ST. LOUIS, June 14, 2016 /PRNewswire/ -- Isle of Capri Casinos, Inc. (NASDAQ: ISLE) (the "Company") today reported financial results for the fourth quarter and fiscal year ended April 24, 2016 and other Company-related news.

Fiscal 2016 Fourth Quarter and Fiscal Year 2016 Highlights


    --  Diluted net income per share from continuing operations increased to
        $0.60 per share from $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 $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%.
    --  Our 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

The following table outlines the Company's financial results (dollars in millions, except per share data, unaudited):



                      Three Months Ended     Twelve Months Ended
                      ------------------     -------------------

                          April 24,               April 26,           April 24,        April 26,

                                        2016                     2015             2016              2015
                                        ----                     ----             ----              ----

    Net revenues                      $264.9                   $269.3           $978.6            $977.0

    Consolidated
     Adjusted EBITDA
     (1)                               65.8                     65.4            211.3             201.2


    Income from
     continuing
     operations                         25.0                      3.2             48.3               7.3

    Loss from
     discontinued
     operations                          0.0                    (0.1)           (2.1)            (2.1)

    Net income                          25.0                      3.1             46.2               5.2


    Diluted income
     per share from
     continuing
     operations                         0.60                     0.08             1.17              0.18

    Diluted loss per
     share from
     discontinued
     operations                         0.00                     0.00           (0.05)           (0.05)

    Diluted net
     income per share                   0.60                     0.08             1.12              0.13

    Adjusted diluted
     net income per
     share (2)                          0.62                     0.58             1.26              0.81




    (1)               For a further description of
                      Consolidated Adjusted EBITDA, refer to
                      the reconciliation tables following the
                      narrative and the definition of
                      Adjusted EBITDA in footnote (1) of this
                      release.

    (2)               For a reconciliation of the GAAP basis
                      per share amounts to adjusted income
                      (loss) per share, refer to the
                      reconciliation table labeled
                      "Reconciliation of GAAP Income (Loss)
                      from Continuing Operations to Adjusted
                      Income (Loss) and GAAP Income (Loss)
                      from Continuing Operations Per Share
                      to Adjusted Income (Loss) Per Share."

Eric Hausler, the Company's chief executive officer, 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 $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 $264.9 million compared to $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 $65.8 million for the quarter compared to $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 $43.2 million from $35.9 million in the prior year quarter.

Interest expense was $16.7 million compared to $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 $0.60 compared to diluted income per share from continuing operations of $0.08 in the prior year's quarter.

The following items impacted income from continuing operations during the fourth quarter of fiscal 2015:


    --  We recorded a non-cash impairment charge of $9.0 million in fiscal 2015.
    --  We recorded a loss on early extinguishment of debt of $13.8 million in
        fiscal 2015 related to the tender and refinancing of our 7.75% Senior
        Notes due 2019.

Operating Results

(All comparisons are to the prior year quarter)

Black Hawk - Net revenues decreased $1.4 million, or 4.0%, to $32.4 million and Adjusted EBITDA decreased $0.9 million to $9.2 million, at our two casinos in Black Hawk. The property results were affected by increased competition in the market this year; in particular, the prior year quarter's results benefited from construction disruption at a nearby property.

Pompano - Net revenues decreased $2.8 million, or 5.2%, to $51.8 million, and Adjusted EBITDA decreased 7.2%, to $13.8 million at Pompano Park. Continuing from the third quarter, fewer transient customer trips year over year and an increased competitive environment hampered results in the early part of the quarter; however, the property rebounded to prior year levels in April. Despite the decline, Pompano generated the second highest fourth quarter Adjusted EBITDA since the property's opening in 2007.

Iowa - Net revenues for our Iowa properties were flat to prior year at $48.5 million, while Adjusted EBITDA increased $0.4 million, to $14.6 million. Despite construction disruption from our new land-based facility, net revenues increased $0.1 million and Adjusted EBITDA increased $0.2 million at our property in Bettendorf.

Waterloo posted its second-highest fourth quarter Adjusted EBITDA since opening in June 2007. Adjusted EBITDA margins at the property improved 150 basis points and Adjusted EBITDA increased $0.5 million, or 6.4%, to $8.2 million.

Our property in Marquette was impacted by an increased competitive environment resulting in decreased net revenues of $0.5 million, to $6.2 million. Adjusted EBITDA declined $0.3 million, to $1.3 million.

Lake Charles - Our property in Lake Charles was negatively impacted by the closure of I-10 between Texas and Louisiana for four days in March due to flooding. For the quarter, net revenues decreased $1.8 million, to $32.1 million, or 5.4%, while Adjusted EBITDA decreased $0.3 million, to $5.4 million, or 4.7%. Excluding March's results, Adjusted EBITDA increased compared to the same periods in the prior year.

