| Consolidating Condensed Financial Information | 11. 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.
Consolidating condensed balance sheets as of January 22, 2017 and April 24, 2016 are as follows:
As of January 22, 2017
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 and net deferred financing costs
—
—
—
Other accrued liabilities
)
Stockholders’ equity
)
)
Total liabilities and stockholders’ equity
$
$
$
$
)
$
As of April 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 and net deferred financing costs
—
—
—
Other accrued liabilities
)
Stockholders’ equity
)
)
Total liabilities and stockholders’ equity
$
$
$
$
)
$
Consolidating condensed statements of operations for the three and nine months ended January 22, 2017 and January 24, 2016 are as follows:
For the Three Months Ended January 22, 2017
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 continuing operations
)
)
Income (loss) of discontinued operations
—
)
Net income (loss)
$
$
$
)
$
)
$
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 Nine Months Ended January 22, 2017
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 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 early 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)
$
$
$
)
$
)
$
Consolidating condensed statements of cash flows for the nine months ended January 22, 2017 and January 24, 2016 are as follows:
Nine Months Ended January 22, 2017
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
)
)
)
—
)
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
)
—
—
—
)
Proceeds from exercise of stock options
—
—
—
Net proceeds from (payments to) related parties
—
)
)
—
Net cash provided by (used in) by financing activities
)
)
)
)
Net increase (decrease) 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 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 borrowings on line of credit
—
—
—
Payment of other long-term obligation
—
)
—
—
)
Premium payments on retirement of long-term debt
)
—
—
—
)
Payments of deferred financing costs
)
—
—
—
)
Proceeds from exercise of stock options
—
—
—
Net proceeds from (payments to) related parties
—
)
—
Net cash used in financing activities
)
)
)
Net increase (decrease) in cash and cash equivalents
)
)
—
)
Cash and cash equivalents at beginning of period
—
Cash and cash equivalents at end of the period
$
)
$
$
$
—
$ |
