This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Nevada Gold Announces Third Quarter 2011 Financial Results

Stocks in this article: UWN

About Nevada Gold

Nevada Gold & Casinos, Inc. (NYSE Amex:UWN) of Houston, Texas is a developer, owner and operator of 10 gaming facilities in Colorado and Washington. The following properties are wholly owned and operated by Nevada Gold: Colorado Grande Casino in Cripple Creek, Colorado, the Crazy Moose Casinos in Pasco and Mountlake Terrace, Washington, Coyote Bob's Roadhouse Casino in Kennewick, Washington, the Silver Dollar Casinos in Seatac, Mill Creek and Renton, Washington, the Club Hollywood located in Shoreline, Washington, the Royal Casino located in Everett, Washington and the Golden Nugget Casino located in Tukwila, Washington. The Company has an interest in Buena Vista Development Company, LLC which is working with the Buena Vista Rancheria of Me-Wuk Indians on a Native American casino project to be developed in the city of Ione, California. The Company has a signed management agreement including equity participation for development of a casino and hotel immediately adjacent to the Las Vegas Motor Speedway. For more information, visit www.nevadagold.com .

The Nevada Gold & Casinos, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=1552

Nevada Gold & Casinos, Inc.
Balance Sheet
   January 31, 2011  April 30, 2010
  (unaudited)  
ASSETS
Current assets:    
Cash and cash equivalents  $ 4,222,240  $ 3,155,736
Restricted cash  1,254,917  5,266,938
Accounts receivable  871,810  66,822
Prepaid expenses  946,280  475,262
Income tax receivable  176,750  1,750,374
Other current assets  282,348  155,796
Total current assets  7,754,345  10,870,928
     
Investments in development projects  208,543  1,418,789
Investment in land held for sale  3,373,966  3,437,932
Note receivable - development projects, net of current portion and allowances  1,700,000  1,700,000
Goodwill  16,477,184  10,243,362
Identifiable intangible assets, net of accumulated amortization of $1,541,511 and $729,000 at January 31, 2011 and April 30, 2010  7,672,340  5,101,800
Property and equipment, net of accumulated depreciation of $3,464,418 and $2,978,679 at January 31, 2011 and April 30, 2010, respectively  5,111,234  3,473,051
Deferred tax asset  2,393,453  1,848,419
BVO receivable  4,000,000  4,000,000
Other assets, net of allowances  541,736  376,938
Total assets  $ 49,232,801  $ 42,471,219
     
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:    
Accounts payable and accrued liabilities $ 2,153,097 $ 1,060,017
Accrued interest payable  121,123  70,000
Other accrued liabilities  1,774,206  687,819
Long-term debt, current portion  67,530  -- 
Total current liabilities 4,115,956 1,817,836
     
Long-term debt, net of current portion 15,082,152 10,000,000
Other liabilities 19,671 30,944
Total liabilities 19,217,779 11,848,780
     
Commitments and contingencies -- --
     
Stockholders' equity:    
Common stock, $0.12 par value per share; 50,000,000 shares authorized; 13,935,330 shares issued and  12,764,130 shares outstanding at January 31, 2011 and April 30, 2010, respectively 1,672,240 1,672,240
Additional paid-in capital 20,020,697 19,859,966
Retained earnings 18,696,824 19,464,972
Treasury stock, 1,171,200 shares at January 31, 2011 and April 30, 2010, respectively, at cost  (10,369,200)  (10,369,200)
Accumulated other comprehensive loss  (5,539)  (5,539)
Total stockholders' equity 30,015,022 30,622,439
Total liabilities and stockholders' equity $ 49,232,801 $ 42,471,219
         
 
Nevada Gold & Casinos, Inc.
Consolidated Statements of Operations
(unaudited) 
         
  Three Months Ended Nine Months Ended
  January 31, January 31, January 31, January 31,
  2011 2010 2011 2010
Revenues:        
Casino  $ 11,507,643  $ 4,469,523  $ 29,275,626  $ 13,443,121
Food and beverage  2,795,998  1,074,962  7,074,052  3,423,638
Other 531,786 223,777 1,299,808 626,648
Management and consulting fees  --   120,968  --   620,968
Gross revenues 14,835,427 5,889,230 37,649,486 18,114,375
Less promotional allowances  (1,573,524)  (683,406)  (4,048,045)  (2,110,972)
Net revenues 13,261,903 5,205,824  33,601,441  16,003,403
         
 Expenses:         
Casino 5,799,412 2,224,130 14,818,844 6,176,833
Food and beverage 1,140,626 613,408 3,037,018 2,337,762
Marketing and administrative 3,694,711 1,413,210  8,922,162  4,089,432
Facility 940,904 292,427 2,425,883 784,458
Corporate expense 779,429 865,978 2,895,495 3,243,043
Legal expense  -- 202 445,038 103,205
Depreciation and amortization  470,593  333,527  1,319,051  996,680
Excise taxes  307,757  79,932  691,836  232,650
Other  85,380  32,109  191,138  102,850
Total operating expenses  13,218,812  5,854,923  34,746,465  18,066,913
Operating income (loss)  43,091  (649,099)  (1,145,024)  (2,063,510)
Non-operating income (expenses):        
Gain on sale/settlement of assets  --   --   384,414  -- 
Interest income  42,865  44,944  131,980  150,012
Interest expense  (387,143)  (246,940)  (1,011,001)  (625,411)
Amortization of loan issue costs  (11,250)  (25,552)  (33,750)  (85,531)
Loss before income tax benefit  (312,437)  (876,647)  (1,673,381)  (2,624,440)
         
Income tax benefit  449,968  330,925  905,233  933,895
         
Net income (loss)  $ 137,531  $ (545,722)  $ (768,148)  $ (1,690,545)
         
Per share information:        
Net income (loss) per common share - basic  $ 0.01  $ (0.04)  $ (0.06)  $ (0.13)
Net income (loss) per common share - diluted  $ 0.01  $ (0.04)  $ (0.06)  $ (0.13)
         
Basic weighted average number of common shares outstanding 12,764,130 12,866,847 12,764,130 12,915,036
Diluted weighted average number of common shares outstanding 12,789,130 12,866,847 12,764,130 12,915,036
CONTACT: Nevada Gold & Casinos, Inc.
         Robert B. Sturges, CEO or Jim Kohn, CFO
         (713) 621-2245
         
         ICR
         Don Duffy
         (203) 682-8200

company logo

3 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,164.95 -251.90 -1.45%
S&P 500 1,994.99 -26.26 -1.30%
NASDAQ 4,635.24 -48.1670 -1.03%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs