Isle of Capri second quarter net income rises
Revenue edged up to us$ 247.5 million from us$ 246.7 million a year ago. Analysts had expected a smaller loss of a penny per share on lower revenue of us$ 246.2 million, according to a survey by FactSet.
Isle of Capri CEO Virginia McDowell said flooding earlier this year cut traffic to the company's casinos in Lula, Natchez and Vicksburg, Miss. McDowell said business was slow to return to pre-flood levels and Isle of Capri had to boost its marketing spending to lure customers back.
The company estimated that the lost revenue and extra costs had a roughly us$ 2 million impact on the second quarter, before taxes and other factors were added in.
McDowell warned that Isle of Capri is facing increased competition in key markets, but said the company is pushing ahead with plans to build new properties in Cape Girardeau, Mobile, and in Pennsylvania. Shares of Isle of Capri fell 28 cents, or 5.8 percent, to us$ 4.64 in midday trading.
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