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4Q adjusted EBITDA (1) from continuing operations up 18%
2013 net revenues increase 18.5%
2013 adjusted EBITDA (1) from continuing operations up 70%
LAS VEGAS, July 29, 2013 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) today announced financial results for the fourth quarter and fiscal year ended April 30, 2013.
"We delivered solid results for the fourth quarter of fiscal 2013, bringing the year to a successful close," said President and CEO Michael Shaunnessy. "In recent months, we have taken many steps to optimize the performance of Nevada Gold & Casinos' portfolio of assets, reduce our cost structure and sharpen the company's business focus. The strong operating performance and cash flow we have announced today illustrate the success of these actions.
"We exceeded our financial target for the year and continued deleveraging our balance sheet, positioning us well for fiscal 2014. During 2013 we generated $5.8 million in adjusted EBITDA from continuing operations and reduced our outstanding debt by $2.3 million.
"In the fourth quarter, our Washington casino operations continued to show solid growth, with adjusted EBITDA improving more than 10% to $2.2 million and annual adjusted EBITDA increasing 20.5% to $7.9 million. Our South Dakota route operation contributed $1.1 million in adjusted EBITDA for the year, although performance was relatively flat for the quarter. We recently completed fine-tuning the route and are operating during the important summer season with a better-positioned and more efficient operation. We expect the fine-tuning to contribute to improved results for fiscal 2014.
"With the optimization of our current asset portfolio completed, our focus is on continuing to generate consistent results through effective operations and on exploring new revenue opportunities that complement our gaming properties and diversify our revenue stream. We are actively searching for both new properties and management contracts that fit Nevada Gold & Casinos' investment parameters and will enhance shareholder value."