Isle of Capri first-quarter losses, revenue, expenses down

Thursday, August 25, 2011 | 11:19 a.m. CDT

ST. LOUIS — Isle of Capri Casinos Inc. said Thursday that its fiscal first-quarter loss narrowed on declining operating expenses.

The casino operator lost $2.3 million, or 6 cents per share, in the quarter compared with a loss of $2.7 million, or 8 cents per share, in the same period last year.

Analysts polled by FactSet expected earnings of 8 cents per share.

Total operating expenses fell to $228.6 million from $231.6 million.

Revenue for the period that ended July 24 fell 2 percent to $245.8 million from $251.9 million, hurt by a decline in money made from food and beverage and horse racing operations as well as fewer promotions.

Isle was also hindered by flooding along the Mississippi River, which led to some properties in Iowa, Missouri and Mississippi closing temporarily.

Revenue missed Wall Street's estimate of $254.1 million.

Isle of Capri, based in St. Louis, has 15 casinos. Its stock slipped 11 cents to $6.25 in morning trading.

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