Nevada Gold & Casinos Reports Third Quarter Results

Nevada Gold & Casinos Reports Third Quarter Results

LAS VEGAS, March 18, 2014 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc.
(NYSE MKT: UWN) today announced financial results for the third quarter ended
January 31, 2014. The company will host a conference call at 4:30PM EDT today
to discuss the financial results and to provide a corporate update. The new
dial-in numbers for the conference call will be released on the newswire at
2:30PM EDT.

For the third quarter of fiscal 2014, the company reported net revenues of
$14.8 million compared to $16.2 million in the third quarter of fiscal 2013.
Net revenues from Washington decreased 8% to $13.3 million, while South Dakota
net revenues declined 17% to $1.5 million. Operating expenses were $14.5
million compared to $15.3 million in the prior year period. Operating income
from continuing operations was $0.3 million compared to $0.9 million in the
prior year period. The net loss from continuing operations was $203,000, which
included a $284,000 pre-tax loss on the extinguishment of debt.

During the third quarter, our Washington casino operations produced EBITDA of
$1.5 million compared to $2.4 million in the prior year period.Table game
drop (amount wagered) was down approximately 4%, while the win percentage,
although within the normal range, was at the lower end, while the prior year
hold was at the higher end.This spread contributed approximately $0.8 million
to the year over year EBITDA decline.Our South Dakota route operation lost
$40,000 in EBITDA for the quarter, compared to a $5,000 EBITDA loss in the
prior year, reflecting the weather related market softness. Corporate
expenses were $0.6 million compared to $0.8 million in the prior year period.
On a consolidated basis, adjusted EBITDA was $0.9 million compared to $1.6
million in the prior year period.

"During the third quarter, our table win percentage was at the low end of the
normal range and was the significant driver of our year over year
performance," said President and CEO Michael Shaunnessy."We also recorded a
$284,000 write-off of deferred financing costs related to our refinancing
which closed December 18^th.We will see the first full quarter benefit of the
reduced interest rates in the coming quarter."

"We continue to focus on the cost side of our business to maintain margins. We
are actively searching for new opportunities that fit Nevada Gold & Casinos'
investment parameters and enhance shareholder value."

For the nine month period of fiscal 2014, net revenues were $46.8 million
compared to $49.4 million in fiscal year 2013. Operating expenses were $45.8
million compared to $48.1 million in the prior year. Operating income from
continuing operations was $1.1 million compared to $1.3 million in fiscal
2013.Net loss from continuing operations was $198,000 compared to a loss of
$324,000 in the prior year.

(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 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 reconciliations for the three months and nine months ended
January 31, 2014 and January 31, 2013 are shown below:

Adjusted EBITDA reconciliation to net income (loss):
                                    For the three months ended
                                    January 31, 2014 January 31, 2013
                                                     
Net income (loss)                    $ (203,038)       $ 235,356
Add:                                                  
Income tax expense (benefit)         (72,643)          368,673
Net interest expense (income)        270,077           370,981
Impairments/Write offs               283,550           --
Loss on sale of assets               7,412             2,132
Depreciation and amortization        565,030           550,609
Deferred rent                        3,632             19,034
Stock option and ESPP grants         15,282            54,479
(Income) on operations held for sale --                (47,190)
AdjustedEBITDA                      $ 869,302         $ 1,554,074


Adjusted EBITDA reconciliation to net loss:
                                For the nine months ended
                                January 31, 2014 January 31, 2013
                                                 
Net income (loss)                $ (198,108)       $ (415,527)
Add:                                              
Income tax expense (benefit)     (116,480)         348,987
Net interest expense (income)    1,066,234         1,311,270
Impairments/Write offs           340,509           257,733
Loss on sale of assets           15,929            5,095
Depreciation and amortization    1,692,254         1,628,124
Deferred rent                    18,072            57,101
Stock option and ESPP grants     46,301            124,238
Severance expense                --                725,877
Loss on operations held for sale --                91,603
AdjustedEBITDA                  $ 2,864,711       $ 4,134,501

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,
Gold Star Slots, available on Facebook and in the Apple store. For more
information, visit www.nevadagold.com.

Nevada Gold & Casinos, Inc.
Consolidated Balance Sheets
                                                               
                                                  January 31,  April 30,
                                                  2014          2013
                                                  (unaudited)   
ASSETS                                                          
Current assets:                                                 
Cash and cash equivalents                          $5,686,817  $6,723,919
Restricted cash                                    1,325,924    1,306,487
Accounts receivable, net                           367,780      445,481
Prepaid expenses                                   1,050,304    854,092
Notes receivable, current portion                  298,911      216,596
Other current assets                               345,724      373,923
Total current assets                               9,075,460    9,920,498
                                                               
