ST. LOUIS (AP) — Isle of Capri Casinos Inc. said Thursday that its fiscal fourth-quarter loss narrowed from a year ago when the company absorbed hefty charge related to the sale of a Mississippi property.
But its quarterly performance missed Wall Street’s expectations. Shares slipped in afternoon trading.
CEO Virginia McDowell said in a statement that people that visit Isle’s properties were pressured by economic factors such as a higher payroll tax and delays in tax refunds. Bad weather may also have kept people away, she added.
For the period ended April 28, the casino operator lost $45.4 million, or $1.15 per share. A year earlier it lost $124.8 million, or $3.20 per share.
The year-ago period included a $112.6 million charge related the property sale in Biloxi, Miss.
Removing preopening costs and other items, the company said its adjusted earnings came to 24 cents per share. Analysts surveyed by FactSet expected higher earnings of 36 cents per share, on average.
Revenue fell 8 percent to $268.1 million from $291 million as the St. Louis company got slightly more promotional and made less money from hotel rooms and people gambling. Wall Street predicted $281.4 million in revenue.
For the year, Isle lost $47.6 million, or $1.21 per share. That compares with a loss of $129.8 million, or $3.35 per share, in the previous year. Annual revenue dipped 1 percent to $965.2 million from $977.4 million.
Isle of Capri currently owns and runs casino-resort properties in Mississippi, Louisiana, Iowa, Missouri, Colorado and Florida. It is also development a new facility in Pennsylvania.
Isle of Capri Casinos shares slipped 10 cents, or 1.3 percent, to $7.78 in afternoon trading. It shares have traded in a 52-week range of $4.75 to $8.79.
