ST. LOUIS, Dec. 2 /PRNewswire-FirstCall/ -- Isle of Capri Casinos, Inc.
(Nasdaq: ISLE) (the "Company") today reported financial results for the second
quarter of fiscal year 2009 ended October 26, 2008 and other Company-related
news.
CONSOLIDATED RESULTS
The following table outlines the Company's financial results (dollars in
millions, except per share data, unaudited):
Three Months Ended Six Months Ended
October 26, October 28, October 26, October 28,
2008 2007 2008 2007
Net revenues $254.1 $278.8 $536.4 $557.4
Net (loss) (13.5) (24.6) (17.1) (31.8)
Net Loss per share (0.43) (0.80) (0.55) (1.04)
EBITDA(1) 35.7 35.5 87.1 82.2
Significant items impacting EBITDA and the net loss during the three and
six months ended October 26, 2008 and October 28, 2007 are as follows:
Three Months Ended Six Months Ended
October 26, October 28, October 26, October 28,
2008 2007 2008 2007
Items impacting EBITDA
and Net Loss:
Write-offs and other
charges $- $(6.5) $(6.0) $(6.5)
Pre-opening - (0.3) - (6.5)
Development (0.1) (0.8) (0.2) (2.3)
Minority interest - (2.0) - (4.0)
Additional item impacting
Net Loss:
Loss on early
extinguishment of debt - (11.5) - (13.7)
In making the announcement, James B. Perry, the Company's executive vice
chairman and chief executive officer, said, "Despite the overall economic
uncertainty that has had a profound impact on consumer spending across the
country, I believe that our company has done an effective job of improving our
operations while coping with the first overall declining gaming market that I
have experienced in my thirty year career. We are doing everything prudently
possible to partially compensate for declining revenues. Overall, we are
optimistic that we are implementing the right measures to have a meaningful
positive impact on our operations which we believe will provide a platform for
improved results when the economy improves.
"Consistent with industry trends, we experienced pronounced revenue
declines in August and September, but slightly recovered in October. Our
primary focus continues to be improving our operations, our balance sheet and
protecting our capital structure.
"From the capital structure standpoint we're pleased to announce that we
have recently reached an agreement with our insurance carriers to settle our
Hurricane Katrina claim and expect to receive approximately $95 million by the
end of December. While the settlement provides us with a significant liquidity
cushion for the next twelve months, in light of the current economic
uncertainty, the state of the capital markets, and our financial position we
will not undertake any new significant capital projects, including any further
work in Biloxi, until we have seen sustained signs of economic improvement."
Second Quarter Highlights
During the quarter, net revenues decreased $24.7 million, or 8.9%,
compared to the second quarter of fiscal 2008, to $254.1 million. EBITDA
increased by $0.2 million, to $35.7 million. The Company's net loss for the
quarter improved to ($13.5) million, or ($0.43) per share, compared to ($24.6)
million, or ($0.80) per share, for the same period of the prior fiscal year.
Included in EBITDA for the quarter ended October 28, 2007 is $6.5 million
in write-offs and other charges related to abandoned development projects,
$0.3 million in pre-opening costs, $0.8 million in development costs and $2.0
million in minority interest charges related to the previous minority interest
in the Company's Colorado operations. Before consideration of these items,
EBITDA for the second quarter of fiscal 2008 was $45.2 million. These items
had a combined impact on earnings per share of ($0.25) during the second
quarter of fiscal 2008.
Property EBITDA during the quarter ended October 26, 2008 was $45.2
million compared to Property EBITDA of $57.2 million for the quarter ended
October 28, 2007 before consideration of the previously mentioned charges.
In commenting on the results, Virginia McDowell, the Company's president
and chief operating officer, remarked, "We continue to focus on the key
operating initiatives that we have implemented to enhance the customer
experience and improve financial results across the company. We know through
steadily improving See. Say. Smile. scores and customer research that our
customer courtesy initiatives are proving successful and our customers are
reacting positively to our operating and physical changes.
