Form 8-K
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
_______________
FORM
8-K
Current
Report
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act of 1934
Date
of Report (Date of earliest event reported): March
13,
2007 (March 10, 2007)
_______________
ISLE
OF CAPRI CASINOS, INC.
(Exact
name of Registrant as specified in its charter)
Delaware
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0-20538
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41-1659606
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(State
or other jurisdiction of
incorporation
or organization)
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(Commission
File Number)
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(I.R.S.
Employer Identification No.)
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600
Emerson Rd., Suite 300
St.
Louis, MO 63141
(Address,
including zip code, of principal executive offices)
Registrant’s
telephone number, including area code: (314)
813-9200
Check
the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the Registrant under any of the following
provisions:
o Written
communications pursuant to Rule 425 under the Securities Act
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act
Item
4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit
Report
or Completed Interim Review
(a)
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Isle
of Capri Casinos, Inc. (the “Company”) concluded on March 10, 2007, and
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’s
press release announcing the restatement is attached hereto as Exhibit
99.1. Accordingly, the financial statements contained in the Company’s
Annual Report on Form 10-K for the fiscal years ended April 25, 2004,
April 24, 2005, April 30, 2006, in the Company’s Quarterly Reports on Form
10-Q filed with respect to the above-referenced fiscal years, and
in the
Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended
July 30, 2006 and October 29, 2006, should no longer be relied upon.
The
Company’s Board of Directors and management have discussed the matters
disclosed in this filing with Ernst & Young LLP, the Company’s
independent accountant.
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The
items
to be restated primarily relate to 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.
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.
Item
9.01 Financial Statements and Exhibits
(d) Exhibits:
99.1 Press
Release dated March 12, 2007
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant
has
duly caused this report to be signed on its behalf by the undersigned thereunto
duly authorized.
ISLE
OF
CAPRI CASINOS, INC.
Date:
March 13, 2007
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By:
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/s/ Donn R. Mitchell, II
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Name:
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Donn R. Mitchell, II
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Title:
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Senior Vice President and Chief Financial
Officer
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EXHIBIT
INDEX
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Exhibit
No.
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Description
of Exhibit
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