EXHIBIT 99
FOR IMMEDIATE RELEASE
ISLE OF CAPRI CASINOS, INC. ANNOUNCES ARBITRATION RULING
Biloxi, Miss. (December 10, 2002)-Isle of Capri Casinos, Inc. (Nasdaq:ISLE)
learned after the close of business on Friday, December 6, 2002, that a panel of
arbitrators in St. Louis, Missouri issued an award that the company was liable
for $4.5 million in damages in conjunction with a lease of real estate located
in Jefferson County, Missouri. The company has filed a motion in the United
States District Court for the Eastern District of Missouri seeking to vacate the
arbitration award. Notwithstanding the motion to vacate, the company is required
by FASB Statement No. 5, "Accounting for Contingencies," to record the entire
loss contingency during the quarter ended October 27, 2002. The company has
therefore accrued an additional $1.8 million as a result of this award as of
October 27, 2002 (the last day of the company's second fiscal quarter), in
addition to the $2.7 million previously accrued. Accordingly, the company has
revised net income for the quarter ended October 27, 2002, for the additional
$1.8 million pre-tax accrual. For the three months ended October 27, 2002, net
income, net income per common share-basic and net income per common
share-diluted changed from $7.9 million, $0.27 and $0.26, respectively, to $6.8
million, $0.24 and $0.22, respectively. For the six months ended October 27,
2002, net income, net income per common share-basic and net income per common
share-diluted changed from $20.1 million, $0.70 and $0.66, respectively, to
$19.0 million, $0.66 and $0.62, respectively. These changes are reflected in the
company's Form 10-Q for the quarter ended October 27, 2002, that was filed
today.
Isle of Capri Casinos, Inc. owns and operates 13 riverboat, dockside and
land-based casinos at 12 locations, including Biloxi, Vicksburg, Lula and
Natchez, Mississippi; Bossier City and Lake Charles (two riverboats), Louisiana;
Black Hawk, Colorado; Bettendorf, Davenport and Marquette, Iowa; and Kansas City
and Boonville, Missouri. The company also operates Pompano Park Harness Racing
Track in Pompano Beach, Florida. More information on Isle of Capri Casinos'
locations can be found at www.theislecorp.com.
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Contact:
Allan B. Solomon, Executive Vice President, 561-995-6660
Rex Yeisley, Chief Financial Officer, 228-396-7052
Lori Hutzler, Director of Corporate Communications, 228-396-7031
This press release contains forward-looking statements which are subject to
change. These forward-looking statements may be significantly impacted, either
positively or negatively by various factors, including without limitation,
licensing, and other regulatory approvals, financing sources, development and
construction activities, costs and delays, permits, weather, competition and
business conditions in the gaming industry. The forward-looking statements are
subject to numerous risks and uncertainties that could cause actual results to
differ materially from those expressed in or implied by the statements herein.
Additional information concerning potential factors that could affect the
company's financial condition, results of operations and expansion projects, is
included in the filings of the company with the Securities and Exchange
Commission, including but not limited to, its 10-K for the fiscal year ended
April 28, 2002 and on Form 10-Q for the quarter ended October 27, 2002.