Nevada Gold Announces Third Quarter 2013 Financial Results

Nevada Gold Announces Third Quarter 2013 Financial Results

  *Net revenues increase 20% to $16.2 million.
  *Adjusted EBITDA^(1) from continuing operations doubles to $1.6 million
  *Net income per share from continuing operations of $0.01

LAS VEGAS, March 12, 2013 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc.
(NYSE MKT:UWN) today announced financial results for the third quarter of
fiscal 2013, ended January 31, 2013.

President and CEO Michael Shaunnessy commented, "This quarter's results
represent a significant milestone for Nevada Gold. For the first time, we have
a full trailing 12 month financial picture that clearly demonstrates the solid
cash flow returns being generated by the company's portfolio of assets. For
the trailing twelve months, adjusted EBITDA totaled $5.6 million.

"We are pleased with the quarter's strong cash flow and the results of our
Washington and South Dakota portfolios, both of which performed according to
plan. Based on the company's performance and our outlook for the remainder of
fiscal 2013, we believe we are well positioned to meet Nevada Gold's goal of
generating $5 million in adjusted EBITDA.

"During the quarter, we continued to use our excess cash flow generation to
pay down debt and strengthen our balance sheet. To date in fiscal 2013, we
have reduced total debt outstanding by $1.8 million.

"With the completion of the cost reduction program and organizational changes
announced in October 2012, Nevada Gold is also well positioned to explore
additional opportunities in the gaming industry. We will take a prudent,
disciplined approach, focusing on right-sized, near-term opportunities that
leverage our current organizational strengths and asset base."

As previously announced, Nevada Gold is in the process of moving its corporate
headquarters from Houston, Texas to Las Vegas, Nevada. The move will be
completed by April 1, 2013. At that time, the company's new address and
contact information will be posted on its website.

Financial Results

The financial information presented below represents results from continuing
operations. Financial information for the third quarter of fiscal 2013 also
reflects the company's January 27, 2012 acquisition of a slot route operation
in Deadwood, South Dakota. As previously announced, Nevada Gold completed the
sale of the Colorado Grande Casino in Cripple Creek, Colorado in May 2012. As
a result, the Colorado Grande's results have been reclassified as discontinued
operations.

For the period ended January 31, 2013, net revenues increased 20.3% to $16.2
million compared to $13.5 million for the prior-year period. Operating
expenses increased 15.9% to $15.3 million compared to $13.2 million in the
prior-year period. The revenue and expense increases are primarily due to the
addition of the South Dakota slot route operation. Operating income for the
current quarter totaled $0.9 million compared to operating income of $0.3
million in the prior-year quarter. Net income for the current quarter was $0.2
million compared to a net loss of $0.1 million in the prior-year period. On a
per share basis, net income from continuing operations was $0.01 in the 2013
third quarter compared to $0.00, in the prior-year period.

Net income from discontinued operations for the current quarter was $47,000 or
$0.00 per share, due to adjustment of deferred taxes, compared to a net loss
from discontinued operations of $215,000 or $0.01 per share, in the prior-year
period.

Diluted weighted average common shares outstanding in the third quarter of
fiscal 2013 were 16.0 million compared to 15.6 million in the prior-year
period.

Conference Call and Webcast

The Company will host a conference call to discuss third-quarter 2013
financial results today at 11:00 AM ET. The conference call can be accessed
live over the phone by dialing (719) 325-2454 or (888) 455-2296. A replay will
be available one hour after the call and can be accessed by dialing (858)
384-5517 or (877) 870-5176; the conference ID is #6716940. The replay will be
available through March 19, 2013. The call will be webcast live from the
Company's website at www.NevadaGold.com under the Investor Relations section.

