Supplier News
US – Isle of Capri turns profit after strong fourth quarter
By Phil - 10 June 2015
Local US casino operator Isle of Capri Casinos reported fourth-quarter net income of $3.1m, beating analysts’ predictions, having recorded a loss in the same period a year earlier.
The casino operator posted revenue of $285.7m for the quarter, surpassing forecasts of $266.8m.
For the year, the company saw net income of $5.2m and revenue of $996.3m.
Virginia McDowell, the company’s President and CEO said: “Fiscal 2015 was a year of many accomplishments. During the year, we continued to focus on building a better operating company with a prudently leveraged balance sheet.”
“Adjusted EBITDA increased 14.8 per cent year over year in our fiscal 2015 fourth quarter, marking the fifth consecutive quarter with an increase in Adjusted EBITDA, and our third consecutive quarter with a double-digit, year-over-year change in Adjusted EBITDA. The early part of the quarter experienced more favorable weather than the prior year; while we also continued to benefit from the substantial changes we made to our operating model over the past 18 months.”
“With fiscal 2015 behind us, we are focused on fiscal 2016 and beyond. We continue to differentiate ourselves with friendly and excellent customer service. We are prudently investing in our properties by renovating hotel rooms and food and beverage outlets and improving our casino floors with new products. We broke ground on our land-based development at Bettendorf which we expect to open in early fiscal 2017. We continue to optimize our marketing programs and are introducing new productivity tools in fiscal 2016 across the enterprise. Finally we will remain vigilant about our cost structure and we will continue to manage our capital structure to maximize free cash flow, deleverage our balance sheet and lower our cost of capital.”
