ST. LOUIS (AP) — Isle of Capri Casinos Inc. reported an unexpected loss for its fiscal first quarter, hurt by flooding and storms in the Midwest, softness in gambling spending in some regions and preopening expenses.
Its quarterly performance missed analysts' estimates. The stock fell in midday trading Wednesday.
For the three months ended July 28, Isle lost $4.9 million, or 12 cents per share. That contrasts with net income of $6.7 million, or 17 cents per share a year earlier.
Taking out preopening expenses for Lady Luck Nemacolin in Pennsylvania and a gain on the sale of its corporate aircraft, Isle lost 5 cents per share.
Analysts surveyed by FactSet expected earnings of 4 cents per share.
Revenue rose 5 percent to $247.7 million from $235.8 million as patrons spent more on gambling, rooms and food and drinks. But Wall Street expected higher revenue of $254 million.
Shares of Isle declined 17 cents, or 2.3 percent, to $7.25 in midday trading. Over the past year, the stock has traded between $4.75 and $8.79.
Isle has 16 casinos that it owns or runs mostly under the Isle and Lady Luck brands. The properties are located in Mississippi, Louisiana, Iowa, Missouri, Colorado, Florida and Pennsylvania.