American Resources' First Quarter Revenue Improves by 40%; Earnings Posted at $611,790; Company on Track for Record Year.PORTLAND, Ore.--(BUSINESS WIRE)--Sept. 21, 1999-- American Resources & Development, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:ADCO ADCO Abu Dhabi Company for Onshore Oil Operations ADCO Alcohol and Drug Control Officer ADCO Air Defense Control Center ADCO Alcohol & Drug Control Office ADCO Air Defense Communications Office ADCO Air Defense Coordination Organization ) today reported select first quarter (F/Y F/Y Fiscal Year F/Y Financial Year 2000) results for the 3-month period ending June 30, 1999, showed strong growth in both revenue and in earnings compared to the same 3-month period of the previous fiscal year. Revenue for the quarter was up $319,054 -- an increase of nearly 40 percent. Net income came in at $611,790 for the quarter, compared to a net loss of $411,536 for the comparable quarter -- a $1 million swing. Much of the earnings improvement was attributed to the sale of the Company's 50 percent interest in U.S. Polo Association, Ltd. which resulted in a one-time gain of $813,389. Commenting on the current status of the Company, Will Papenfuss, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President of American Resources & Development Co., stated, "We are clearly in a turnaround Turnaround A situation where a company that has had poor performance for an extended period of time experiences a positive reversal. Notes: A speculator may profit from a turnaround if he or she accurately anticipates the improvement of a poorly performing company. situation, and it's great to begin seeing the results of our management team and employees! Sales and earnings growth is improving markedly, and we can confidently forecast that the Company will be reporting a record year on all fronts. "$1.2 million in net earnings should be achievable for F/Y 2000, which ends March 31, 2000. The previously published `Management's Message to Shareholders' indicated that American Resources acquisitions of the past 18 months would produce a solid bottom line for our shareholders, and we are proud to begin seeing the fruits of our labor." American Resources & Development Company (ARDCO) is an investment holding company that specializes in select consumer products. Pacific Print Works a factory where cloth, as calico, is printed. See also: Print , one of ARDCO's core holdings, produces leading-edge screen-printed apparel for corporate accounts, employing over 100 people at its Portland-based operation. Another key holding is Fan-Tastic, Inc., owner of Fan-A-Mania, a franchise chain of retail specialty stores Noun 1. specialty store - a store that sells only one kind of merchandise shop, store - a mercantile establishment for the retail sale of goods or services; "he bought it at a shop on Cape Cod" selling licensed entertainment and sports apparel and collectibles. Additionally, Fan-A-Mania will have its e-commerce site operational within the next two months. ARDCO also holds an investment of 1.2 million shares of Golf Communities of America, Inc. (GCA GCA, ground-controlled approach: see instrument-landing system. ) (OTC BB:CLUB) common stock. GCA management recently placed its company under Chapter 11 protection from creditors. GCcreditors intended to allow it to re-emerge from Chapter 11 protection as a stronger company. There are no aion Reform Act of 1995: The statements contained herein which are not historical are forward-looking statemeforward-looking statements, including, but not ed from time to time in the Company's filings with the Securities and Exchange Commission. |
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