Nevada Gold & Casinos Delivers Strong Fourth-Quarter and Year-End 2013 Financial Results

Nevada Gold & Casinos Delivers Strong Fourth-Quarter and Year-End 2013
Financial Results

  *4Q net income rises to $.03 per share
  *4Q adjusted EBITDA^(1) from continuing operations up 18%
  *2013 net revenues increase 18.5%
  *2013 adjusted EBITDA^(1) from continuing operations up 70%

LAS VEGAS, July 29, 2013 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE
MKT:UWN) today announced financial results for the fourth quarter and fiscal
year ended April 30, 2013.

"We delivered solid results for the fourth quarter of fiscal 2013, bringing
the year to a successful close," said President and CEO Michael Shaunnessy.
"In recent months, we have taken many steps to optimize the performance of
Nevada Gold & Casinos' portfolio of assets, reduce our cost structure and
sharpen the company's business focus. The strong operating performance and
cash flow we have announced today illustrate the success of these actions.

"We exceeded our financial target for the year and continued deleveraging our
balance sheet, positioning us well for fiscal 2014. During 2013 we generated
$5.8 million in adjusted EBITDA from continuing operations and reduced our
outstanding debt by $2.3 million.

"In the fourth quarter, our Washington casino operations continued to show
solid growth, with adjusted EBITDA improving more than 10% to $2.2 million and
annual adjusted EBITDA increasing 20.5% to $7.9 million. Our South Dakota
route operation contributed $1.1 million in adjusted EBITDA for the year,
although performance was relatively flat for the quarter. We recently
completed fine-tuning the route and are operating during the important summer
season with a better-positioned and more efficient operation. We expect the
fine-tuning to contribute to improved results for fiscal 2014.

"With the optimization of our current asset portfolio completed, our focus is
on continuing to generate consistent results through effective operations and
on exploring new revenue opportunities that complement our gaming properties
and diversify our revenue stream. We are actively searching for both new
properties and management contracts that fit Nevada Gold & Casinos' investment
parameters and will enhance shareholder value."

Financial Results

As previously announced, Nevada Gold & Casinos completed the sale of the
Colorado Grande Casino in Cripple Creek, Colorado in May 2012. As a result,
the Colorado Grande's results were reclassified as discontinued operations.
All financial information presented below represents results from continuing
operations.

For the fourth quarter of fiscal 2013, net revenues decreased slightly to
$16.5 million compared to $16.6 million in the fourth quarter of fiscal 2012.
Operating expenses were $15.5 million compared to $22.4 million in the
prior-year period, which included $6.3 million of valuation allowances
unrelated to ongoing operations. Operating income from continuing operations
was $1.1 million compared to an operating loss of $5.9 million, which included
the valuation allowances. Net income from continuing operations was $0.5
million, or $0.03 per diluted share, compared to a net loss of $4.3 million in
the prior-year period due to the $4.2 million after-tax impact of the non-cash
valuation allowances.

For the full fiscal year 2013, net revenues, including a full year of revenues
from the South Dakota slot route operation acquired on January 27, 2012,
increased to $65.9 million compared to $55.6 million in fiscal 2012. Operating
expenses were $63.5 million compared to $63.6 million in the prior year, which
included $8.5 million of valuation allowances. Operating income from
continuing operations was $2.4 million compared to a loss of $8.0 million in
fiscal 2012, which included the valuation allowances referenced above. Net
income from continuing operations was $0.1 million compared to a loss of $6.4
million in the prior year, which included the $5.6 million after-tax impact of
the non-cash valuation allowances.

Basic and diluted weighted average common shares outstanding in fiscal 2013
were 16.0 million compared to 14.4 million in fiscal 2012.

Conference Call and Webcast

The Company will host a conference call to discuss fourth-quarter 2013
financial results today, July 29, 2013, at 11:00 am ET. The call can be
accessed live by dialing (719) 325-2144 or (888) 523-1225. A simultaneous
webcast of the call will be available by visiting http://www.nevadagold.com/.

A telephone replay will be available after 2:00 pm ET and can be accessed by
dialing (858) 384-5517 or (877) 870-5176; the pin number is 7997705. The
replay will be available through August 6, 2013. The archived webcast will
also be available on the company's website at
http://ir.nevadagold.com/events.cfm.

(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, 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 and fiscal years ended
April 30, 2013 and April 30, 2012:


Adjusted EBITDA reconciliation to net income (loss):
                                            For the quarter ended (unaudited)
                                            April 30, 2013   April 30, 2012
                                                             
Net Income (loss)                            $ 452,434         $(5,328,072)
Add:                                                          
Income tax (benefit) expense                 211,065           (1,994,383)
Net interest expense                         392,757           432,875
Loss on sale of assets                       986               32,902
Stock option and ESPP grants                 13,620            --
Relocation expenses                          127,029           --
Loss on operations held for sale             --                996,649
Acquisition expenses                         --                82,966
Depreciation and amortization                498,764           628,144
Deferred rent escalation                     19,034            337,849
Impairments,write-offs, recoveries, net      --                6,264,655
AdjustedEBITDA                              $ 1,715,689       $ 1,452,775
                                                             
Adjusted EBITDA reconciliation to net income (loss):
                                            For the fiscal year ended
                                            April 30, 2013    April 30, 2012
                                                             
Net Income (loss)                            $ 36,907          $ (7,928,584)
Add:                                                          
Income tax (benefit) expense                 560,052           (3,351,776)
Net interest expense                         1,704,027         1,576,122
Loss on extinguishment of debt               --                154,270
Loss on sale of assets                       6,081            54,746
Severance expenses                           637,868           --
Relocation expenses                          127,029           --
Stock option and Employee Stock Purchase     137,858           339,133
Plan grants
Loss on operations held for sale             91,603            1,489,290
Acquisition expenses                         --                173,852
Depreciation and amortization                2,126,888         2,004,311
Deferred rent escalation                     76,136            337,849
Impairments,write-offs, recoveries, net      257,733           8,538,621
AdjustedEBITDA                              $ 5,762,182       $ 3,387,834

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 & Casinos

Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) of Las Vegas, Nevada is a
developer, owner and operator of 10 gaming operations in Washington
(wagoldcasinos.com) and a slot route operation in Deadwood, South Dakota
(dakotaplayersclub.com). The Company also has a social gaming application on
Facebook, Gold Star Slots, and 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
                                                              
                                                 April 30,     April 30,
                                                 2013          2012
                                                              
                                                              
ASSETS
Current assets:                                                
Cash and cash equivalents                         $6,723,919   $5,200,161
Restricted cash                                   1,306,487    1,787,068
Accounts receivable                               445,481      653,433
Prepaid expenses                                  854,092      909,834
Notes receivable, current portion                 216,596      20,600
Other current assets                              373,923      354,817
Assets of operations held for sale                --          33,601
Total current assets                              9,920,498    8,959,514
                                                              
Investments in development projects               56,959       255,355
Real estate held for sale                         1,100,000    1,100,000
Notes receivable, net of current portion          2,082,853    --
Goodwill                                          16,103,583   16,090,799
Identifiable intangible assets, net of
accumulated amortization of $4,413,439 and        6,570,882    7,782,453
$3,201,868 at April 30, 2013 and April 30, 2012,
respectively
Property and equipment, net of accumulated
depreciation of $2,599,940 and $1,785,064 at      5,028,122    5,399,103
April 30, 2013 and April 30, 2012, respectively
Deferred tax asset, net                           4,738,373    5,251,236
Other assets                                      922,716      1,219,356
Assets of operations held for sale                --          3,115,097
Total assets                                      $ 46,523,986 $ 49,172,913
                                                              
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:                                           
Accounts payable and accrued liabilities          $ 2,024,465   $ 2,176,545
Accrued interest payable                          34,393       61,141
Other accrued liabilities                         2,127,140    2,632,067
Long-term debt, current portion                   1,280,000    1,400,324
Liabilities of operations held for sale           --          23,699
Total current liabilities                         5,465,998     6,293,776
Other long termliabilities                       421,253      337,849
Long-term debt, net of current portion            12,930,000    15,155,000
Total liabilities                                 18,817,251    21,786,625
                                                              
