LAS VEGAS, March 17, 2015 (GLOBE NEWSWIRE) -- Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) today announced financial results for the third quarter ended January 31, 2015. The company will host a conference call at 4:30PM ET today to discuss the financial results and to provide a corporate update.

For the third quarter of fiscal 2015, the company reported net revenues of $15.8 million compared to $14.8 million in the third quarter of fiscal 2014. Operating expenses were $15.0 million compared to $14.5 million in the prior year period. Operating income improved to $0.8 million compared to $0.3 million in the prior year period. Net income improved to $0.4 million compared to a net loss of $0.2 million in the prior year period, which included a pretax charge of $0.3 related to our debt refinancing.

Net revenues from Washington increased 8% to $14.4 million, while South Dakota net revenues declined 3% to $1.4 million. The increase in revenue from Washington was primarily driven by an increase in table game drop (amount wagered), coupled with a slight year over year improvement in the win percentage. Operating expenses in Washington increased approximately $0.4 million during the third quarter. EBITDA increased to $2.1 million compared to $1.5 million in the prior year period. The South Dakota route revenue decline was offset by operating expense reductions, leading to $10,000 in EBITDA for the quarter, compared to a $40,000 EBITDA loss in the prior year. Corporate expenses were unchanged from the prior period at $0.6 million. On a consolidated basis, adjusted EBITDA was $1.5 million compared to $0.9 million in the prior year period.

"During the third quarter, our improved Washington volumes, coupled with a normal win percentage drove significant year over year improvement," said President and CEO Michael Shaunnessy. "We paid down an additional $1.4 million in debt, bringing our total debt repayment to $3.6 million for the first nine months of the fiscal year. This has reduced our bank debt to $8.8 million, which coupled with strong operating performance has reduced our leverage ratio below 2.0, further reducing our interest rate."

For the nine month period of fiscal 2015, net revenues were $48.1 million compared to $46.8 million in fiscal year 2014. Operating expenses were unchanged from the prior period at $45.8 million. Operating income was $2.3 million compared to $1.0 million in fiscal 2014. Net income increased to $1.2 million compared to a net loss of $198,000 in the prior year, which included a pretax charge of $0.3 related to our debt refinancing.

Conference Call and Webcast

The company will host a conference call today at 4:30PM ET. The call can be accessed live by dialing (888) 224-1164. International callers can access the call by dialing (913) 312-0719. 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 9688272. The replay will be available through March 24, 2015 at 11:59 pm ET. The archived webcast will also be available on the company's website at http://ir.nevadagold.com/events.cfm.

(1) 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 option grants, 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, U.S. Generally Accepted Accounting Principles ("GAAP") results to compare to the performance of other companies that 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.

Adjusted EBITDA reconciliations for the three months and nine months ended January 31, 2015 and January 31, 2014 are shown below:

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 Securities and Exchange Commission.

About Nevada Gold & Casinos

Nevada Gold & Casinos, Inc. (NYSE MKT:UWN) of Las Vegas, Nevada is a developer, owner and operator of 10 gaming operations in Washington (wagoldcasinos.com) and a slot route operation in Deadwood, South Dakota (dakotaplayersclub.com). For more information, visit www.nevadagold.com.