CORRECTION: Nevada Gold & Casinos Announces First Quarter
Results HOUSTON, Aug. 9 /PRNewswire-FirstCall/ -- Nevada Gold &
Casinos, Inc. (AMEX:UWN) today announced financial results for the
first quarter of fiscal 2005 ended June 30, 2004. Highlights for
the first quarter ended June 30, 2004 included: -- Revenue
increased 12% to $1.8 million from the prior year -- Equity in
earnings from Isle of Capri-Black Hawk was $2.4 million -- Net
income increased 3% to $1.7 million, or $0.12 per fully-diluted
share -- Memoranda of agreement signed for two additional gaming
projects H. Thomas Winn, Chairman, President & CEO of Nevada
Gold & Casinos, Inc. commented, "Our financial results improved
primarily due to project contributions from River Rock, which was
offset by the disruption we experienced during the quarter at the
Isle of Capri Black Hawk. Importantly, we continue to make
excellent progress on our expansion projects and the new project
development pipeline gives us great confidence in our future." For
the first quarter of fiscal 2005, revenues increased 12% to $1.8
million compared to $1.6 million in the first quarter of fiscal
2004. The revenue increase was primarily due to a 350% increase in
project contributions from River Rock offset by lower interest
income related to the decrease in outstanding notes receivable from
the River Rock project. The Company's equity in earnings from Isle
of Capri-Black Hawk (IC-BH), the company's joint venture with Isle
of Capri Casinos, decreased to $2.4 million from $2.8 million in
the prior year period. IC-BH's first quarter earnings before
interest, taxes, depreciation and amortization ("EBITDA"),
decreased to $11.2 million compared to $13.7 million in the prior
year period. A reconciliation of EBITDA to operating income is
provided in the attached financial statements. The decrease in
earnings and EBITDA is solely attributable to the construction
disruption related to the expansion project at the joint venture's
two properties in Black Hawk. Net income for the first quarter was
$1.7 million compared to $1.7 in the first quarter of fiscal 2004.
Net income per diluted common share was $0.12, comparable to the
prior year. Diluted weighted average common shares outstanding in
the first quarter were 15.4 million compared to 15.3 million in the
prior year period. 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 Indian 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. NEVADA GOLD & CASINOS, INC.
Consolidated Statements of Operations (Unaudited) Three Months
Ended June 30, 2004 2003 Revenues Gaming asset participation
income: Dry Creek Casino, L.L.C. $1,351,267 $300,458 Other income:
Interest income 465,564 1,307,649 Royalty income 16,903 13,500
Miscellaneous income --- 15,645 Total Revenues 1,833,734 1,637,252
Expenses General and administrative 259,744 159,805 Interest
expense 439,928 1,017,419 Salaries 401,321 273,604 Legal and
professional fees 305,994 314,026 Amortization of deferred loan
issue cost 175,724 142,623 Write-off of capitalized development
costs 180,850 --- Other 27,136 22,208 Total Expenses 1,790,697
1,929,685 Equity in earnings of Isle of Capri-Black Hawk 2,388,380
2,833,347 Equity in earnings of Route 66 Casinos, LLC 431,605
25,974 Minority interests - Dry Creek Casino, L.L.C. (202,944)
(53,292) Income before income tax provision 2,660,078 2,513,596
Federal income tax provision - deferred (936,084) (839,723) Net
Income $1,723,994 $1,673,873 Per Share Information Net income
available to common shareholders $1,723,994 $1,673,873 Net income
per common share - basic $0.14 $0.15 Net income per common share -
diluted $0.12 $0.12 Basic weighted average number of common shares
outstanding 12,519,769 11,171,734 Fully diluted weighted average
number of common shares outstanding 15,410,793 15,251,828 Isle of
Capri Casinos, Inc. Comparative Financial Highlights by Casino
Property (In Thousands) THREE MONTHS ENDED July 25, 2004 July 27,
2003 Adjusted Adjusted Net Adjusted EBITDA Net Adjusted EBITDA
Revenue EBITDA Margin % Revenues EBITDA Margin % (A) (B) (B) (A)
(B) (B) Black Hawk (C) $26,297 $10,186 38.7% $28,080 $10,649 37.9%
Colorado Central Station (C) (D) 8,343 521 6.2% 12,019 2,560 21.3%
Colorado Grande (C) (D) 2,152 513 23.8% 2,037 514 25.2% Total
$36,792 $11,220 30.5% $42,136 $13,723 32.6% Isle of Capri Casinos,
Inc. Reconciliation of Operating Income (Loss) to Adjusted EBITDA
by Casino Property (In Thousands) Three Months Ended July 25, 2004
Operating Adjusted Depreciation & Operating Income (Loss)
EBITDA (B) Amortization Income (Loss) Margin % (E) Black Hawk (C)
$10,186 $1,716 $8,470 32.2% Colorado Central Station (C) (D) 521
567 (46) (0.6)% Colorado Grande (C) (D) 513 101 412 19.1% Total
$11,220 $2,384 $8,836 24.0% Three Months Ended July 27, 2003
Operating Adjusted Depreciation & Operating Income (Loss)
EBITDA (B) Amortization Income (Loss) Margin % (E) Black Hawk (3)
$10,649 $1,734 $8,915 31.7% Colorado Central Station (3) (4) 2,560
369 2,191 18.2% Colorado Grande (3) (4) 514 70 444 21.8% Total
$13,723 $2,173 $11,550 27.4% (A) Net revenues are presented net of
complimentaries, slot points expense and cash coupon redemptions.
(B) EBITDA is "earnings before interest, income taxes, depreciation
and amortization." Adjusted EBITDA for each property was calculated
by adding preopening expense, management fees and non-cash items to
EBITDA. Adjusted EBITDA is presented solely as a supplemental
disclosure because management believes that it is 1) a widely used
measure of operating performance in the gaming industry, and 2) a
principal basis for valuation of gaming companies. Management uses
property level Adjusted EBITDA (Adjusted EBITDA before corporate
expense) as the primary measure of the properties' performance.
Adjusted EBITDA should not be construed as an alternative to
operating income, as an indicator of the Company's operating
performance; or as an alternative to any other measure determined
in accordance with accounting principles generally accepted in the
United States. The properties have significant uses of cash flows,
including capital expenditures, interest payments, taxes and debt
principal repayment, which are not reflected in Adjusted EBITDA.
Also, other gaming companies that report Adjusted EBITDA
information may calculate Adjusted EBITDA in a different manner
than the Company. Adjusted EBITDA Margin is calculated by dividing
Adjusted EBITDA by net revenue. Reconciliations of operating income
to Adjusted EBITDA are included in the financial schedules
accompanying this release. (C) The Adjusted EBITDA for the
Isle-Black Hawk, the Colorado Central Station-Black Hawk and the
Colorado Grande-Cripple Creek, does not include management fees.
The following table shows management fees and Adjusted EBITDA
inclusive of management fees for the three months and fiscal years
ended July 25, 2004, and July 27, 2003: Three Months Ended July 25,
2004 July 27, 2003 Management Fees (in thousand) Isle - Black Hawk
$1,268 $1,264 Colorado Central Station 264 544 Colorado Grande 101
102 Adjust EBITDA with Management Fees Isle - Black Hawk $8,918
$9,385 Colorado Central Station 257 2,016 Colorado Grande 412 412
(D) The Isle of Capri-Black Hawk, LLC acquired these properties on
April 22, 2003. (E) Operating income margin was calculated by
dividing operating income by net revenue. NEVADA GOLD &
CASINOS, INC. Consolidated Balance Sheets June 30, March 31, 2004
2004 Assets (Unaudited) (Audited) Current Assets Cash and cash
equivalents $4,079,397 $3,528,631 Accounts receivable 405,085
216,322 Income tax receivable 2,522,000 2,522,000 Notes receivable
from affiliates, current portion 1,200,000 1,200,000 Other assets
105,675 79,272 Total Current Assets 8,312,157 7,546,225 Joint
venture in equity investee: Isle of Capri Black Hawk, L.L.C.
