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Nevada Gold & Casinos Inc (UWN) filed Quarterly Report for the period ended 2011-10-31.
Nevada Gold & Casinos Ltd. has a market cap of $18.1 million; its shares were traded at around $1.4 with and P/S ratio of 0.4.
This is the annual revenues and earnings per share of UWN over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of UWN.
Highlight of Business Operations:
Net revenues. Net revenues increased 4.7% to $12.8 million from $12.3 million, for the three month period ended October 31, 2011 compared to the period ended October 31, 2010. Casino revenues increased $0.5 million with the addition of the Washington III mini casino. Food and beverage revenues increased $0.3 million with the additional restaurant in Washington, and other revenues increased $24,000 mainly as a result of additional commission revenue for ATMs, check cashing, vending as well as retail, Pull Tabs, and other revenue at the Washington III mini casino. Our promotional allowances increased $0.2 million for the three month period ended October 31, 2011 compared to the period ended October 31, 2010 in proportion to the additions in revenue.Net loss from continuing operations. Net loss from continuing operations was $2.0 million and $0.4 million for the three month periods ended October 31, 2011 and October 31, 2010, respectively. The decrease is primarily due to the $1.5 million after tax impairment of the Colorado land. Operations held for sale. Net revenues for assets of operations held for sale were $1.3 million and $1.6 million for the three months periods ended October 31, 2011 and October 31, 2010, respectively. Total expenses were $1.5 million for each of the three months periods. Pre-tax net loss was $149,000 in October 2011 compared to a pre-tax profit of $20,000 in October 2010.
Net loss from continuing operations. Net loss from continuing operations was $2.0 million and $0.4 million for the three month periods ended October 31, 2011 and October 31, 2010, respectively. The decrease is primarily due to the $1.5 million after tax impairment of the Colorado land. Operations held for sale. Net revenues for assets of operations held for sale were $1.3 million and $1.6 million for the three months periods ended October 31, 2011 and October 31, 2010, respectively. Total expenses were $1.5 million for each of the three months periods. Pre-tax net loss was $149,000 in October 2011 compared to a pre-tax profit of $20,000 in October 2010.
Net revenues. Net revenues increased 47.9%, to $25.6 million from $17.3 million, for the six month period ended October 31, 2011 compared to the six month period ended October 31, 2010. Casino revenues increased $7.2 million, food and beverage revenues increased $1.9 million, while other revenues increased $0.3 million. This was offset by an increase of $1.1 million of promotional allowances in relation to the increase in revenues.
Total operating expenses. Total operating expenses increased 50.6% to $28.0 million from $18.5 million, for the six month period ended October 31, 2011, compared to the six month period ended October 31, 2010. During the six months ended October 31, 2011, we recorded the $2.3 million impairment of the Colorado land. Also within the six months ended October 31, 2011, casino and food and beverage operating expenses increased $3.5 million and facility expense decreased $0.3 million due to the reclassification of rent to administrative. Marketing and administrative expenses increased $4.1 million, primarily related to reclassifications of rent and salaried employees and the addition of the Washington III mini-casino. Other expenses increased $0.1 million with the addition of pull tab costs at the new Washington III mini-casino. Excise taxes increased $0.2 million in proportion with the increase in revenue. Corporate expenses increased $0.1 million which was offset by decreased legal expenses of $40,000.
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