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Isle of Capri Casinos reported Q1 lossFriday 6 September 2013 17:09 CEST
Isle of Capri Casinos reported financial results for the first quarter of fiscal year 2014 ended July 28, 2013. Net loss per share from continuing operations was $0.12, compared to net income per share of $0.12 in the prior year quarter.
Operating results in the most recent quarter were impacted by $3.9 million in preopening expenses associated with Lady Luck Nemacolin and a $1.0 million gain on the sale of the company's corporate aircraft. Without the impact of these two items, the loss per share for the current quarter would have been $0.05.
Additionally, a valuation allowance of $2.3 million, or $0.06 per share, was recorded against the normal tax benefit associated with the net loss for the quarter due to the company's overall tax position.
Net revenues for the current quarter were $247.7 million compared to $235.8 million in the prior year quarter, and consolidated adjusted EBITDA was $43.3 million compared to $45 million for the quarter compared to the same quarter of the prior fiscal year.
At properties open more than one year, net revenues were $231.1 million compared to $235.6 million and adjusted property EBITDA was $48.2 million compared to $52.1 million for the first quarter compared to the prior year quarter. The company's Cape Girardeau and Nemacolin properties contributed combined net revenues of $16.4 million and adjusted EBITDA of $1.5 million in the current quarter.