American Securities Inc. Reports First Year Financial Results.GAITHERSBURG, Md.--(BUSINESS WIRE)--May 19, 1998--American Securities Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : AMSK AMSK Auxiliary Manual Select Keyboard ) today reported its first year results. The Company reported a consolidated net loss of $304,000 on total revenues of $236,000 for the year ended March 31, 1998. The initial year's loss was due primarily to acquisition of management talent, registration of the broker/dealer in 50 states and building infrastructure and systems needed by the firm to execute its business plan. Steven Popkin, American Securities' Chief Executive Officer, commented, "As a result of a strong growth in our arbitration arbitration Process of resolving a dispute or a grievance outside a court system by presenting it for decision to an impartial third party. Both sides in the dispute usually must agree in advance to the choice of arbitrator and certify that they will abide by the consulting and brokerage business initiatives, we expect to see increased revenues during the first half of next year. "As a result, we will continue to evaluate further acquisitions as we look to build further upon our recent successes." American Securities Inc., headquartered in Gaithersburg and incorporated in Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). in April of 1997, is a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. holding company whose goal is to pay for the capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. , development and growth of its subsidiaries. These subsidiaries include a national, full service securities broker/dealer with offices in five states, an investors arbitration service and an investment management corporation, which acts as general partner for a hedge fund hedge fund, in finance, a highly speculative, largely unregulated investment device. Originating in the 1950s, the funds "hedge" by offsetting "short" positions (borrowing a security and then selling it at a higher price before repaying the lender) against "long" . This press release contains certain 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. , within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including statements regarding American Securities future performance The Company's actual results might differ materially from those projected in forward-looking statements. -0-
AMERICAN SECURITIES INC.
SUMMARY STATEMENT OF OPERATIONS
For the year ended March 31, 1998
Account Resolution Income $ 220,000
Commissions 14,000
Other Income 2,000
Total Revenues $ 236,000
Personnel Costs $ 192,000
Account Resolution Settlements 157,000
General and Administrative 154,000
Licenses and Registrations 37,000
Net Loss $(304,000)
SUMMARY BALANCE SHEET
As of March 31, 1998
Cash $ 85,000
Other Current Assets 5,000
Total Current Assets 90,000
Net Fixed Assets 8,000
Other Assets 34,000
Total Assets $132,000
Current Liabilities $ 48,000
Stockholders' Equity 84,000
Total Liabilities and
Stockholders' Equity $132,000
Shares Outstanding 1,083,640
CONTACT: American Securities Inc. Michael Efrusy, 202/332-2595 fax: 202/332-2596 e-mail: mce1@acfinancial.net |
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