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Nevada Gold Announces Third Quarter 2011 Financial Results

Stocks in this article: UWN

HOUSTON, March 16, 2011 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE Amex:UWN) today announced financial results for the third quarter ended January 31, 2011.

Third quarter 2011 Financial Highlights Included:

  • Net revenues increased 155% to $13.3 million, compared to $5.2 million in the third quarter ended January 31, 2010;
  • Net income of $0.1 million compared to a net loss of $0.5 million a year ago;
  • Net income per basic and diluted common share of $0.01, compared to a net loss per basic and diluted common share of $0.04 in the year ago period;
  • EBITDA (1) of $514,000 compared to $(316,000) in the third quarter of fiscal 2010;
  • EBITDA (1) of $514,000 compared to $285,000 in the second quarter of fiscal 2011;
  • Adjusted EBITDA (2) of $587,000;
  • Operating income of $0.04 million compared to operating loss of $(0.7) million in the third quarter of fiscal 2010.

"We continue to be on track to hit our 2011 calendar year goal of generating approximately $55 to $60 million in pro-forma run-rate revenue subsequent to the addition of the six recently acquired Washington mini-casinos. We also continue to expect that our property level pro-forma EBITDA, adjusted for the normalization of the additional six mini-casinos, will be approximately $7.5 million to $8 million on an annualized basis," said Robert Sturges, CEO of Nevada Gold. "We are in the process of applying for a gaming license in the state of Nevada and continue to be actively reviewing potential acquisition opportunities."

Financial Results

For the third quarter of fiscal 2011, net revenues increased to $13.3 million compared to $5.2 million in the third quarter of fiscal 2010. Operating expenses increased to $13.2 million from $5.9 million in the third quarter of 2010. The increase is primarily due to increased casino operating expenses, marketing and administrative expenses, and facility expense related to the Washington acquisitions.

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