Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) today announced financial results for the second quarter ended October 31, 2013.
For the second quarter of fiscal 2014, the company reported net revenues of $16.3 million compared to $16.4 million in the second quarter of fiscal 2013. Net revenues from Washington increased 3% to $13.4 million, while South Dakota net revenues declined 12.8% to $2.9 million. Operating expenses were $15.6 million compared to $16.7 million in the prior-year period. Operating income from continuing operations was $0.7 million compared to an operating loss of $0.3 million. Net income from continuing operations was $0.2 million, or $0.01 per diluted share, compared to a net loss of $0.7 million in the prior-year period.
During the second quarter, our Washington casino operations produced EBITDA of $1.6 million compared to $1.5 million in the prior year period, a significant recovery from the difficult first quarter. Our South Dakota route operation contributed $0.4 million in EBITDA for the quarter, down from the $0.5 million in the prior year, reflecting the market softness and a reduction of units during the later part of the quarter. Corporate expenses continued to trend lower, primarily due to the continuing benefit of the cost savings initiated in September 2012. On a consolidated basis, adjusted EBITDA was $1.4 million compared to $1.3 million in the prior year period.
"We delivered solid results for the second quarter in a difficult revenue environment, and are now moving into the two stronger quarters for our Washington operations," said President and CEO Michael Shaunnessy. "With our new financing in place, our future earnings will benefit significantly from the reduced interest expense resulting from the lower rate and reduced debt level. Continued strong operating performance, coupled with the reduced expense levels puts us on track to produce improved results for the fiscal year."
"In this challenging revenue environment we are focusing on the cost side of our business to maintain margins while continuing to explore new revenue opportunities. We are actively searching for new properties and management contracts that fit Nevada Gold & Casinos' investment parameters and enhance shareholder value."
For the six month period, net revenues were $32.0 million compared to $33.2 million in fiscal year 2013. Operating expenses were $31.3 million compared to $32.8 million in the prior year, which included $1.0 million of one-time charges. Operating income from continuing operations was $0.8 million compared to $0.4 million in fiscal 2013. Net income from continuing operations was $0.0 million compared to a loss of $0.5 million in the prior year.
Conference Call and Webcast
The company will host a conference call at 4:30PM EST today to discuss the financial results and to provide a corporate update. The company will host this call 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) 329-8893. International callers can access the call by dialing (719) 325-2281. 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 7:30 pm ET and can be accessed by dialing (877) 870-5176. International callers can access the replay by dialing (858) 384-5517; the pin number is 3725255. The replay will be available through December 30, 2013 at 11:59 pm EST. The archived webcast will also be available on the company's website at http://ir.nevadagold.com/events.cfm.
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