,
food, beverage and other
|
58
|
44,895
|
6,966
|
-
|
51,919
|
|||||||||||
Gross
revenues
|
58
|
277,005
|
48,420
|
-
|
325,483
|
|||||||||||
Less
promotional allowances
|
-
|
47,498
|
10,214
|
-
|
57,712
|
|||||||||||
Net
revenues
|
58
|
229,507
|
38,206
|
-
|
267,771
|
|||||||||||
Operating
expenses:
|
||||||||||||||||
Casino
|
-
|
38,954
|
7,704
|
-
|
46,658
|
|||||||||||
Gaming
taxes
|
-
|
54,125
|
7,685
|
-
|
61,810
|
|||||||||||
Rooms,
food, beverage and other
|
6,242
|
86,119
|
35,445
|
(16,909)
|
|
110,897
|
||||||||||
Management
fee expense (revenue)
|
(7,552)
|
|
7,984
|
(432)
|
|
-
|
-
|
|||||||||
Depreciation
and amortization
|
361
|
22,418
|
2,946
|
-
|
25,725
|
|||||||||||
Total
operating expenses
|
(949)
|
|
209,600
|
53,348
|
(16,909)
|
|
245,090
|
|||||||||
Operating
income (loss)
|
1,007
|
19,907
|
(15,142)
|
|
16,909
|
22,681
|
||||||||||
Dividend
income
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Interest
expense
|
(16,643)
|
|
(25,550)
|
|
(6,034)
|
|
28,977
|
(19,250)
|
|
|||||||
Interest
income
|
25,625
|
263
|
3,380
|
(28,977)
|
|
291
|
||||||||||
Interest
income (expense), net
|
8,982
|
(25,287)
|
|
(2,654)
|
|
-
|
(18,959)
|
|
||||||||
Minority
interest
|
-
|
-
|
-
|
(1,549)
|
|
(1,549)
|
|
|||||||||
Equity
in income (loss) of subsidiaries
|
(6,637)
|
|
(1,664)
|
|
(2,659)
|
|
10,960
|
-
|
||||||||
Income
(loss) from continuing operations
|
||||||||||||||||
before
income taxes
|
3,352
|
(7,044)
|
|
(20,455)
|
|
26,320
|
2,173
|
|||||||||
Income
tax expense (benefit)
|
2,904
|
-
|
(661)
|
|
(255)
|
|
1,988
|
|||||||||
Income
(loss) from continuing operations
|
448
|
(7,044)
|
|
(19,794)
|
|
26,575
|
185
|
|||||||||
Income
from discontinued operations, net of taxes
|
-
|
-
|
263
|
-
|
263
|
|||||||||||
Net
income (loss)
|
$
|
448
|
$
|
(7,044)
|
|
$
|
(19,531)
|
|
$
|
26,575
|
$
|
448
|
Isle
of Capri
|
(b)
|
Consolidating
|
||||||||||||||
Casinos,
Inc.
|
(a)
|
Non-
|
and
|
Isle
of Capri
|
||||||||||||
(Parent
|
Guarantor
|
Guarantor
|
Eliminating
|
Casinos,
Inc.
|
||||||||||||
Obligor)
|
Subsidiaries
|
Subsidiaries
|
Entries
|
Consolidated
|
||||||||||||
|
For
the Six Months Ended October 24, 2004
|
|||||||||||||||
Statement
of Income
|
||||||||||||||||
Revenues:
|
||||||||||||||||
Casino
|
$
|
-
|
$
|
467,889
|
$
|
87,755
|
$
|
-
|
$
|
555,644
|
||||||
Rooms,
food, beverage and other
|
113
|
91,206
|
31,043
|
(16,909)
|
|
105,453
|
||||||||||
Gross
revenues
|
113
|
559,095
|
118,798
|
(16,909)
|
|
661,097
|
||||||||||
Less
promotional allowances
|
-
|
94,188
|
20,418
|
-
|
114,606
|
|||||||||||
Net
revenues
|
113
|
464,907
|
98,380
|
(16,909)
|
|
546,491
|
||||||||||
Operating
expenses:
|
||||||||||||||||
Casino
|
-
|
77,081
|
14,757
|
-
|
91,838
|
|||||||||||
Gaming
taxes
|
-
|
107,953
|
16,617
|
-
|
124,570
|
|||||||||||
Rooms,
food, beverage and other
|
12,649
|
172,173
