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Nevada Gold & Casinos Reports Second Quarter 2018 Results

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12/14/2017 | 10:21pm CET

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

For the second quarter of fiscal 2018, the Company reported net revenues of $19.5 million compared to $18.5 million in the second quarter of fiscal 2017. Operating expenses were $18.5 million compared to $18.2 million in the prior year period.  Operating income increased to $1.0 million compared to $0.3 million, and net income was $0.6 million, or $0.04 per share, compared to net income of $0.2 million, or $0.01 per share, in the prior year period.

Net revenues from the Washington state gaming operations increased to $13.9 million, from $13.2 million in the prior year period, and adjusted EBITDA increased to $1.7 million compared to $1.5 million in the prior year. Although general business volumes were stable, a higher table games hold percentage, although in the normal range, was responsible for the majority of the revenue gain.  Operating cost increases were primarily attributable to the increased minimum wage.

Club Fortune revenues increased to $3.4 million from $3.1 million in the prior year period, and adjusted EBITDA increased to $0.4 million compared to $0.1 million in the prior year.

South Dakota slot route operations net revenue was relatively steady at $2.2 million in the current and prior-year period and adjusted EBITDA was $0.2 million for both periods, as well.

On a consolidated basis, adjusted EBITDA was $1.7 million, compared to $1.2 million in the prior-year period.  The Company paid down $1.7 million in debt during the quarter.  The unrestricted cash balance at October 31, 2017 was $9.6 million, and total outstanding borrowing was $10.6 million.

During the quarter the Company acquired 32,657 shares for $76,963 including commissions, an average cost of $2.32.  Approximately $1.7 million remains available under the share repurchase authorization.

“Our Washington operations benefited from a higher table games hold and despite the challenge of a higher minimum wage, adjusted EBITDA increased, while Club Fortune recovered nicely from prior year construction disruptions,” stated Michael P. Shaunnessy, President and CEO. “We continue to pay down debt and repurchase shares with our free cash flow.”

For the six month period, net revenues were $38.0 million compared to $36.7 million in fiscal year 2017. Operating expenses were $36.6 million compared to $36.4 million in the prior year. Operating income was $1.3 million compared to $0.4 million in fiscal 2017.  Net income was $0.8 million, or $0.04 per share, compared to $0.1 million, or $0.00 per share, in the prior year.

Conference Call
The Company will host a conference call at 4:30 PM ET (1:30 PM PT) today to discuss the financial results and provide a corporate update.  The call can be accessed live by dialing (800) 281-7973.  International callers can access the call by dialing (323) 794-2093. 

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 4365185.  The replay will be available through December 21, 2017.

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, change in swap fair value, income taxes, depreciation and amortization, goodwill and other long-lived asset impairment charges, write-offs of project development costs and acquisition expenses, litigation charges, non-cash stock grants, non-cash employee stock purchase plan discounts, amortization of deferred rent, 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 October 31, 2017 and October 31, 2016 are shown below:

Net income reconciliation to Adjusted EBITDA:
 For the three months ended
 October 31, 2017 October 31, 2016
Net income$638,977  $150,022
Net interest expense and change in swap fair value 104,187   64,103
Income tax expense 260,303   70,842
Depreciation and amortization 598,148   773,510
Stock compensation 69,138   85,143
Loss on sale of assets 5,465   5,546
Amortization of deferred rent (2,675)  9,455
Adjusted EBITDA$1,673,543  $1,158,621

 For the six months ended
 October 31, 2017 October 31, 2016
Net income$762,978  $50,450
Net interest expense and change in swap fair value 256,202   281,833
Income tax expense 320,635   22,854
Depreciation and amortization 1,309,584   1,550,022
Acquisition expenses -   113,900
Stock compensation 74,678   119,128
Loss on sale of assets 5,465   13,916
Amortization of deferred rent (1,952)  21,955
Adjusted EBITDA$2,727,590  $2,174,058

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 9 gaming operations in Washington (wagoldcasinos.com), a locals casino in Henderson, Nevada (clubfortunecasino.com) and a slot route operation in Deadwood, South Dakota (dakotaplayersclub.com). For more information, visit www.nevadagold.com.