"Second quarter EBITDA was negatively impacted by the slowing economic
environment and the impact on our Lake Charles, Biloxi and Natchez properties
caused by hurricanes Gustav and Ike. We estimate the combined impact of the
hurricanes to be at least $3.5 million in EBITDA in the second quarter. In
addition, the smoking ban in Colorado, and an extremely unlevel playing field
in terms of taxes and the nearby competitive landscape in Pompano continue to
negatively impact operating results. We have also been operating without one
of our hotels in Lula, Mississippi since October 2007, which has negatively
impacted business, however, we look forward to re-opening the refurbished
hotel in December, which will provide an important amenity for our overnight
guests and provide the property with much needed weekend hotel capacity.
"On the positive front, our operations in Iowa and Missouri have held up
relatively well in these uncertain economic conditions and we have been able
to significantly reduce the losses in our international operations."
Corporate and Other Expenses
Corporate expense during the second quarter of fiscal 2009 increased to
$13.2 million from $12.9 million during the comparable quarter in fiscal 2008.
The increase is primarily due to stock compensation expenses related to the
Company's recent tender offer pertaining to the exchange of certain employee
stock options for cash and restricted stock.
Total consolidated stock compensation expense, including corporate and
properties, was $3.8 million for the second quarter of fiscal 2009 compared to
$2.9 million for the second quarter of fiscal 2008. For the six months ended
October 26, 2008 stock compensation expense was $6.5 million compared to $3.8
million for the six months ended October 28, 2007.
A loss from early extinguishment of debt was recognized during the quarter
ended October 28, 2007, relating to a previously outstanding bond issue with
proceeds from the refinancing of our Senior Credit Facility.
Capital Structure and Capital Expenditures Update
The Company announced that it recently reached a final settlement with its
insurance carriers relating to Hurricane Katrina. The settlement calls for
the Company to receive approximately $95 million in cash before the end of the
calendar year. In addition, the Company will record a pretax gain of
approximately $90 million in its fiscal third quarter relating to this
settlement.
As of October 26, 2008, the Company had $85.5 million cash and cash
equivalents and total debt of $1.5 billion. Total borrowing capacity at the
end of the quarter was approximately 100.0 million.
Capital expenditures for the three months ended October 26, 2008, totaled
$23.0 million of which, approximately $11.5 million related to project capital
expenditures. For the six months ended October 26, 2008, capital expenditures
were approximately $31.0 million, of which approximately $14.0 million was
related to project capital.
Capital expenditures for the last two quarters of the year are expected to
be between $30 and $40 million, of which approximately $10 to $15 million is
expected to be project capital, primarily attributable to completing room
renovations in Lula and Lake Charles and completion of the rebranding efforts
in Caruthersville and Marquette.
Conference Call Information
Isle of Capri Casinos, Inc. will host a conference call on Tuesday,
December 2, 2008, at 10:00 am central time during which management will
discuss the financial and other matters addressed in this press release. The
conference call can be accessed by interested parties via webcast through the
investor relations page of the Company's website, http://www.islecorp.com, or,
for domestic callers, by dialing (800) 299-0148. Other international callers
can access the conference call by dialing (617) 801-9711. The conference call
reference number is 86106121.
ISLE OF CAPRI CASINOS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
(Unaudited)
Three Months Ended Six Months Ended
October 26, October 28, October 26, October 28,
2008 2007 2008 2007
Revenues:
Casino $255,655 $278,282 $536,656 $555,516
Rooms 12,774 13,080 26,480 26,921
Pari-mutuel
commissions and fees 3,123 3,838 7,396 8,414
Food, beverage and
other 30,682 33,603 63,722 67,671
Gross revenues 302,234 328,803 634,254 658,522
Less promotional
allowances 48,094 49,965 97,809 101,151
Net revenues 254,140 278,838 536,445 557,371