|
53,782
|
(16,909)
|
|
221,695
|
||||||||||
Management
fee expense (revenue)
|
(15,422)
|
|
16,147
|
(725)
|
|
-
|
-
|
|||||||||
Depreciation
and amortization
|
738
|
42,786
|
5,722
|
-
|
49,246
|
|||||||||||
Total
operating expenses
|
(2,035)
|
|
416,140
|
90,153
|
(16,909)
|
|
487,349
|
|||||||||
Operating
income
|
2,148
|
48,767
|
8,227
|
-
|
59,142
|
|||||||||||
Interest
expense
|
(32,114)
|
|
(50,816)
|
|
(10,557)
|
|
56,460
|
(37,027)
|
|
|||||||
Interest
income
|
51,206
|
515
|
5,413
|
(56,460)
|
|
674
|
||||||||||
Interest
expense, net
|
19,092
|
(50,301)
|
|
(5,144)
|
|
-
|
(36,353)
|
|
||||||||
Dividend
income
|
-
|
-
|
-
|
-
|
-
|
|||||||||||
Minority
interest
|
-
|
-
|
-
|
(3,682)
|
|
(3,682)
|
|
|||||||||
Equity
in income (loss) of subsidiaries
|
(210)
|
|
(1,797)
|
|
(5,007)
|
|
7,014
|
-
|
||||||||
Income
(loss) from continuing operations
|
||||||||||||||||
before
income taxes
|
21,030
|
(3,331)
|
|
(1,924)
|
|
3,332
|
19,107
|
|||||||||
Income
tax expense (benefit)
|
9,973
|
-
|
(1,298)
|
|
-
|
8,675
|
||||||||||
Income
(loss) from continuing operations
|
11,057
|
(3,331)
|
|
(626)
|
|
3,332
|
10,432
|
|||||||||
Income
from discontinued operations, net of taxes
|
-
|
-
|
625
|
-
|
625
|
|||||||||||
Net
income (loss)
|
$
|
11,057
|
$
|
(3,331)
|
|
$
|
(1)
|
|
$
|
3,332
|
$
|
11,057
|
Isle
of Capri
|
(b)
|
Consolidating
|
||||||||||||||
Casinos,
Inc.
|
(a)
|
Non-
|
and
|
Isle
of Capri
|
||||||||||||
(Parent
|
Guarantor
|
Guarantor
|
Eliminating
|
Casinos,
Inc.
|
||||||||||||
|
Obligor)
|
Subsidiaries
|
Subsidiaries
|
Entries
|
Consolidated
|
|||||||||||
|
For
the Six Months Ended October 24, 2004
|
|||||||||||||||
Statement
of Cash Flows
|
||||||||||||||||
Net
cash provided by (used in)
|
||||||||||||||||
operating
activities
|
$
|
(193,984)
|
|
$
|
248,618
|
$
|
29,542
|
$
|
1,728
|
$
|
85,903
|
|||||
Net
cash provided by (used in)
|
||||||||||||||||
investing
activities
|
198,095
|
(247,303)
|
|
(24,649)
|
|
(7,565)
|
|
(81,421)
|
|
|||||||
Net
cash provided by (used in)
|
||||||||||||||||
financing
activities
|
(6,973)
|
|
132
|
(6,341)
|
|
3,060
|
(10,122
|
|
||||||||
Effect
of foreign currency exchange rates on
|
||||||||||||||||
cash
and cash equivalents
|
-
|
37
|
(6)
|
|
-
|
31
|
||||||||||
Net
increase (decrease) in cash and
|
||||||||||||||||
cash
equivalents
|
(2,862)
|
|
1,484
|
(1,454)
|
|
(2,777)
|
|
(5,609)
|
|
|||||||
Cash
and cash equivalents at
|
||||||||||||||||
beginning
of the period
|
33,323
|
70,916
|
30,343
|
-
|
134,582
|
|||||||||||
Cash
and cash equivalents at
|
||||||||||||||||
end
of the period
|
$
|
30,461
|
$
|
72,400
|
$
|
28,889
|
$
|
(2,777)
|
|
$
|
128,973
|
Isle
of Capri
|
|
|
|
(b)
|
|
Consolidating
|
|
|
|
|||||||
|
|
Casinos,
Inc.
|
|
(a)
|
|
Non-
|
|
and
|
|
Isle
of Capri
|
|
|||||
|
|
(Parent
|
|
Guarantor
|
|
Guarantor
|
|
Eliminating
|
|
Casinos,
Inc.
