HOUSTON, June 19 /PRNewswire-FirstCall/ -- Nevada Gold & Casinos, Inc. (AMEX:UWN) today announced financial results for the fourth quarter and fiscal year ended March 31, 2003.


Highlights for the fourth quarter ended March 31, 2003 compared to the prior year period included:


-- Revenue increased 256% to $1.2 million
-- Equity in earnings from Isle of Capri-Black Hawk (IC-BH) increased 5.0% to $2.2 million
-- Net income increased 17.5% to $1.3 million, or $0.10 per fully-diluted share


Highlights for the 2003 fiscal year compared to the 2002 fiscal year included:


-- Revenue increased 359% to $4.1 million
-- Equity in earnings from IC-BH increased 23.1% to $9.5 million
-- Net income, excluding the extraordinary loss on the extinguishment of debt last year, increased 41.9% to $5.8 million, or $0.46 per fully- diluted share


H. Thomas Winn, Chairman, President & CEO of Nevada Gold & Casinos, Inc. commented, "Our financial results continue to be driven by our core asset the Isle of Capri Black Hawk. The property's results were up despite unusually harsh weather conditions during the quarter. The acquisition of Colorado Central Station Casino in Black Hawk and Colorado Grande Casino in Cripple Creek has put us in a very strong competitive position."


For the fourth quarter of fiscal 2003, revenues increased 256% to $1,194,551 compared to $335,386 in the fourth quarter of fiscal 2002. The Company's equity in earnings from Isle of Capri-Black Hawk (IC-BH), the company's joint venture with Isle of Capri Casinos, rose 5.0% to $2,155,074, from $2,052,617 in the prior year period. IC-BH's fourth quarter earnings before interest, taxes, depreciation and amortization ("EBITDA"), increased 19.2%, to $10.2 million compared to $8.6 million in the prior year period. A reconciliation of EBITDA to net income is provided in the attached financial statements.


Net income for the fourth quarter was $1,287,980 compared to $1,095,673 in the fourth quarter of fiscal 2002. Net income per diluted common share was $0.10, compared to $0.10 in the fourth quarter of fiscal 2002. Diluted weighted average common shares outstanding in the fourth quarter were 12.9 million compared to 12 million in the prior year period.


Fiscal 2003 revenues increased 358% to $4,078,495 compared to $889,433 in fiscal 2002. The Company's equity in earnings from IC-BH, rose 23.1% to $9,450,807, from $7,676,420 compared to the prior year. IC-BH's earnings before interest, taxes, depreciation and amortization ("EBITDA"), increased 6%, to $38.9 million, compared to $36.6 million in the prior year period.


Net income for fiscal 2003 was $5,808,787 compared to $2,171,476 in fiscal 2002. Net income in fiscal 2002 included extraordinary losses of $1.9 million due to the early extinguishment of debt. Net income per diluted common share was $0.46, compared to $0.19 (or $0.35 excluding the extraordinary losses) in fiscal 2002. Diluted weighted average common shares outstanding in the fourth quarter were 13 million compared to 12 million in the prior year.


"We expect the Dry Creek Casino, LLC to make a partial first quarter contribution as we are now receiving income from the project effective June 1st. We also expect to be able to assist River Rock with obtaining financing for additional property improvements as well as refinancing all or a significant portion of the current outstanding debt this fiscal year. We remain excited about the potential of the River Rock Casino and look forward to its future contributions to our financial results," concluded Mr. Winn.


Nevada Gold & Casinos, Inc. of Houston, Texas 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, Colorado about 35 miles west of Denver) and Colorado Grande Casino, located in Cripple Creek, Colorado. 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 70 miles north of San Francisco in the California wine country). Also, UWN has 51% ownership of Route 66 Casinos, LLC, which is assisting the Pueblo of Laguna in the development of a Route 66-themed casino 11 miles west of Albuquerque, New Mexico -- planned for opening in 2003.


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.