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LAS VEGAS, Sept. 13, 2013 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE MKT: UWN) today announced financial results for the first quarter ended July 31, 2013 and provided a business update.
For the first quarter of fiscal 2014, the company reported net revenues of $15.7 million compared to $16.8 million in the first quarter of fiscal 2013. Operating expenses were $15.7 million compared to $16.1 million in the prior-year period. Operating income from continuing operations was $0.1 million compared $0.7 million. Net loss from continuing operations was $216,000, or $0.01 per share, compared to a net income of $168,000, or $0.01 per share in the prior-year period.
Michael Shaunnessy, Chief Executive Officer of Nevada Gold commented, "Although we remain quite positive regarding our long term business trends, our revenue decline as compared to the same period in the previous year was a result of a much nicer weather pattern in the Seattle area which caused a decline in the amount of visitors to our casinos in that market. Although revenues declined by 11% in our eight Seattle properties during the quarter, our other two casinos in the Eastern Washington tri-cities area experienced a 6% increase in revenues which we believe is a better indication of our long term business trends."
Mr. Shaunnessy continued, "We continue to focus on our cost structure and we are making significant progress in refinancing our debt to reduce our interest expense and increase our financial flexibility. Our long term focus is 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 while enhancing shareholder value."
Basic and diluted weighted average common shares outstanding in the first quarter of fiscal 2014 were 16.1 million compared to 15.9 million basic and 16.4 million diluted in the first quarter of fiscal 2013.