This Day On The Street
Continue to site
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 Second Quarter 2013 Financial Results

Michael P. Shaunnessy Joins Company as President and CEO Adjusted EBITDA Increases Fourfold

HOUSTON, Dec. 12, 2012 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) today announced financial results for the second quarter of fiscal 2013, ended October 31, 2012.

Second Quarter 2013 Financial Highlights
  • Net revenues increased 28% to $16.4 million.
  • Adjusted EBITDA (1) from continuing operations increased to $1.3 million from $0.3 million.
  • Net loss per share from continuing operations, including non-recurring items, was $0.04 compared to $0.15 in the prior-year period.

Michael Shaunnessy, who joined Nevada Gold as President and CEO on December 1, 2012, commented, "With the company's newly streamlined organization, enhanced operations and a focus on practical growth options, I believe we are at an important turning point for Nevada Gold. I am excited about working with the board of directors and employees to optimize the collection of assets the company has amassed and to take advantage of new growth opportunities available in today's market."

Ernest East, who served as interim president from September 6, 2012 to November 30, 2012, stated, "We are pleased with the company's substantial increase in adjusted EBITDA during the quarter. Our Washington and South Dakota operations both performed according to plan and we implemented meaningful cost reductions, in excess of $1 million annually. During the quarter we also re-assessed our ongoing development efforts and, given the challenges of securing financing, decided not to pursue the Las Vegas Speedway Project. This quarter's results include the write-off of the $215,000 invested to date in that project as well as approximately $42,000 in other development costs."

William Sherlock, Chairman of the Board of Directors, observed, "We are delighted that the search process the board began in September moved forward so quickly, enabling us to retain a first-class executive for Nevada Gold. Mike's three decades in the gaming and hospitality industry, combined with his outstanding operational and financial skills, position him ideally to lead Nevada Gold to its next stage of development."

1 of 5

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
Dividend Stock Advisor

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 0.00%
FB $117.58 0.00%
GOOG $693.01 0.00%
TSLA $240.76 0.00%
YHOO $36.60 0.00%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs