American Champion Announces Financial Results for 1998 Second Quarter.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Aug. 11, 1998--American Champion Entertainment, Inc. (Nasdaq:ACEI ACEI Angiotensin Converting Enzyme Inhibitor ACEI Association for Childhood Education International ACEI Association of Consulting Engineers of Ireland ), the production company for the children's program, "Adventures with Kanga Kanga may refer to: Places
For the quarter, revenues increased 25 percent to $235,575 from $188,974 for the prior year period, reflecting contributions from the show's recently signed sponsor, The Sara Lee
Sara Lee Corporation (NYSE: SLE) is a global consumer-goods company based in Downers Grove, Illinois, USA. Corporation. The company reported a reduction in net loss to $202,397, as a result of the above-mentioned increase in revenue, and, based on 52 percent more weighted shares outstanding following the company's initial public offering in July 1997, basic loss per share is reduced to $0.05. This compares with $234,686, or $0.09 per share, for the 1997 second quarter. For the six-month period, revenues climbed 32 percent to $617,573 from $467,162 for the prior year period. The company registered a net loss of $337,287, or $0.09 per share, based on 52 percent more weighted average shares outstanding, reflecting an improvement from a net loss of $394,660, or $0.16 per share, for the first half of 1997. Subsequent to the completion of the quarter, on July 6, 1998, the company completed the sale of an aggregate of $1 million of 7% convertible subordinate debentures, convertible, under certain terms and conditions, into shares of common stock of the company. The debentures were sold in a private placement offering pursuant to which the company is offering an aggregate of $1.8 million of debentures for sale. Proceeds from the offering will be used to finance the fall production of an additional seven episodes of the company's popular new children's television series Children's television series are television programs designed for and marketed to children, normally aired during the morning and afternoon hours, mainly before and after school. , "Adventures with Kanga Roddy." This follows a contract with San Jose Public Broadcast Station KTEH, the show's co-producer, for American Champion American Champion Aircraft Corporation, located in Rochester, Wisconsin, is a manufacturer of general aviation aircraft. Founded in 1988 on the acquisition of the Citabria, Scout, and Decathlon, it has been producing replacement parts for these aircraft since that time; it has as to develop an additional 26 half-hour episodes and two one-hour specials, making way for the program to become a daily show by Spring of next year. "We have made great progress considering the short time the program has been on the air," said Anthony Chan Anthony Chan may refer to:
n. The people who watch a television program or motion picture: a largely male viewership. across the country." American Champion Entertainment is a development-stage entertainment company also involved in licensing and merchandising merchandising Element of marketing concerned especially with the sale of goods and services to customers. One aspect of merchandising is advertising, which aims to capture the interest of the segment of the population most likely to buy the product. rights related to the "Kanga Roddy" series and the development, production and marketing of various fitness tapes and workbooks. In addition, the company operates four karate karate: see martial arts. karate Martial art in which an attacker is disabled by crippling kicks and punches. Emphasis is on concentration of as much of the body's power as possible at the point and instant of impact. studios in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). , under the name America's Best Karate Studios. Forward looking statements in this release involve risks and uncertainties including, but not limited to, acceptance of the series by the public and public television stations, production delays and/or cost overruns Noun 1. cost overrun - excess of cost over budget; "the cost overrun necessitated an additional allocation of funds in the budget" cost - the total spent for goods or services including money and time and labor , changes in external competitive market factors or in internal budgeting processes and unanticipated working capital or other cash requirements. For more information on the risks associated with American Champion Entertainment" business, please see the company's publicly available filings with the Securities and Exchange Commission. -0-
AMERICAN CHAMPION ENTERTAINMENT, INC.
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
------------------------- ------------------------
1998 1997 1998 1997
----------- ----------- ----------- -----------
Revenue $ 235,575 $ 188,974 $ 617,573 $ 467,162
Net loss before
provision for
income tax (199,997) (234,686) (329,837) (394,660)
Income tax 2,400 -- 7,450 --
Net loss $ (202,397) $ (234,686) $ (337,287) $ (394,660)
=========== =========== =========== ===========
Net loss per
share - basic $ (0.05) $ (0.09) $ (0.09) $ (0.16)
=========== =========== =========== ===========
Weighted average
number of shares
outstanding 3,832,345 2,515,700 3,832,345 2,515,700
=========== =========== =========== ===========
CONTACT: American Champion Entertainment, Inc.
Anthony K. Chan, 408/288-8199
or
Pondel Parsons & Wilkinson
Michele Feller or Kristin Bruno, 310/207-9300
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