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Nevada Gold Announces Second 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.
Michael P. Shaunnessy 
(713) 621-2245
 
LHA
Harriet Fried / Jody Burfening
(212) 838-3777
hfried@lhai.com
Nevada Gold & Casinos, Inc.
Consolidated Balance Sheets
     
     
   October 31, 2012  April 30, 2012
  (unaudited)  
     
ASSETS
Current assets:    
Cash and cash equivalents  $ 5,868,748  $ 5,200,161
Restricted cash  2,049,219  1,787,068
Accounts receivable  435,859  653,433
Prepaid expenses  1,211,394  909,834
Notes receivable, current portion  151,583  20,600
Other current assets  363,031  354,817
Assets of discontinued operations  --   33,601
Total current assets  10,079,834  8,959,514
     
Investments in development projects  15,750  255,355
Real estate held for sale  1,100,000  1,100,000
Notes receivable, net of current portion  2,128,417  -- 
Goodwill  16,103,584  16,090,799
Identifiable intangible assets, net of accumulated amortization of $3,810,654 and $3,201,868 at October 31, 2012 and April 30, 2012, respectively  7,173,667  7,782,453
Property and equipment, net of accumulated depreciation    
of $2,218,476 and $1,785,064 at October 31, 2012 and    
April 30, 2012, respectively  5,304,191  5,399,103
Deferred tax asset, net  5,270,922  5,251,236
Other assets  1,065,924  1,219,356
Assets of discontinued operations  --   3,115,097
Total assets  $ 48,242,289  $ 49,172,913
     
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:    
Accounts payable and accrued liabilities $ 2,419,630 $ 2,176,545
Accrued interest payable  45,191  61,141
Other accrued liabilities  2,930,708  2,632,067
Long-term debt, current portion  1,885,324  1,400,324
Liabilities of discontinued operations  --   23,699
Total current liabilities 7,280,853 6,293,776
Other long term liabilities  375,916  337,849
Long-term debt, net of current portion 13,690,000 15,155,000
Total liabilities 21,346,769 21,786,625
     
     
Stockholders' equity:    
Common stock, $0.12 par value per share; 50,000,000 shares authorized; 16,802,531 and 16,707,205 shares issued and 16,019,694 and 15,924,368 shares outstanding at October 31, 2012, and April 30, 2012, respectively 2,016,304 2,004,865
Additional paid-in capital 24,303,834 24,155,158
Retained earnings 7,512,956 8,163,839
Treasury stock, 782,837 shares at October 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 26,895,520 27,386,288
Total liabilities and stockholders' equity $ 48,242,289 $ 49,172,913
 
 
Nevada Gold & Casinos, Inc.
Consolidated Statements of Operations
(unaudited)
         
  Three Months Ended Six Months Ended
   October 31,  October 31,  October 31,  October 31,
  2012  2011  2012  2011
Revenues:        
Casino $ 14,290,425 $ 10,896,447  $ 29,051,685  $ 21,817,723
Food and beverage 2,508,167 2,774,636  5,065,767  5,367,416
Other 658,882 554,114  1,327,581  1,069,601
Gross revenues 17,457,474 14,225,197  35,445,033  28,254,740
Less promotional allowances  (1,073,786)  (1,392,611)  (2,250,642)  (2,671,683)
Net revenues 16,383,688 12,832,586  33,194,391  25,583,057
         
 Expenses:         
Casino 8,183,837 5,682,762  16,232,412  10,995,136
Food and beverage 1,178,027 1,031,703  2,363,249  2,009,082
Marketing and administrative 4,012,392 4,018,000  8,397,620  7,936,345
Facility 570,178 522,142  1,113,799  1,011,721
Corporate expense 1,452,736 891,423  2,326,510  1,974,187
Legal expense 40,575  20,658  79,437  27,591
Depreciation and amortization  538,534  464,541  1,077,515  903,204
Deferred rent  19,034  --   38,067  -- 
Acquisition costs  --   13,721  --   65,666
Impairment of assets  --   2,273,966  --   2,273,966
Write-off of project development cost  257,733  --   257,733  -- 
Excise taxes  297,918  295,743  610,238  587,994
Other  141,771  134,352  286,334  237,172
Total operating expenses  16,692,735  15,349,011  32,782,914  28,022,064
Operating income (loss)  (309,047)  (2,516,425)  411,477  (2,439,007)
Non-operating income (expenses):        
Loss on sale of assets  (1,718)  (22,340)  (2,963)  (22,654)
Interest income  --   42,853  900  85,702
Interest expense  (393,064)  (379,488)  (778,565)  (759,137)
Amortization of loan issue costs  (85,082)  (33,336)  (162,625)  (44,586)
Loss on extinguishment of debt  --   (154,270)  --   (154,270)
Loss before income tax benefit  (788,911)  (3,063,006)  (531,776)  (3,333,952)
Income tax benefit  108,375  1,040,324  19,686  1,324,251
Net loss from continuing operations  $ (680,536)  $ (2,022,682)  $ (512,090)  $ (2,009,701)
Net loss from discontinued operations, net of taxes  (138,472)  (97,924)  (138,793)  (302,765)
Net loss  $ (819,008)  $ (2,120,606)  $ (650,883)  $ (2,312,466)
Per share information:        
Net loss per common share - basic and diluted for continuing operations  $ (0.04)  $ (0.15)  $ (0.03)  $ (0.15)
         
Net loss per common share - basic and diluted for discontinued operations  $ (0.01)  $ (0.01)  $ (0.01)  $ (0.02)
         
Basic weighted average number of shares outstanding 15,964,051 13,179,208 15,949,269 13,004,778
         
Diluted weighted average number of shares outstanding 15,964,051 13,179,208 15,949,269 13,004,778

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