Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

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

SummaryQuotesChartsNewsCalendarCompany 
News SummaryMost relevantAll newsSector newsTweets 
The feature you requested does not exist. However, we suggest the following feature:

Nevada Gold & Casinos : Reports Third Quarter Results Mar 16, 2017

share with twitter share with LinkedIn share with facebook
share via e-mail
0
03/16/2017 | 09:24pm CEST

March 16, 2017

LAS VEGAS, March 16, 2017 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) today announced financial results for the third quarter ended January 31, 2017. The company will host a conference call at 4:30 PM ET (1:30 PM PT) today to discuss these results and provide a corporate update.

For the third quarter of fiscal 2017, net revenue decreased to $18.0 million compared to $18.4 million in the third quarter of fiscal 2016. This decrease was primarily driven by a $1.4 million decline in Washington, partially offset by a $1.2 million increase from Club Fortune Casino, which was acquired on December 1, 2015. Operating expenses were $18.5 million compared to $17.2 million in the prior year period. The Company recorded an impairment loss of $1.1 million, writing off the remaining goodwill associated with its South Dakota operation. Operating loss was $0.5 million compared to $1.2 million in the prior year period. Net loss was $0.7 million compared to net income of $0.5 million in the prior year period.

For the third quarter of fiscal 2017, the Company reported adjusted EBITDA of $1.4 million compared to a record $2.3 million in the prior year quarter. This decrease was due to a challenging environment in the Washington portfolio, but was aided by three full months of operations of Club Fortune Casino, compared to two months for the third quarter of 2016.

'Our Washington portfolio endured harsh weather conditions beginning in mid-December and continued into mid-February,' stated President and CEO Michael Shaunnessy. 'The growth in volumes we had seen in the first two quarters stalled, and we continued to be plagued by a softer than normal hold percentage, particularly compared to the prior year. On a more positive note, Club Fortune generated its highest quarterly revenue and EBITDA since acquisition.'

Net revenues from the Washington state gaming operations decreased to $13.2 million compared to $14.6 million in the prior year. Of the $1.4 million revenue decline, lower table drop was responsible for $0.5 million, lower hold percentage for $0.6 million and poker for $0.3 million. Adjusted EBITDA decreased to $1.6 million compared to a record $2.8 million in the prior year period.

Club Fortune net revenues were $3.6 million and adjusted EBITDA was $0.6 million compared to prior year's first two months of operations which yielded $2.4 million in revenues and adjusted EBITDA of $0.3 million

South Dakota revenues declined $174,000 to $1.2 million, which was partially offset by operating expense reductions leading to a $48,000 decrease in EBITDA compared to the prior year.

Corporate expenses were $0.6 million compared to $0.8 million, net of acquisition expenses in the prior period. On a consolidated basis, adjusted EBITDA was $1.4 million compared to $2.3 million in the prior year period.

The Company paid down $1.5 million in debt during the quarter. The unrestricted cash balance at January 31, 2017 was $9.6 million, and total outstanding borrowing was $14.0 million.

In July 2016, the Board authorized a $2.0 million stock repurchase program. During the quarter the Company acquired 68,188 shares for $132,443, an average cost of $1.94. Since inception approximately 258,000 shares have been acquired at a cost of approximately $477,000, leaving $1.5 million available under this authorization.

For the nine month period of fiscal 2017, net revenues were $54.8 million compared to $50.4 million in fiscal year 2016. Operating expenses were $55.0 million, which includes the $1.1 million impairment charge, compared to $47.5 million in the prior period. Operating income decreased to $0.1 million compared to $3.0 million in fiscal 2016. Net loss was $0.6 million compared to net income of $1.5 million in the prior year.

Conference Call and Webcast

The company will host a conference call today at 4:30 PM ET (1:30 PM PT). The call can be accessed live by dialing (888) 724-9513. International callers can access the call by dialing (913) 312-1500.

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 8993337. The replay will be available through March 23, 2017. The archived webcast will also be available on the company's website.

