LAS VEGAS, Sept. 14, 2017 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) today announced financial results for the first quarter ended July 31, 2017.

For the first quarter of fiscal 2018, the Company reported net revenues of $18.5 million compared to $18.2 million in the first quarter of fiscal 2017. Operating expenses were $18.2 million in both periods.  Operating income was $0.3 million compared to $0.1 million and net income was $0.1 million, or $0.01 per share, compared to a net loss of $0.1 million, or $0.01 loss per share, in the prior year period.

Net revenues from the Washington state gaming operations increased to $13.2 million from $13.1 million in the prior year period.  Business volumes were down approximately 2%, or $0.2 million, but a higher table games hold percentage, although normal, was responsible for approximately $0.3 million in additional revenue for the quarter.  Higher operating expenses, primarily payroll, caused adjusted EBITDA to decrease to $1.2 million compared to $1.4 million in the prior year. 

Club Fortune revenues increased to $3.4 million from $3.2 million in the prior year while EBITDA improved significantly to $0.5 million compared to $0.1 million.  South Dakota route revenues were $1.9 million in both periods, and adjusted EBITDA was $0.1 million in both periods.  Corporate adjusted EBITDA was negative $0.6 million in both periods and on a consolidated basis, adjusted EBITDA was $1.1 million in both periods.

"Our Washington operations faced 44 consecutive days without rain in Seattle during the quarter, on the way to an all time record of 55 days. Our customers were busy enjoying the beautiful outdoors," said Michael P. Shaunnessy, President and CEO.  "At Club Fortune our operating and marketing initiatives continue to yield improved margins and incremental EBITDA."

The Company's outstanding bank debt was $12.3 million as of July 31, 2017, and unrestricted cash on hand was $8.3 million.

On July 12, 2017 the Company purchased 755,644 shares of its stock at a price of $2.15 per share which completed the initial $2.0 million authorization.  The Board has approved an additional $2.0 million share buyback.  

Conference Call and Webcast  The Company will host a conference call at 4:30 PM ET (1:30 PM PT), today, September 14, 2017 to discuss the financial results and to provide a corporate update.   The call can be accessed live by dialing (877) 591-4953. International callers can access the call by dialing (719) 457-2628. 

A telephone replay of the conference call will be available after 7:30 PM ET and can be accessed by dialing (844) 512-2921. International callers can access the replay by dialing (412) 317-6671; the pin number is 8900356. The replay will be available through September 21, 2017.

(1) Non-GAAP InformationThe term "adjusted EBITDA" is used by us in presentations, quarterly earnings calls, and other instances as appropriate.  Adjusted EBITDA is defined as net income before interest, income taxes, depreciation and amortization, non-cash goodwill and other long-lived asset impairment charges, write-offs of project development costs, litigation charges, non-cash stock grants, non-cash employee stock purchase plan discounts, exclusion of net income or loss from operations held for sale, and net losses/gains from asset dispositions. Adjusted EBITDA does not take into account greater or less than expected hold percentages in the gaming operations. Adjusted EBITDA is presented because it is a required component of financial ratios reported by us to our lenders, and it is also frequently used by securities analysts, investors, and other interested parties, in addition to and not in lieu of, U.S. Generally Accepted Accounting Principles ("GAAP") results to compare to the performance of other companies that also publicize this information.  Adjusted EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to net income as an indicator of our operating performance or any other measure of performance derived in accordance with GAAP.

The following table reconciles net income (loss) to Adjusted EBITDA for the three months ended July 31, 2017 and 2016:

                            For the three months ended
    July 31, 2017   July 31, 2016
Net income (loss)   $ 124,002   $ (99,573 )
Net interest expense and change in swap fair value        152,015     217,730  
Income tax expense (benefit)     60,332     (47,988 )
Depreciation and amortization     711,436     776,512  
Acquisition expenses     -        113,900  
Stock compensation     62,290     72,463  
Loss on sale of assets     -        8,371  
Amortization of deferred rent     724     12,498  
Adjusted EBITDA   $ 1,110,799   $ 1,053,913  

Forward-Looking Statements  This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. We use words such as "anticipate," "believe," "expect," "future," "intend," "plan," and similar expressions to identify forward-looking statements. Forward-looking statements include, without limitation, our ability to increase income streams, to grow revenue and earnings, and to obtain additional gaming and other projects. These statements are only predictions and are subject to certain risks, uncertainties and assumptions, which are identified and described in the Company's public filings with the Securities and Exchange Commission.

