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Nevada Gold Announces First Quarter 2013 Financial Results

About Nevada Gold

Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) of Houston, Texas is a developer, owner and operator of 10 gaming operations in Washington ("Washington Gold") and a 950-machine slot route operation in Deadwood, South Dakota ("South Dakota Gold"). The Company also has a gaming license in Nevada and an interest in Buena Vista Development Company, LLC, which is working on a Native American casino project to be developed in Ione, California. For more information, visit www.nevadagold.com

The Nevada Gold logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=13803

Contacts: 
Nevada Gold & Casinos, Inc.
Jim Kohn, CFO
(713) 621-2245
 
LHA
Harriet Fried / Jody Burfening
(212) 838-3777
hfried@lhai.com
 
 
Nevada Gold & Casinos, Inc.
Consolidated Balance Sheets
     
  July 31, 2012 April 30, 2012
  (unaudited)  
     
ASSETS
Current assets:    
Cash and cash equivalents $ 6,265,107 $ 5,200,161
Restricted cash  1,957,114  1,787,068
Accounts receivable  990,919  653,433
Prepaid expenses  1,471,516  909,834
Notes receivable, current portion  104,058  20,600
Other current assets  360,591  354,817
Assets of operations held for sale  --   33,601
Total current assets  11,149,305  8,959,514
     
Investments in development projects  264,360  255,355
Real estate held for sale  1,100,000  1,100,000
Notes receivable, net of current portion  2,239,703  -- 
Goodwill  16,103,584  16,090,799
Identifiable intangible assets, net of accumulated amortization of $3,509,262 and $3,201,868 at July 31, 2012 and April 30, 2012, respectively  7,475,059  7,782,453
Property and equipment, net of accumulated depreciation of $1,965,835 and $1,785,064 at July 31, 2012 and April 30, 2012, respectively  5,238,267  5,399,103
Deferred tax asset, net  5,162,547  5,251,236
Other assets  1,165,861  1,219,356
Assets of discontinued operations  --   3,115,097
Total assets $ 49,898,686 $ 49,172,913
     
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:    
Accounts payable and accrued liabilities $ 2,371,932 $ 2,176,545
Accrued interest payable  56,875  61,141
Other accrued liabilities  2,810,702  2,632,067
Long-term debt, current portion  2,512,573  1,400,324
Liabilities of operations held for sale  145,062  23,699
Total current liabilities 7,897,144 6,293,776
Other long term liabilities  356,883  337,849
Long-term debt, net of current portion 14,045,000 15,155,000
Total liabilities 22,299,027 21,786,625
     
Stockholders' equity:    
Common stock, $0.12 par value per share; 50,000,000 shares authorized; 16,707,205 and 16,707,205 shares issued and 15,960,174 and 15,924,368 shares outstanding at July 31, 2012, and April 30, 2012, respectively  2,009,161 2,004,865
Additional paid-in capital 24,196,108 24,155,158
Retained earnings 8,331,964 8,163,839
Treasury stock, 782,837 shares at July 31, 2012 and April 30, 2012, respectively, at cost  (6,932,035)  (6,932,035)
Accumulated other comprehensive loss  (5,539)  (5,539)
Total stockholders' equity 27,599,659 27,386,288
Total liabilities and stockholders' equity $ 49,898,686 $ 49,172,913
 
 
Nevada Gold & Casinos, Inc.
Consolidated Statements of Operations
(unaudited)
     
  Three Months Ended
  July 31, July 31,
  2012 2011
Revenues:    
Casino  $ 14,761,259  $ 10,921,276
Food and beverage 2,557,601 2,592,780
Other 668,699 515,487
Gross revenues 17,987,559 14,029,543
Less promotional allowances  (1,176,856)  (1,279,073)
Net revenues 16,810,703 12,750,470
     
Expenses:    
Casino 8,048,694 5,312,352
Food and beverage 1,185,087 977,363
Marketing and administrative 4,385,228 3,918,345
Facility 543,621 489,579
Corporate expense 873,774 1,082,764
Legal expense 38,862  6,933
Depreciation and amortization  538,981  438,663
Deferred rent  19,034  -- 
Acquisition costs  --   51,945
Excise taxes  313,320   292,251
Other  143,578  102,856
Total operating expenses  16,090,179  12,673,051
Operating income  720,524  77,419
Non-operating income (expenses):    
Loss on sale of assets  (1,245)  (314)
Interest income  900  42,849
Interest expense  (385,501)  (379,649)
Amortization of loan issue costs  (77,543)   (11,250)
Income (loss) before income tax benefit (expense)  257,135  (270,945)
Income tax benefit (expense)  (88,689)  283,927
Net income from continuing operations  $ 168,446  $ 12,982
Net loss from discontinued operations, net of taxes  (321)  (204,841)
Net income (loss)  $ 168,125  $ (191,859)
Per share information:    
Net income per common share - basic and diluted for continuing operations  $ 0.01  $ 0.00
     
Net loss per common share - basic and diluted for discontinued operations  $ (0.00)  $ (0.01)
     
Basic weighted average number of shares outstanding 15,935,655 12,856,030
     
Diluted weighted average number of shares outstanding 16,355,655 13,916,030

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