Boston, MA 09/16/2013 (wallstreetpr) -Nevada Gold & Casinos (NYSEMKT:UWN) reported its results for 1Q14 for the period ended July 31, 2013 and also provided an update on its business.
The net revenue for the period was $15.7 million this compares to $16.8 million in 1Q13. Operating expenses for the period was $15.7 million this compares to $16.1 million in 1Q13, posted $0.1 million as operating income from continuing operations. It posted a Net loss from continuing operations of $216K, or $0.01 per share this compares to a net loss of $168K, or $0.01 per share in 1Q13. Basic and diluted earnings in 1Q14 were 16.1 million and 16.4 million respectively while the same in 1Q13 were 15.9 million basic and 16.4 million.
It posted Adjusted EBITDA of $608K for the period this compares to $1.28 million in 1Q13. Cash and cash equivalents of the company stood at $7.198 million on July 31, 2013. Revenue from Casino saw some decline which was offset by a rise in Food and beverage. Overall the revenue deteriorated compared to 1Q13 which was attributed to Seattle properties during June and July.
Nevada Gold’ Chief Executive Officer Michael Shaunnessy said “Although revenues declined by 11% in our eight Seattle properties during the quarter, our other two casinos in the Eastern Washington tri-cities area experienced a 6% increase in revenues which we believe is a better indication of our long term business trends.” He further added that the company is focusing on cost structure and is progressing towards refinancing its debts in order to curtail its interest expense and foster its financial flexibility. The company is searching for both management contracts and new properties that is possible fit for Nevada Gold & Casinos’ investment parameter and will help boost the shareholders value.
The stock gained 6.63% in the last session and closed at $1.17 on a volume of 70.52K shares