|
|
|||||
|
|
Obligor)
|
|
Subsidiaries
|
|
Subsidiaries
|
|
Entries
|
|
Consolidated
|
||||||
As
of April 24, 2005
|
||||||||||||||||
Balance
Sheet
|
||||||||||||||||
Current
assets
|
$
|
63,560
|
$
|
82,644
|
$
|
64,871
|
$
|
(6,627)
|
|
$
|
204,448
|
|||||
Intercompany
receivables
|
896,214
|
(228,835)
|
|
42,463
|
(709,842)
|
|
-
|
|||||||||
Investments
in subsidiaries
|
233,544
|
269,817
|
(10,027)
|
|
(493,33)
|
|
-
|
|||||||||
Property
and equipment, net
|
4,630
|
774,165
|
248,111
|
-
|
1,026,906
|
|||||||||||
Other
assets
|
21,806
|
379,409
|
58,215
|
(5,896)
|
|
453,534
|
||||||||||
Total
assets
|
$
|
1,219,754
|
$
|
1,277,200
|
$
|
403,633
|
$
|
(1,215,699)
|
|
$
|
1,684,888
|
|||||
Current
liabilities
|
$
|
22,360
|
$
|
99,930
|
$
|
67,110
|
$
|
(9,738)
|
|
$
|
179,662
|
|||||
Intercompany
payables
|
-
|
623,879
|
85,963
|
(709,842)
|
|
-
|
||||||||||
Long-term
debt,
|
-
|
|||||||||||||||
less
current maturities
|
946,875
|
8,080
|
193,662
|
-
|
1,148,617
|
|||||||||||
Other
accrued liabilities
|
(7,939)
|
|
80,454
|
(527)
|
|
-
|
71,988
|
|||||||||
Minority
interest
|
-
|
-
|
-
|
23,225
|
23,225
|
|||||||||||
Stockholders'
equity
|
258,458
|
464,857
|
57,425
|
(519,344)
|
|
261,396
|
||||||||||
Total
liabilities and stockholders' equity
|
$
|
1,219,754
|
$
|
1,277,200
|
$
|
403,633
|
$
|
(1,215,699)
|
|
$
|
1,684,888
|
Three
months ended
|
Six
months ended
|
||||||||||||||||||||||||
October
23,
|
October
24,
|
Variance
|
Variance
|
October
23,
|
October
24,
|
Variance
|
Variance
|
||||||||||||||||||
2005
|
2004
|
$
|
%
|
|
2005
|
2004
|
$
|
%
|
|
||||||||||||||||
Net
revenues:
|
|||||||||||||||||||||||||
Mississippi
|
$
|
54,366
|
$
|
60,655
|
$
|
(6,289)
|
|
(10.4%)
|
|
$
|
121,557
|
$
|
123,331
|
$
|
(1,774)
|
|
(1.4%)
|
|
|||||||
Lousiana
|
51,994
|
68,734
|
(16,740)
|
|
(24.4%)
|
|
117,106
|
140,171
|
(23,065)
|
|
(16.5%)
|
|
|||||||||||||
Missouri
|
39,354
|
41,587
|
(2,233)
|
|
(5.4%)
|
|
79,713
|
83,501
|
(3,788)
|
|
(4.5%)
|
|
|||||||||||||
Iowa
|
51,640
|
54,536
|
(2,896)
|
|
(5.3%)
|
|
105,785
|
108,978
|
(3,193)
|
|
(2.9%)
|
|
|||||||||||||
Colorado
|
39,633
|
33,621
|
6,012
|
17.9%
|
|
78,989
|
68,261
|
10,728
|
15.7%
|
|
|||||||||||||||
International
|
6,371
|
4,371
|
2,000
|
45.8%
|
|
15,440
|
12,718
|
2,722
|
21.4%
|
|
|||||||||||||||
Corporate
and other
|
4,584
|
4,267
|
317
|
7.4%
|
|
10,886
|
9,531
|
1,355
|
14.2%
|
|
|||||||||||||||
Total
net revenues
|
$
|
247,942
|
$
|
267,771
|
$
|
(19,829)
|
|
(7.4%)
|
|
$
|
529,476
|
$
|
546,491
|
$
|
(17,015)
|
|
(3.1%)
|
|
