| Consolidating Condensed Financial Information | 12. Consolidating Condensed Financial Information
Certain of our wholly owned subsidiaries have fully and unconditionally guaranteed on a joint and several basis, the payment of all obligations under our 5.875% Senior Notes and 8.875% Senior Subordinated Notes.
The following wholly owned subsidiaries of the Company are guarantors, on a joint and several basis, under the 5.875% Senior Notes and 8.875% Senior Subordinated Notes: Black Hawk Holdings, L.L.C.; CCSC/Blackhawk, Inc.; IC Holdings Colorado, Inc.; IOC-Black Hawk Distribution Company, L.L.C.; IOC-Boonville, Inc.; IOC-Caruthersville, L.L.C.; IOC-Kansas City, Inc.; IOC-Lula, Inc.; IOC-Natchez, Inc.; IOC-Black Hawk County, Inc.; IOC Holdings, L.L.C.; IOC-Vicksburg, Inc.; IOC-Vicksburg, LLC; Rainbow Casino- Vicksburg Partnership, L.P.; IOC Cape Girardeau, LLC; Isle of Capri Bettendorf, L.C; Isle of Capri Black Hawk, L.L.C.; Isle of Capri Marquette, Inc.; PPI, Inc.; and St. Charles Gaming Company, L.L.C. Each of the subsidiaries’ guarantees is joint and several with the guarantees of the other subsidiaries.
During fiscal 2015, our wholly owned subsidiary, IOC-Davenport, Inc. changed designations from a Guarantor Subsidiary to a Non-Guarantor Subsidiary. All periods presented below reflect the operations of IOC-Davenport, Inc. as a Non-Guarantor Subsidiary.
Consolidating condensed balance sheets as of January 24, 2016 and April 26, 2015 are as follows:
As of January 24, 2016
Isle of Capri
Consolidating
Casinos, Inc.
Non-
and
Isle of Capri
(Parent
Guarantor
Guarantor
Eliminating
Casinos, Inc.
Obligor)
Subsidiaries
Subsidiaries
Entries
Consolidated
Balance Sheet
Current assets
$
$
$
$
)
$
Intercompany receivables
—
)
—
Investments in subsidiaries
—
—
)
—
Property and equipment, net
—
Other assets
)
Total assets
$
$
$
$
)
$
Current liabilities
$
$
$
$
)
$
Intercompany payables
)
—
Long-term debt, less current maturities
—
—
—
Other accrued liabilities
)
Stockholders’ equity
)
)
Total liabilities and stockholders’ equity
$
$
$
$
)
$
As of April 26, 2015
Isle of Capri
Consolidating
Casinos, Inc.
Non-
and
Isle of Capri
(Parent
Guarantor
Guarantor
Eliminating
Casinos, Inc.
Obligor)
Subsidiaries
Subsidiaries
Entries
Consolidated
Balance Sheet
Current assets
$
$
$
$
)
$
Intercompany receivables
—
—
)
—
Investments in subsidiaries
—
)
—
Property and equipment, net
—
Other assets
)
Total assets
$
$
$
$
)
$
Current liabilities
$
$
$
$
)
$
Intercompany payables
—
)
—
Long-term debt, less current maturities
—
—
Other accrued liabilities
)
Stockholders’ equity
)
Total liabilities and stockholders’ equity
$
$
$
$
)
$
Consolidating condensed statements of operations for the three and nine months ended January 24, 2016 and January 25, 2015 are as follows:
For the Three Months Ended January 24, 2016
Isle of Capri
Consolidating
Casinos, Inc.
Non-
and
Isle of Capri
(Parent
Guarantor
Guarantor
Eliminating
Casinos, Inc.
Statement of Operations
Obligor)
Subsidiaries
Subsidiaries
Entries
Consolidated
Revenues:
Casino
$
—
$
$
$
—
$
Rooms, food, beverage, pari-mutuel and other
)
Management fee revenue
—
—
)
—
Gross revenues
)
Less promotional allowances
—
)
)
—
)
Net revenues
)
Operating expenses:
Casino
—
—
Gaming taxes
—
—
Rooms, food, beverage, pari-mutuel and other
)
Management fee expense
—
)
—
Depreciation and amortization
—
Total operating expenses
)
Operating income (loss)
)
—
Interest expense, net
)
)
)
—
)
Equity in income (loss) of subsidiaries
—
—
)
—
Income (loss) from continuing operations before income taxes
)
)
Income tax benefit (provision)
)
—
)
Income (loss) from continuining operations
)
)
Income (loss) of discontinued operations
)
)
—
)
Net income (loss)
$
$
$
)
$
)
$
For the Three Months Ended January 25, 2015
Isle of Capri
Consolidating
Casinos, Inc.
Non-
and
Isle of Capri
(Parent
Guarantor
Guarantor
Eliminating
Casinos, Inc.
Statement of Operations
Obligor)
Subsidiaries
Subsidiaries
Entries
Consolidated
Revenues:
Casino
$
—
$
$
$
—
$
Rooms, food, beverage, pari-mutuel and other
)
Management fee revenue
—
—
)
—
Gross revenues
)
Less promotional allowances
—
)
)
—
)
Net revenues
)
Operating expenses:
Casino
—
—
Gaming taxes
—
—
Rooms, food, beverage, pari-mutuel and other
)
Management fee expense
—
)
—
Depreciation and amortization
—
Total operating expenses
)
Operating income (loss)
)
—
Interest expense, net
)
)
)
—
)
Equity in income (loss) of subsidiaries
—
—
)
—
Income (loss) from continuing operations before income taxes
)
)
Income tax (provision) benefit
)
—
)
Income (loss) from continuining operations
)
)
Income (loss) of discontinued operations
)
)
—
)
Net income (loss)
$
$
$
)
$
)
$
For the Nine Months Ended January 24, 2016
Isle of Capri
Consolidating
Casinos, Inc.
