Isle of Capri Tanks on Wider Loss
ST. Louis (
) --
Isle of Capri Casinos
(ISLE)
widened its third-quarter loss, severely missing forecasts and sending shares tanking in early morning trading.
During the quarter, Isle of Capri recorded a loss of $10.6 million, or 33 cents a share, compared with a profit of $46.1 million, or $1.45, in the year-ago period. Analysts were calling for a loss of 12 cents a share for the casino operator.
Isle of Capri's revenue tanked 25% to $227 million from $301.8 million last year.
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Isle of Capri is pursuing gaming opportunities in areas like Pennsylvania in order to boost revenue.
The company also amended its credit facility, which will should result in a charge of about $2.2 million in the fourth quarter.
Shares of Isle of Capri are sinking 4% to $8.17 in morning trading.
--Reported by Jeanine Poggi in New York
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