Mississippi - Net revenues for Lula and Vicksburg decreased 1.0%, to $23.5 million while Adjusted EBITDA decreased $0.3 million, to $7.3 million, or 4.2%.

Vicksburg's net revenues increased $0.6 million, or 6.4%, and Adjusted EBITDA increased $0.1 million, or 2.3%, to $3.1 million as a result of changes in our marketing reinvestment strategy.

The Lula market continues to be negatively impacted by increased competition in the market. Net revenues at our Lula property decreased $0.8 million, to $14.2 million and Adjusted EBITDA decreased $0.4 million, or 8.6%

Missouri - Net revenues for our Missouri properties increased $1.8 million, to $67.4 million and Adjusted EBITDA increased $2.1 million, to $22.0 million. Cape Girardeau produced the highest fourth quarter Adjusted EBITDA since opening and Boonville, Caruthersville and Kansas City all produced their respective second highest quarterly Adjusted EBITDA.

Cape Girardeau's net revenues increased $0.8 million, or 5.2%, and Adjusted EBITDA increased $1.0 million, or 25.0%. The property's Adjusted EBITDA margin improved 455 bps and generated over 100% flow-through on incremental revenues as it continues to ramp up.

In Caruthersville, net revenues increased $1.0 million, Adjusted EBITDA improved by 32.5%, to $3.2 million, and Adjusted EBITDA margins improved nearly 520 bps primarily due to continued strategic marketing spending and capital investments we have made to the property.

Boonville continues to post the Company's highest Adjusted EBITDA margin, at 39.1% for the quarter, as it benefited from strategic marketing spending, maintaining a prudent operating cost structure and recent capital investments. During the fourth quarter of fiscal 2016, net revenues increased 1.0%, to $20.6 million and Adjusted EBITDA increased 4.0%, to $8.1 million.

Kansas City reported its second highest fourth quarter Adjusted EBITDA, despite net revenues decreasing 1.4%, to $20.0 million. Adjusted EBITDA increased 0.9%, to $5.8 million.

Pennsylvania - At Nemacolin, net revenues increased 0.7%, to $9.1 million while the Adjusted EBITDA loss improved to $(0.1) million from $(0.2) million.

Corporate Expenses

Corporate and development expenses were $8.3 million for the quarter compared to $7.3 million in the fourth quarter of fiscal 2015. The current year quarter included expenses related to the former CEO's exit agreement of $0.8 million.

Non-cash stock compensation expense was $1.2 million for the quarter compared to $0.6 million in the fourth quarter of fiscal 2015.

Excluding the aforementioned exit agreement costs and non-cash stock compensation expense, corporate and development expenses declined $0.4 million, or 5.3%, to $6.4 million.

Capital Structure and Capital Expenditures

As of April 24, 2016, the Company had:


    --  $62.1 million in cash and cash equivalents, excluding $9.8 million in
        restricted cash and investments;
    --  $922.7 million in total debt; and
    --  $224.2 million in net line of credit availability.

Fourth quarter capital expenditures were $6.6 million, excluding spending related to the land-based project in Bettendorf. Capital expenditures were $50.9 million for the fiscal year ended April 24, 2016, excluding the Bettendorf land-based project, and consisted of maintenance and gaming equipment purchases as well as spending related to the hotel renovations in Bettendorf and Boonville. We spent $19.4 million in fiscal 2016 on the $60 million land-based project at Bettendorf. For the project-to-date, we have expended $21.6 million. We expect to incur the remainder of the project cost in the first half of fiscal 2017.

For fiscal 2017 we provide guidance for the following specific non-operating items:


    --  Depreciation and amortization expense is expected to be approximately
        $78 million to $82 million.
    --  Interest expense is expected to be approximately $66 million to $68
        million.
    --  The Company expects cash income taxes pertaining to fiscal 2017
        operations to be less than $2 million.
    --  Corporate and development expenses for fiscal 2017 are expected to be
        approximately $28 million to $29 million, including approximately $5
        million in non-cash stock compensation expense.
    --  Maintenance and other capital expenditures for fiscal 2017 are expected
        to be approximately $100 million, inclusive of the remaining spend on
        the Bettendorf land-based project.

Conference Call Information

Isle of Capri Casinos, Inc. will host a conference call on Tuesday, June 14, 2016 at 10:00 am central time during which management will discuss the financial and other matters addressed in this press release. The conference call can be accessed by interested parties via webcast through the investor relations page of the Company's website, www.islecorp.com, or, for domestic callers, by dialing 888-346-3970. International callers can access the conference call by dialing 412-902-4263. The conference call will be recorded and available for review starting at 11:59 pm central on Tuesday, June 14, 2016, until 11:59 pm central on Tuesday, June 28, 2016, by dialing 877-344-7529; International: 412-317-0088 and access number 10087579.

