Nevada Gold & Casinos Reports First Quarter 2014 Financial Results

Nevada Gold & Casinos Reports First Quarter 2014 Financial Results

LAS VEGAS, Sept. 13, 2013 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc.
(NYSE MKT: UWN) today announced financial results for the first quarter ended
July 31, 2013 and provided a business update.

For the first quarter of fiscal 2014, the company reported net revenues of
$15.7 million compared to $16.8 million in the first quarter of fiscal 2013.
Operating expenses were $15.7 million compared to $16.1 million in the
prior-year period. Operating income from continuing operations was $0.1
million compared $0.7 million. Net loss from continuing operations was
$216,000, or $0.01 per share, compared to a net income of $168,000, or $0.01
per share in the prior-year period.

Michael Shaunnessy, Chief Executive Officer of Nevada Gold commented,
"Although we remain quite positive regarding our long term business trends,
our revenue decline as compared to the same period in the previous year was a
result of a much nicer weather pattern in the Seattle area which caused a
decline in the amount of visitors to our casinos in that market. Although
revenues declined by 11% in our eight Seattle properties during the quarter,
our other two casinos in the Eastern Washington tri-cities area experienced a
6% increase in revenues which we believe is a better indication of our long
term business trends."

Mr. Shaunnessy continued, "We continue to focus on our cost structure and we
are making significant progress in refinancing our debt to reduce our interest
expense and increase our financial flexibility. Our long term focus is 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
while enhancing shareholder value."

Basic and diluted weighted average common shares outstanding in the first
quarter of fiscal 2014 were 16.1 million compared to 15.9 million basic and
16.4 million diluted in the first quarter of fiscal 2013.

Conference Call and Webcast

The Company will host a conference call to discuss first quarter 2014
financial results today, September 13, 2013, at 4:30 pm ET. The call can be
accessed live by dialing (888) 427-9376. International callers can access the
call by dialing (719) 325-2432. A simultaneous webcast of the call will be
available by visiting

A telephone replay of the conference call will be available after 7:30 pm ET
and can be accessed by dialing (877) 870-5176. International callers can
access the replay by dialing (858) 384-5517; the pin number is 9965319. The
replay will be available through September 20, 2013. The archived webcast will
also be available on the company's website at

(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 stock option grants, exclusion
of net income or loss from operations held for sale, and net losses/gains from
asset dispositions. Adjusted EBITDA excludes the impact of slot and table
games hold percentages compared to the prior period. 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.

The following table reconciles Adjusted EBITDA to net income (loss) for the
three months ended July 31, 2013 and 2012:

                                For the three months ended
                                July 31, 2013 July 31, 2012
Net income (loss)                $(215,827)  $168,125
Income tax expense (benefit)     (158,361)     88,689
Net interest expense             397,069       462,144
Loss on sale of assets           3,971         1,245
Depreciation and amortization    561,937       538,981
Deferred rent                    4,561         19,034
Stock option and ESPP grants     15,450        4,077
Loss on operations held for sale --            321
AdjustedEBITDA                  $608,800    $1,282,616

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
( and a slot route operation in Deadwood, South Dakota
( The Company also has a social gaming application,
Gold Star Slots, available on Facebook or from the Apple App Store, and a
gaming license in Nevada. For more information, visit

Nevada Gold & Casinos, Inc.
Consolidated Balance Sheets
                                                  July 31,      April 30,
                                                  2013          2013
Current assets:                                                 
Cash and cash equivalents                          $7,198,167  $6,723,919
Restricted cash                                    1,353,907    1,306,487
Accounts receivable, net                           757,431      445,481
Prepaid expenses                                   1,270,838    854,092
Notes receivable, current portion                  231,417      216,596
Other current assets                               329,854      373,923
Total current assets                               11,141,614   9,920,498
Investments in development projects                56,959       56,959
Real estate held for sale                          1,100,000    1,100,000
Notes receivable, net of current portion           2,004,008    2,082,853
Goodwill                                           16,103,584   16,103,583
Intangible assets, net of accumulated amortization
of $4,714,831 and $4,413,439 at July 31, 2013 and  6,269,489    6,570,882
April 30, 2013, respectively
Property and equipment, net of accumulated
depreciation of $2,860,429 and $2,599,940 at July  4,876,712    5,028,122
31, 2013 and April 30, 2013, respectively
Deferred tax asset, net                            4,896,735    4,738,373
Other assets                                       852,398      922,716
Total assets                                       $47,301,499 $46,523,986
LIABILITIES AND STOCKHOLDERS' EQUITY                            
Current liabilities:                                            
Accounts payable and accrued liabilities           $2,262,812  $2,024,465
Accrued interest payable                           113,340      $34,393
Other accrued liabilities                          2,132,393    2,127,140
Long-term debt, current portion                    2,320,000    1,280,000
Total current liabilities                          6,828,545     5,465,998
Other long-term liabilities                        430,123      421,253
Long-term debt, net of current portion             12,520,000    12,930,000
Total liabilities                                  19,778,668    18,817,251
Stockholders' equity:                                           
Common stock, $0.12 par value per share;
50,000,000 shares authorized; 16,883,390 and
16,864,122 shares issued and 16,100,553 and        2,026,018     2,023,705
16,081,285 shares outstanding at July 31, 2013,
and April 30, 2013, respectively
Additional paid-in capital                         24,449,467    24,419,858
Retained earnings                                  7,984,920     8,200,746
Treasury stock, 782,837 shares at July 31, 2013    (6,932,035)  (6,932,035)
and April 30, 2013, respectively, at cost
Accumulated other comprehensive loss               (5,539)      (5,539)
Total stockholders' equity                         27,522,831    27,706,735
Total liabilities and stockholders' equity         $47,301,499 $46,523,986

Nevada Gold & Casinos, Inc.
Consolidated Statements of Operations
                                                  Three Months Ended
                                                  July 31,      July 31,
                                                  2013          2012
Casino                                             $13,790,536 $14,761,259
Food and beverage                                  2,358,309     2,557,601
Other                                              589,988       668,699
Gross revenues                                     16,738,833    17,987,559
Less promotional allowances                        (1,048,044)  (1,176,856)
Net revenues                                       15,690,789    16,810,703
Casino                                             8,373,184     8,362,014
Food and beverage                                  1,216,650     1,185,087
Other                                              106,304       143,578
Marketing and administrative                       4,309,941     4,404,262
Facility                                           478,760       543,621
Corporate and legal expense                        617,161       912,636
Depreciation and amortization                      561,937      538,981
Total operating expenses                           15,663,937   16,090,179
Operating income                                   26,852       720,524
Non-operating income (expenses):                                
Loss on sale of assets                             (3,971)      (1,245)
Interest income                                    34,395       900
Interest expense and amortization of loan issue    (431,464)    (463,044)
Income (loss) before income tax benefit (expense)  (374,188)    257,135
Income tax benefit (expense)                       158,361      (88,689)
Net income (loss) from continuing operations       $(215,827)  $168,446
Net loss from discontinued operations, net of      --           (321)
Net income (loss)                                  $(215,827)  $168,125
Per share information:                                          
Net income (loss) per common share - basic and     $(0.01)     $0.01
diluted for continuing operations
Net loss per common share - basic and diluted for  $-          $-
discontinued operations
Basic weighted average number of shares            16,087,568    15,935,655
Diluted weighted average number of shares          16,087,568    16,355,655

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

company logo
Press spacebar to pause and continue. Press esc to stop.