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4-Traders Homepage  >  Equities  >  Nyse MKT  >  Nevada Gold & Casinos    UWN

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Nevada Gold & Casinos : Reports Second Quarter Results Dec 15, 2015

12/15/2015 | 04:05pm US/Eastern

December 15, 2015

, (GLOBE NEWSWIRE) -- (NYSE MKT:UWN) today announced financial results for the second quarter ended .

For the second quarter of fiscal 2016, net revenue increased on a comparable unit basis. Actual reported net revenue was compared to in the second quarter of fiscal 2015. Net revenue from the gaming operations was in both periods, but on a comparable unit basis, revenue increased . Net revenue from the slot operation declined . Operating expenses were compared to in the prior-year period. Operating income was compared to in the prior-year period. Net income was , or per share, compared to , or per share in the prior-year period.

During the second quarter, comparable unit revenues from operations increased 5%. Adjusted EBITDA rose 24% to , compared to in the prior-year period. The quarter's performance benefited from the sale of the property which had generated an EBITDA loss of on revenue of in the prior year period.

net revenue was compared to in the prior-year period and adjusted EBITDA was compared to .

On a consolidated basis, adjusted EBITDA was , compared to in the prior-year period. Net interest expense decreased , and the company expensed of acquisition costs related to Club Fortune.

The Company paid down in debt during the quarter. The unrestricted cash balance at was and total outstanding borrowing was .

CEO, commented, 'We continue to drive revenue growth in our portfolio while maintaining strong margins. The addition of will further improve our ability to generate cash flow and increase shareholder value.'

For the six month period, net revenues were compared to in fiscal year 2015. Operating expenses were compared to in the prior year. Operating income was compared to in fiscal 2015. Net income was , or per share compared to or per share in the prior year.

Conference Call and Webcast

The company will host a conference call at () today to discuss the financial results and to provide a corporate update. The call is for its shareholders and all members of the financial community including analysts, brokers and interested investors.

The call can be accessed live by dialing (888) 417-8516. International callers can access the call by dialing (719) 325-2323. A simultaneous webcast of the call will be available by visiting http://www.nevadagold.com/.

A telephone replay of the conference call will be available after and can be accessed by dialing (877) 870-5176. International callers can access the replay by dialing (858) 384-5517; the pin number is 3907480. The replay will be available through at . The archived webcast will also be available on the company's website at http://ir.nevadagold.com/events.cfm.

(1) Non-GAAP Information
The 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, 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.

Adjusted EBITDA reconciliations for the three months and six months ended and are shown below:

Adjusted EBITDA reconciliation to net income:
For the three months ended
Net income $ 617,988 $ 416,067
Adjustments:
Net interest expense and change in swap fair value 91,125 169,095
Income tax expense 301,122 199,802
Depreciation and amortization 488,709 544,620
Acquisition expenses 80,660 -
Stock compensation and employee stock purchases 80,300 30,281
Loss on sale of assets 2,050 25,120
Write off of marketable securities - 7,539
Deferred rent amortization 4,952 1,098
Adjusted EBITDA $ 1,666,906 $ 1,393,622
For the six months ended
Net income $ 1,075,985 $ 770,096
Adjustments:
Net interest expense and change in swap fair value 191,232 308,595
Income tax expense 528,634 352,830
Depreciation and amortization 999,503 1,089,655
Acquisition expenses 260,780 -
Stock compensation and employee stock purchases 110,495 45,145
Loss (gain) on sale of assets (161,430 ) 17,087
Write off of marketable securities - 7,539
Deferred rent amortization 12,863 2,197
Adjusted EBITDA $ 3,018,062 $ 2,593,144

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 .

About

(NYSE MKT:UWN) of is a developer, owner and operator of 9 gaming operations in (wagoldcasinos.com), a locals casino in (clubfortunecasino.com) and a slot route operation in (dakotaplayersclub.com). For more information, visit www.nevadagold.com.

