All-American SportPark Continues to Generate Large Revenue Gains At SportPark Las Vegas.LAS VEGAS--(BUSINESS WIRE)--Aug. 17, 1999-- All-American SportPark, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :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 a 26.5% increase in quarterly revenue to $1,947,407 in the second quarter of 1999 from $1,538,740 in the first quarter of 1999. The increase is principally attributed to a 34.9% increase at SportPark 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. to $1,415,390 from $1,049,487. Revenue growth continues at a comparable rate in July and August to date. Total Corporate revenues were $1,947,407 and $3,486,148 for the three- and six-month periods ended June 30, 1999, compared to $242,600 and $755,400 for the comparable periods in 1998. These increases are due to the full operation of the SportPark Las Vegas and a full six months of operation of the Callaway Golf Center in 1999. Net loss in the second quarter of 1999 was $937,856 or $.31 per share compared to net income in the second quarter of 1998 of $600,600 or $.20 per share. The second quarter 1998 net income resulted primarily from a gain of $1,638,900 on the sale of the Company's interest in All-American Golf, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , in May 1998. The principal contributing factors to the reported losses this year are interest and depreciation expenses, and front-end costs of implementing diversified marketing programs to build increased customer traffic count and cash flow at the All-American SportPark in Las Vegas. On December 14, 1998, All-American SportPark, Inc. became the new name of 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 Corporation. 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. (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. : SPEN SPEN Statewide Police Emergency Network (for inter-agency communications during emergencies) ). The Company and its subsidiaries are the 100% owner and operator of the All-American SportPark, a family and sport-oriented action theme park located on 65 acres on the south end of the Las Vegas "Strip" in Las Vegas, Nevada. Sport and entertainment major attractions located in the SportPark include: Callaway Golf Center(TM), All-American SportPark Pavillion, Major League Baseball "MLB" and "Major Leagues" redirect here. For other uses, see MLB (disambiguation) and Major Leagues (disambiguation). Major League Baseball (MLB) is the highest level of play in North American professional baseball. Slugger Stadium, NASCAR NASCAR (National Association for Stock Car Auto Racing), organization that sanctions American stock-car races, est. 1948. It held its first race in Daytona Beach, Fla. SpeedPark and All Sport Arena.
ALL-AMERICAN SPORTPARK, INC.
UNAUDITED CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS FOR THE THREE MONTHS
AND SIX MONTH PERIODS ENDED JUNE 30, 1999 AND 1998.
Quarter Six Months
Ended June 30, Ended June 30,
1999 1998 1999 1998
---- ---- ---- ----
Revenues $1,947,407 $242,600 $3,486,148 $755,400
Cost of revenues 607,730 36,300 898,293 112,000
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Gross profit 1,339,677 206,300 2,587,855 643,400
Operating expenses 1,927,179 1,213,675 3,594,102 2,278,975
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Operating loss (587,502) (1,007,375) (1,006,247) (1,635,575)
Interest expense (350,354) (52,800) (670,161) (187,900)
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Other income - 1,638,900 - 1,638,900
Minority interest - 21,875 - 76,275
Net income (loss) $(937,856) $600,600 $(1,676,408) $(108,300)
Net income (loss) per share:
Basic $(.31) $.20 $(.56) $(.04)
Diluted $(.31) $.19 $(.56) $(.04)
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