About Isle of Capri Casinos, Inc.

Isle of Capri Casinos, Inc. is a leading regional gaming and entertainment company dedicated to providing guests with exceptional experience at each of the 14 casino properties that it owns or operates, primarily under the Isle and Lady Luck brands. The Company currently operates gaming and entertainment facilities in Colorado, Florida, Iowa, Louisiana, Mississippi, Missouri, and Pennsylvania. More information is available at the Company's website, www.islecorp.com.

Forward-Looking Statements

This press release may be deemed to contain forward-looking statements, which are subject to change. These forward-looking statements may be significantly impacted, either positively or negatively by various factors, including without limitation, licensing, and other regulatory approvals, financing sources, development and construction activities, costs and delays, weather, permits, competition and business conditions in the gaming industry. The forward-looking statements are subject to numerous risks and uncertainties that could cause actual results to differ materially from those expressed in or implied by the statements herein.

Additional information concerning potential factors that could affect the Company's financial condition, results of operations and expansion projects, is included in the filings of the Company with the Securities and Exchange Commission, including, but not limited to, its Form 10-K for the most recently ended fiscal year.

CONTACT:
Isle of Capri Casinos, Inc.,

Jill Alexander, Senior Director of Corporate Communication-314.813.9368

www.islecorp.com


                                                                                          ISLE OF CAPRI CASINOS, INC.

                                                                                     CONSOLIDATED STATEMENTS OF OPERATIONS

                                                                               (In thousands, except share and per share amounts)

                                                                                                  (Unaudited)


                                                     Three Months Ended                               Twelve Months Ended
                                                     ------------------                               -------------------

                                                          April 24,                                        April 26,              April 24,             April 26,

                                                                           2016                                              2015                  2016                   2015
                                                                           ----                                              ----                  ----                   ----

    Revenues:

    Casino                                                             $276,905                                          $281,290            $1,028,047             $1,032,241

    Rooms                                                                 7,207                                             7,509                29,457                 30,427

    Food, beverage, pari-mutuel and other                                36,107                                            36,341               132,436                137,215

    Gross revenues                                                      320,219                                           325,140             1,189,940              1,199,883

    Less promotional allowances                                        (55,352)                                         (55,853)            (211,348)             (222,838)
                                                                        -------                                           -------              --------               --------

    Net revenues                                                        264,867                                           269,287               978,592                977,045

    Operating expenses:

    Casino                                                               38,577                                            39,234               152,713                156,547

    Gaming taxes                                                         70,456                                            72,183               261,916                263,362

    Rooms                                                                 1,599                                             1,601                 6,820                  6,576

    Food, beverage, pari-mutuel and other                                13,285                                            13,895                48,481                 48,903

    Marine and facilities                                                13,188                                            14,315                54,111                 55,994

    Marketing and administrative                                         55,662                                            56,031               220,079                223,857

    Corporate and development                                             8,297                                             7,325                29,067                 29,088

    Valuation charges                                                         -                                            9,000                     -                 9,000

    Preopening expense                                                      153                                                 -                  153                      -

    Depreciation and amortization                                        20,456                                            19,803                82,105                 77,798

    Total operating expenses                                            221,673                                           233,387               855,445                871,125
                                                                        -------                                           -------               -------                -------

    Operating income                                                     43,194                                            35,900               123,147                105,920


    Interest expense                                                   (16,744)                                         (20,761)             (68,025)              (84,131)

    Interest income                                                          76                                                96                   311                    369

    Loss on early extinguishment of debt                                      -                                         (13,757)              (2,966)              (13,757)
                                                                            ---                                          -------                ------                -------

    Income from continuing operations before income
     taxes                                                               26,526                                             1,478                52,467                  8,401

    Income tax (provision) benefit                                      (1,531)                                            1,682               (4,178)               (1,111)
                                                                         ------                                             -----                ------                 ------

    Income from continuing operations                                    24,995                                             3,160                48,289                  7,290

    Loss from discontinued operations, net of income
     taxes                                                                    -                                             (68)              (2,085)               (2,113)
                                                                            ---                                              ---                ------                 ------

    Net income                                                          $24,995                                            $3,092               $46,204                 $5,177
                                                                        =======                                            ======               =======                 ======


    Income (loss) per common share-basic:

    Income from continuing operations                                     $0.61                                             $0.08                 $1.19                  $0.18

    Loss from discontinued operations, net of income
     taxes                                                                    -                                                -               (0.05)                (0.05)
                                                                            ---                                              ---                -----                  -----