Non-
and
Isle of Capri
(Parent
Guarantor
Guarantor
Eliminating
Casinos, Inc.
Statement of Operations
Obligor)
Subsidiaries
Subsidiaries
Entries
Consolidated
Revenues:
Casino
$
—
$
$
$
—
$
Rooms, food, beverage, pari-mutuel and other
)
Management fee revenue
—
—
)
—
Gross revenues
)
Less promotional allowances
—
)
)
—
)
Net revenues
)
Operating expenses:
Casino
—
—
Gaming taxes
—
—
Rooms, food, beverage, pari-mutuel and other
)
Management fee expense
—
)
—
Depreciation and amortization
—
Total operating expenses
)
Operating income (loss)
)
—
Interest expense, net
)
)
)
—
)
Loss on extinguishment of debt
)
—
—
—
)
Equity in income (loss) of subsidiaries
—
—
)
—
Income (loss) from continuing operations before income taxes
)
)
Income tax benefit (provision)
)
—
)
Income (loss) from continuining operations
)
)
Income (loss) of discontinued operations
)
)
—
)
Net income (loss)
$
$
$
)
$
)
$
For the Nine Months Ended January 25, 2015
Isle of Capri
Consolidating
Casinos, Inc.
Non-
and
Isle of Capri
(Parent
Guarantor
Guarantor
Eliminating
Casinos, Inc.
Statement of Operations
Obligor)
Subsidiaries
Subsidiaries
Entries
Consolidated
Revenues:
Casino
$
—
$
$
$
—
$
Rooms, food, beverage, pari-mutuel and other
)
Management fee revenue
—
—
)
—
Gross revenues
)
Less promotional allowances
—
)
)
—
)
Net revenues
)
Operating expenses:
Casino
—
—
Gaming taxes
—
—
Rooms, food, beverage, pari-mutuel and other
)
Management fee expense
—
)
—
Depreciation and amortization
—
Total operating expenses
)
Operating income (loss)
)
)
—
Interest expense, net
)
)
)
—
)
Loss on extinguishment of debt
—
—
—
—
—
Equity in income (loss) of subsidiaries
—
—
)
—
Income (loss) from continuing operations before income taxes
)
)
)
Income tax (provision) benefit
)
—
)
Income (loss) from continuining operations
)
)
Income (loss) of discontinued operations
)
)
—
)
Net income (loss)
$
$
$
)
$
)
$
Consolidating condensed statements of cash flows for the nine months ended January 24, 2016 and January 25, 2015 are as follows:
Nine Months Ended January 24, 2016
Isle of Capri
Consolidating
Casinos, Inc.
Non-
and
Isle of Capri
(Parent
Guarantor
Guarantor
Eliminating
Casinos, Inc.
Statement of Cash Flows
Obligor)
Subsidiaries
Subsidiaries
Entries
Consolidated
Net cash (used in) provided by operating activities
$
$
$
$
—
$
Investing Activities:
Purchases of property and equipment, net of proceeds
)
)
)
—
)
Proceeds from sales of assets held for sale
—
—
—
Restricted cash and investments
—
—
)
—
)
Parent company investment in subsidiaries
—
—
)
—
Net cash provided by (used in) investing activities
)
)
)
)
Financing Activities:
Principal payments on debt
)
—
)
—
)
Net repayments on line of credit
—
—
—
Payments of other long-term obligation
—
)
—
—
)
Premium payments on retirement of long-term debt
)
—
—
—
)
Payment of deferred financing costs
)
—
—
—
)
Proceeds from exercise of stock options
—
—
—
Net proceeds from (payments to) related parties
—
)
—
Net cash (used in) provided by financing activities
)
)
)
Net (decrease) increase in cash and cash equivalents
)
)
—
)
Cash and cash equivalents at beginning of period
—
Cash and cash equivalents at end of the period
$
)
$
$
$
—
$
Nine Months Ended January 25, 2015
Isle of Capri
Consolidating
Casinos, Inc.
Non-
and
Isle of Capri
(Parent
Guarantor
Guarantor
Eliminating
Casinos, Inc.
Statement of Cash Flows
Obligor)
Subsidiaries
Subsidiaries
Entries
Consolidated
Net cash (used in) provided by operating activities
$
)
$
$
$
—
$
Investing Activities:
Purchases of property and equipment, net of proceeds
)
)
)
—
)
Payments towards gaming license
—
—
—
—
—
Restricted cash and investments
—
—
—
Parent company investment in subsidiaries
—
—
)
—
Net cash provided by (used in) investing activities
)
)
)
Financing Activities:
Principal payments on debt
)
—
)
—
)
Net borrowings on line of credit
)
—
—
—
)
Payments of deferred financing costs
—
—
—
—
—
Net proceeds from (payments to) related parties
—
)
)
—
Net cash provided by (used in) financing activities
)
)
)
)
Net (decrease) increase in cash and cash equivalents
)
)
—
)
Cash and cash equivalents at beginning of period
—
Cash and cash equivalents at end of the period
$
$
$
$
—
$ |
