All-American SportPark Announces First Quarter Results.Business Editors LAS VEGAS--(BUSINESS WIRE)--May 16, 2003 All-American SportPark Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: AASP AASP Apple Authorized Service Provider AASP Associação dos Advogados de São Paulo (Brazil) AASP Alliance of Automotive Service Providers AASP American Association of Stratigraphic Palynologists AASP American Association of Swine Practitioners ) reported revenues for 2003 of $614,925 compared to $588,822 in 2002. Net income was $390,227, or $0.11 per share in 2003, compared to a net loss of $87,108, or ($0.03) per share in 2002. The company achieved net income in 2003 due to a $880,000 settlement received in connection with a lawsuit filed against the general contractor A general contractor is an organization or individual that contracts with another organization or individual (the owner) for the construction of a building, road or any other execution of work or facility. that constructed the company's primary operating asset, the Callaway Golf Center. The proceeds of this settlement were offset by approximately $200,000 in legal fees and costs incurred in the litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . Management remains committed to achieving financial stability and enhancing shareholder value. In this regard, management endeavors to (a) continue restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). the company's operating and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. , (b) increase top line revenues through strategic marketing initiatives, (c) explore options to expand the company's continuing business activities and (d) seek other business opportunities that may increase shareholder value. The company and its subsidiary operations consist of the 65% ownership of the Callaway Golf Center, one of the premier golf practice facilities in the country located on 42 acres of Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. "Strip" frontage featuring a night-lit 9-hole par 3 golf course, 113 station two-tiered driving range, full clubhouse featuring the Callaway Golf club fitting system and three tenants: the Saint Andrews Saint Andrews, town (1991 pop. 11,302), Fife, E Scotland, on the North Sea. A summer resort, it is famous for its golf courses. It was the seat of an archbishop from 908 and the ecclesiastical capital of Scotland until the Reformation. St. Golf Shop with all the latest in Callaway merchandise, the Giant Golf teaching academy, and the Bistro 10 restaurant and bar. This press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties. Actual results may differ materially from the results predicted and reported results should not be considered as an indication of future performance. Important factors, which could cause actual results to differ materially from those in the forward-looking statements, are detailed in filings with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission made from time to time by the company, including its quarterly report on Form 10-QSB for the period ended March 31, 2003. The company undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" or to reflect the occurrence of unanticipated events.
All-American Sportpark Inc. and Subsidiary
Consolidated Statements of Operations
For the Three Months Ended March 31, 2003 and 2002
(Unaudited)
2003 2002
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Revenues $614,925 $588,822
Cost of Revenues 85,374 70,653
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Gross profit 529,551 518,169
Operating expenses 648,071 482,775
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Operating income (loss) (118,520) 35,394
Other income (expense) 757,721 (127,445)
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Income (loss) before minority interest 639,201 (92,051)
Minority interest (248,974) 4,943
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Net income (loss) $390,227 $(87,108)
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NET LOSS PER SHARE:
Basic and diluted net income (loss) per share $0.11 $(0.03)
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