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CIBC World Repeats Strong Buy on Isle of Capri

Isle of Capri (ISLE) posted $0.37 vs. $0.44 Q4 EPS from operations despite a 25% revenue rise. CIBC World reiterated its strong buy rating on the shares.

Analyst William Schmitt told S&P MarketScope that Q4 EPS was $0.05 better than he expected due to good cost control. Revenues, however, were below his expectations, hurt by lingering effects of severe winter weather. Schmitt notes harsh winter weather delayed property enhancements and renovations at facilities in Kansas City and in Lula, Miss; also, the company closed two Iowa properties for nearly two weeks due to flooding. The analyst sees solid upside potential in fiscal 2002. He notes that the company expects business interruption insurance to mitigate most of the flood closure effects. Schmitt maintains his $1.32 fiscal 2002 (Apr.) EPS estimate.

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