Operating expenses:
Casino 39,677 41,330 80,103 80,693
Gaming taxes 63,722 71,965 134,867 141,037
Rooms 3,193 3,164 6,582 6,345
Pari-mutuel 2,929 3,172 6,115 6,844
Food, beverage and
other 10,274 11,400 21,592 23,029
Marine and facilities 17,388 16,781 34,293 33,271
Marketing and
administrative 68,049 73,683 136,301 142,999
Corporate and
development 13,225 12,919 23,531 23,993
Write-offs and
other charges - 6,526 6,000 6,526
Pre-opening - 324 - 6,457
Depreciation and
amortization 32,268 35,270 65,007 65,827
Total operating
expenses 250,725 276,534 514,391 537,021
Operating income 3,415 2,304 22,054 20,350
Interest expense (24,837) (29,176) (49,493) (54,990)
Interest income 499 1,140 1,056 2,234
Loss on early
extinguishment of
debt - (11,468) - (13,660)
Income (loss) before
income taxes and
minority interest (20,923) (37,200) (26,383) (46,066)
Income tax
(provision) benefit 7,423 14,611 9,257 18,289
Minority interest - (2,046) - (3,973)
Net income (loss) $(13,500) $(24,635) $(17,126) $(31,750)
Earnings (loss) per
common share-basic:
Net income (loss) $(0.43) $(0.80) $(0.55) $(1.04)
Earnings (loss) per
common share-diluted:
Net income (loss) $(0.43) $(0.80) $(0.55) $(1.04)
Weighted average
basic shares 31,171,903 30,726,768 31,019,289 30,558,957
Weighted average
diluted shares 31,171,903 30,726,768 31,019,289 30,558,957
ISLE OF CAPRI CASINOS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
(unaudited)
ASSETS October 26, April 27,
2008 2008
Current assets:
Cash and cash equivalents $85,497 $91,790
Marketable securities 19,227 18,533
Accounts receivable, net 9,093 12,195
Insurance receivable, net 3,928 7,689
Income tax receivable 37,539 28,663
Deferred income taxes 12,606 12,606
Prepaid expenses and other assets 35,797 27,905
Total current assets 203,687 199,381
Property and equipment, net 1,287,098 1,328,986
Other assets:
Goodwill 307,649 307,649
Other intangible assets, net 88,676 89,252
Deferred financing costs, net 12,098 13,381
Restricted cash 2,774 4,802
Prepaid deposits and other 21,629 22,948
Deferred income taxes 8,910 7,767
Total assets $1,932,521 $1,974,166
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current maturities of long-term debt $9,225 $9,698
Accounts payable 23,095 29,283
Accrued liabilities:
Interest 9,665 8,580
Payroll and related 46,925 47,618
Property and other taxes 34,676 30,137
Other 58,064 58,121
Total current liabilities 181,650 183,437
Long-term debt, less current maturities 1,476,081 1,497,591
Other accrued liabilities 51,062 52,821
Other long-term liabilities 50,423 52,305
Stockholders' equity:
Preferred stock, $.01 par value; 2,000,000
shares authorized; none issued - -
Common stock, $.01 par value; 45,000,000 shares
authorized; shares issued:
36,104,924 at October 26, 2008 and 35,229,006
at April 27, 2008 361 353
Class B common stock, $.01 par value; 3,000,000
shares authorized; none issued - -
Additional paid-in capital 193,936 188,036
Retained earnings 41,127 58,253
Accumulated other comprehensive income (loss) (9,720) (5,601)
225,704 241,041
Treasury stock, 4,340,476 shares at October 26,
2008 and 4,372,073 shares at April 27, 2008 (52,399) (53,029)
Total stockholders' equity 173,305 188,012
Total liabilities and stockholders' equity $1,932,521 $1,974,166
Isle of Capri Casinos, Inc.
Supplemental Data - Net Revenues
(unaudited, in thousands)
Three Months Ended Six Months Ended
October 26, October 28, October 26, October 28,
2008 2007 2008 2007
Mississippi
Biloxi $19,112 $21,019 $43,455 $47,772
Natchez 8,511 8,766 17,096 18,420
Lula 15,945 18,549 34,346 38,065
Mississippi Total 43,568 48,334 94,897 104,257
Louisiana
Lakes Charles 32,928 37,502 74,102 80,503
Missouri
Kansas City 17,360 18,766 35,571 38,476
Boonville 18,610 20,403 38,845 41,069
Caruthersville (2) 7,331 7,459 15,146 11,839
Missouri Total 43,301 46,628 89,562 91,384
Iowa
Bettendorf 23,154 23,133 49,281 46,580
Davenport 13,357 13,068 23,942 26,677
Marquette 8,327 8,875 16,814 18,372
Waterloo (2) 20,267 18,955 39,866 27,069
Iowa Total 65,105 64,031 129,903 118,698
Colorado
Black Hawk/Colorado
Central Station 31,423 39,309 64,612 78,529
Florida
Pompano (2) 31,117 36,396 68,020 70,593
International
Blue Chip 1,840 2,078 3,903 4,555
Coventry (2) 2,723 1,576 5,570 1,976
Our Lucaya 2,072 2,879 5,645 6,709
International Total 6,635 6,533 15,118 13,240
Other 63 105 231 167
$254,140 $278,838 $536,445 $557,371
Isle of Capri Casinos, Inc.
Supplemental Data - EBITDA
(unaudited, in thousands)
Three Months Ended Six Months Ended
October 26, October 28, October 26, October 28,
2008 2007 2008 2007
Mississippi
Biloxi $1,333 $2,967 $6,245 $9,260
Natchez 2,729 2,547 5,707 5,571
Lula 3,526 4,862 9,626 10,289
Mississippi Total 7,588 10,376 21,578 25,120
Louisiana
Lakes Charles 5,467 7,676 16,154 18,222
Missouri
Kansas City 2,658 2,301 6,277 6,011
Boonville 5,995 6,184 12,343 12,797
Caruthersville (2) 1,246 1,809 2,949 2,927
Missouri Total 9,899 10,294 21,569 21,735
Iowa
Bettendorf 7,945 7,040 17,514 14,752
Davenport 4,309 2,637 7,509 6,203
Marquette 2,267 2,067 4,687 4,825
Waterloo (2) 5,589 3,761 11,722 3,481
Iowa Total 20,110 15,505 41,432 29,261
Colorado
Black Hawk/Colorado
Central Station 7,919 14,035 17,327 27,911
Florida
Pompano (2) (224) 2,844 2,006 2,238
International
Blue Chip (195) (433) (307) (409)
Coventry (2) (802) (4,146) (2,326) (8,255)
Our Lucaya (918) (897) (1,074) (956)
International Total (1,915) (5,476) (3,707) (9,620)
Total Property
EBITDA(1) 48,844 55,254 116,359 114,867
Corporate, Development
and Other(3)(4) (13,161) (17,680) (29,298) (28,690)
Minority Interest - (2,046) - (3,973)
Total EBITDA(1) $35,683 $35,528 $87,061 $82,204
Isle of Capri Casinos, Inc.
Supplemental Data - Reconciliation of Operating Income to EBITDA
(unaudited, in thousands)
Three Months Ended Three Months Ended
October 26, 2008 October 28, 2007
Depreciation Depreciation
Operating and Operating and
Income Amortization EBITDA Income Amortization EBITDA
Mississippi
Biloxi $(3,093) $4,426 $1,333 $(1,724) $4,691 $2,967
Natchez 1,925 804 2,729 1,612 935 2,547
Lula 1,404 2,122 3,526 1,583 3,279 4,862
Mississippi
Total 236 7,352 7,588 1,471 8,905 10,376
Louisiana
Lakes Charles 2,320 3,147 5,467 3,855 3,821 7,676
Missouri
Kansas City 1,503 1,155 2,658 827 1,474 2,301
Boonville 4,776 1,219 5,995 4,911 1,273 6,184
Caruthersville(2) 58 1,188 1,246 1,130 679 1,809
Missouri Total 6,337 3,562 9,899 6,868 3,426 10,294
Iowa
Bettendorf 5,698 2,247 7,945 4,655 2,385 7,040
Davenport 3,249 1,060 4,309 1,345 1,292 2,637
Marquette 1,583 684 2,267 1,318 749 2,067
Waterloo (2) 2,686 2,903 5,589 997 2,764 3,761
Iowa Total 13,216 6,894 20,110 8,315 7,190 15,505
Colorado
Black Hawk/
Colorado
Central
Station 3,432 4,487 7,919 10,038 3,997 14,035
Florida
Pompano (2) (4,395) 4,171 (224) (1,161) 4,005 2,844
International
Blue Chip (267) 72 (195) (560) 127 (433)
Coventry (2) (2,063) 1,261 (802) (6,058) 1,912 (4,146)
Our Lucaya (922) 4 (918) (899) 2 (897)
International
Total (3,252) 1,337 (1,915) (7,517) 2,041 (5,476)
Total Properties 17,894 30,950 48,844 21,869 33,385 55,254
Corporate,
Development and
Other (3)(4) (14,479) 1,318 (13,161) (19,565) 1,885 (17,680)
Minority Interest - (2,046)
$3,415 $32,268 $35,683 $2,304 $35,270 $35,528
Isle of Capri Casinos, Inc.
