Nevada Gold Announces Fourth Quarter And Fiscal Year 2010 Financial Results
For the fourth quarter of fiscal 2010, net revenues increased to $6.0 million compared to $1.4 million in the fourth quarter of fiscal 2009. The Company did not record a management fee during the fourth quarter of 2010 compared to $0.2 million in the fourth quarter of 2009, due to the termination of the management agreement with SunCruz. Operating expenses increased to $10.7 million from $3.0 million in the fourth quarter of 2009. The increase is primarily due to an asset impairment of the Colorado Grande goodwill of $2.75 million, a valuation allowance of $1.6 million against the Route 66 settlement receivable and the addition of three mini casinos in Washington offset by reductions of corporate overhead and legal expenses.
Net loss for the fourth quarter of fiscal 2010 was $3.1 million compared to a net loss of $1.3 million in the fourth quarter of fiscal 2009. 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 diluted common share was $0.24, compared to a net loss per diluted common share of $0.10 in the prior year period. Adjusted for non-recurring items net loss per diluted common share was $0.02 in the fourth quarter of 2010.
Basic and diluted weighted average common shares outstanding in the fourth quarter of each fiscal year were 12.8 million.Earnings Conference Call and Webcast The Company will host a conference call to discuss fourth quarter 2010 financial results today at 5:00 PM ET. The conference call can be accessed live over the phone by dialing (888) 715-1394, or, for international callers, (913) 312-1463. A replay will be available one hour after the call and can be accessed by dialing (888) 203-1112, or (719) 457-0820 for international callers; the conference ID is 4845391. The replay will be available until Thursday, August 5, 2010. The call will be webcast live from the Company's website at www.NevadaGold.com under the investor relations section. *EBITDA is a commonly used measurement of gaming company results. The term is used to define earnings before interest, income taxes, depreciation, amortization and management fees.
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