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Nevada Gold & Casinos Reports Fourth Quarter and Fiscal Year 2017 Results

LAS VEGAS, July 27, 2017 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) today announced financial results for the fourth quarter and year ended April 30, 2017.  The Company will host a conference call today at 4:30 PM ET (1:30 PM PT) to discuss these results and provide a corporate update.

For the fourth quarter of fiscal 2017, the Company reported net revenues of $19.8 million compared to $19.9 million in the fourth quarter of fiscal 2016.  Operating income was $1.9 million compared to $0.4 million in the prior year which was impacted by impairment charges of $1.2 million.   Net income was $1.2 million, or $0.07 per share.  Consolidated Adjusted EBITDA was $2.6 million compared to $2.5 million in the prior year period.    

During the fourth quarter, net revenues from Washington state gaming operations increased to $14.9 million from the $14.6 million in the prior year period, while EBITDA decreased slightly to $2.5 million compared to $2.6 million in the prior year period.  Club Fortune net revenues were $3.5 million compared to $3.7 million in the prior year period, while EBITDA increased to a quarterly record of $0.8 million from $0.5 million in the prior period due to improved operating and marketing efficiencies.  South Dakota route operation revenues decreased $214,000 from the prior year period, primarily reflecting 47 fewer units in operation, and EBITDA declined $61,000 for the quarter.  Corporate expenses were $0.6 million in both periods. 

“The fourth quarter saw our luck change in Washington as the table hold percentage improved, and at Club Fortune, our operating and marketing initiatives contributed to significant EBITDA improvement on slightly lower revenues,” said President and CEO, Michael Shaunnessy. 

For the fiscal year 2017, the Company reported net revenues of $74.6 million compared to $70.2 million in fiscal year 2016.  This increase was due to a full year of operations at Club Fortune which was acquired December 1, 2015, which more than offset the decrease in revenues from our Washington segment.  Operating expenses increased $6.0 million primarily due to a full year of Club Fortune operations.  Net income was $0.6 million compared to $1.3 million in the prior year.

“Fiscal 2017 was challenging due to lower table hold percentages in Washington and major road construction at Club Fortune,” said President and CEO Michael Shaunnessy.  “With the construction behind us and hold percentages returning to normal, we had a strong fourth quarter to finish out the year and set the stage for 2018.”  

Net revenues for the fiscal year from Washington state gaming operations decreased $2.3 million to $54.4 million, while Adjusted EBITDA decreased $2.1 million from a record $9.1 million in the prior year.  Revenues were impacted by approximately $0.8 million due to a lower than expected table games hold percentage.  Club Fortune net revenues were $13.5 million and Adjusted EBITDA was $1.5 million in its first full year of operation.  South Dakota route operation revenues decreased $0.8 million to $6.7 million while Adjusted EBITDA decreased $0.2 million to $0.2 million.  Corporate adjusted EBITDA was negative $2.5 million compared to negative $2.4 million in the prior year.  

During the fiscal year the Company repaid $4.9 million in bank debt and as of April 30, 2017, the outstanding bank debt was $12.3 million and unrestricted cash on hand was $10.6 million.  In July 2016, the Board of Directors authorized a share repurchase program of $2.0 million and during the year we purchased 296,665 shares at an average cost of $1.89.  On July 12, 2017 we announced the purchase of 755,644 shares at a price of $2.15 per share completing this authorization.  The Board has approved an additional $2.0 million share buyback.  

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, 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.

Net income (loss) reconciliation to Adjusted EBITDA:

    For the three months ended
    April 30, 2017   April 30, 2016
             
Net income (loss)   $ 1,196,560     $ (241,290 )
Adjustments:            
Net interest expense     149,772       248,893  
Income tax expense     578,237       409,271  
Depreciation and amortization     714,652       869,414  
Club Fortune acquisition expenses     -       12,181  
Write downs and other charges     -       1,185,000  
Deferred rent amortization     5,168       14,430  
Stock compensation amortization     2,980       28,675  
Employee stock purchase discount     -       25  
(Gain) decrease in swap fair value     (23,865 )     (26,282 )
Loss (gain) on disposal of assets     20,693       5,291  
Adjusted  EBITDA   $ 2,644,197     $ 2,505,608  
             

/EIN News/ --

    For the fiscal year ended
    April 30, 2017   April 30, 2016
             
Net income   $ 563,964     $ 1,301,046  
Adjustments:            
Net interest expense     666,543       628,315  
Income tax expense     790,829       1,221,497  
Depreciation and amortization     3,021,280       2,608,616  
Club Fortune acquisition expenses     113,900       641,472  
Write downs and other charges     1,101,472       1,185,000  
Deferred rent amortization     36,068       35,900  
Stock compensation amortization     124,279       164,698  
Employee stock purchase discount     -       4,671  
(Gain) decrease in swap fair value     (250,385 )     217,781  
Loss (gain) on disposal of assets     77,183       (158,411 )
Adjusted  EBITDA   $ 6,245,133     $ 7,850,585  
             

Conference Call and Webcast
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 (877) 780-3379. International callers can access the call by dialing (719) 457-2631.

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 3065863. The replay will be available through August 3, 2017.