Consolidated Statements of Operations
(unaudited)
Three Months Ended Six Months Ended
, , , ,
2015 2014 2015 2014
Revenues:
Casino $ 14,262,197 $ 14,427,144 $ 28,360,893 $ 28,579,135
Food and beverage 2,479,077 2,559,929 4,922,187 4,928,870
Other 455,212 461,780 907,884 901,886
Gross revenues 17,196,486 17,448,853 34,190,964 34,409,891
Less promotional allowances (1,062,273 ) (1,089,023 ) (2,113,975 ) (2,128,747 )
Net revenues 16,134,213 16,359,830 32,076,989 32,281,144
Expenses:
Casino 8,001,698 8,333,307 16,048,910 16,543,443
Food and beverage 1,295,320 1,371,296 2,608,717 2,642,019
Other 63,000 76,117 128,660 143,927
Marketing and administrative 4,042,140 4,132,066 8,183,095 8,251,038
Facility 492,066 532,848 985,221 1,016,514
Corporate 738,995 551,953 1,488,462 1,138,401
Depreciation and amortization 488,709 544,620 999,503 1,089,655
Loss (gain) on sale of assets 2,050 25,120 (161,430 ) 17,087
Total operating expenses 15,123,978 15,567,327 30,281,138 30,842,084
Operating income 1,010,235 792,503 1,795,851 1,439,060
Non-operating income (expenses):
Interest income 24,749 30,362 50,630 61,517
Interest expense and amortization of loan issue costs (94,027 ) (158,538 ) (213,620 ) (326,601 )
Interest rate swap expense (12,714 ) (20,265 ) (30,326 ) (41,465 )
Change in swap fair value (9,133 ) (20,654 ) 2,084 (2,346 )
Write-off of marketable securities - (7,539 ) - (7,539 )
Income before income tax expense 919,110 615,869 1,604,619 1,122,626
Income tax expense (301,122 ) (199,802 ) (528,634 ) (352,830 )
Net income $ 617,988 $ 416,067 $ 1,075,985 $ 769,796
Per share information:
Net income (loss) per common share - diluted $ 0.04 $ 0.03 $ 0.07 $ 0.05
Consolidated Balance Sheets
October 31, ,
2015 2015
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 8,513,482 $ 8,541,670
Restricted cash 1,441,007 1,724,439
Accounts receivable, net of allowances 639,219 297,316
Prepaid expenses 1,109,355 845,505
Deferred tax asset, current portion 267,594 863,366
Notes receivable, current portion 301,221 384,464
Inventory and other current assets 330,264 377,625
Total current assets 12,602,142 13,034,385
Real estate held for sale 1,100,000 1,100,000
Notes receivable, net of current portion 1,107,670 1,314,467
16,028,625 16,103,583
Identifiable intangible assets, net of accumulated amortization of and at and , respectively 4,077,359 4,561,377
Property and equipment, net of accumulated depreciation of and at and , respectively 3,794,401 3,990,791
Deferred tax asset, net of current portion 2,773,568 2,706,430
Other assets 1,925,690 331,980
Total assets $ 43,409,455 $ 43,143,013
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 1,172,598 $ 1,222,139
Accrued payroll and related 1,613,286 1,581,557
Accrued player's club points and progressive jackpots 1,530,605 1,993,537
Total current liabilities 4,316,489 4,797,233
Long-term debt 6,740,000 7,350,000
Other long-term liabilities 556,993 570,717
Total liabilities 11,613,482 12,717,950
Stockholders' equity:
Common stock, par value per share; 50,000,000 shares authorized; 17,307,706 and 17,134,928 shares issued and 16,524,869 and 16,352,091 shares outstanding at , and , respectively 2,076,933 2,056,200
Additional paid-in capital 25,119,286 24,845,094
Retained earnings 11,531,789 10,455,804
stock, 782,837 shares at and , respectively, at cost (6,932,035 ) (6,932,035 )
Total stockholders' equity 31,795,973 30,425,063
Total liabilities and stockholders' equity $ 43,409,455 $ 43,143,013
Contacts:

 / 

(702) 685-1000



(214) 987-4121

Source:

News Provided by Acquire Media

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