Adj EBITDA Q12004.xls

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					Isle of Capri Casinos, Inc.
Reconciliation of Forward-Looking Adjusted EBITDA to Net Income
For the Quarter Ending July 27, 2003
As Disclosed in the 4th Quarter 2003 Earnings Conference Call on June 20, 2003
(In thousands, except per share amounts)

                                                    Range of Estimate
Adjusted EBITDA(1)……………………………………………………………………………………
                                           $ 64,000   $    65,000     $ 67,500
  (Add)/deduct:
  Depreciation and amortization…………………………………………………… 21,500
                                             21,500                     21,500
Operating income…………………………………………………………………………………… 46,000
                                             42,500        43,500
  Interest expense, net…………………………………………………………………….
                                             21,000        21,000       21,000
  Minority interest…………………………………………………………………… 4,000
                                              4,000                      4,000
Income before income taxes…..…………………………………………………………………………..
                                             17,500        18,500       21,000
  Income tax expense………………………………………………………     6,510         6,882        7,812
Net income…..…………………………………………………………………………..$ 10,990   $    11,618     $ 13,188

Per share data - diluted:
Net income………………………………………………………………...…
                              $   0.36                                      $       0.38     $     0.43

Weighted average diluted common shares………………………………..
                                                30,500                            30,500         30,500

(1) EBITDA is “earnings before interest, income taxes, depreciation and amortization.” Isle of Capri calculates
Adjusted EBITDA by adding depreciation and amortization expense, preopening expense and non-recurring cash
items not requiring the expenditure of cash to operating income. Adjusted EBITDA is a supplemental
financial measurement used by Isle of Capri's management, as well as industry analysts, in the evaluation of its
businesses. Adjusted EBITDA is not presented as an alternative measure of operating results income or cash flow
from operations (as determined in accordance with accounting principles generally accepted in the United States
(GAAP)), but because it is widely accepted financial indicator of a company's ability to incur and service debt.
All companies do not calculate Adjusted EBITDA in the same manner. As a result, Adjusted EBITDA as presented
here may not be comparable to similarly titled measures reported by other companies.

Reconciliation of Non-GAAP Measures to GAAP Measures
As Disclosed in the 4th Quarter 2003 Earnings Conference Call on June 20, 2003
(In thousands, except per share amounts)

                                                                Three Months Ended                Fiscal Year Ended
                                                             4/27/2003       4/28/2002        4/27/2003       4/28/2002
Income before extraordinary items and
 valuation charge, net of income taxes……………………………………………………..
                                                   $  19,488  $  19,828                      $    46,843    $       44,199
Valuation charge, net of income taxes………………………………………………………………..
                                                      (1,250)   (39,885)                          (1,250)          (39,885)
Income (loss) before extraordinary items……………………………………….
                                                      18,238    (20,057)                          45,593             4,314
Extraordinary items, net of income taxes………………………………………………………………
                                                           -     (1,911)                               -            (4,349)
Net income (loss)………………………………………………………………….        $  18,238  $ (21,968)                     $    45,593    $          (35)

Per share data - diluted:
Income before extraordinary items and
   valuation charge, net of income taxes………………………………………………………………..
                                                   $    0.64  $  0.70                        $      1.54    $         1.48
Valuation charge, net of income taxes……………………………………………………….
                                                       (0.04)   (1.41)                             (0.04)            (1.33)
Income (loss) before extraordinary items………………………………………………………. (0.71)
                                                        0.60                                        1.50              0.15
Extraordinary items, net of income taxes……………………………………………………………….
                                                           -    (0.07)                                 -             (0.15)
Net income (loss)……………………………………………………………………        $    0.60  $ (0.78)                       $      1.50    $            -

Weighted average diluted common shares………………………………………………………………
                                                    30,133 28,327                                 30,452           29,765

				
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