Supplemental Data - Reconciliation of Operating Income to EBITDA
(unaudited, in thousands)
Six Months Ended Six Months Ended
October 26, 2008 October 28, 2007
Depreciation Depreciation
Operating and Operating and
Income Amortization EBITDA Income Amortization EBITDA
Mississippi
Biloxi $(2,731) $8,976 $6,245 $(216) $9,476 $9,260
Natchez 4,018 1,689 5,707 3,676 1,895 5,571
Lula 5,252 4,374 9,626 4,175 6,114 10,289
Mississippi
Total 6,539 15,039 21,578 7,635 17,485 25,120
Louisiana
Lakes Charles 9,709 6,445 16,154 10,526 7,696 18,222
Missouri
Kansas City 3,858 2,419 6,277 3,243 2,768 6,011
Boonville 9,914 2,429 12,343 10,296 2,501 12,797
Caruthersville(2) 630 2,319 2,949 1,956 971 2,927
Missouri Total 14,402 7,167 21,569 15,495 6,240 21,735
Iowa
Bettendorf 12,967 4,547 17,514 9,883 4,869 14,752
Davenport 5,322 2,187 7,509 3,562 2,641 6,203
Marquette 3,311 1,376 4,687 3,259 1,566 4,825
Waterloo (2) 6,004 5,718 11,722 (225) 3,706 3,481
Iowa Total 27,604 13,828 41,432 16,479 12,782 29,261
Colorado
Black Hawk/
Colorado
Central
Station 8,352 8,975 17,327 19,943 7,968 27,911
Florida
Pompano (2) (6,371) 8,377 2,006 (5,615) 7,853 2,238
International
Blue Chip (477) 170 (307) (661) 252 (409)
Coventry (2) (4,662) 2,336 (2,326) (11,005) 2,750 (8,255)
Our Lucaya (1,083) 9 (1,074) (958) 2 (956)
International
Total (6,222) 2,515 (3,707) (12,624) 3,004 (9,620)
Total Properties 54,013 62,346 116,359 51,839 63,028 114,867
Corporate,
Development
and
Other (3)(4) (31,959) 2,661 (29,298) (31,489) 2,799 (28,690)
Minority
Interest - (3,973)
$22,054 $65,007 $87,061 $20,350 $65,827 $82,204
1. EBITDA is "earnings before interest and other non-operating income
(expense), income taxes, and depreciation and amortization." EBITDA
is presented after consideration of minority interest. "Property
EBITDA" is EBITDA before Corporate and development expenses and
minority interest. EBITDA is presented solely as a supplemental
disclosure because management believes that it is 1) a widely used
measure of operating performance in the gaming industry, 2) used as a
component of calculating required leverage and minimum interest
coverage ratios under our Senior Credit Facility and 3) a principal
basis of valuing gaming companies. Management uses EBITDA and Property
EBITDA as the primary measure of the Company's operating properties'
performance, and they are important components in evaluating the
performance of management and other operating personnel in the
determination of certain components of employee compensation. EBITDA
should not be construed as an alternative to operating income as an
indicator of the Company's operating performance, as an alternative to
cash flows from operating activities as a measure of liquidity or as
an alternative to any other measure determined in accordance with U.S.
generally accepted accounting principles (GAAP). The Company has
significant uses of cash flows, including capital expenditures,
interest payments, taxes and debt principal repayments, which are not
reflected in EBITDA. Also, other gaming companies that report EBITDA
information may calculate EBITDA in a different manner than the
Company. A reconciliation of EBITDA and Property EBITDA to operating
income is included in the financial schedules accompanying this
release. A reconciliation of EBITDA to the Company's net income (loss)
is shown below (in thousands).
