Isle Of Capri Casinos announces fiscal 2016 4Q and year results

Fiscal 2016 Fourth Quarter and Fiscal Year 2016 Highlights

-Diluted net income per share from continuing operations increased to US$ 0.60 per share from US$ 0.08 in the prior year quarter. -Eight of 13 properties reported higher year-over-year Adjusted EBITDA in the fourth quarter driven by continued strong performance at our Missouri properties.
-Adjusted EBITDA increased $0.4 million, to US$ 65.8 million in the quarter compared to the prior year quarter while Adjusted EBITDA margin increased 57 bps, to 24.9%.
-Fiscal 2016 Adjusted EBITDA increased 5.0% year over year and Adjusted EBITDA margin increased 100 bps, to 21.6%.

The firm’s balance sheet continues to get stronger as debt to Adjusted EBITDA ratio was 4.4x at the end of fiscal 2016 compared to 4.9x a year ago. Consolidated Financial Results Eric Hausler, the company's CEO, commented, "We increased Adjusted EBITDA and Adjusted EBITDA margins for both the quarter and fiscal 2016, and have grown Adjusted EBITDA and Adjusted EBITDA margins in eight of the last nine quarters. "We continue to focus on driving increased profitability from our existing operations, managing our corporate costs efficiently and optimizing our marketing costs. We benefited from our geographic diversity during the quarter as strength in our Missouri and Iowa operations offset lower results year over year in Colorado, Florida and Louisiana.

"During fiscal 2016, we continued to reinvigorate our properties through prudent capital investments across the portfolio. Perhaps most significantly, we are excited to open our new land-based gaming and entertainment facility in Bettendorf on June 24, 2016. We believe it will be an outstanding upgrade to the customer experience at our Bettendorf property. Later this summer, we expect to launch our online play-for-fun casino and to offer lifestyle products under the Lady Luck brand. We expect these new offerings to further enhance our player loyalty and broaden the demographic appeal of our Lady Luck brand. "We are also particularly proud that we reduced our debt balance by over US$ 70 million in fiscal 2016 and strengthened our balance sheet, while building Bettendorf and reinvesting in our properties. This highlights the strong free cash flow generation of our business."

Financial Highlights Net revenues for the current quarter were US$ 264.9 million compared to US$ 269.3 million in the prior year quarter, down 1.6%. Seven of 13 properties reported higher net revenues for the quarter. Consolidated Adjusted EBITDA was US$ 65.8 million for the quarter compared to US$ 65.4 million in the prior year quarter, up 0.7%. Consolidated Adjusted EBITDA margins improved to 24.9% from 24.3%. Operating income increased to US$ 43.2 million from US$ 35.9 million in the prior year quarter. Interest expense was US$ 16.7 million compared to US$ 20.8 million in the prior year quarter, as a result of our lower overall debt balance as well as the benefits of refinancing our 7.75% Senior Notes due 2019 in the first quarter of fiscal 2016. On a GAAP basis, diluted income per share from continuing operations was US$ 0.60 compared to diluted income per share from continuing operations of US$ 0.08 in the prior year's quarter.