17,124,315 15,708,324 Route 66 Casinos, L.L.C. 2,279,603 1,852,828
Sunrise Land and Mineral Corporation 371,750 371,750 Investment in
development projects: Dry Creek Casino, L.L.C., gaming development
1,238,421 1,264,164 Gold Mountain Development, L.L.C., land
development 3,346,059 3,342,207 Goldfield Resources, Inc., mining
interest 480,812 480,812 Notes receivable from Dry Creek Rancheria
10,000,000 10,000,000 Notes receivable from affiliates 3,551,548
3,839,586 Notes receivable - other 2,230,250 --- Deferred loan
issue cost 347,198 285,450 Deferred tax asset 1,306,599 --- Other
assets 1,547,212 1,178,958 Furniture, fixtures and equipment, net
of accumulated depreciation of $133,372 in June 30, 2004 and
$124,609 in March 31, 2004 83,068 80,753 Total Assets $52,218,992
$45,951,057 Liabilities and Stockholders' Equity Current
Liabilities Accounts payable and accrued liabilities $1,231,588
$1,205,241 Deferred tax liability --- 2,517,678 Current portion of
long-term debt 3,272,500 --- Total Current Liabilities 4,504,088
3,722,919 Long-Term Debt Deferred income 83,333 145,833 Notes
payable, net of current portion and discount 14,394,873 11,029,266
Total Long-Term Debt 14,478,206 11,175,099 Total Liabilities
18,982,294 14,898,018 Commitments and Contingencies --- ---
Minority interest - Dry Creek Casino, L.L.C. 279,188 253,719
Stockholders' Equity Common stock, $0.12 par value, 20,000,000
shares authorized, 13,078,503 and 12,279,352 shares outstanding at
June 30, 2004, and March 31, 2004, respectively 1,569,420 1,473,522
Additional paid in capital 19,454,173 19,256,200 Retained earnings
11,985,450 10,261,455 Accumulated other comprehensive loss (51,533)
(191,857) Total Stockholders' Equity 32,957,510 30,799,320 Total
Liabilities and Stockholders' Equity $52,218,992 $45,951,057 About
Nevada Gold & Casinos Nevada Gold & Casinos, Inc. of
Houston, is a developer of gaming properties, and has real estate
interests in Colorado, California, and Nevada. UWN owns a 43%
interest in The Isle of Capri-Black Hawk LLC, which owns Isle of
Capri Casino, a 237-room hotel/casino and Colorado Central Station
Casino (both located in Black Hawk, Colo., about 35 miles west of
Denver) and Colorado Grande Casino, located in Cripple Creek, Colo.
The LLC is a joint venture with Isle of Capri Casinos, Inc.
(NASDAQ:ISLE). UWN has 69% ownership of Dry Creek Casino, LLC,
which is assisting the Dry Creek Rancheria Band of Pomo Indians
with their River Rock Casino, Alexander Valley, Sonoma County,
California (about 75 miles north of San Francisco in the California
wine country). UWN has 51% ownership of Route 66 Casinos, LLC,
which has the right to lease gaming equipment to the Pueblo of
Laguna in their Route 66 Casino 11 miles west of Albuquerque, N.M.,
which opened in September 2003. UWN has entered into a contract to
develop and manage a casino for the Muscogee (Creek) Nation in
Tulsa, Okla. For more information, visit http://www.nevadagold.com/
. CONTACT: Nevada Gold & Casinos, Inc., Houston H. Thomas Winn
or Christopher Domijan, 713-621-2245 or Integrated Corporate
Relations Don Duffy 203-222-9013 DATASOURCE: Nevada Gold &
Casinos, Inc. CONTACT: H. Thomas Winn or Christopher Domijan, both
of Nevada Gold & Casinos, Inc., +1-713-621-2245; or Don Duffy
of Integrated Corporate Relations, +1-203-222-9013 Web site:
http://www.nevadagold.com/
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