|||||||
Operating
income:
|
|||||||||||||||||||||||||
Mississippi
|
$
|
5,631
|
$
|
3,548
|
$
|
2,083
|
58.7%
|
|
$
|
12,504
|
$
|
12,435
|
$
|
69
|
0.6%
|
|
|||||||||
Lousiana
|
2,247
|
8,950
|
(6,703)
|
|
(74.9%)
|
|
8,233
|
19,189
|
(10,956)
|
|
(57.1%)
|
|
|||||||||||||
Missouri
|
6,040
|
5,457
|
583
|
10.7%
|
|
12,295
|
11,710
|
585
|
5.0%
|
|
|||||||||||||||
Iowa
|
9,015
|
11,182
|
(2,167)
|
|
(19.4%)
|
|
21,210
|
23,349
|
(2,139)
|
|
(9.2%)
|
|
|||||||||||||
Colorado
|
9,352
|
6,842
|
2,510
|
36.7%
|
|
18,646
|
15,266
|
3,380
|
22.1%
|
|
|||||||||||||||
International
|
(1,386)
|
|
(3,024)
|
|
1,638
|
54.2%
|
|
(865)
|
|
(4,679)
|
|
3,814
|
81.5%
|
|
|||||||||||
Corporate
and other
|
(16,060)
|
|
(10,274)
|
|
(5,786)
|
|
(56.3%)
|
|
(28,953)
|
|
(18,128)
|
|
(10,825)
|
|
(59.7%)
|
|
|||||||||
Operating
income
|
$
|
14,839
|
$
|
22,681
|
$
|
(7,842)
|
|
(34.6%)
|
|
$
|
43,070
|
$
|
59,142
|
$
|
(16,072)
|
|
(27.2%)
|
|
Actual
|
Remaining
|
||||||||||||||||
Fiscal
Year
|
Six
Months
|
Fiscal
Year
|
|||||||||||||||
Ended
4/24/05
|
Ended
10/23/05
|
Ending
4/30/06
|
Thereafter
|
||||||||||||||
(1)
|
|
(1)
|
|
(1)
|
|
||||||||||||
(dollars
in millions)
|
|||||||||||||||||
Property
|
Project
|
||||||||||||||||
Isle-Biloxi
|
Construct hotel & parking facility |
$
|
43.5
|
$
|
11.2
|
$
|
1.7
|
$
|
-
|
||||||||
Isle-Bossier
City
|
Construct hotel & entertainment center |
5.8
|
-
|
-
|
-
|
||||||||||||
Isle-Bossier
City
|
Renovate casino |
2.4
|
2.0
|
0.2
|
-
|
||||||||||||
Isle-Bettendorf
|
Construct hotel |
-
|
0.4
|
3.9
|
40.7
|
||||||||||||
Isle-Lake
Charles
|
Renovate & expand casinos |
11.6
|
4.4
|
2.0
|
-
|
||||||||||||
Isle-Pompano
|
Construct casino |
-
|
6.1
|
4.3
|
-
|
||||||||||||
Isle-Boonville
|
Construct hotel |
2.0
|
6.1
|
9.4
|
-
|
||||||||||||
Isle-Black
Hawk (57% owned)
|
Expansion & public improvements |
62.5
|
16.6
|
9.9
|
-
|
||||||||||||
Isle-Waterloo
|
Construct casino & hotel |
-
|
0.7
|
13.3
|
120.5
|
||||||||||||
Coventry
|
Construct leasehold improvements |
8.4
|
8.3
|
18.1
|
24.2
|
||||||||||||
Blue
Chip
|
Construct leasehold improvements |
2.2
|
-
|
-
|
-
|
||||||||||||
Other
properties (2)
|
IGT Advantage program |
9.3
|
7.7
|
7.7
|
-
|
||||||||||||
All
|
Slot programs |
31.8
|
11.7
|
11.6
|
-
|
||||||||||||
All
|
Other capital improvements |
30.4
|
16.4
|
81.3
|
13.1
|
||||||||||||
Total
|
$
|
209.9
|
$
|
91.6
|
$
|
163.4
|
$
|
198.5
|
|||||||||
(1)
Excludes: Isle-Biloxi new casino barge
|
|||||||||||||||||
(2)
Includes: Isle-Biloxi, Isle-Vicksburg, Isle-Natchez and
Isle-Lula.
