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.