    Net income                                                            $0.61                                             $0.08                 $1.14                  $0.13
                                                                          =====                                             =====                 =====                  =====


    Income (loss) per common share-dilutive:

    Income from continuing operations                                     $0.60                                             $0.08                 $1.17                  $0.18

    Loss from discontinued operations, net of income
     taxes                                                                    -                                                -               (0.05)                (0.05)
                                                                            ---                                              ---                -----                  -----

    Net income                                                            $0.60                                             $0.08                 $1.12                  $0.13
                                                                          =====                                             =====                 =====                  =====


    Weighted average basic shares                                    40,755,048                                        40,033,404            40,690,929             39,955,735

    Weighted average diluted shares                                  41,351,978                                        41,020,503            41,323,473             40,320,267



                                                     ISLE OF CAPRI CASINOS, INC.

                                                     CONSOLIDATED BALANCE SHEETS

                                         (In thousands, except share and per share amounts)

                                                             (Unaudited)

                                                               April 24,                    April 26,

                                                                               2016                         2015
                                                                               ----                         ----

                                       ASSETS
                                       ------

    Current assets:

    Cash and cash equivalents                                               $62,126                      $66,437

    Marketable securities                                                    19,338                       19,517

    Accounts receivable, net                                                 13,252                       11,171

    Inventory                                                                 6,305                        6,509

    Deferred income taxes                                                         -                       4,626

    Prepaid expenses and other
     assets                                                                  11,874                       11,274

    Assets held for sale                                                          -                         138

    Total current assets                                                    112,895                      119,672

    Property and equipment, net                                             899,167                      902,226

    Other assets:

    Goodwill                                                                108,970                      108,970

    Other intangible assets, net                                             53,236                       54,073

    Deferred financing costs,
     net                                                                     14,702                       19,075

    Restricted cash and
     investments                                                              9,819                        9,193

    Prepaid deposits and other                                                5,216                        4,743

    Deferred income taxes                                                     1,144                            -

    Long-term assets held for
     sale                                                                         -                       9,810

    Total assets                                                         $1,205,149                   $1,227,762
                                                                         ==========                   ==========


                        LIABILITIES AND STOCKHOLDERS' EQUITY
                        ------------------------------------

    Current liabilities:

    Current maturities of long-
     term debt                                                                  $80                         $170

    Accounts payable                                                         29,723                       19,690

    Accrued liabilities:

    Payroll and related                                                      36,915                       43,371

    Property and other taxes                                                 19,428                       20,456

    Income taxes payable                                                        123                          125

    Interest                                                                 14,678                       15,350

    Progressive jackpots and
     slot club awards                                                        15,564                       16,123

    Other                                                                    21,036                       18,326

    Total current liabilities                                               137,547                      133,611

    Long-term debt, less
     current maturities                                                     922,613                      992,712

    Deferred income taxes                                                    37,902                       37,334

    Other accrued liabilities                                                17,557                       18,432

    Other long-term liabilities                                              13,912                       22,211

    Stockholders' equity:

    Preferred stock, $.01 par
     value; 2,000,000 shares
     authorized; none issued                                                      -                           -

    Common stock, $.01 par
     value; 60,000,000 shares
     authorized; shares issued:
     42,066,148 at April 24,
     2016 and  at April 26, 2015                                                421                          421

    Class B common stock, $.01
     par value; 3,000,000 shares
     authorized; none issued                                                      -                           -

    Additional paid-in capital                                              244,472                      241,899

    Retained earnings (deficit)                                           (152,868)                   (199,072)
                                                                           --------                     --------

                                                                             92,025                       43,248

    Treasury stock,1,300,955
     shares at April 24, 2016
     and 1,568,875 shares at
     April 26, 2015                                                        (16,407)                    (19,786)
                                                                            -------                      -------

    Total stockholders' equity                                               75,618                       23,462

    Total liabilities and
     stockholders' equity                                                $1,205,149                   $1,227,762
                                                                         ==========                   ==========



                                                                 Isle of Capri Casinos, Inc.

                                                              Supplemental Data - Net Revenues

                                                                  (unaudited, in thousands)


                                       Three Months Ended                       Twelve Months Ended
                                       ------------------                       -------------------

                                         April 24,                                April 26,             April 24,             April 26,

                                                       2016                                      2015                  2016                  2015
                                                       ----                                      ----                  ----                  ----

    Colorado

               Black Hawk                             $32,423                                   $33,780              $129,565              $127,722


    Florida

               Pompano                                 51,802                                    54,646               176,334               175,588


    Iowa

               Bettendorf                              18,482                                    18,420                71,764                72,981

               Marquette                                6,198                                     6,667                25,557                25,793

               Waterloo                                23,827                                    23,409                88,741                87,762

               Iowa Total                              48,507                                    48,496               186,062               186,536



    Louisiana

               Lake Charles                            32,139                                    33,966               121,299               128,413


    Mississippi

               Lula                                    14,210                                    15,008                51,012                53,042

               Vicksburg                                9,258                                     8,701                31,206                29,876

               Mississippi Total                       23,468                                    23,709                82,218                82,918



    Missouri

               Boonville                               20,646                                    20,441                78,287                76,934

               Cape Girardeau                          17,030                                    16,192                61,153                59,628

               Caruthersville                           9,709                                     8,699                34,277                31,369

               Kansas City                             20,033                                    20,310                73,001                73,070

               Missouri Total                          67,418                                    65,642               246,718               241,001



    Pennsylvania

               Nemacolin                                9,090                                     9,027                36,319                34,755



    Property Net Revenues before Other             264,847                                   269,266               978,515               976,933

    Other                                               20                                        21                    77                   112
                                                       ---                                       ---                   ---                   ---

    Net Revenues from Continuing
     Operations                                   $264,867                                  $269,287              $978,592              $977,045
                                                  ========                                  ========              ========              ========



                                                                                                  Isle of Capri Casinos, Inc.

                                                                                 Reconciliation of Operating Income (Loss) to Adjusted EBITDA

                                                                                                   (unaudited, in thousands)


                                                                                                                            Three Months Ended April 24, 2016
                                                                                                                            ---------------------------------

                                                         Operating Income (Loss)                Depreciation and Amortization                       Stock-Based Compensation             Preopening and Other          Adjusted EBITDA
                                                         ----------------------                 -----------------------------                       ------------------------             --------------------          ---------------

    Black Hawk, Colorado                          $7,049                                $2,152                                                  $14                          $          -                        $9,215


    Pompano, Florida                              11,961                                 1,832                                                   13                                     -                        13,806


    Bettendorf, Iowa                                                                 1,859                                                3,064                                     7                            153                      5,083

    Marquette, Iowa                                  959                                   327                                                    6                                     -                         1,292

    Waterloo, Iowa                                 7,013                                 1,160                                                    7                                     -                         8,180

                               Iowa Total                                               9,831                                                4,551                                    20                            153                     14,555



    Lake Charles, Louisiana                        2,572                                 2,819                                                    7                                     -                         5,398


    Lula, Mississippi                              2,788                                 1,379                                                    4                                     -                         4,171

    Vicksburg, Mississippi                         2,202                                   905                                                    6                                     -                         3,113

                               Mississippi Total                                        4,990                                                2,284                                    10                              -                     7,284



    Boonville, Missouri                            6,836                                 1,228                                                   13                                     -                         8,077

    Cape Girardeau, Missouri                       2,339                                 2,547                                                    5                                     -                         4,891

    Caruthersville, Missouri                       2,576                                   613                                                    5                                     -                         3,194

    Kansas City, Missouri                          4,890                                   943                                                    7                                     -                         5,840

                               Missouri Total                                          16,641                                                5,331                                    30                              -                    22,002



    Nemacolin, Pennsylvania                      (1,166)                                1,080                                                    -                                    -                          (86)
                                                  ------                                 -----                                                  ---                                  ---                           ---

    Total Operating Properties                                                      51,878                                               20,049                                    94                            153                     72,174

    Corporate and Other                                                            (8,684)                                                 407                                 1,153                            770                    (6,354)

    Total                                        $43,194                               $20,456                                               $1,247                                  $923                        $65,820
                                                 =======                               =======                                               ======                                  ====                        =======


                                                                                                                            Three Months Ended April 26, 2015
                                                                                                                            ---------------------------------

                                                         Operating Income (Loss)                Depreciation and Amortization                       Stock-Based Compensation                     Other                 Adjusted EBITDA
                                                         ----------------------                 -----------------------------                       ------------------------                     -----                 ---------------

    Black Hawk, Colorado                          $7,815                                $2,285                                                   $7                          $          -                       $10,107


    Pompano, Florida                              13,008                                 1,864                                                    6                                     -                        14,878


    Bettendorf, Iowa                               3,158                                 1,672                                                    6                                     -                         4,836

    Marquette, Iowa                                1,216                                   366                                                    3                                     -                         1,585

    Waterloo, Iowa                                 6,416                                 1,267                                                    4                                     -                         7,687

                               Iowa Total                                              10,790                                                3,305                                    13                              -                    14,108



    Lake Charles, Louisiana                        2,904                                 2,754                                                    6                                     -                         5,664


    Lula, Mississippi                              3,283                                 1,274                                                    4                                     -                         4,561

    Vicksburg, Mississippi                         2,125                                   914                                                    5                                     -                         3,044