|
Interest
Rate Sensitivity
|
|||||||||||||||||||||||||
Principal
(Notional) Amount by Expected Maturity
|
|||||||||||||||||||||||||
Average
Interest (Swap) Rate
|
|||||||||||||||||||||||||
Fiscal
year
|
Fair
Value
|
||||||||||||||||||||||||
(dollars
in millions)
|
2006
|
2007
|
2008
|
2009
|
2010
|
Thereafter
|
Total
|
4/24/2005
|
|||||||||||||||||
Liabilities
|
|||||||||||||||||||||||||
Long-term
debt, including current portion
|
|||||||||||||||||||||||||
Fixed
rate
|
$
|
1.6
|
$
|
1.1
|
$
|
1.2
|
$
|
1.3
|
$
|
1.0
|
$
|
704.3
|
$
|
710.5
|
$
|
706.3
|
|||||||||
Average
interest rate
|
7.6
|
%
|
7.6
|
%
|
7.6
|
%
|
7.6
|
%
|
7.6
|
%
|
7.6
|
%
|
|||||||||||||
Variable
rate
|
$
|
5.9
|
$
|
31.4
|
$
|
164.5
|
$
|
4.5
|
$
|
2.5
|
$
|
236.9
|
$
|
445.7
|
$
|
445.7
|
|||||||||
Average
interest rate (1)
|
6.0
|
%
|
6.6
|
%
|
6.7
|
%
|
6.3
|
%
|
6.4
|
%
|
6.6
|
%
|
|||||||||||||
Interest
Rate Derivative Financial Instruments Related to
Debt
|
|||||||||||||||||||||||||
Interest
rate swaps
|
|||||||||||||||||||||||||
Pay
fixed/receive variable (2)
|
$
|
40.0
|
$
|
-
|
$
|
40.0
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
80.0
|
$
|
0.3
|
|||||||||
Average
pay rate
|
2.6
|
%
|
3.8
|
%
|
3.8
|
%
|
0.0
|
%
|
0.0
|
%
|
0.0
|
%
|
|||||||||||||
Average
receive rate
|
3.6
|
%
|
4.2
|
%
|
4.4
|
%
|
0.0
|
%
|
0.0
|
%
|
0.0
|
%
|
Total
Number of Shares Purchased
|
Average
Price Paid per Share
|
Total
Number of Shares Purchased as Part of Publicly Announced Plans
(1)
|
Maximum
Number of Shares that May Yet Be Purchased Under the Plans
(1)
|
||||||||||
Period
|
|||||||||||||
July
25, 2005 to August 21, 2005
|
67,000
|
$
24.71
|
67,000
|
421,205
|
|||||||||
August
22, 2005 to September 25, 2005
|
250,303
|
23.02
|
250,303
|
170,902
|
|||||||||
September
26, 2005 to October 23, 2005
|
50,000
|
21.87
|
50,000
|
1,620,902
|
|||||||||
Total
|
367,303
|
|
$
23.20
|
367,303
|
1,620,902
|
(1) |
To
elect seven persons to the Board of Directors;
and
|
(2) |
To
approve the amendment of the Isle of Capri Casinos, Inc. 2000 Long-Term
Stock Incentive Plan; and
|
(3) |
To
ratify the selection of Ernst & Young LLP as our independent auditors
for the fiscal year ending April 24,
2005.
|
Name
|
For
|
Withheld
|
Against
|
||||||
Bernard
Goldstein
|
22,368,706
|
5,776,136
|
-
|
||||||
Robert
S. Goldstein
|
22,680,614
|
5,464,228
|
-
|
||||||
Alan
J. Glazer
|
25,741,465
|
2,403,377
|
-
|
||||||
Emanuel
Crystal
|
26,057,137
|
2,087,705
|
-
|
||||||
W.
Randolph Baker
|
26,835,780
|
1,309,062
|
-
|
||||||
Jeffrey
D. Goldstein
|
22,737,806
|
5,407,036
|
-
|
||||||
John
G. Brackenbury
|
21,998,830
|
6,146,012
|
Matter
|
For
|
Against
|
Abstained
|
Not
Voted
|
||||||||
Approval
of the Isle of Capri Casinos, Inc. 2000 Long-term Stock Incentive
Plan
|
21,476,006
|
3,773,559
|
|
13,936
|
|
2,881,311
|
Matter
|
For
|
Against
|
Abstained
|
Not
Voted
|
|||||||||
Ratification
of selection of Ernst & Young LLP
|
28,134,242
|
8,604
|
1,996
|
-
|
|
ISLE
OF CAPRI CASINOS, INC.
|
Dated:
December 2, 2005
|
/s/
DONN MITCHELL
|
|
Donn
Mitchell, Interim Chief Financial Officer
|
|
EXHIBIT NUMBER
|
DESCRIPTION
|
|
|
3.1A
|
Certificate
of Incorporation of Casino America, Inc. (1)
|
|
3.1B
|
Amendment
to Certificate of Incorporation of Casino America, Inc.
