This Day On The Street
Continue to site
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

Nevada Gold Announces First Quarter 2013 Financial Results

Financial Results

As previously announced, Nevada Gold completed the sale of the Colorado Grande Casino in Cripple Creek, Colorado in May 2012. As a result, the Colorado Grande's results have been reclassified as discontinued operations. Financial information presented below represents results from continuing operations.

For the first quarter of fiscal 2013, net revenues increased to $16.8 million compared to $12.8 million in the prior-year period. Operating expenses increased to $16.1 million from $12.7 million in the prior-year period. Operating income totaled $0.7 million compared to operating income of $77,400. Net income was $0.2 million compared to a net loss of $0.2 million in the 2012 quarter. On a per share basis, net income for continuing operations was $0.01 in the 2013 first quarter compared to $0.00 in the prior-year period. On a per share basis, net loss for discontinued operations was $0.00 in the 2013 quarter compared to $0.02 in the 2012 quarter.

Diluted weighted average common shares outstanding in the first quarter of fiscal 2013 were 16.4 million compared to 13.9 million in the prior-year period.

Conference Call and Webcast

The Company will host a conference call to discuss first quarter 2013 financial results today at 11:00 AM ET. The conference call can be accessed live over the phone by dialing (888) 378-4353, or, for international callers, (719) 325-2456. The conference ID is #8908340. A replay will be available one hour after the call and can be accessed by dialing (877) 870-5176, or for international callers, (858) 384-5517; the conference ID is #8908340. The replay will be available through Wednesday, September 19, 2012. The call will be webcast live from the Company's website at www.NevadaGold.com  under the Investor Relations section.

(1) Non-GAAP Information

The term "adjusted EBITDA" is used by us in presentations, quarterly earnings calls, and other instances as appropriate. Adjusted EBITDA is defined as net income before interest, income taxes, depreciation and amortization, non-cash goodwill and other long-lived asset impairment charges, write-offs of project development costs, litigation charges, non-cash foreign currency transaction gains and losses, non-cash stock option grants, exclusion of net income or loss from operations held for sale, and net losses/gains from asset dispositions. Adjusted EBITDA does not take into account greater or less than expected hold percentages in the gaming operations. Adjusted EBITDA is presented because it is a required component of financial ratios reported by us to our lenders, and it is also frequently used by securities analysts, investors, and other interested parties, in addition to and not in lieu of, U.S. Generally Accepted Accounting Principles ("GAAP") results to compare to the performance of other companies that also publicize this information. Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to net income as an indicator of our operating performance or any other measure of performance derived in accordance with GAAP. 

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
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!
SYM TRADE IT LAST %CHG

Markets

DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs