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AMERICAN ENTERPRISES REPORTS INCREASED REVENUES AND OPERATING INCOME FOR SECOND QUARTER

 LAS VEGAS, March 9 /PRNewswire/ -- American Enterprises Inc. (NASDAQ: ACES) today announced improved financial results for the second quarter ended Jan. 31, 1993, as revenues increased 27 percent and operating income was up 194 percent.
 For the six months ended Jan. 31, 1993, American Enterprises reported revenues from management fees of $371,000, compared to $292,000 for the same period in 1992. Management fees were $186,000 for the second quarter of 1993, compared to $146,000 for the second quarter of 1992. Management fees are derived from the management consulting contract between the company and the Table Mountain Band of Indians for the operation of the Table Mountain Rancheria Casino, near Fresno, Calif. The increase was achieved even though the management fee rate was reduced from 49 percent in 1992 to 35 percent in 1993.
 Income from operations was $150,000 for the six months ended Jan. 31, 1993, compared to $51,000 for the same period in 1992. Management attributed the increase to higher totarter in 1993, operating income was $84,000, compared to $29,000 for the same period in 1992.
 Net income for the 1993 six-month period was $88,000, or one cent per share, compared to net income of $706,000, or six cents per share, for the 1992 comparison period. Second quarter 1993 net income was $55,000, compared to $673,000, or six cents per share, for the second quarter in 1992. Operations for the second quarter of 1992 reflected a $650,000 gain from revaluation of a construction advance made to the Table Mountain Band by a subsidiary acquired by the company.
 In December 1992, the company closed its retail ticket sales operation. The decision was based on a continuing negative profit contribution by this segment of the company's operations. "We believe growth opportunities in the retail ticket sales industry are diminishing as fewer Las Vegas showrooms make tickets available to retail ticket brokers. An increasing number of showrooms sell tickets through ticket outlets owned by the properties offering the shows. We believe this trend will continue and become more common as time lapses. Also, closing the retail ticket sales operation will allow us the opportunity to concentrate time and efforts in casino management," Tassinari said.
 American Enterprises is traded on NASDAQ under the symbol ACES. The company manages the Table Mountain Rancheria Casino, an Indian gaming enterprise, located 18 miles north of Fresno. The casino is a 33,000 square-foot facility offering high-stakes bingo, conventional and Asian poker and other non-banking card games. A compact with California, granting gaming rights claimed by the Tribes, will permit the company to expand the types of games offered at the Casino.
 -0- 3/9/93
 /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: American Enterprises Inc. ST: Nevada, California IN: CNO SU: ERN

SG -- SF005 -- 4380 03/09/93 09:02 EST
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Publication:PR Newswire
Date:Mar 9, 1993
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