(2)
|
|
3.2A
|
By-laws
of Casino America, Inc. (1)
|
|
3.2B
|
Amendments
to By-laws of Casino America, Inc., dated February 7, 1997
(3)
|
|
4.3
|
Indenture,
dated as of March 3, 2004, among Isle of Capri Casinos, Inc., the
subsidiary guarantors named therein and U.S. Bank National Association,
as
Trustee (4)
|
|
4.4
|
Registration
Rights Agreement, dated as of March 3, 2004, among Isle of Capri
Casinos,
Inc., the subsidiary guarantors named therein and Deutsche Bank Securities
Inc. and CIBC World Markets Corp. on behalf of themselves and as
representatives of the other initial purchasers (4)
|
|
4.5
|
Indenture,
dated as of March 27, 2002 among Isle of Capri Casinos, Inc., the
subsidiary guarantors named therein and State Street Bank and Trust
Company, as trustee (5)
|
|
4.8
|
Rights
Agreement, dated as of February 7, 1997, between Casino America,
Inc. and
Norwest Bank Minnesota, N.A., as rights agent (6)
|
|
10.1
|
Casino
America, Inc. description of Employee Bonus Plan (7)
|
|
10.2
|
Director’s
Option Plan (8)
|
|
10.3
|
Biloxi
Waterfront Project Lease dated as of April 9, 1994 by and between
the City
of Biloxi, Mississippi and Riverboat Corporation of Mississippi
(9)
|
|
10.4
|
First
Amendment to Biloxi Waterfront Project Lease (Hotel Lease), dated
as of
April 26, 1995, by and between Riverboat Corporation of Mississippi
(10)
|
|
10.5
|
Amended
and Restated Lease, dated as of April 19, 1999, among Port Resources,
Inc.
and CRU, Inc., as landlords and St. Charles Gaming Company, Inc.,
as
tenant (11)
|
|
10.6
|
Amended
Casino America, Inc. 1992 Stock Option Plan (12)
|
|
10.7
|
Amended
Casino America, Inc. 1993 Stock Option Plan (13)
|
|
10.8
|
Lease
of property in Coahoma, Mississippi dated as of November 16, 1993
by and
among Roger Allen Johnson, Jr., Charles Bryant Johnson and Magnolia
Lady,
Inc. (5)
|
|
10.9
|
Addendum
to Lease dated as of June 22, 1994 by and among Roger Allen Johnson,
Jr.,
Charles Bryant Johnson and Magnolia Lady, Inc. (14)
|
|
10.10
|
Second
addendum to Lease dated as of October 17, 1995 by and among Roger
Allen
Johnson, Jr., Charles Bryant Johnson and Magnolia Lady, Inc.
(14)
|
|
10.11
|
Amended
and Restated Operating Agreement of Isle of Capri Black Hawk, L.L.C.,
dated as of July 29, 1997, between Casino America of Colorado, Inc.
and
Blackhawk Gold, Ltd. as amended (5)
|
|
10.12
|
Development
Agreement dated as of June 17, 1997, between City of Bettendorf,
Lady Luck
Bettendorf, Lady Luck Quad Cities, Inc. and Bettendorf Riverboat
Development, LC (5)
|
|
|
INDEX
TO EXHIBITS (continued)
|
|
10.13
|
Operator’s
Contract, dated as of December 28, 1989, between Riverboat Development
Authority and the Connelley Group, LP, as amended on February 9,
1990,
March 1, 1990, January 1, 1991, September 30, 1994 and March 1, 1998
(5)
|
|
10.14
|
Isle
of Capri Casinos, Inc. 2000 Long-Term Stock Incentive Plan
(15)
|
|
10.15
|
Isle
of Capri Casinos, Inc. Deferred Bonus Plan (15)
|
|
10.16
|
Employment
Agreement dated as of January 1, 2002 between Isle of Capri Casinos,
Inc.
and Allan B. Solomon (5)
|
|
10.17
|
Employment
Agreement dated as of January 1, 2002 between Isle of Capri Casinos,
Inc.
and Rexford A. Yeisley (5)
|
|
10.18
|
Employment
Agreement dated as of January 1, 2002 between Isle of Capri Casinos,
Inc.
and Timothy M. Hinkley (5)
|
|
10.19
|
Employment
Agreement dated as of January 1, 2002 between Isle of Capri Casinos,
Inc.
