- Net revenues increase 20% to $16.2 million.
- Adjusted EBITDA (1) from continuing operations doubles to $1.6 million
- Net income per share from continuing operations of $0.01
LAS VEGAS, March 12, 2013 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) today announced financial results for the third quarter of fiscal 2013, ended January 31, 2013.
President and CEO Michael Shaunnessy commented, "This quarter's results represent a significant milestone for Nevada Gold. For the first time, we have a full trailing 12 month financial picture that clearly demonstrates the solid cash flow returns being generated by the company's portfolio of assets. For the trailing twelve months, adjusted EBITDA totaled $5.6 million.
"We are pleased with the quarter's strong cash flow and the results of our Washington and South Dakota portfolios, both of which performed according to plan. Based on the company's performance and our outlook for the remainder of fiscal 2013, we believe we are well positioned to meet Nevada Gold's goal of generating $5 million in adjusted EBITDA."During the quarter, we continued to use our excess cash flow generation to pay down debt and strengthen our balance sheet. To date in fiscal 2013, we have reduced total debt outstanding by $1.8 million. "With the completion of the cost reduction program and organizational changes announced in October 2012, Nevada Gold is also well positioned to explore additional opportunities in the gaming industry. We will take a prudent, disciplined approach, focusing on right-sized, near-term opportunities that leverage our current organizational strengths and asset base." As previously announced, Nevada Gold is in the process of moving its corporate headquarters from Houston, Texas to Las Vegas, Nevada. The move will be completed by April 1, 2013. At that time, the company's new address and contact information will be posted on its website.
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