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4-Traders Homepage  >  Equities  >  Nasdaq  >  Isle of Capri Casinos    ISLE

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ISLE OF CAPRI CASINOS INC : Other Events, Financial Statements and Exhibits (form 8-K)

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12/21/2016 | 10:20pm CET

Item 8.01 Other Events.

Isle of Capri Casinos, Inc. ("Isle" or "registrant") is recasting certain financial information included in its Annual Report on Form 10-K, which was previously filed with the U.S. Securities and Exchange Commission ("SEC") on June 21, 2016. The relevant financial information in the Form 10-K is being recast to reflect the results of our Lake Charles, Louisiana and Marquette, Iowa properties as discontinued operations as a result of entering into separate agreements to sell those properties. In addition, Isle adopted Financial Accounting Standards Board ("FASB") Update No. 2015-03, "Interest-Imputation of Interest" in the first quarter of fiscal 2017, which requires debt issuance costs to be presented as a direct deduction from the carrying amount of the related debt liability. The adoption of FASB Update No. 2015-03 is reflected in all periods presented of the recast consolidated balance sheets.

The registrant has revised the following portions of the Form 10-K to reflect the presentation of our properties in Lake Charles, Louisiana and Marquette, Iowa as discontinued operations and as assets held for sale and the adoption of FASB Update No. 2015-03:



†          Item 6. Selected Financial Data


† Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)



†          Item 7A. Quantitative and Qualitative Disclosures About Market Risk



†          Item 8. Financial Statements and Supplementary Data


The revised portions of the Form 10-K described above are attached as Exhibit 99.1 hereto and incorporated herein by reference.

All other information in the Form 10-K remains unchanged. This Current Report on Form 8-K does not modify or update the disclosures contained in the Form 10-K in any way, nor does it reflect any subsequent information or events, other than as required to reflect the results of our Lake Charles, Louisiana and Marquette, Iowa properties as discontinued operations and the adoption of FASB Update No. 2015-03, as described above. Without limitation to the foregoing, this Current Report on Form 8-K does not purport to update the MD&A for any information, uncertainties, risk, events or trends occurring, or known to management. Therefore, this Current Report on Form 8-K should be read in conjunction with the Form 10-K, and the registrant's filings with the SEC subsequent to the filing of the Form 10-K, including its Quarterly Reports on Form 10-Q for the quarters ended July 24, 2016 and October 23, 2016, as filed with the SEC on September 2, 2016 and December 1, 2016, respectively. References to the exhibits attached hereto to the Form 10-K or parts thereof refer to the Form 10-K, except to the extent portions of such Form 10-K have been recast in Exhibit 99.1 to this Current Report on Form 8-K, in which case they refer to the applicable recast portion in Exhibit 99.1 to this Current Report on Form 8-K. The information contained in Exhibit 99.1 to this Current Report on Form 8-K is not an amendment to, or a restatement of, the Form 10-K.




                                       2

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Item 9.01. Financial Statements and Exhibits.



(d) Exhibits.



 Exhibit No.                                 Description
23.1            Consent of Ernst & Young, LLP

99.1            Updates to the following portions of this Isle of Capri Casinos, Inc.
                Annual Report on Form 10-K for the fiscal year ended April 24, 2016:
                Item 6. Selected Financial Data; Item 7. Management's Discussion and
                Analysis of Financial Condition and Results of Operations; Item 7A.
                Quantitative and Qualitative Disclosures About Market Risk; and Item
                8. Financial Statements and Supplementary Data. All portions are
                updated to recast the operations of our Lake Charles, Louisiana and
                Marquette, Iowa properties as discontinued and as assets held for
                sale and the adoption of FASB Update No. 2015-03.

101             The following financial statements and notes from the Isle of Capri
                Casinos, Inc. Current Report on Form 8-K recast for the year ended
                April 24, 2016, filed on December 21, 2016, formatted in XBRL: (i)
                Consolidated Balance Sheets; (ii) Consolidated Statements of
                Operations; (iii) Consolidated Statement of Comprehensive Income
                (Loss); (iv) Consolidated Statements of Stockholders' Equity; (v)
                Consolidated Statements of Cash Flows; and (vi) Notes to Consolidated
                Financial Statements.




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Average target price 22,0 $
Spread / Average Target -6,9%
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