and Bernard Goldstein (5)
|
|
10.20
|
Employment
Agreement dated as of July 1, 2003 between Isle of Capri Casinos,
Inc. and
Thomas J. Carr (16)
|
|
10.21
|
Third
Amended and Restated Credit Agreement, dated as of February 4, 2005,
among
Isle of Capri Casinos, Inc., the lenders listed therein, Canadian
Imperial
Bank of Commerce, as administrative agent and issuing lender, Deutsche
Bank Trust Company Americas and Wells Fargo Bank, N.A., as co-syndication
agents, Calyon New York Branch and the CIT/Group/Equipment Financing,
Inc., as co-documentation agents and CIBC World Markets Corp., as
lead
arranger (17)
|
|
10.22
|
Isle
of Capri Casinos, Inc.’s 2005 Deferred Compensation Plan
(18)
|
|
10.23
|
Isle
of Capri Casinos, Inc.’s 1995 Deferred Compensation Plan
(18)
|
|
10.24
|
Isle
of Capri Casinos, Inc.’s 2005 Non-employee Director Deferred Compensation
Plan (18)
|
|
10.25
|
Employment
Agreement dated as of January 1, 2005 between Isle of Capri Casinos,
Inc.
and Robert F. Griffin (18)
|
|
10.26
|
Isle
of Capri Casinos, Inc. Master Retirement Plan (16)
|
|
10.27
|
First
Amended and Restated Credit Agreement, dated as of April 22, 2003,
by and
among Isle of Capri Black Hawk, L.L.C., Canadian Imperial Bank of
Commerce, as administrative agent, the agents named therein and certain
other lenders party from time to time thereto (16)
|
|
10.28
|
First
Amendment to First Amended and Restated Credit Agreement, dated as
of
February 6, 2004, by and among Isle of Capri Black Hawk, L.L.C.,
Canadian
Imperial Bank of Commerce, as administrative agent, the credit support
parties named therein and certain other lenders party from time to
time
thereto (16)
|
|
10.29
|
Second
Amendment to First Amended and Restated Credit Agreement, dated as
of July
26, 2004, by and among Isle of Capri Black Hawk, L.L.C., Canadian
Imperial
Bank of Commerce, as administrative agent, the credit support parties
named therein and certain other lenders party from time to time thereto
(16)
|
|
|
INDEX
TO EXHIBITS (continued)
|
|
10.30
|
Third
Amendment to First Amended and Restated Credit Agreement, dated as
of
April 22, 2005, by and among Isle of Capri Black Hawk, L.L.C., Canadian
Imperial Bank of Commerce, as administrative agent, the credit support
parties named therein and certain other lenders party from time to
time
thereto (19)
|
10.31
|
Second
Amended and Restated Credit Agreement, dated as of October 24, 2005,
by
and among Isle of Capri Black Hawk, L.L.C., Canadian Imperial Bank
of
Commerce, as administrative agent, the credit support parties named
therein and certain other lenders party from time to time thereto
(20)
|
|
10.32
|
Voluntary
Resignation Agreement dated November 14, 2005, between Isle of Capri
Casinos, Inc. and Rexford A. Yeisley (21)
|
|
|
31.1
|
Certification
of Chief Executive Officer pursuant to Rule 13a - 14(a) under the
Securities Exchange Act of 1934, filed under Exhibit 31 of Item 601
of
Regulation S-K.
|
|
31.2
|
Certification
of Interim Chief Financial Officer pursuant to Rule 13a - 14(a) under
the
Securities Exchange Act of 1934, filed under Exhibit 31 of Item 601
of
Regulation S-K.
|
|
32.1
|
Certification
of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002 (18 U.S.C. Section 1350) filed under Exhibit 32 of Item
601 of
Regulation S-K.
|
|
32.2
|
Certification
of Interim Chief Financial Officer pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002 (18 U.S.C. Section 1350) filed under Exhibit
32
of Item 601 of Regulation S-K.
|
|
(1)
|
Filed
as an exhibit to Casino America, Inc.’s Registration Statement on Form S-1
filed September 3, 1993, as amended (Reg. No. 33-68434), and incorporated
herein by reference.
|
|
(2)
|
Filed
as an exhibit to Casino America, Inc.’s Proxy Statement for the fiscal
year ended April 26, 1998 (File No. 0-20538) and incorporated herein
by
reference.
|
|
(3)
|
Filed
as an exhibit to Isle of Capri Casinos, Inc.’s Annual Report on Form 10-K
for the fiscal year ended April 27, 1997 (File No. 0-20538) and
incorporated herein by reference.
|
|
(4)
|
Filed
as an exhibit to Isle of Capri Casinos, Inc.’s Registration Statement on
Form S-4 filed on May 12, 2004 (File No. 333-115419) and incorporated
herein by reference.
|
|
(5)
|
Filed
as an exhibit to Isle of Capri Casinos, Inc.’s Amendment No. 1 to
Registration Statement on Form S-4 filed on June 19, 2002 (File No.
