Isle of Capri fourth quarter net income more than doubles
Isle of Capri earned us$ 10.9 million, or 29 cents per share, for the three months that ended April 24. That's up from us$ 4.9 million, or 15 cents per share, a year earlier. Analysts surveyed by FactSet expected earnings of 24 cents per share.
The company's stock jumped 74 cents, or 8.7 %, to us$ 9.23 by early afternoon. Over the past year, the shares have traded at us$ 6.59 to us$ 12.76. Operating expenses declined to us$ 235.4 million from us$ 241.2 million.
Revenue climbed 2 % to us$ 274.4 million from us$ 268.8 million as casino revenue increased. Wall Street predicted revenue of us$ 272.2 million.
Isle of Capri said it has reopened casinos in Davenport, Iowa, and Caruthersville. In Mississippi, the Lula casino-resort in Vicksburg and another in Natchez are still closed. The company said it hopes to reopen Lula this weekend, pending regulatory approval, but Natchez won't open until the river recedes further.
For the year, Isle earned us$ 4.5 million, or 13 cents per share. That compares with a loss of us$ 3.3 million, or 10 cents per share, in the previous year. Annual revenue improved to us$ 1 billion from us$ 999.8 million.
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