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Adjusted EBITDA Increases 50% Washington Gold and South Dakota Gold Operations Both Perform Well
HOUSTON, Sept. 12, 2012 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) today announced financial results for the first quarter of fiscal 2013, ended July 31, 2012.
First Quarter 2013 Financial Highlights
Net revenues increased 31.8% to $16.8 million
Operating income of $0.7 million compared to $0.01 million in the prior-year period
Net income per share from continuing operations of $0.01 compared to $0.00 in the prior-year period
Adjusted EBITDA (1) from continuing operations increased 50% to $1.3 million
"Nevada Gold started the new fiscal year on a strong note," said Interim President Ernest East. "We are very pleased with the performance of the South Dakota Gold slot route business we acquired in January 2012. The many steps we took to re-energize and ramp up its operations had a very positive impact and business during the summer tourism season exceeded our expectations. South Dakota Gold contributed more than $400,000 to the company's adjusted EBITDA in the first quarter, and we remain on track to realize more than $1 million in adjusted EBITDA annually through its operations. This morning's announcement about the addition of The Midnight Star to our Deadwood, SD slot machine route provides additional confirmation of the progress we have made."
Mr. East added, "Our Washington Gold casino operations also performed well, with a solid increase in net revenues and adjusted EBITDA due to a 17% increase in table drop. As expected, our hold percentage in Washington Gold stabilized and met our expectations for the period. Our addition of a tenth mini-casino, the Red Dragon, in July 2011 strengthened our portfolio, contributing to our year-over-year adjusted EBITDA improvement. With a strong first quarter behind us, we continue to work towards achieving Nevada Gold's previously stated operational and financial goals."
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