Real estate held for sale                          1,100,000    1,100,000
Investments in development projects                --          56,959
Notes receivable, net of current portion          1,823,272    2,082,853
Goodwill                                           16,103,583   16,103,583
Identifiable intangible assets, net of accumulated
amortization of $5,317,616 and $4,413,439 at       6,055,560    6,959,737
January 31, 2014 and April 30, 2013, respectively
Property and equipment, net of accumulated
depreciation of $3,385,318 and $2,599,940 at       4,498,675    5,028,122
January 31, 2014 and April 30, 2013, respectively
Deferred tax asset, net                            4,854,853    4,738,373
Other assets                                       510,222      533,861
Total assets                                       $44,021,625 $46,523,986
                                                               
LIABILITIES AND STOCKHOLDERS' EQUITY                            
Current liabilities:                                            
Accounts payable and accrued liabilities           $1,100,449  $2,024,465
Accrued interest payable                           39,930       34,393
Other accrued liabilities                          2,084,632    2,127,140
Long-term debt, current portion                    1,600,000    1,280,000
Total current liabilities                          4,825,011     5,465,998
Long-term debt, net of current portion             11,150,000   12,930,000
Other long-termliabilities                        432,055      421,253
Total liabilities                                  16,407,066    18,817,251
                                                               
Stockholders' equity:                                           
Common stock, $0.12 par value per share;
50,000,000 shares authorized; 16,929,085 and
16,864,122 shares issued and 16,146,248 and        2,031,499     2,023,705
16,081,285 shares outstanding at January 31, 2014,
and April 30, 2013, respectively
Additional paid-in capital                         24,517,996    24,419,858
Retained earnings                                  8,002,638     8,200,746
Treasury stock, 782,837 shares at January 31, 2014 (6,932,035)  (6,932,035)
and April 30, 2013, respectively, at cost
Accumulated other comprehensive loss               (5,539)      (5,539)
Total stockholders' equity                         27,614,559    27,706,735
Total liabilities and stockholders' equity         $44,021,625 $46,523,986


Nevada Gold & Casinos, Inc.
Consolidated Statements of Operations
                                                             
                      Three Months Ended          Nine Months Ended
                      January 31,   January 31,   January 31,   January 31,
                      2014          2013          2014          2013
Revenues:                                                     
Casino                 $12,810,554 $14,290,483 $41,239,008 $43,741,630
Food and beverage      2,606,048     2,527,607     7,476,123    7,593,374
Other                  432,150       436,812       1,295,549    1,364,932
Gross revenues         15,848,752    17,254,902    50,010,680   52,699,936
Less promotional       (1,087,885)  (1,044,757)  (3,194,646)  (3,295,399)
allowances
Net revenues           14,760,867    16,210,145    46,816,034   49,404,537
                                                             
Expenses:                                                    
Casino                 7,379,668     7,880,140     24,286,561   24,853,463
Food and beverage      1,322,877     1,206,390     3,821,637    3,569,639
Other                  62,053        77,591        187,101      233,254
Marketing and          4,017,777     4,121,894     12,419,561   12,557,581
administrative
Facility               489,927       592,905       1,460,408    1,706,704
Corporate expense      638,177       850,664       1,840,428    3,256,611
Depreciation and       565,030      550,609      1,692,254    1,628,124
amortization
Write-off of
investments in         --          --          56,959       257,733
development projects
Total operating        14,475,509   15,280,193   45,764,909   48,063,109
expenses
Operating income       285,358      929,952      1,051,125    1,341,428
Non-operating income                                          
(expenses):
Loss on sale of assets (7,412)      (2,132)      (15,929)     (5,095)
Interest income        33,241       85,051       101,727      85,951
Interest expense       (255,393)    (370,913)    (954,456)    (1,149,477)
Interest rate swap     (3,620)      --          (3,620)      --
expense
Amortization of loan   (44,305)     (85,119)     (209,885)    (247,744)
issue costs
Loss on extinguishment (283,550)    --          (283,550)    --
of debt
Income (loss) before
income tax benefit     (275,681)    556,839      (314,588)    25,063
(expense)
Income tax benefit     72,643       (368,673)    116,480      (348,987)
(expense)
Net income (loss) from $(203,038)  $188,166    $(198,108)  $(323,924)
continuing operations
Net income (loss) from
discontinued           --          47,190       --          (91,603)
operations, net of
taxes
Net income (loss)      $(203,038)  $235,356    $(198,108)  $(415,527)
Per share information:                                        
Net income (loss) per
common share - basic   $(0.01)     $0.01       $(0.01)     $(0.02)
and diluted for
continuing operations
                                                             
Net income (loss) per
common share - basic
and diluted for                     $0.00                    $(0.01)
discontinued
operations in fiscal
year 2013
                                                             
Basic weighted average
number of shares       16,136,485    16,028,191    16,115,311    15,975,576
outstanding
                                                             
Diluted weighted
average number of      16,325,594    16,029,921    16,271,238    15,975,576
shares outstanding

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

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