Nevada Gold & Casinos Reports Fourth Quarter Results

Nevada Gold & Casinos Reports Fourth Quarter Results

LAS VEGAS, July 29, 2014 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE
MKT:UWN) today announced financial results for the fourth quarter ended April
30, 2014.

For the fourth quarter of fiscal 2014, the company reported net revenues of
$16.0 million compared to $16.5 million in the fourth quarter of fiscal 2013.
Operating expenses decreased to $14.8 million compared to $15.5 million in the
prior year period. Operating income from continuing operations increased to
$1.3 million compared to $1.1 million in the prior year period. Income before
taxes also increased to $1.0 million compared to $0.7 in the prior year
period. Net income from continuing operations was $0.7 million, compared to
$0.5 million in the prior year period.

During the fourth quarter, net revenues from Washington were $14.1 million, a
slight decrease from the $14.2 million in the prior year period, however,
EBITDA improved slightly to $2.3 million compared to $2.2 million in the prior
year period. South Dakota route operation revenues decreased to $1.9 million
from $2.3 million in the prior year period, primarily due to a reduction in
units. EBITDA declined to $83,000 for the quarter, compared to EBITDA of
$147,000 in the prior year. Corporate expenses were $0.5 million compared to
$0.7 million in the prior year period. On a consolidated basis, adjusted
EBITDA was $1.9 million compared to $1.7 million in the prior year period. Net
interest expense decreased to $157,000 compared to $393,000, in the prior year
period.

"Our fiscal fourth quarter reflects the first full benefit of our debt
refinancing completed last December.With the reduced interest expense and
solid operating performance, we expect to generate strong earnings growth and
free cash flow in fiscal 2015 and forward," said President and CEO Michael
Shaunnessy.

For the full fiscal year 2014, net revenues were $62.8 million compared to
$65.9 million in fiscal year 2013. Operating expenses were $60.5 million
compared to $63.5 million in the prior year. Operating income from continuing
operations was $2.3 million compared to $2.4 million in fiscal 2013.Income
before taxes was $0.7 million compared to $0.7 million in the prior year
period. Net income from continuing operations was $0.5 million compared to
$0.1 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 grants, non-cash
employee stock purchase plan discounts, 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 fiscal years ended
April 30, 2014 and April 30, 2013 are shown below:

Adjusted EBITDA reconciliation to net income: 
                                             For the three months ended
                                             April 30, 2014  April 30, 2013
                                                            
Net income                                    $ 646,089       $ 452,434
Add:                                                         
Income tax expense (benefit)                  399,239         211,065
Net interest expense (income)                 156,669         392,757
Depreciation and amortization                 571,245         498,764
Loss on settlements - sale of assets          11,676          986
Deferred rent                                 (3,537)         19,034
Stock option amortization                     13,620        13,620
Employee stock purchase discount              1,391          --
Decrease in swap fair value                   58,352         --
Relocation expenses                           --             127,029
AdjustedEBITDA                               $ 1,854,744     $ 1,715,689
                                             
Adjusted EBITDA reconciliation to net income: 
                                             For the fiscal year ended
                                             April 30, 2014 April 30, 2013
                                                            
Net income                                    $ 447,981       $ 36,097
Add:                                                         
Income tax expense (benefit)                  282,758         560,052
Net interest expense (income)                 1,222,904       1,704,027
Depreciation and amortization                 2,263,499       2,126,888
Loss on settlements - sale of assets          27,605          6,081
Deferred rent                                 14,536          76,136
Stock option amortization                     54,479          137,858
Employee stock purchase discount              7,384           --
Loss on debt extinguishment                   283,550         --
Decrease in swap fair value                   58,352         --
Relocation expenses                           --             127,029
Severance expense                             --             637,868
Impairments, write-offs, recoveries, net      56,959         257,733
Loss on operations held for sale              --             91,603
AdjustedEBITDA                               $ 4,720,007     $ 5,762,182

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
                                                               
                                                  April 30,     April 30,
                                                  2014          2013
                                                               
                                                               
ASSETS
Current assets:                                                 
Cash and cash equivalents                          $7,738,985  $6,723,919
Restricted cash                                    1,388,995    1,306,487
Accounts receivable                                252,504      445,481
Prepaid expenses                                   829,228      854,092
Deferred tax asset, current portion                98,643       67,123
Notes receivable, current portion                  332,973      216,596
Inventory and other current assets                 344,686      373,923
Total current assets                               10,986,014   9,987,621
                                                               
