UPDATE 1-Isle of Capri Casinos posts Q4 profit; shares rise

* Q4 adj EPS $0.16 vs est loss $0.03

* Net sales fall 2 pct to $287.2 mln

* Sees rise in maintenance capex in FY10

* Shares rise 12 pct

June 10 (Reuters) - Isle of Capri Casinos Inc (ISLE.O) posted a profit in the fourth quarter as it managed expenses better, offsetting a drop in sales, and its shares rose as much as 12 percent.

"While we have seen signs of improvement since the start of the calendar year, we will continue to employ a cautious approach to our business as a result of economic uncertainty," Chief Executive James Perry said in a statement.

The company, which owns and operates branded gaming and related lodging facilities, forecast maintenance capital expenditures of about $40 million in fiscal 2010, compared with $30 million in 2009.

For the quarter ended April 26, Isle of Capri Casinos earned $14.6 million, or 46 cents a share, compared with a loss of $51.3 million, or $1.66 a share, a year ago.

Excluding items, it earned 16 cents a share, while analysts were looking for a loss of 3 cents a share, according to Reuters Estimates.

Sales fell 2 percent to $287.2 million.

Shares of the St.Louis-based company rose $1.30 to $13.86 Wednesday morning on Nasdaq.

For related alerts double click [ID:nWNAB8402] (Reporting by Renju Jose in Bangalore; Editing by Anil D'Silva)