                               Mississippi Total                                        5,408                                                2,188                                     9                              -                     7,605



    Boonville, Missouri                            6,754                                 1,014                                                    2                                     -                         7,770

    Cape Girardeau, Missouri                       1,058                                 2,852                                                    3                                     -                         3,913

    Caruthersville, Missouri                       1,804                                   605                                                    2                                     -                         2,411

    Kansas City, Missouri                          4,729                                 1,053                                                    8                                     -                         5,790

                               Missouri Total                                          14,345                                                5,524                                    15                              -                    19,884



    Nemacolin, Pennsylvania                                                       (10,557)                                               1,375                                    15                          9,000                      (167)
                                                                                   -------                                                -----                                   ---                          -----                       ----

    Total Operating Properties                                                      43,713                                               19,295                                    71                          9,000                     72,079

    Corporate and Other                          (7,813)                                  508                                                  596                                     -                       (6,709)

    Total                                        $35,900                               $19,803                                                 $667                                $9,000                        $65,370
                                                 =======                               =======                                                 ====                                ======                        =======



                                                                                                   Isle of Capri Casinos, Inc.

                                                                                  Reconciliation of Operating Income (Loss) to Adjusted EBITDA

                                                                                                    (unaudited, in thousands)


                                                                                                                            Twelve Months Ended April 24, 2016
                                                                                                                            ----------------------------------

                                                          Operating Income (Loss)                Depreciation and Amortization                       Stock-Based Compensation             Preopening and Other           Adjusted EBITDA
                                                          ----------------------                 -----------------------------                       ------------------------             --------------------           ---------------

    Black Hawk, Colorado                          $27,825                                $8,741                                                  $56                          $          -                        $36,622


    Pompano, Florida                               30,353                                 8,074                                                   55                                     -                         38,482


    Bettendorf, Iowa                                                                  7,337                                               10,921                                    32                             153                      18,443

    Marquette, Iowa                                 4,116                                 1,428                                                   24                                     -                          5,568

    Waterloo, Iowa                                 22,977                                 5,090                                                   27                                     -                         28,094

                               Iowa Total                                               34,430                                               17,439                                    83                             153                      52,105



    Lake Charles, Louisiana                         5,965                                11,216                                                   29                                     -                         17,210


    Lula, Mississippi                               6,732                                 5,274                                                   17                                     -                         12,023

    Vicksburg, Mississippi                          4,470                                 3,584                                                   26                                     -                          8,080

                               Mississippi Total                                        11,202                                                8,858                                    43                               -                     20,103



    Boonville, Missouri                            24,591                                 4,584                                                   51                                     -                         29,226

    Cape Girardeau, Missouri                        3,323                                10,860                                                   24                                     -                         14,207

    Caruthersville, Missouri                        6,922                                 2,453                                                   22                                     -                          9,397

    Kansas City, Missouri                          14,151                                 3,849                                                   28                                     -                         18,028

                               Missouri Total                                           48,987                                               21,746                                   125                               -                     70,858



    Nemacolin, Pennsylvania                       (4,880)                                4,286                                                   30                                     -                          (564)
                                                   ------                                 -----                                                  ---                                   ---                           ----

    Total Operating Properties                                                      153,882                                               80,360                                   421                             153                     234,816

    Corporate and Other                                                            (30,735)                                               1,745                                 4,648                             870                    (23,472)

    Total                                        $123,147                               $82,105                                               $5,069                                $1,023                        $211,344
                                                 ========                               =======                                               ======                                ======                        ========


                                                                                                                            Twelve Months Ended April 26, 2015
                                                                                                                            ----------------------------------

                                                          Operating Income (Loss)                Depreciation and Amortization                       Stock-Based Compensation                     Other                  Adjusted EBITDA
                                                          ----------------------                 -----------------------------                       ------------------------                     -----                  ---------------

    Black Hawk, Colorado                          $20,614                                $9,192                                                  $29                                $4,057                         $33,892


    Pompano, Florida                               31,122                                 7,131                                                   26                                     -                         38,279


    Bettendorf, Iowa                               13,271                                 6,011                                                   23                                     -                         19,305

    Marquette, Iowa                                 4,060                                 1,589                                                   11                                     -                          5,660

    Waterloo, Iowa                                                                   23,901                                                4,978                                    18                         (1,225)                     27,672

                               Iowa Total                                               41,232                                               12,578                                    52                         (1,225)                     52,637



    Lake Charles, Louisiana                         8,650                                11,069                                                   21                                     -                         19,740


    Lula, Mississippi                               6,630                                 5,113                                                   16                                     -                         11,759

    Vicksburg, Mississippi                          2,719                                 3,600                                                   17                                     -                          6,336

