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AMERICAN ENTERPRISES REPORTS INCREASED REVENUES AND NET INCOME FOR THE THIRD QUARTER

 LAS VEGAS, June 11 /PRNewswire/ -- American Enterprises Inc. (NASDAQ: ACES) today reported improved financial results for the three and nine months ended April 30, 1993.
 For the three months ended April 30, 1993, revenues were up 20 percent to $315,000, compared to $262,000 for the same period last year. Revenues consist of management fees from the company's management consulting agreement with the Table Mountain Band of Indians for the Table Mountain Rancheria Casino and Bingo near Fresno. For the three months, net income was $203,000, or 1 cent per share, on 13.5 million primary shares outstanding, compared to $172,000, or 1 cent per share, on 12.4 million primary shares outstanding for the same period last year.
 For the nine months ended April 30, 1993, revenues increased 24 percent to $686,000 compared to $554,000 for the nine months ended April 30, 1992. Net income was $291,000, or 2 cents per share, for the nine months, compared to $878,000, or 7 cents per share, for the same period in 1992.
 Ron Tassinari, president of American Enterprises, said that a $650,000 revaluation of a receivable from the Table Mountain Tribe taken in the second quarter of 1992 substantially improved net income for 1992. "Disregarding the revaluation of the receivable in 1992, net income increased 28 percent for the nine months in 1993," he said.
 "Management fees for the three months ended April 30, 1993, were almost as high as total management fees for the first six months of the fiscal year," Tassinari said. He noted the management fee rate was lowered during the second quarter of fiscal 1993 to 35 percent of the casino's income from the 1992 rate of 40 percent, plus an additional 15 percent of the Tribe's share when net profits exceeded $50,000 per month. "We are reporting increased management fee revenues even with the lower rate," he said.
 Tassinari said the casino is currently undergoing an expansion, which will eventually double the size of the card room, add space for approximately 250 electronic gaming devices and a new pari-mutuel off-track betting facility. Expanded concession and administrative space, a new facade and other enhancements are also planned. "Thus far, money for the expansion has been provided by the casino's cash flow, so it's a debt-free proposition for both the Tribe and us," he said. The expansion is expected to increase the casino from 33,000 square feet to about 50,000 square feet.
 In other events, Chief Financial Officer Roy Keefer was recently added to the company's board of directors. Keefer also assumes the role of secretary and treasurer of American Enterprises.
 American Enterprises is traded on NASDAQ under the symbol ACES. The company manages the Table Mountain Rancheria Casino and Bingo, an Indian gaming enterprise, located 17 miles north of Fresno. Table Mountain offers high-stakes bingo, conventional and Asian poker and other non- banking card games. California tribes are awaiting a permanent ruling as final outcome of their lawsuit against the State of California, which was heard on March 5, 1993. If favorable and consistent with the judge's tentative ruling of that date, expanded casino gaming would be permitted on Indian reservations in California.
 -0- 6/11/93
 /CONTACT: Ron Tassinari, president of American Enterprises, 702-896-8888; or Elizabeth Truax or Sue Caulton of the Financial Relations Board, 415-986-1591, for American Enterprises/
 (ACES)


CO: Amercian Enterprises Inc. ST: Nevada IN: CNO SU: ERN

SG -- SF005 -- 1118 06/11/93 14:07 EST
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Publication:PR Newswire
Date:Jun 11, 1993
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