Three Months Ended Six Months Ended
October 26, October 28, October 26, October 28,
2008 2007 2008 2007
EBITDA $35,683 $35,528 $87,061 $82,204
(Add)/deduct:
Depreciation and
amortization 32,268 35,270 65,007 65,827
Interest expense:
Interest expense,
net 24,338 28,036 48,437 52,756
Loss on early
extinguishment
of debt - 11,468 - 13,660
Income tax
provision (benefit) (7,423) (14,611) (9,257) (18,289)
Net income (loss) $(13,500) $(24,635) $(17,126) $(31,750)
Certain of our debt agreements use "Adjusted EBITDA" as a financial
measure for the calculation of financial debt covenants. Adjusted
EBITDA differs from EBITDA as Adjusted EBITDA includes add back of
items such as pre-opening expenses, certain write-offs and valuation
expenses, and stock compensation expense. Reference can be made to
the definition of Adjusted EBITDA in the applicable debt agreements on
file as Exhibits to our filing with the Securities and Exchange
Commission.
2. During 2007, we opened or acquired new properties as follows:
Property Date
Pompano April 2007
Caruthersville June 2007
Waterloo June 2007
Coventry July 2007
Our operating results reflect the impact of these openings as well as
the incurrence of pre-opening costs for the three and six months ended
October 26, 2007 as follows:
Pre-Opening Expenses
October 28, 2007
Property Three Months Ended Six Months Ended
Pompano $- $307
Waterloo 324 3,348
Coventry - 2,802
3. Total consolidated stock compensation expense including corporate and
properties for the three and six months ended October 26, 2008 and
October 28, 2007 was $3.8 million, $6.5 million, $2.9 million, and
$3.8 million respectively, of which, $2.8 million, $4.8 million, $2.5
million, and $3.2 million were included in corporate and development
expense, respectively.
4. Write-offs and other charges for the six months ended October 26, 2008
reflect a charge for $6.0 million relating the termination of an
agreement for the potential development of a casino project in the
Portland, Oregon area. As a part of this termination agreement reached
during the six months ended October 26, 2008, we agreed to terminate
our rights under a land option and to pay a termination fee. As a
result of this termination, we recorded a $6.0 million charge
consisting of a write-off of $5.0 million representing our previously
capitalized rights under the land option and $1.0 million termination
fee. For the three and six months ended October 28, 2007, write-offs
and other charges reflected a $6.5 million for the termination of a
lease to develop a new casino in West Harrison County, Mississippi and
the write-off of construction projects in Davenport, Iowa, and Kansas
City, Missouri.
About Isle of Capri Casinos, Inc.
Isle of Capri Casinos, Inc., founded in 1992, is dedicated to providing
its customers with an exceptional gaming and entertainment experience at each
of its 18 casino properties. The Company owns and operates casinos in Biloxi,
Lula and Natchez, Mississippi; Lake Charles, Louisiana; Bettendorf, Davenport,
Marquette and Waterloo, Iowa; Boonville, Caruthersville, Kansas City,
Missouri; two casinos in Black Hawk, Colorado; and a casino and harness track
in Pompano Beach, Florida. Isle of Capri Casinos' international gaming
interests include a casino that it operates in Freeport, Grand Bahama, a
casino in Coventry, England, and a two-thirds ownership interest in casinos in
Dudley and Wolverhampton, England.
Forward-Looking Statements
This press release may contain forward-looking statements which are
subject to change. These forward-looking statements may be significantly
impacted, either positively or negatively by various factors, including
without limitation, licensing and other regulatory conditions, the economy,
financing sources, development and construction activities, costs and delays,
weather, permits, competition and business conditions in the gaming industry.
The forward-looking statements are subject to numerous risks and uncertainties
that could cause actual results to differ materially from those expressed in
or implied by the statements herein.
Additional information concerning potential factors that could affect the
Company's financial condition and results of operations is included in the
Company's filings with the Securities and Exchange Commission, including, but
not limited to, the Company's annual report on Form 10-K for the most recently
ended fiscal year. This and other information is available through the
Securities and Exchange Commission at http://www.sec.gov, or through the
Company's website, http://www.islecorp.com.
CONTACTS:
Isle of Capri Casinos, Inc.,
Dale Black, Chief Financial Officer-314.813.9327
Jill Haynes, Senior Director of Corporate Communication-314.813.9368
Available Topic Expert(s): For information on the listed expert(s), click
appropriate link.
James Perry
https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=74947
Virginia McDowell
https://profnet.prnewswire.com/Subscriber/ExpertProfile.aspx?ei=72331
