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TheStreet Open House

Nevada Gold Announces Fourth Quarter And Fiscal Year 2010 Financial Results

HOUSTON, July 29, 2010 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE Amex:UWN) today announced financial results for the fourth quarter and fiscal year ended April 30, 2010.

Financial Highlights fourth quarter included:

  • Net revenues increased 328% to $6.0 million, compared to $1.4 million in the fourth quarter ended April 30, 2009;
  • Non-recurring impairment adjustment of $2.75 million plus a non-recurring valuation allowance of $1.6 million;
  • Net loss of $3.1 million compared to a net loss of $1.3 million a year ago; adjusted for non-recurring items net loss was $0.2 million compared to an adjusted net loss of $1.2 million a year ago;
  • Net loss per basic and diluted common share of $0.24, compared to a net loss per basic and diluted common share of $0.10 in the year ago period; adjusted for non-recurring items net loss per basic and diluted common share was $0.02 in the fourth quarter of 2010;
  • EBITDA* of $0.1 million compared to $(1.5) million in the fourth quarter of 2009

"We are very pleased with our fourth quarter and fiscal year end results when adjusted for non-recurring items. Year-over-year our annual revenues increased 275% to $22 million which is a significant accomplishment for the Company. Our Washington and Colorado locations both continue to perform well," said Robert Sturges, CEO of Nevada Gold. "Last Friday we successfully completed our acquisition of six additional Washington mini-casinos making us the largest owner of mini-casinos in the state of Washington. Niche opportunities like this acquisition will remain a main focus of this management team. With the additional facilities in Washington, we have successfully transformed the Company into an operator of ten casino facilities."

"On an annualized basis we now expect to generate approximately $55.0 to $60.0 million in revenue with the six additional Washington mini-casinos. We also expect that our property level EBITDA will approximate $7.5 to $8.0 million on an annual basis. This will give us an excellent platform to continue to build on as we remain in active dialog regarding a number of other casino acquisition opportunities," concluded Mr. Sturges.

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