August 31, 2010 / 2:11 PM / in 7 years

UPDATE 1-Isle of Capri posts surprise Q1 loss; shares fall

* Q1 shr loss $0.08 vs est profit $0.11

* Q1 rev $251.9 mln vs est $262.5 mln

* Shares fall 13 pct

Aug 31 (Reuters) - Isle of Capri Casinos Inc ISLE.O posted a surprise first-quarter loss, hurt by weak consumer spending at regional casinos, sending its shares down as much as 13 percent.

“We did experience a modest decline in our overall number of database customers, as residents in our markets have continued to feel the squeeze of the economic contraction,” Chief Operating Officer Virginia McDowell said in a statement.

For the quarter ended July 25, the casino operator posted a net loss of $2.7 million, or 8 cents a share, compared with net income of $0.9 million, or 3 cents a share, a year ago.

Revenue fell 2.3 percent to $251.9 million.

Analysts on average were expecting earnings of 11 cents a share, before special items, on revenue of $262.5 million, according to Thomson Reuters I/B/E/S.

The St. Louis-based company, which in July postponed a share offering, said it recorded related expenses of about $1.1 million.

The company’s shares, which have fallen 22 percent since June, were down 10 percent at $7.97 in morning trade on Nasdaq. They touched a low of $7.70 earlier in the session. (Reporting by Mihir Dalal in Bangalore; Editing by Unnikrishnan Nair)

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