                               Mississippi Total                                         9,349                                                8,713                                    33                               -                     18,095



    Boonville, Missouri                            23,778                                 3,960                                                   12                                     -                         27,750

    Cape Girardeau, Missouri                          215                                11,281                                                   12                                     -                         11,508

    Caruthersville, Missouri                        4,346                                 2,497                                                   12                                     -                          6,855

    Kansas City, Missouri                          13,664                                 3,923                                                   27                                     -                         17,614

                               Missouri Total                                           42,003                                               21,661                                    63                               -                     63,727



    Nemacolin, Pennsylvania                                                        (16,079)                                               5,460                                    22                           9,000                     (1,597)
                                                                                    -------                                                -----                                   ---                           -----                      ------

    Total Operating Properties                                                      136,891                                               75,804                                   246                          11,832                     224,773

    Corporate and Other                                                            (30,971)                                               1,994                                 3,150                           2,259                    (23,568)

    Total                                        $105,920                               $77,798                                               $3,396                               $14,091                        $201,205
                                                 ========                               =======                                               ======                               =======                        ========



                                                            Isle of Capri Casinos, Inc.

                                      Reconciliation of Income From Continuing Operations to Adjusted EBITDA

                                                             (unaudited, in thousands)


                                                                                         Three Months Ended             Twelve Months Ended
                                                                                         ------------------             -------------------

                                                                             April 24,                April 26,          April 24,                 April 26,

                                                                                             2016                2015                       2016                 2015
                                                                                             ----                ----                       ----                 ----

    Income from continuing operations                              $24,995                    $3,160             $48,289                     $7,290

                                      Income tax provision (benefit)                          1,531             (1,682)                     4,178                1,111

                                      Loss on extinguishment of debt                              -             13,757                      2,966               13,757

                                      Interest income                                          (76)               (96)                     (311)               (369)

                                      Interest expense                                       16,744              20,761                     68,025               84,131

                                      Depreciation and amortization                          20,456              19,803                     82,105               77,798

                                      Stock-based compensation                                1,247                 667                      5,069                3,396

                                      Exit agreement expense (3)                                770                   -                       870                    -

                                      Preopening expense (3)                                    153                   -                       153                    -

                                      Valuation charges (4)                                       -              9,000                          -               9,000

                                      Colorado referendum expense (5)                             -                  -                         -               4,057

                                      Property tax settlement (5)                                 -                  -                         -             (1,225)

                                      Severance expense (5)                                       -                  -                         -               2,259

    Adjusted EBITDA (1)                                            $65,820                   $65,370            $211,344                   $201,205
                                                                   =======                   =======            ========                   ========



                                                                         Isle of Capri Casinos, Inc.

                                               Reconciliation of GAAP Income From Continuing Operations to Adjusted Income and
                                                GAAP Income From Continuing Operations Per Share to Adjusted Income Per Share

                                                                          (unaudited, in thousands)


                                                   Three Months Ended                       Twelve Months Ended
                                                   ------------------                       -------------------

                                                       April 24,                                 April 26,                     April 24,         April 26,

                                                                     2016                                       2015                        2016                 2015
                                                                     ----                                       ----                        ----                 ----


    GAAP income from continuing operations                        $24,995                                     $3,160                     $48,289               $7,290

    Exit agreement expense (3)                                        770                                          -                        870                    -

    Preopening expense (3)                                            153                                          -                        153                    -

    Loss on early extinguishment of debt                                -                                    13,757                       2,966               13,757

    Valuation charges (4)                                               -                                     9,000                           -               9,000

    Colorado referendum expense (5)                                     -                                         -                          -               4,057

    Property tax settlement (5)                                         -                                         -                          -             (1,225)

    Severance expense (5)                                               -                                         -                          -               2,259

    Tax valuation allowance reversal                                    -                                   (2,301)                          -             (2,301)

    Adjusted income (2)                                           $25,918                                    $23,616                     $52,278              $32,837
                                                                  =======                                    =======                     =======              =======



    GAAP income from continuing operations per
     share                                                          $0.60                                      $0.08                       $1.17                $0.18

    Exit agreement expense (3)                                       0.02                                          -                       0.02                    -

    Preopening expense (3)                                           0.00                                          -                       0.00                    -

    Loss on early extinguishment of debt                                -                                      0.34                        0.07                 0.34

    Valuation charges (4)                                               -                                      0.22                           -                0.22

    Colorado referendum expense (5)                                     -                                         -                          -                0.10

    Property tax settlement (5)                                         -                                         -                          -              (0.03)

    Severance expense (5)                                               -                                         -                          -                0.06

    Tax valuation allowance reversal                                    -                                    (0.06)                          -              (0.06)

