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Nevada Gold Announces First Quarter 2011 Financial Results

HOUSTON, Sept. 14, 2010 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE Amex:UWN) today announced financial results for the first quarter ended July 31, 2010.

Financial Highlights first quarter included:

  • Net revenues increased 29.1% to $6.5 million, compared to $5.1 million in the first quarter ended July 31, 2009;
  • Net loss of $0.5 million compared to a net loss of $0.7 million a year ago;
  • Net loss per basic and diluted common share of $0.04, compared to a net loss per basic and diluted common share of $0.05 in the year ago period;
  • EBITDA (1) of $(0.6) million compared to $(0.8) million in the first quarter of fiscal 2010;
  • Adjusted EBITDA (2) of $41,000

"While we are very pleased with our first quarter results, they don't reflect the impact from the six additional mini-casinos we acquired in Washington. Our three original Washington mini-casinos and our Colorado property continue to perform well," said Robert Sturges, CEO of Nevada Gold.

"With the acquisition of the additional locations, Nevada Gold has become the largest owner of mini-casinos in the state of Washington with nine such facilities. The synergies amongst our Washington properties will allow us to operate with great efficiency cross market and offer a high level of consistent guest service and promotional incentives," continued Mr. Sturges.

"We continue to be on track to hit our goal of generating approximately $55 to $60 million in pro-forma revenue subsequent to the addition of the six recently acquired Washington mini-casinos. We also expect that our property level pro-forma EBITDA, adjusted for the additional six mini-casinos, will be approximately $7.5 million to $8 million on an annual basis," concluded Mr. Sturges.

Financial Results

For the first quarter of fiscal 2011, net revenues increased to $6.5 million compared to $5.1 million in the first quarter of fiscal 2010. Due to the termination of the management agreement with SunCruz, the Company did not record a management fee during the first quarter of 2011 compared to $0.2 million in the first quarter of 2010. Operating expenses increased to $7.5 million from $6.0 million in the first quarter of 2010. The increase is primarily due to increased casino operating expenses, marketing and administrative expenses, facility and depreciation expense related to the Washington acquisitions and increased legal expenses related to the July 2010 acquisition, offset by reductions of corporate overhead and other legal expenses.

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