(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, 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 nine months ended January 31, 2017 and January 31, 2016 are shown below:

Reconciliation of net (loss) income to Adjusted EBITDA:
For the three months ended
January 31, 2017 January 31, 2016
Net (loss) income $ (683,046 ) $ 466,351
Adjustments:
Net interest expense and change in swap fair value 8,418 432,252
Income tax expense 189,738 283,592
Depreciation and amortization 756,606 739,699
Acquisition expenses - 368,824
Stock compensation and employee stock purchases 1,787 30,177
Loss (gain) on disposal of assets 42,574 (2,271 )
Impairment of goodwill 1,101,471 -
Amortization of deferred rent 8,946 11,639
Adjusted EBITDA $ 1,426,494 $ 2,330,263
Reconciliation of net (loss) income to Adjusted EBITDA:
For the nine months ended
January 31, 2017 January 31, 2016
Net (loss) income $ (632,596 ) $ 1,542,338
Adjustments:
Net interest expense and change in swap fair value 290,253 623,484
Income tax expense 212,592 812,226
Depreciation and amortization 2,306,628 1,739,902
Acquisition expenses 113,900 629,603
Stock compensation and employee stock purchases 117,393 90,672
Loss (gain) on disposal of assets 56,490 (163,702 )
Impairment of goodwill 1,101,471 -
Amortization of deferred rent 30,899 24,502
Adjusted EBITDA $ 3,597,030 $ 5,298,325

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 local 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.
Consolidated Balance Sheets
January 31, April 30,
2017
2016
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 9,583,671 $ 11,583,107
Restricted cash 1,722,247 1,433,728
Accounts receivable, net of allowances 362,644 665,549
Prepaid expenses 1,338,878 1,206,825
Notes receivable, current portion 499,361 208,294
Inventory and other current assets 415,773 416,022
Total current assets 13,922,574 15,513,525
Real estate held for sale 750,000 750,000
Notes receivable, net of current portion 4,650 900,775
Goodwill 16,923,588 18,025,059
Intangible assets, net of accumulated amortization 4,320,863 5,003,981
Property and equipment, net of accumulated depreciation 14,384,547 15,147,061
Deferred tax asset 2,135,707 2,348,299
Other assets 70,000 70,000
Total assets $ 52,511,929 $ 57,758,700
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 1,361,973 $ 1,702,366
Accrued payroll and related 1,250,576 2,094,250
Accrued player's club points and progressive jackpots 2,085,896 1,872,566
Total current liabilities 4,698,445 5,669,182
Long-term debt 13,735,976 16,839,148
Other long-term liabilities 685,807 881,426
Total liabilities 19,120,228 23,389,756
Stockholders' equity:
Common stock, $0.12 par value per share; 50,000,000 shares
authorized; 18,625,167 and 18,571,693 shares issued and
17,584,354 and 17,788,856 shares outstanding at January 31, 2017,
and April 30, 2016, respectively
2,235,028 2,228,612
Additional paid-in capital 27,441,270 27,315,517
Retained earnings 11,124,254 11,756,850
Treasury stock, 1,040,813 and 782,837 shares at January 31, 2017 and
April 30, 2016, respectively, at cost (7,408,851 ) (6,932,035 )
Total stockholders' equity 33,391,701 34,368,944
Total liabilities and stockholders' equity $ 52,511,929 $ 57,758,700
Nevada Gold & Casinos, Inc.
Consolidated Statements of Operations
(unaudited)
Three Months Ended Nine Months Ended
January 31, January 31, January 31, January 31,
2017
2016
2017
2016
Revenues:
Casino $ 15,791,598 $ 16,217,164 $ 48,441,682 $ 44,578,057
Food and beverage 3,383,641 3,294,142 10,014,949 8,216,330
Other 534,011 529,568 1,622,271 1,437,452
Gross revenues 19,709,250 20,040,874 60,078,902 54,231,839
Less promotional allowances (1,722,078 ) (1,680,127 ) (5,251,980 ) (3,794,103 )
Net revenues 17,987,172 18,360,747 54,826,922 50,437,736
Expenses:
Casino 8,612,371 8,323,508 27,327,792 24,128,321
Food and beverage 1,573,445 1,508,918 4,588,565 4,117,607
Other 61,112 76,050 215,515 179,965
Marketing and administrative 5,149,807 4,886,618 15,583,962 13,335,935
Facility 547,123 524,892 1,627,828 1,510,113
Corporate 627,553 1,121,138 2,148,422 2,612,247
Depreciation and amortization 756,606 739,699 2,306,628 1,739,202
Loss (gain) on disposal of assets 42,574 (2,271 ) 56,490 (163,702 )
Impairment of goodwill 1,101,471 - 1,101,471 -
Total operating expenses 18,472,062 17,178,552 54,956,673 47,459,688
Operating (loss) income (484,890 ) 1,182,195 (129,751 ) 2,978,048
Non-operating income (expenses):
Interest income 19,149 22,794 65,241 73,424
Interest expense and amortization of loan issue costs (178,100 ) (187,894 ) (482,432 ) (401,514 )
Interest rate swap expense (29,526 ) (21,006 ) (99,582 ) (51,332 )
Change in swap fair value 180,059 (246,146 ) 226,520 (244,062 )
(Loss) income before income tax expense (493,308 ) 749,943 (420,004 ) 2,354,564
Income tax expense (189,738 ) (283,592 ) (212,592 ) (812,226 )
Net (loss) income $ (683,046 ) $ 466,351 $ (632,596 ) $ 1,542,338
Per share information:
Net (loss) income per common share - basic and diluted $ (0.04 ) $ 0.03 $ (0.04 ) $ 0.09
Contacts:

Nevada Gold & Casinos, Inc.Michael P. Shaunnessy / James Meier

(702) 685-1000



Stonegate Capital PartnersCasey Stegman

(214) 987-4121

Source: Nevada Gold & Casinos, Inc.

News Provided by Acquire Media

Close window | Back to top

Nevada Gold & Casinos Inc. published this content on 16 March 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 16 March 2017 20:23:08 UTC.

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on NEVADA GOLD & CASINOS
03/16 NEVADA GOLD & CASINOS : Reports Third Quarter Results Mar 16, 2017
03/16 Nevada Gold & Casinos Reports Third Quarter Results
03/16 NEVADA GOLD & CASINOS : Management's Discussion and Analysis of Financial Condit..
03/09 NEVADA GOLD & CASINOS : to Report Third Quarter Financial Results on March 16, 2..
03/09 Nevada Gold & Casinos to Report Third Quarter Financial Results on March 16, ..
02/02 NEVADA GOLD & CASINOS INC : Financial Statements and Exhibits (form 8-K)
2016 NEVADA GOLD & CASINOS : Management's Discussion and Analysis of Financial Condit..
2016 Nevada Gold & Casinos Reports Second Quarter 2017 Results
2016 NEVADA GOLD & CASINOS : UWN) Gains with Q2 Earnings on Way
2016 Nevada Gold & Casinos to Report Second Quarter Financial Results on December ..
More news
Sector news : Casinos
05/12DJGENTING SINGAPORE : 1st-Quarter Profit Jumps
05/05DJSANDS CHINA : 1Q Profit US$349 Million
05/04DJSJM : 1st-Quarter Net Profit HK$580 Million; Up 3.3% on Year
05/04DJCROWN RESORTS : Trial Draws Closer in China -- WSJ
05/04DJGALAXY ENTERTAINMENT : 1st-Quarter Revenue Up 5% to HK$14.1 Billion
More sector news : Casinos
News from SeekingAlpha
03/16 Nevada Gold & Casinos' (UWN) CEO Mike Shaunnessy on Q3 2017 Results - Earning..
03/16 Nevada Gold & Casinos reports FQ3 results
01/05 NEVADA GOLD & CASINOS : Undervalued Assets And Strong Management, But Risk Of Mi..
2016 Nevada Gold & Casinos' (UWN) CEO Mike Shaunnessy on Q2 2017 Results - Earning..
2016 Nevada Gold & Casinos reports FQ2 results
Advertisement
Chart NEVADA GOLD & CASINOS
Duration : Period :
Nevada Gold & Casinos Technical Analysis Chart | UWN | US64126Q2066 | 4-Traders
Full-screen chart
Managers
NameTitle
Michael P. Shaunnessy President & Chief Executive Officer
William J. Sherlock Chairman
James D. Meier Chief Financial Officer, Secretary & VP
Francis Michael Ricci Independent Director
Wayne H. White Independent Director
More about the company
Sector and Competitors
1st jan.Capitalization (M$)
NEVADA GOLD & CASINOS35.14%44
LAS VEGAS SANDS CORP.7.71%45 714
MGM RESORTS INTERNATIO..9.50%18 145
WYNN RESORTS, LIMITED43.51%12 812
GENTING SINGAPORE PLC26.37%10 071
KANGWON LAND, INC.--.--%6 889
More Results