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Nevada Gold Announces Second Quarter 2013 Financial Results

Stocks in this article: UWN

Mr. Shaunnessy concluded, "Going forward, the Nevada Gold team will explore opportunities that build on the company's current asset base, offer more immediate rewards, and take advantage of our recent licensing approval in Nevada. As I assume the leadership of Nevada Gold, I look forward to providing further information on our operational and financial goals."

Financial Results

The financial information presented below represents results from continuing operations. Financial information for the second quarter of fiscal 2013 also reflects the company's January 27, 2012 acquisition of a slot route operation in Deadwood, South Dakota. 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.

Excluding the non-recurring charges, operating results for the period ended October 31, 2012 reflect an operating income of $0.7 million compared to an operating loss of $0.2 million for the prior-year period. For the second quarter of fiscal 2013, net revenues increased 28% to $16.4 million compared to $12.8 million in the prior-year period. Operating expenses, excluding non-recurring charges, increased 20% to $15.7 million compared to $13.1 million in the prior-year period. The revenue and expense increases are primarily due to the addition of the South Dakota slot route operation. The non-recurring expenses recorded during the quarter ended October 31, 2012 include a $0.3 million non-cash write-off of project development costs, primarily related to the Las Vegas Speedway Project, and a $0.7 million charge for severance related to the former CEO and the elimination of several corporate positions. The annual cost reductions that have been implemented will be reflected in our operating results beginning in the third quarter of fiscal 2013. During the quarter ended October 31, 2011, Nevada Gold recorded a non-cash impairment adjustment of $2.3 million for vacant land the company owns in Colorado. Operating loss for the current quarter totaled $0.3 million compared to an operating loss of $2.5 million in the prior-year quarter. Net loss was $0.8 million compared to a net loss of $2.2 million, which includes the non-recurring charges, and a net loss from discontinued operations of $.1 million in each quarter. On a per share basis, net loss for continuing operations was $0.04 in the 2013 second quarter compared to $0.15 in the prior-year period. On a per share basis, net loss for discontinued operations was $0.01 in both the 2013 and the 2012 quarters.

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