Net income down 66 percent, but unexpected profit surprised investors

Isle of Capri Casinos said fourth-quarter net income fell 66 percent, but the surprise profit was still far better than the loss expected by investors.

Isle earned net income of $4.9 million, or 15 cents per share, for the three-months that ended April 25. That compares to net income of $14.6 million, or 46 cents per share, for the same period last year, when Isle of Capri posted a gain of $57.7 million on the extinguishment of debt.

Net revenue, which excludes promotional allowances from total revenue, fell more than 5 percent to $268.8 million, down from $284.6 million.

Still, the results topped estimates. Analysts surveyed by Thomson Reuters expected Isle of Capri to post a loss of 8 cents per share with revenue $260.3 million.

For the full year, the company that owns and runs 14 casinos in Mississippi, Louisiana, Iowa, Missouri, Colorado and Florida, posted a loss of $3.3 million, or 10 cents per share. That compares to prior-year net income of $43.6 million, or $1.39 per share.

Net revenue fell nearly 10 percent to $999.8 million, down from $1.11 billion in the 2009 fiscal year.