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Highlight of Business Operations:We were formed in 1977 and, since 1994, have primarily been a gaming company involved in financing, developing, owning and operating gaming properties. Our gaming facility operations are located in the United States of America (“U.S.”), specifically in the states of Washington and South Dakota. Our business strategy will continue to focus on owning and operating gaming establishments. If we are successful, our future revenues, costs and profitability can be expected to increase. However, there is no guarantee that we will be successful in implementing our business strategy in the future and, as such, no guarantee that our future revenues, costs and profitability will increase. Our net revenues were $16.4 million and $12.8 million for the three months ended October 31, 2012 and October 31, 2011, respectively.
Net revenues. Net revenues increased 27.7%, to $16.4 million from $12.8 million, for the three month period ended October 31, 2012, compared to the same period ended October 31, 2011. Casino revenues increased 31.1%, or $3.4 million, with the addition of the Washington III mini-casino and operations of South Dakota Gold. Other revenues increased 18.9%, or $0.1 million, mainly as a result of additional commission revenue for ATMs, check cashing, vending as well as retail, pull tabs, and other revenues. Food and beverage revenues decreased 9.6%, or $0.3 million, mainly as a result of the Washington properties no longer recording complimentary revenue for soft drinks. As a result of this, our promotional allowances also decreased $0.3 million for the three month period ended October 31, 2012, compared to the same period ended October 31, 2011.
Net revenues. Net revenues increased 29.8%, to $33.2 million from $25.6 million, for the six month period ended October 31, 2012 compared to the six month period ended October 31, 2011. Casino revenues increased 33.2%, or $7.2 million, with the addition of the Washington III mini-casino and operations of South Dakota Gold, while other revenues increased $0.3 million due to the addition of the Washington III mini-casino and operations of South Dakota Gold. Food and beverage revenues decreased $0.3 million, due to the Washington properties no longer recording comp revenue for soft drinks. As a result of this, promotional allowances decreased $0.4 million in relation to the decreased beverage revenues.
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 foreign currency transaction gains and losses, non-cash stock option grants, exclusion of net income or loss from operations held for sale, severance expense, and net losses/gains from asset dispositions. Adjusted EBITDA excludes the impact of slot and table games hold percentages compared to the prior year. 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 GAAP results to compare to the performance of other companies who also publicize this information.
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