All-American SportPark Announces Second Quarter Results.Business Editors LAS VEGAS--(BUSINESS WIRE)--Aug. 15, 2002 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 second quarter of 2002 of $674,660 compared to $662,976 in the second quarter of 2001. Revenues for the six months ended June 30, 2002 and 2001, respectively, were $1,263,482 and $1,283,440. 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. for the three- and six-month periods ended June 30, 2002, respectively, of $88,724 and $124,118, significant increases over the comparable amounts from 2001 of $24,995 and $41,209. These increases in operating income are due to better overall cost control initiatives that are ongoing at the company. Losses from continuing operations and loss per share for the three- and six-month periods ended June 30, 2002, respectively, were $45,735 or $0.01 per share, and $132,843 or $0.04 per share, compared to year 2001 amounts of $107,799 or $0.03 per share, and $220,979 or $0.07 per share. The losses from continuing operations generated for the three- and six-month periods for both years relate to interest expense on notes payable to the company's chairman. The company and its subsidiaries continuing operations consist of the management and 65 percent 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, 110 station two-tiered driving range, full clubhouse featuring the Callaway Golf club fitting swing analyzer analyzer /ana·ly·zer/ (an´ah-li?zer) 1. a Nicol prism attached to a polarizing apparatus which extinguishes the ray of light polarized by the polarizer. 2. 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. 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 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. . This press 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 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 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
Quarter Ended Six Months Ended
June 30, June 30,
2002 2001 2002 2001
Revenues 674,660 662,976 1,263,482 1,283,440
Cost of Revenues 77,081 91,497 147,734 170,191
Gross profit 597,579 571,479 1,115,748 1,113,249
Operating expenses 508,855 546,484 991,630 1,072,040
Operating income 88,724 24,995 124,118 41,209
Interest expense,
net (126,854) (127,044) (254,299) (256,438)
Loss from
continuing
operations before
minority interest (38,130) (102,049) (130,181) (215,229)
Minority interest (7,605) (5,750) (2,662) (5,750)
Loss from continuing
operations (45,735) (107,799) (132,843) (220,979)
Loss from
discontinued
operations -- (316,263) -- (260,024)
Net loss (45,735) (424,062) (132,843) (481,003)
NET LOSS PER SHARE:
Basic and diluted:
Loss from
continuing
operations $ (0.01) $ (0.03) $ (0.04) $ (0.07)
Loss from
discontinued
operations -- (0.10) -- (0.08)
Net loss per
share $ (0.01) $ (0.13) $ (0.04) $ (0.15)
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