                                                              
Stockholders' equity:                                          
Common stock, $0.12 par value per share;
50,000,000 shares authorized; 16,864,122 and
16,707,205 shares issued and 16,081,285 and       2,023,705     2,004,865
15,924,368 shares outstanding at April 30, 2013,
and April 30, 2012, respectively
Additional paid-in capital                        24,419,858    24,155,158
Retained earnings                                 8,200,746     8,163,839
Treasury stock, 782,837 shares at April 30, 2013  (6,932,035)  (6,932,035)
and April 30, 2012, at cost
Accumulated other comprehensive loss              (5,539)      (5,539)
Total stockholders' equity                        27,706,735    27,386,288
Total liabilities and stockholders' equity        $ 46,523,986 $ 49,172,913



Nevada Gold & Casinos, Inc.
Consolidated Statements of Operations
                                                            
                     Three Months Ended          Twelve Months Ended
                     April 30,    April 30,      April 30,     April 30,
                     2013         2012           2013          2012
Revenues:                                                    
Casino                $ 14,460,843 $ 14,269,776   $ 57,592,806 $ 47,445,348
Food and beverage     2,510,539    3,060,696      10,103,913   11,409,426
Other                 634,239      762,920        2,608,837    2,456,028
Gross revenues        17,605,621   18,093,392     70,305,556   61,310,802
Less promotional      (1,086,239) (1,525,298)   (4,381,638)  (5,682,168)
allowances
Net revenues          16,519,382   16,568,094     65,923,918   55,628,634
                                                            
Expenses:                                                  
Casino                8,100,186    8,123,667      32,767,931   25,596,310
Food and beverage     1,270,391    1,084,429      4,838,447    4,202,546
Marketing and         4,095,165    4,692,780      16,652,746   16,750,411
administrative
Facility              564,070      582,520        2,270,774    2,112,397
Corporate and legal   795,360      756,113        4,051,972    3,661,354
expense
Depreciation and      498,764     628,144       2,126,888    2,004,311
amortization
Acquisition costs     --         82,966        --          173,852
Valuation allowance   --         4,574,904     --          6,848,870
of assets
(Recovery) write-off
of project            --         (10,249)      257,733      (10,249)
development costs
Valuation allowance
of project            --         1,700,000     --          1,700,000
development costs
Other                 138,204     213,659       558,757      594,764
Total operating       15,462,140  22,428,933    63,525,248   63,634,566
expenses
Operating income
(loss) from           1,057,242   (5,860,839)   2,398,670    (8,005,932)
continuing operations
Non-operating income                                         
(expenses):
Loss on settlements - (986)       (32,092)      (6,081)      (54,746)
sale of assets
Unrealized gains
(losses) on           --         --           --          --
available-for-sale
securities
Interest income       34,398      42,524        120,349      171,075
Interest expense      (345,512)   (400,634)     (1,494,989)  (1,552,948)
Amortization of loan  (81,643)    (74,765)      (329,387)    (194,249)
issue costs
Loss on
extinguishment of     --         --           --          (154,270)
debt
                                                            
Income (loss) before  663,499     (6,325,806)   688,562      (9,791,070)
income tax
Income tax (expense)  (211,065)   1,994,383     (560,052)    3,351,776
benefit
Net income (loss)
from continuing       $452,434    $(4,331,423)  $ 128,510    $(6,439,294)
operations
Net loss from
operations held for   --         (996,649)     (91,603)     (1,489,290)
sale, net of taxes
Net income (loss)     $452,434    $ (5,328,072) $ 36,907     $ (7,928,584)
Per share                                                    
information:
Net income (loss) per
common share - basic  $0.03       $(0.27)       $0.01        $(0.45)
and diluted for
continuing operations
                                                            
Net loss per common
share - basic and
diluted for           $--        $(0.06)       $(0.01)      $(0.10)
discontinued
operations
                                                            
Basic weighted
average number of     16,065,719   15,893,950     15,997,546    14,381,896
shares outstanding
                                                            
Diluted weighted
average number of     16,110,304   15,893,950     16,020,789    14,381,896
shares outstanding

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