State
below in reasonable detail why Forms 10-K, 20-F, 11-K, 10-Q, 10-D, N-SAR,
N-CSR,
or the transition report or portion thereof, could not be filed within
the
prescribed time period.
Isle
of
Capri Casinos, Inc. (the “Company”) has determined that it is unable to file its
Form 10-Q
for
the quarter ended January 28, 2007 by the March 9, 2007 due date or by
March 14,
2007, the five-day extension period referred to in Rule 12b-25 promulgated
by
the Securities and Exchange Commission (the “SEC”).
The
Company announced on March 12, 2007 that it would restate 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 Company is assessing
the time
frame in which it expects to complete and file the restated financial
statements
and its Form 10-Q for the fiscal quarter ended January 28, 2007.
The
Company expects these adjustments to result in a reduction of its retained
earnings through the fiscal quarter ended October 29, 2006 in an amount
not to
exceed $12 million, which includes adjustments related to periods prior
to
fiscal 2004 of approximately $6.0 to $7.0 million primarily related to
amortization of intangible assets as discussed below.
The
restatement primarily relates to the certain lease accounting issues
related to
the space being leased for the Company’s new casino in Coventry, England,
statutory audit adjustments for a United Kingdom subsidiary and adjustments
related to the amortization of certain intangible assets related to customer
lists and berthing rights, which should have been fully expensed prior
to fiscal
year 2004.
(Attach
extra Sheets if Needed)
PART
IV — OTHER INFORMATION
(1)
Name
and telephone number of person to contact in regard to this
notification
Donn
R.
Mitchell, II (314)
813-9200