Delicious
Digg
Facebook
LinkedIn
Twitter
Nevada Gold & Casinos Reports Fourth Quarter and Fiscal Year 2017 Results
For the fourth quarter of fiscal 2017, the Company reported net revenues of
During the fourth quarter, net revenues from
"The fourth quarter saw our luck change in
For the fiscal year 2017, the Company reported net revenues of
"Fiscal 2017 was challenging due to lower table hold percentages in
Net revenues for the fiscal year from
During the fiscal year the Company repaid
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,
Net income (loss) reconciliation to Adjusted EBITDA:
| For the three months ended | ||||||||
| 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 | ||||
| For the fiscal year ended | ||||||||
| 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
A telephone replay of the conference call will be available after
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
About
| Consolidated Statements of Operations | ||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||
| 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 | ||||||||||||
| Consolidated Balance Sheets | ||||||||
| 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 | ||||||
| 16,923,588 | 18,025,059 | |||||||
| Identifiable intangible assets, net of accumulated | ||||||||
| amortization of | ||||||||
| 2017 and | 4,107,328 | 5,003,981 | ||||||
| Property and equipment, net of accumulated depreciation | ||||||||
| of | ||||||||
| 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, | ||||||||
| 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 | 2,235,269 | 2,228,612 | ||||||
| Additional paid-in capital | 27,449,319 | 27,315,517 | ||||||
| Retained earnings | 12,320,814 | 11,756,850 | ||||||
2017 and | (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) 685-1000Stonegate Capital Partners Preston Graham (972) 850-2001
News Provided by Acquire Media