Isle of Capri Casinos Receives Favorable Decision from NASDAQ Panel
Isle of Capri Casinos, Inc. announced that it has received a favorable ruling from the NASDAQ Listing Qualifications Panel relating to the Company's inability to file its previous Quarterly Report on Form 10-Q by the March 9 due date. During a hearing before the Panel on April 26, 2007, the Company requested an exception to the applicable NASDAQ rules, allowing the Company until July 25, 2007 to cure the filing deficiency and asking NASDAQ to continue listing the Company's common stock on the NASDAQ Global Select Market during the interim period. The Panel has granted the Company's request.
The Company's failure to timely file its Form 10-Q for its third fiscal quarter ended January 28, 2007 by the March 9 due date resulted from the Company's restatement of its financial statements for the fiscal years ended April 25, 2004; April 24, 2005 and April 30, 2006, and the quarterly results for fiscal 2005 and 2006 included therein, and for the first two quarters of fiscal 2007. The failure to make a timely quarterly filing meant that Isle of Capri was not in compliance with the filing requirements for continued listing of its common stock on the NASDAQ Global Select Market as set forth in Marketplace Rule 4310(c)(14). The Company subsequently filed its Form 10-Q for the quarter on April 18, 2007, but due to the ongoing restatement process the filing had not been reviewed by the Company's independent auditors. The Company expects to file an amended Quarterly Report on Form 10-Q, reviewed as required by the Company's independent auditors, prior to the July 25, 2007 date set forth in the Panel's decision.
Isle of Capri Casinos, Inc., founded in 1992, is dedicated to providing its customers with an exceptional gaming and entertainment experience. Welcoming guests at each of its 15 casino properties are team members committed to superior service and a fun atmosphere. The Company owns and operates casinos in Biloxi, Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport and Marquette, Iowa; Kansas City and Boonville, Missouri and a casino and harness track in Pompano Beach, Florida. The Company also operates and has a 57 percent ownership interest in two casinos in Black Hawk, Colorado. Isle of Capri Casinos' international gaming interests include a casino that it operates in Freeport, Grand Bahama and a two-thirds ownership interest in casinos in Dudley and Wolverhampton.
The Company is also developing a new casino and hotel in Waterloo, Iowa, as well as a casino in Coventry, England. The Company has also signed an agreement to acquire a casino in Caruthersville, Missouri. There are four Isle of Capri Casinos brands including the isle, Isle of Capri, Colorado Central Station and Rhythm City, providing over 14,000 slot machines, 500 table games and 2600 hotel rooms for our guests' enjoyment.
