Isle of Capri Casinos today reported financial results for the second quarter of the Company's 2010 fiscal year ended October 25, 2009. In making the announcement, James B. Perry, the Company's chairman and chief executive officer, said, "In an environment plagued with low consumer confidence, our ongoing improvement initiatives are proving successful. We began an aggressive effort to realign our cost structure two years ago, and have since become more efficient while improving the customer experience according to our metrics.”

This week the company completed the sale of a majority of its Blue Chip operating casino assets and last week completed its exit from the Our Lucaya property on Grand Bahama. Before the end of the fiscal year Isle of Capri expects to liquidate its remaining United Kingdom net assets. The company now intends to remain focused on exploring new domestic management and development opportunities.

James Perry commented, "Overall, I am proud of the focus of our team as we continue to work our way through the most challenging economic environment I have seen during my career. Our business is smarter and stronger today, and we are actively engaged in identifying growth opportunities for the future." Isle of Capri made $1.6 million, or 5 cents per share, for the three months ended Oct. 25. That compares with a loss of $13.5 million, or 43 cents per share, during the same period a year earlier, and beat analysts estimates.

Corporate and other expenses decreased $1.1 million to $13.3 million for the three months ended October 25, 2009 compared to prior year. Interest expense for the quarter was $17.9 million, a decline of approximately $6.3 million compared to the prior fiscal year, primarily as a result of lower debt levels. Income tax benefit for the three and six months ended October 25, 2009 includes the favourable impact of $4.7 million from the settlement of state tax matters.

Shares of the company surged following the release of the financial second quarter results. (E-12.01.09)

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