Investments in development projects                --          56,959
Real estate held for sale                          1,100,000    1,100,000
Notes receivable, net of current portion           1,730,246    2,082,853
Goodwill                                           16,103,583   16,103,583
Identifiable intangible assets, net of accumulated
amortization of $5,619,009 and $4,413,439 at April 5,754,167    6,959,738
30, 2014 and April 30, 2013, respectively
Property and equipment, net of accumulated                      
depreciation
of $3,632,349 and $2,599,940 at April 30, 2014 and              
April 30, 2013, respectively                       4,289,178    5,028,122
Deferred tax asset, net of current portion         4,356,972    4,671,250
Other assets                                       486,466      533,860
Total assets                                       $44,806,626 $46,523,986
                                                               
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:                                            
Accounts payable and accrued liabilities           $1,427,010  $2,024,465
Accrued interest payable                           37,470       34,393
Other accrued liabilities                          2,178,317    2,127,140
Long-term debt, current portion                    1,625,000    1,280,000
Total current liabilities                          5,267,797     5,465,998
Long-term debt, net of current portion             10,725,000    12,930,000
Other long termliabilities                        486,870      421,253
Total liabilities                                  16,479,667    18,817,251
                                                               
                                                               
Stockholders' equity:                                           
Common stock, $0.12 par value per share;
50,000,000 shares authorized; 16,980,676 and
16,864,122 shares issued and 16,197,839 and        2,037,689     2,023,705
16,081,285 shares outstanding at April 30, 2014,
and April 30, 2013, respectively
Additional paid-in capital                         24,578,117    24,419,858
Retained earnings                                  8,648,727     8,200,746
Treasury stock, 782,837 shares at April 30, 2014   (6,932,035)  (6,932,035)
and April 30, 2013, at cost
Accumulated other comprehensive loss               (5,539)      (5,539)
Total stockholders' equity                         28,326,959    27,706,735
Total liabilities and stockholders' equity         $44,806,626 $46,523,986



Nevada Gold & Casinos, Inc.
Consolidated Statements of Operations
                                                             
                      Three Months Ended          Twelve Months Ended
                      April 30,     April 30,     April 30,     April 30,
                      2014          2013          2014          2013
Revenues:                                                     
Casino                 $14,093,561 $14,651,475 $55,332,569 $58,393,105
Food and beverage      2,577,761     2,510,539     10,053,883   10,103,913
Other                  447,161       443,607       1,742,710    1,808,538
Gross revenues         17,118,483    17,605,621    67,129,162   70,305,556
Less promotional       (1,085,552)  (1,086,239)  (4,321,768)  (4,381,638)
allowances
Net revenues           16,032,931    16,519,382    62,807,394   65,923,918
Expenses:                                                    
Casino                 7,810,946     8,155,865     32,081,242   33,016,277
Food and beverage      1,292,352     1,270,391     5,114,077    4,838,447
Marketing and          3,991,514     4,095,164     16,369,505   16,652,746
administrative
Facility               490,906       564,070       1,951,314    2,270,774
Corporate and legal    544,168       795,361       2,384,596    4,051,972
expense
Depreciation and       571,245      498,764      2,263,499    2,126,888
amortization
Loss on settlements -  11,676       986          27,605       6,081
sale of assets
Write-off of project   --          --          56,959       257,733
development costs
Other                  59,775       82,525       263,052      310,411
Total operating        14,772,582   15,463,126   60,511,849   63,531,329
expenses
Operating income from  1,260,349    1,056,256    2,295,545    2,392,589
continuing operations
Non-operating income                                          
(expenses):
Interest income        31,677       34,398       133,404      120,349
Interest expense       (138,929)    (345,512)    (1,097,005)  (1,494,989)
Interest rate swap     (26,912)     --          (26,912)     --
expense
Decrease in swap fair  (58,352)     --          (58,352)     --
value
Amortization of loan   (22,505)     (81,643)     (232,391)    (329,387)
issue costs
Loss on extinguishment --          --          (283,550)    --
of debt
Income before income   1,045,328    663,499      730,739      688,562
tax
Income tax expense     (399,239)    (211,065)    (282,758)    (560,052)
Net income from        646,089      452,434      447,981      128,510
continuing operations
Net loss from
operations held for    --          --          --          (91,603)
sale, net of taxes
Net income             $646,089    $452,434    $447,981    $36,907
Per share information:                                        
Net income per common
share - basic and      $0.04       $0.03       $0.03       $0.01
diluted for continuing
operations
Net loss per common
share - basic and
diluted for            $--        $--        $--        $(0.01)
discontinued
operations
Basic weighted average
number of shares       16,165,930    16,065,719    16,127,654    15,997,546
outstanding
Diluted weighted
average number of      16,366,283    16,110,304    16,294,487    16,020,789
shares outstanding

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

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