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

Nevada Gold & Casinos, Inc.
Consolidated Statements of Operations
  Three Months Ended
 Six Months Ended
  October 31, October 31, October 31, October 31,
Casino $17,366,692  $16,346,495  $33,773,298  $32,516,998 
Food and beverage  3,258,684   3,329,915   6,417,908   6,631,308 
Other  488,360   547,545   1,003,765   1,088,260 
Gross revenues  21,113,736   20,223,955   41,194,971   40,236,566 
Less promotional allowances  (1,633,513)   (1,747,069)   (3,226,224)   (3,529,902) 
Net revenues  19,480,223   18,476,886   37,968,747   36,706,664 
Casino  9,650,614   9,442,917   19,065,548   18,630,015 
Food and beverage  1,664,613   1,482,778   3,245,061   3,015,120 
Other  51,922   51,786   105,359   106,724 
Marketing and administrative  5,295,763   5,163,876   10,582,485   10,434,156 
Facility  518,255   547,370   984,069   1,080,705 
Corporate  691,976   724,136   1,331,361   1,520,869 
Depreciation and amortization  598,148   773,510   1,309,584   1,550,022 
Loss on disposal of assets  5,465   5,546   5,465   13,916 
Total operating expenses  18,476,756   18,191,919   36,628,932   36,351,527 
Operating income  1,003,467   284,967   1,339,815   355,137 
Non-operating income (expenses):            
Interest income  14,211   23,124   26,675   46,092 
Interest expense and amortization of loan issue costs  (163,820)   (184,403)   (324,335)   (374,387) 
Change in swap fair value  45,422   97,176   41,458   46,462 
Income before income tax expense  899,280   220,864   1,083,613   73,304 
Income tax expense  (260,303)   (70,842)   (320,635)   (22,854) 
Net income  $638,977  $150,022  $762,978  $50,450 
Per share information:            
Net income per common share - basic and diluted $0.04  $0.01  $0.04  $0.00 

Nevada Gold & Casinos, Inc.
Consolidated Balance Sheets
  October 31, April 30,
Current assets:    
Cash and cash equivalents $9,559,370  $10,631,903 
Restricted cash  2,043,806   1,994,312 
Accounts receivable, net of allowances  398,102   808,484 
Prepaid expenses  1,614,893   1,209,507 
Notes receivable, current portion  191,757   383,093 
Inventory and other current assets  437,951   423,113 
Total current assets  14,245,879   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  3,801,074   4,107,328 
Property and equipment, net of accumulated depreciation  13,513,526   13,958,715 
Deferred tax asset  1,236,835   1,557,470 
Other assets  75,111   70,000 
Total assets $  50,546,013   $  52,817,513  
Current liabilities:      
Accounts payable and accrued liabilities $1,432,529  $1,303,571 
Accrued payroll and related  2,196,353   1,925,592 
Accrued player's club points and progressive jackpots  2,246,233   2,348,068 
Total current liabilities  5,875,115   5,577,231 
Long-term debt  10,410,310   12,061,411 
Other long-term liabilities  625,312   667,110 
Total liabilities  16,910,737   18,305,752 
Stockholders' equity:      
Common stock, $0.12 par value per share; 50,000,000 shares      
authorized; 18,693,175 and 18,627,167 shares issued and 16,825,372 and 17,547,665 shares outstanding at October 31, 2017, and April 30, 2017, respectively  2,243,189   2,235,269 
Additional paid-in capital  27,502,227   27,449,319 
Retained earnings  13,083,792   12,320,814 
Treasury stock, 1,867,803 and 1,079,502 shares at October 31,      
2017 and April 30, 2017, respectively, at cost  (9,193,932)   (7,493,641) 
Total stockholders' equity  33,635,276   34,511,761 
Total liabilities and stockholders' equity $50,546,013  $52,817,513 

© GlobeNewswire 2017
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Nevada Gold & Casinos Technical Analysis Chart | UWN | US64126Q2066 | 4-Traders
Michael P. Shaunnessy President & Chief Executive Officer
William J. Sherlock Chairman
James D. Meier CFO, Secretary, CAO & Vice President
Francis Michael Ricci Independent Director
Wayne H. White Independent Director
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