(1) Non-GAAP Information

The term "adjusted EBITDA" is used by us in presentations, quarterly earnings
calls, and other instances as appropriate. Adjusted EBITDA is defined as net
income before interest, income taxes, depreciation and amortization, non-cash
goodwill and other long-lived asset impairment charges, write-offs of project
development costs, litigation charges, non-cash foreign currency transaction
gains and losses, non-cash stock option grants, exclusion of net income or
loss from operations held for sale, severance costs, and net losses/gains from
asset dispositions. Adjusted EBITDA does not take into account greater or less
than expected hold percentages in the gaming operations. Adjusted EBITDA is
presented because it is a required component of financial ratios reported by
us to our lenders, and it is also frequently used by securities analysts,
investors, and other interested parties, in addition to and not in lieu of,
U.S. Generally Accepted Accounting Principles ("GAAP") results to compare to
the performance of other companies that also publicize this information.
Adjusted EBITDA is not a measurement of financial performance under GAAP and
should not be considered as an alternative to net income as an indicator of
our operating performance or any other measure of performance derived in
accordance with GAAP.

Adjusted EBITDA reconciliation for the three months ended January 31, 2013 and
January 31, 2012:

Adjusted EBITDA reconciliation to net loss:
                                         For the three months ended
                                         January 31, 2013 January 31, 2012
                                                         
Net income (loss)                         $ 235,356        $ (288,047)
Add:                                                      
Income tax expense (benefit)              368,673          (57,991)
Net interest expense                      370,981          425,226
Loss on sale of assets                    2,132            --
Depreciation and amortization             550,609          472,963
Deferred rent                             19,034           --
Stock option and ESPP grants              54,479           24,964
(Income) loss on operations held for sale (47,190)         214,725
Acquisition expenses                      --               25,219
AdjustedEBITDA                           $ 1,554,074      $ 817,059

Forward-Looking Statements

This release contains forward-looking statements, which are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. We use words such as "anticipate," "believe," "expect," "future,"
"intend," "plan," and similar expressions to identify forward-looking
statements. Forward-looking statements include, without limitation, our
ability to increase income streams, to grow revenue and earnings, and to
obtain additional gaming and other projects. These statements are only
predictions and are subject to certain risks, uncertainties and assumptions,
which are identified and described in the Company's public filings with the
Securities and Exchange Commission.

About Nevada Gold

Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) of Las Vegas, Nevada is a
developer, owner and operator of 10 gaming operations in Washington
("Washington Gold") and a 950-machine slot route operation in Deadwood, South
Dakota ("South Dakota Gold"). The Company also has a gaming license in Nevada.
For more information, visit www.nevadagold.com.

Contacts:
Nevada Gold & Casinos, Inc.
Michael P. Shaunnessy / James Kohn
(702) 685-1000

LHA
Harriet Fried / Jody Burfening
(212) 838-3777
hfried@lhai.com


Nevada Gold & Casinos, Inc.
Consolidated Balance Sheets
                                                               
                                                  January31,   April 30,
                                                  2013          2012
                                                  (unaudited)   
ASSETS
Current assets:                                                 
Cash and cash equivalents                          $6,788,028  $5,200,161
Restricted cash                                    1,433,148    1,787,068
Accounts receivable                                323,909      653,433
Prepaid expenses                                   1,117,607    909,834
Notes receivable, current portion                  175,765      20,600
Other current assets                               377,651      354,817
Assets of discontinued operations                  --          33,601
Total current assets                               10,216,108   8,959,514
                                                               
Investments in development projects                63,885       255,355
Real estate held for sale                          1,100,000    1,100,000
Notes receivable, net of current portion          2,141,176    --
Goodwill                                           16,103,584   16,090,799
Identifiable intangible assets, net of accumulated
amortization of $4,112,065 and $3,201,868 at       6,872,275    7,782,453
January 31, 2013 and April 30, 2012, respectively
Property and equipment, net of accumulated
depreciation of $2,465,560 and $1,785,064 at       5,196,562    5,399,103
January 31, 2013 and April 30, 2012, respectively
Deferred tax asset, net                            4,949,439    5,251,236
Other assets                                       1,011,262    1,219,356
Assets of discontinued operations                  --          3,115,097
Total assets                                       $47,654,291 $49,172,913
                                                               
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:                                            
Accounts payable and accrued liabilities           $2,787,661  $2,176,545
Accrued interest payable                           42,144       61,141
Other accrued liabilities                          2,453,634    2,632,067
Long-term debt, current portion                    1,480,000    1,400,324
Liabilities of discontinued operations             --          23,699
Total current liabilities                          6,763,439     6,293,776
Other long termliabilities                        406,838      337,849
Long-term debt, net of current portion             13,270,000    15,155,000
Total liabilities                                  20,440,277    21,786,625
                                                               