    Adjusted income per share (2)                                   $0.62                                      $0.58                       $1.26                $0.81
                                                                    =====                                      =====                       =====                =====


    1.             Adjusted EBITDA is "earnings from
                   continuing operations before
                   interest and other non-operating
                   income (expense), income taxes,
                   stock-based compensation, certain
                   severance expenses, preopening
                   expenses, certain expenses related
                   to the Colorado gaming referendum,
                   certain property tax settlements and
                   depreciation and amortization."
                   Adjusted EBITDA is presented solely
                   as a supplemental disclosure because
                   management believes that it is 1) a
                   widely used measure of operating
                   performance in the gaming industry,
                   2) used as a component of
                   calculating required leverage and
                   minimum interest coverage ratios
                   under our Senior Credit Facility and
                   3) a principal basis of valuing
                   gaming companies. Management uses
                   Adjusted EBITDA as the primary
                   measure of the Company's operating
                   properties' performance, and it is
                   an important component in evaluating
                   the performance of management and
                   other operating personnel in the
                   determination of certain components
                   of employee compensation.  Adjusted
                   EBITDA should not be construed as an
                   alternative to operating income as
                   an indicator of the Company's
                   operating performance, as an
                   alternative to cash flows from
                   operating activities as a measure of
                   liquidity or as an alternative to
                   any other measure determined in
                   accordance with U.S. generally
                   accepted accounting principles
                   (GAAP).  The Company has significant
                   uses of cash flows, including
                   capital expenditures, interest
                   payments, taxes and debt principal
                   repayments, which are not reflected
                   in Adjusted EBITDA. Also, other
                   gaming companies that report
                   Adjusted EBITDA information may
                   calculate Adjusted EBITDA in a
                   different manner than the Company.
                   A reconciliation of Adjusted EBITDA
                   to income (loss) from continuing
                   operations is included in the
                   financial schedules accompanying
                   this release.


                  Certain of our debt agreements use a
                   similar calculation of "Adjusted
                   EBITDA" as a financial measure for
                   the calculation of financial debt
                   covenants and includes add back of
                   items such as gain on early
                   extinguishment of debt, preopening
                   expenses, certain write-offs and
                   valuation expenses, and non-cash
                   stock compensation expense.
                   Reference can be made to the
                   definition of Adjusted EBITDA in the
                   applicable debt agreements on file
                   as Exhibits to our filings with the
                   Securities and Exchange Commission.


    2.             Adjusted income (loss) is presented
                   solely as a supplemental disclosure
                   as this is one method management
                   reviews and utilizes to analyze the
                   performance of its core operating
                   business.  For many of the same
                   reasons mentioned above related to
                   Adjusted EBITDA, management believes
                   Adjusted income (loss) and Adjusted
                   income (loss) per share are useful
                   analytic tools as they enable
                   management to track the performance
                   of its core casino operating
                   business separate and apart from
                   factors that do not impact decisions
                   affecting its operating casino
                   properties, such as gain (loss) on
                   early extinguishment of debt,
                   certain severance expenses,
                   preopening expenses, certain
                   expenses related to the Colorado
                   gaming referendum and certain
                   property tax settlements.
                   Management believes Adjusted income
                   (loss) and Adjusted income (loss)
                   per share are useful to investors
                   since these adjustments provide a
                   measure of financial performance
                   that more closely resembles widely
                   used measures of performance and
                   valuation in the gaming industry.
                   Adjusted income (loss) and adjusted
                   income (loss) per share do not
                   include the gain (loss) on early
                   extinguishment of debt, certain
                   severance expenses, preopening
                   expenses, certain expenses related
                   to the Colorado gaming referendum
                   and certain property tax
                   settlements.


    3.             The Company incurred $0.8 million and
                   $0.9 million of expense during the
                   three and twelve months ended April
                   24, 2016, respectively, pertaining
                   to the former CEO's exit agreement
                   and had preopening expenses of $0.2
                   million in the three and twelve
                   months ended April 24, 2016 related
                   to the Bettendorf land-based casino
                   expected to open on June 24, 2016.


    4.             Valuation charges in the fourth
                   quarter and fiscal 2015 consist of
                   $9.0 million of impairment on the
                   Nemacolin property, plant and
                   equipment.


    5.             During fiscal 2015, the Company
                   incurred $4.1 million of expense
                   related to the Colorado gaming
                   expansion referendum, had a
                   favorable property tax settlement
                   related to our Waterloo property of
                   $1.2 million and recorded $2.3
                   million of severance expense related
                   to restructuring at the corporate
                   office.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/isle-of-capri-casinos-inc-announces-fiscal-2016-fourth-quarter-and-year-results-300284003.html

SOURCE Isle of Capri Casinos, Inc.