About Nevada Gold & Casinos  Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) of Las Vegas, Nevada is a developer, owner and operator of nine gaming operations in Washington (, a local casino in Henderson, Nevada ( and a slot route operation in Deadwood, South Dakota ( For more information, visit .



Nevada Gold & Casinos, Inc.Michael P. Shaunnessy / James Meier(702) 685-1000 Stonegate Capital PartnersPreston Graham(972) 850-2001

Nevada Gold & Casinos, Inc.
Consolidated Balance Sheets
    July 31,   April 30,
    2017   2017
Current assets:        
Cash and cash equivalents   $   8,286,433     $  10,631,903  
Restricted cash       2,043,453         1,994,312  
Accounts receivable, net of allowances       837,167         808,484  
Prepaid expenses       1,875,192         1,209,507  
Notes receivable, current portion       307,120         383,093  
Inventory and other current assets       428,789         423,113  
Total current assets     13,778,154        15,450,412  
Real estate held for sale       750,000         750,000  
Goodwill      16,923,588        16,923,588  
Intangible assets, net of accumulated amortization       3,893,793         4,107,328  
Property and equipment, net of accumulated depreciation     13,718,422        13,958,715  
Deferred tax asset       1,497,138         1,557,470  
Other assets       70,000         70,000  
Total assets   $   50,631,095     $   52,817,513  
Current liabilities:            
Accounts payable and accrued liabilities   $ 1,289,222     $ 1,303,571  
Accrued payroll and related       1,207,431         1,925,592  
Accrued player's club points and progressive jackpots       2,354,055         2,348,068  
Total current liabilities     4,850,708       5,577,231  
Long-term debt      12,085,771        12,061,411  
Other long-term liabilities       671,797         667,110  
Total liabilities     17,608,276       18,305,752  
Stockholders' equity:            
Common stock, $0.12 par value per share; 50,000,000 shares authorized; 18,671,355 and 18,627,167 shares issued and 16,836,209 and 17,547,665 shares outstanding at July 31, 2017, and April 30, 2017, respectively     2,240,571       2,235,269  
Additional paid-in capital     27,455,708       27,449,319  
Retained earnings     12,444,816       12,320,814  
Treasury stock, 1,835,146 and 1,079,502 shares at July 31, 2017 and April 30, 2017, respectively, at cost      (9,118,276 )      (7,493,641 )
Total stockholders' equity     33,022,819       34,511,761  
Total liabilities and stockholders' equity   $ 50,631,095     $ 52,817,513  

Nevada Gold & Casinos, Inc.
Consolidated Statements of Operations
      Three Months Ended
    July 31,   July 31,
    2017   2016
Casino   $ 16,406,606     $ 16,170,503  
Food and beverage     3,159,224       3,301,393  
Other     515,404       540,716  
Gross revenues     20,081,234       20,012,612  
Less promotional allowances       (1,592,710 )       (1,782,833 )
Net revenues     18,488,524       18,229,779  
Casino     9,415,375       9,187,592  
Food and beverage     1,579,992       1,531,837  
Other     53,452       54,951  
Marketing and administrative     5,286,722       5,270,278  
Facility     465,814       533,336  
Corporate     639,384       796,733  
Depreciation and amortization       711,436         776,512  
Loss on disposal of assets       -          8,371  
Total operating expenses       18,152,175         18,159,610  
Operating income       336,349         70,169  
Non-operating income (expenses):            
Interest income       12,465         22,968  
Interest expense and amortization of loan issue costs       (160,515 )       (189,984 )
Change in swap fair value       (3,965 )       (50,714 )
Income (loss) before income tax expense       184,334         (147,561 )
Income tax (expense) benefit       (60,332 )       47,988  
Net income (loss)   $   124,002     $   (99,573 )
Per share information:            
Net income (loss) per common share - basic and diluted   $   0.01     $   (0.01 )

Primary Logo