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 (clubfortune.com), and a slot route operation in Deadwood, South Dakota (dakotaplayersclub.com).  For more information, visit www.nevadagold.com.


 
Nevada Gold & Casinos, Inc.
Consolidated Statements of Operations
 
 
    Three Months Ended
  Twelve Months Ended
    April 30,   April 30,   April 30,   April 30,
    2017
  2016
  2017
  2016
Revenues:                    
Casino   $ 17,564,894     $ 17,625,233     $ 66,006,576     $ 62,122,367  
Food and beverage     3,424,377       3,581,609       13,439,326       11,797,939  
Other     517,843       605,067       2,140,113       2,042,519  
Gross revenues     21,507,114       21,811,909       81,586,015       75,962,825  
Less promotional allowances     (1,707,086 )     (1,947,459 )     (6,959,066 )     (5,728,469 )
Net revenues     19,800,028       19,864,450       74,626,949       70,234,356  
                         
 Expenses:                        
Casino     9,076,452       9,374,581       36,404,244       33,421,887  
Food and beverage     1,606,638       1,553,769       6,195,203       5,671,376  
Other     75,845       58,829       291,360       238,794  
Marketing and administrative     5,336,141       5,266,141       20,920,103       18,615,262  
Facility     498,322       514,894       2,126,150       2,025,007  
Corporate     570,581       645,939       2,719,003       3,258,187  
Depreciation and amortization     714,652       869,414       3,021,280       2,608,616  
Loss (gain) on sale of assets     20,693       5,291       77,183       (158,411 )
Write downs and other charges     -       1,185,000       1,101,472       1,185,000  
Total operating expenses     17,899,324       19,473,858       72,855,998       66,865,718  
Operating income from continuing operations     1,900,704       390,592       1,770,951       3,368,638  
Non-operating income (expenses):                        
Interest income     15,770       19,350       81,011       94,589  
Interest expense and amortization of loan costs     (165,542 )     (268,243 )     (747,554 )     (722,903 )
Change in swap fair value     23,865       26,282       250,385       (217,781 )
Income before income tax     1,774,797       167,981       1,354,793       2,522,543  
Income tax expense     (578,237 )     (409,271 )     (790,829 )     (1,221,497 )
Net income (loss)   $ 1,196,560     $ (241,290 )   $ 563,964     $ 1,301,046  
Per share information:                        
Net income (loss) per common share - basic and diluted   $ 0.07     $ (0.01 )   $ 0.03     $ 0.08  
                         
Basic weighted average number of shares outstanding     17,583,101       17,771,800       17,688,229       17,002,728  
                         
Diluted weighted average number of share outstanding     17,918,456       17,771,800       17,990,524       17,298,373  
                         

 

 
Nevada Gold & Casinos, Inc.
Consolidated Balance Sheets
 
 
    April 30,   April 30,
    2017
  2016
         
ASSETS
Current assets:        
Cash and cash equivalents   $ 10,631,903     $ 11,583,107  
Restricted cash     1,994,312       1,433,728  
Accounts receivable, net of allowances     808,484       665,549  
Prepaid expenses     1,209,507       1,206,825  
Notes receivable, current portion     383,093       208,294  
Inventory and other current assets     423,113       416,022  
Total current assets     15,450,412       15,513,525  
Real estate held for sale     750,000       750,000  
Notes receivable, net of current portion     -       900,775  
Goodwill     16,923,588       18,025,059  
Identifiable intangible assets, net of accumulated            
amortization of $8,869,497 and $7,997,790 at April 30,            
2017 and April 30, 2016, respectively     4,107,328       5,003,981  
Property and equipment, net of accumulated depreciation            
of $7,635,620 and $5,641,733 at April 30, 2017 and            
April 30, 2016, respectively     13,958,715       15,147,061  
Deferred tax asset     1,557,470       2,348,299  
Other assets     70,000       70,000  
Total assets   $   52,817,513     $   57,758,700  
             
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:            
Accounts payable and accrued liabilities   $ 1,303,571     $ 1,702,366  
Accrued payroll and related     1,925,592       2,094,250  
Accrued player's club points and progressive jackpots     2,348,068       1,872,566  
Total current liabilities     5,577,231       5,669,182  
Long-term debt     12,061,411       16,839,148  
Other long-term  liabilities     667,110       881,426  
Total liabilities     18,305,752       23,389,756  
Stockholders' equity:            
Common stock, $0.12 par value per share; 50,000,000            
shares authorized; 18,627,167 and 18,571,693 shares issued
and 17,547,665 and 17,788,856 shares outstanding at April
30, 2017, and April 30, 2016, respectively
    2,235,269       2,228,612  
Additional paid-in capital     27,449,319       27,315,517  
Retained earnings     12,320,814       11,756,850  
Treasury stock, 1,079,502 and 782,837 shares at April 30,
2017 and April 30, 2016, at cost
    (7,493,641 )     (6,932,035 )
Total stockholders' equity     34,511,761       34,368,944  
Total liabilities and stockholders' equity   $ 52,817,513     $ 57,758,700  
             


Contacts:
Nevada Gold & Casinos, Inc.
Michael P. Shaunnessy / James Meier
(702) 685-1000

Stonegate Capital Partners
Preston Graham
(972) 850-2001

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