Company reported operating income of $ 60,000 and Adjusted EBITDA of $ 881,000. Nevada Gold & Casino, Inc. UWN -8.97% today announced financial results for the first quarter ended July 31, 2011.
First quarter 2012 financial highlights included:
- Net sales increased 117% to $ 14.2 million, compared to $ 6.5 million In the first quarter ended July 31, 2010;
- Operating income of $ 0.06 million compared to operating loss of $ (0.9) million in the first quarter of fiscal 2011;
- Net loss of $ (0.2) million compared to a net loss of $ (0.5) million a years ago;
- Net loss per basic and diluted ordinary share $ (0.01), compared with a Net loss per basic and diluted ordinary share $ (0.04) in the year ago period;
- Adjusted EBITDA (1) of $ 0.9 million compared to $ (0.07) million in the first quarter of 2011.
“The first quarter of fiscal year 2012 was a good quarter for Nevada Gold. We remain on track to hit our goals for 2011 calendar year, generating about $ 55 million to $ 60 million in run rate revenue across the company and consolidated pro forma EBITDA in the range of $ 4.0 million to $ 4.5 million, “said Robert Sturges, CEO of Nevada Gold. “Fiscal 2012 is off to a good start with the completion of the Red Dragon mini-casino acquisition and the signing on August 10 of a commitment letter with Wells Fargo Capital Gaming, LLC to refinance our existing debt. Most importantly that our operating results exceeded our expectations in what is historically a challenging quarter of the year season in Washington. ”
Financial Results
For the first quarter of fiscal 2012, net sales increased to $ 14.2 million compared to $ 6.5 million in the first quarter of fiscal 2011. Operating expenses rose to $ 14.1 million from $ 7.5 million in the first quarter of 2011. The increase is primarily due to acquisitions Washington.
Net loss for the first quarter of fiscal year 2012 was $ (0.2) million compared to a net loss of $ (0.5) million in the first quarter of fiscal 2011. Net loss per diluted common share was $ (0.01), compared to a net loss per diluted ordinary share $ (0.04) in the same period last year.
Basic and diluted weighted average common shares outstanding in the first quarter of 2012 was 12.9 million versus 12.8 million in the first quarter of 2011.
Events after
On August 10, Nevada Gold signed a commitment letter with Wells Fargo Capital Gaming, LLC to the company to refinance existing debt and fees associated with the transaction to pay.
In August, the land includes the proposed project owner changed Las Vegas Speedway. The new manager of the property is Rialto Capital Advisors. Nevada Gold and Rialto in discussions about Nevada Gold’s role as manager of a hotel / casino proposed for the site, and technical consultants with a larger equity position. Those negotiations are ongoing. No assurances can be given that the negotiations will be successful or that this project will be funded.
Earnings Conference Call and Webcast
The Company will host a conference call on first quarter 2012 financial results to be discussed tomorrow, September 15, 2011, at 8:30 ET. The conference call can be accessed live via telephone by calling (888) 215-7013 or for international callers, (913) 312-0823. A replay will be available one hour after the call and can be accessed by calling (877) 870-5176 or (858) 384-5517 for international callers, conference ID is 9643182. The replay will be available until Thursday, September 22, 2011. The call will be broadcast live from the website of the company under the investor relations section www.NevadaGold.com.
(1) The term “adjusted EBITDA” is used by us in presentations, quarterly earnings calls and other agencies as appropriate. Adjusted EBITDA is defined as net income before interest, taxes, depreciation and amortization, non-cash goodwill and other long-lived impairment charges, amortization of the project development costs, legal fees, non-cash foreign currency transaction gains and losses, non-cash award of stock, and net losses / gains from asset provisions. Adjusted EBITDA is presented because it is a compulsory part of the financial ratios reported by us with our lenders, and is often used by analysts, investors and other stakeholders, in addition to and not instead of U.S. Generally Accepted Accounting Principles ( “GAAP”) results to compare the performance of other companies 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.
source:marketwatch
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