Stockholders' equity:                                           
Common stock, $0.12 par value per share;
50,000,000 shares authorized; 16,839,754 and
16,707,205 shares issued and 16,056,917 and        2,020,770     2,004,865
15,924,368 shares outstanding at January 31, 2013,
and April 30, 2012, respectively
Additional paid-in capital                         24,382,505    24,155,158
Retained earnings                                  7,748,313     8,163,839
Treasury stock, 782,837 shares at January 31, 2013 (6,932,035)  (6,932,035)
and April 30, 2012, respectively, at cost
Accumulated other comprehensive loss               (5,539)      (5,539)
Total stockholders' equity                         27,214,014    27,386,288
Total liabilities and stockholders' equity         $47,654,291 $49,172,913




Nevada Gold & Casinos, Inc.
Consolidated Statements of Operations
(unaudited)
                                                            
                     Three Months Ended          Nine Months Ended
                     January 31,   January 31,   January 31,   January 31,
                     2013          2012          2013          2012
Revenues:                                                    
Casino                $14,080,278 $11,357,849 $43,131,963 $33,175,572
Food and beverage     2,527,607     2,981,314     7,593,374    8,348,730
Other                 647,017       623,507       1,974,599    1,693,107
Gross revenues        17,254,902    14,962,670    52,699,936   43,217,409
Less promotional      (1,044,757)  (1,485,186)  (3,295,399)  (4,156,869)
allowances
Net revenues          16,210,145    13,477,484    49,404,537   39,060,540
                                                            
Expenses:                                                   
Casino                7,494,238     5,680,916     23,726,650   16,683,807
Food and beverage     1,206,390     1,020,909     3,569,639    3,022,294
Marketing and         4,102,860     4,121,286     12,500,480   12,057,631
administrative
Facility              592,905       518,156       1,706,704    1,529,876
Corporate expense     785,262       866,594       3,111,772    2,840,780
Legal expense         65,402        36,871       144,839      64,461
Depreciation and      550,609      472,963      1,628,124    1,376,167
amortization
Deferred rent         19,034       --          57,101       --
Acquisition costs     --          25,219       --          90,885
Impairment of assets  --          --          --          2,273,966
Write-off of project  --          --          257,733      --
development cost
Excise taxes          323,907      296,844      934,145      884,839
Other                 139,586      143,813      425,922      380,927
Total operating       15,280,193   13,183,571   48,063,109   41,205,633
expenses
Operating income      929,952      293,913      1,341,428    (2,145,093)
(loss)
Non-operating income                                         
(expenses):
Loss on sale of       (2,132)      --          (5,095)      (22,654)
assets
Interest income       85,051       42,849       85,951       128,551
Interest expense      (370,913)    (393,177)    (1,149,477)  (1,152,314)
Amortization of loan  (85,119)     (74,898)     (247,744)    (119,484)
issue costs
Loss on
extinguishment of     --          --          --          (154,270)
debt
Income (loss) before  556,839      (131,313)    25,063       (3,465,264)
incometax benefit
Income tax (expense)  (368,673)    57,991       (348,987)    1,381,510
benefit
Net income (loss)
from continuing       $188,166    $(73,322)   $(323,924)  $(2,083,754)
operations
Net income (loss)
from discontinued     47,190       (214,725)    (91,603)     (516,758)
operations, net of
taxes
Net income (loss)     $235,356    $(288,047)  $(415,527)  $(2,600,512)
Per share                                                    
information:
Net income (loss) per
common share - basic  $0.01       $(0.00)     $(0.02)     $(0.15)
and diluted for
continuing operations
                                                            
Net loss per common
share - basic and
diluted for           $0.00       $(0.01)     $(0.01)     $(0.04)
discontinued
operations
                                                            
Basic weighted
average number of     16,028,191    15,631,040    15,975,576    13,888,835
shares outstanding
                                                            
Diluted weighted
average number of     16,029,921    15,631,040    15,975,576    13,888,835
shares outstanding

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