333-88802) and incorporated herein by reference.
|
|
(6)
|
Filed
as an exhibit to Casino America, Inc.’s Current Report on Form 8-K filed
on February 14, 1997 (File No. 0-20538) and incorporated herein by
reference.
|
|
(7)
|
Filed
as an exhibit to Casino America, Inc.’s Annual Report on form 10-K for the
fiscal year ended April 30, 1993 (File No. 0-20538) and incorporated
herein by reference.
|
|
(8)
|
Filed
as an exhibit to Casino America, Inc.’s Registration Statement on Form S-8
filed June 30, 1994 (File No. 33-80918) and incorporated herein by
reference.
|
|
(9)
|
Filed
as an exhibit to Casino America, Inc.’s Annual Report on Form 10-K for
fiscal year ended April 30, 1994 (File No. 0-20538) and incorporated
herein by reference.
|
(10)
|
Filed
as an exhibit to Casino America, Inc.’s Annual Report on Form 10-K for
fiscal year ended April 30, 1995 (File No. 0-20538) and incorporated
herein by reference.
|
|
(11)
|
Filed
as an exhibit to Isle of Capri Casinos, Inc.’s Annual Report on Form 10-K
for the fiscal year ended April 25, 1999 (File No. 0-20538)
and
incorporated herein by
reference.
|
|
(12)
|
Filed
as an exhibit to Casino America, Inc.’s Proxy Statement for the fiscal
year ended April 30, 1996 (File No. 0-20538) and incorporated herein
by
reference.
|
|
(13)
|
Filed
as an exhibit to Casino America, Inc.’s Proxy Statement for the fiscal
year ended April 27, 1997 (File No. 0-20538) and incorporated herein
by
reference.
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INDEX
TO EXHIBITS (continued)
|
||
(14)
|
Filed
as an exhibit to Isle of Capri Casinos, Inc.’s Annual Report on Form 10-K
for the fiscal year ended April 30, 2000 (File No. 0-20538) and
incorporated herein by
reference.
|
|
(15)
|
Filed
as an exhibit to Isle of Capri Casinos, Inc.’s Proxy Statement for the
fiscal year ended April 30, 2000 (File No. 0-20538) and incorporated
herein by reference.
|
|
(16)
|
Filed
as an exhibit to Isle of Capri Casinos, Inc.’s Annual Report on Form 10-K
for the fiscal year ended April 24, 2005 (File No. 0-20538) and
incorporated herein by reference.
|
|
(17)
|
Filed
as an exhibit to Isle of Capri Casinos, Inc.’s Current Report on Form 8-K
filed on February 10, 2005 (File No. 0-20538) and incorporated
herein by
reference.
|
|
(18)
|
Filed
as an exhibit to Isle of Capri Casinos, Inc.’s Quarterly Report on Form
10-Q for the fiscal quarter ended January 23, 2005 (File No. 0-20538)
and
incorporated herein
by reference.
|
|
(19)
|
Filed
as an exhibit to Isle of Capri Casino, Inc.’s Current Report on Form 8-K
filed on April 28, 2005 (File No. 0-20538) and incorporated herein
by
reference.
|
|
(20)
|
Filed
as an exhibit to Isle of Capri Casinos, Inc.’s Current Report on Form 8-K
filed on October 24, 2005 (File No. 0-20538) and incorporated herein
by
reference.
|
|
(21)
|
Filed
as an exhibit to Isle of Capri Casinos, Inc.’s Current Report on Form 8-K
filed on November 17, 2005 (File No. 0-20538) and incorporated
herein by
reference.
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Date:
December 2, 2005
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/s/
Bernard Goldstein
|
|
Bernard
Goldstein
|
|
Chief
Executive Officer
|
Date:
December 2, 2005
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/s/
DONN MITCHELL
|
|
Donn
Mitchell
|
|
Interim
Chief Financial Officer
|
/s/
Bernard Goldstein
|
Bernard
Goldstein
|
Chief
Executive Officer
|
/s/
Donn Mitchell
|
Donn
Mitchell
|
Interim
Chief Financial Officer
|