All-American SportPark Announces First-Quarter Results.Business Editors LAS VEGAS--(BUSINESS WIRE)--May 15, 2001 All-American SportPark Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :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 from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the first quarter of 2001 of $620,464 compared to $628,426 in the first quarter of 2000. Revenues from the Callaway Golf Center property increased modestly to $620,464 in 2001 compared to $618,059 in 2000. Revenues for the Callaway Golf Center were expected to increase by at least 10% over the prior year but did not due to unusually cold and rainy weather in 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. in January and February 2001. The company reported operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. in 2001 of $16,214 compared to an operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. in 2000 of $12,011. The turnaround resulted from lower direct payroll costs for the golf course in 2001. Net loss from continuing operations was $113,180, or $.04 per share, in 2001 compared to $68,645, or $.02 per share, in 2000. The higher loss in 2001 is due to interest expense on debt owed to the company's chairman. The amount of interest cost incurred by the company increased significantly in the fourth quarter of 2000 when the company's chairman incurred costs of approximately $3 million to pay down a portion of the company's loan on the discontinued SportPark business segment. Payment of this interest has been deferred until such time as the company has sufficient cash flow to pay it. In December 2000, the company implemented a formal plan to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose its SportPark business segment. In that regard, all activity of the SportPark has been presented as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. . Income from discontinued operations was $56,239, or $.02 per share, in 2001 compared to loss from discontinued operations of $823,441, or $.27 per share, in 2000. Ron Boreta, president of the company, stated: "We continue to make positive progress with the Callaway Golf Center operations and in controlling corporate overhead. The Callaway Golf Center continues to do well in terms of increased visitation, revenue and earnings growth, and positive cash flow. We are working on new opportunities to strengthen our revenue base and, at the same time, continue producing a one-of-a-kind golf experience for our customers. "Several prospects are negotiating with our landlord and us to lease/buy the SportPark property. We are hopeful that the disposition of the SportPark will finally free us up to grow our Callaway Golf Center business and relieve our company of the financial burdens associated with the SportPark property." All-American SportPark Inc. is two-thirds owned by Sports Entertainment Sports entertainment is a type of of entertainment that takes the form of a sporting event, but with more emphasis on dramatic storylines, humor, spectacle or titillation than on a contest of athletic skills. Enterprises Inc. (OTCBB:SPEN SPEN Statewide Police Emergency Network (for inter-agency communications during emergencies) ). The company and its subsidiaries continuing operations consist of the 100% ownership and operation of the Callaway Golf Center, one of the premier golf practice facilities in the country, located on 42 acres of Las Vegas "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 swing analyzer, 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. The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements. This news release may contain forward-looking statements 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 Securities and Exchange Commission made from time to time by AASP. AASP undertakes no obligation to release publicly any revisions to any forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
ALL-AMERICAN SPORTPARK INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE THREE MONTHS ENDED MARCH 31, 2001, AND 2000
2001 2000
Revenues 620,464 628,426
Cost of Revenues 78,694 94,962
Gross profit 541,770 533,464
Operating expenses 525,556 545,475
Operating income (loss) 16,214 (12,011)
Interest expense, net (129,394) (56,634)
Loss from continuing operations (113,180) (68,645)
Income (loss) from discontinued operations 56,239 (823,441)
Net loss (56,941) (892,086)
NET LOSS PER SHARE:
Basic and diluted:
Loss from continuing operations $ (0.04) $ (0.02)
Income (loss) from discontinued operations 0.02 (0.27)
Net loss per share $ (0.02) $ (0.29)
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