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.
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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