American Vantage Companies Announces Quarterly Results.Business Editors LAS VEGAS--(BUSINESS WIRE)--March 17, 2000 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Vantage Companies (Nasdaq:AVCS AVCS Advanced Vehicle Control System AVCS Advanced Vidicon Camera System AVCS Automatic Vehicle Control Systems AVCS Active Vibration Control System AVCS Attitude and Velocity Control Subsystem AVCS Air Vehicle Control System AVCS Active Valve Control System ) announced today the results of its operations for the three months ended January January: see month. 31, 2000, the second quarter of its fiscal year ending July July: see month. 31, 2000 ("Fiscal 2000"). Revenues for the second quarter of Fiscal 2000 decreased due to the premature pre·ma·ture adj. 1. Occurring or developing before the usual or expected time. 2. Born after a gestation period of less than the normal time, especially, in human infants, after a period of less than 37 weeks. termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. by the Table Mountain Tribe tribe [Lat., tribus: the tripartite division of Romans into Latins, Sabines, and Etruscans], a social group bound by common ancestry and ties of consanguinity and affinity; a common language and territory; and characterized by a political and economic of agreements the Company had for providing consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" to the Table Mountain Casino casino or cassino (both: kəsē`nō). 1 Card game played with a full deck by two to four players. Its origins are obscure though it probably traces back to the Italian game of Scopa. . The Company has filed a lawsuit lawsuit: see procedure; tort. against the Table Mountain Tribe to recover damages as a result of the termination, and the tribe has filed a counter action against the Company. Due to a recent ruling, the Company is considering whether it should take certain actions to continue the case in Federal District Court or to commence an action in a 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). State court. In the second quarter of Fiscal 2000, the Company recorded revenues of $839,000 as compared to revenues of $2,040,000, all casino consulting revenues, in the same period in Fiscal 1999. The second quarter of Fiscal 2000 included restaurant revenues of $702,000 from the WCW WCW World Championship Wrestling WCW Wellesley Centers for Women WCW West Coast Watchers Nitro Grill Grill may refer to: In food:
Excalibur, named for the mythical sword of King Arthur, uses the Arthurian theme in several ways. in 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. . The Company's new 80% owned subsidiary, Placement 2000.Com Inc. ("Placement 2000") reported recruitment and Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the revenues of $137,000 for the two months (December December: see month. 1999 and January 2000) since its acquisition. Placement 2000 is developing a Web site for a resume and job-posting database for information technology candidates as well as resume forwarding and recruitment "split" marketing Web sites. Placement 2000 also operates a traditional job recruitment business. During the second quarter of Fiscal 2000, the Company wrote off approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $211,000 of capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. costs related to the land it had acquired for a proposed cemetery/funeral home operation. Plans to develop the property were cancelled can·cel v. can·celed also can·celled, can·cel·ing also can·cel·ling, can·cels also can·cels v.tr. 1. To cross out with lines or other markings. See Synonyms at erase. 2. as a result of the Company's new corporate strategy of acquiring Internet companies that meet certain investment criteria criteria (krītēr´ē  ),n. . The Company's net loss for the second quarter of Fiscal 2000 was $1,081,000 or $0.22 per basic and diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share compared to net income of $842,000 or $0.17 per basic share and $0.16 on a diluted basis for the second quarter of Fiscal 1999. The net loss for the six months ended January 31, 2000 totaled $1,618,000 or $0.33 per basic and diluted share compared to net income of $1,717,000 or $0.34 per basic and $0.32 per diluted share for the six months ended January 31, 1999. This news release may contain 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. , which are subject to risks and uncertainties, including the lack of the Company's experience in managing Internet businesses, the uncertain acceptance of the Internet, as well as the existing and potential competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. in the Internet business. The Company's actual results may differ materially from those described in any forward-looking statements. Additional information concerning potential risk factors that could affect the Company's business and financial results are included in the Company's filings with the Securities and Exchange Commission. They can also be found on the Company's Web site at www.americanvantage.com and on the Securities and Exchange Commission's Web site at www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. .
American Vantage Companies
Consolidated Balance Sheets
January 31, 2000 and July 31, 1999
January 31, July 31,
2000 1999
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 7,600,000 $12,626,000
Accounts receivable 141,000 191,000
Mortgage notes receivable and accrued
interest 3,006,000 1,500,000
Refundable income taxes 1,098,000 219,000
Deferred income tax asset 76,000 135,000
Inventories 181,000 153,000
Prepaid expenses 188,000 376,000
Total current assets 12,290,000 15,200,000
Property and equipment, net 1,995,000 2,029,000
Land held for investment or development 4,894,000 5,105,000
Investment in unconsolidated subsidiary 1,775,000 592,000
Deferred income tax asset 133,000 191,000
Goodwill, net 256,000 -
Other assets - deposits and other 585,000 89,000
$21,928,000 $23,206,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 417,000 $ 558,000
Accrued expenses 145,000 166,000
Current portion of capitalized lease
obligations 28,000 -
Total current liabilities 590,000 724,000
Long-term liabilities:
Capitalized lease obligations, less current
portion 16,000 -
Minority interest in consolidated subsidiary 194,000 -
Commitments and contingency - -
Stockholders' equity:
Common stock, $.01 par; 30,000,000 shares
authorized; 4,887,000 shares issued and
outstanding 49,000 49,000
Preferred stock, $.01 par; 10,000,000 shares
authorized; shares issued and outstanding
- none - -
Capital in excess of par 2,974,000 2,974,000
Capital in excess of par - stock options 264,000 -
Retained earnings 17,841,000 19,459,000
21,128,000 22,482,000
$21,928,000 $ 23,206,000
American Vantage Companies
Consolidated Statements of Income (Loss)
Three Months Ended January 31, 2000 and 1999
(Unaudited)
2000 1999
Revenues:
Casino consulting fees $ - $2,040,000
Restaurant sales 702,000 -
Fees and commissions -- recruitment and
Internet 137,000 -
839,000 2,040,000
Costs and expenses:
Casino consulting 216,000 512,000
Restaurant operations 1,115,000 121,000
Death care operations 220,000 -
Recruitment and Internet operations 226,000 -
General and administrative 705,000 338,000
Amortization and depreciation 76,000 8,000
Minority interest in consolidated subsidiary (16,000) -
Loss of unconsolidated subsidiary 91,000 -
2,633,000 979,000
Income (loss) from operations (1,794,000) 1,061,000
Other income:
Interest income 215,000 267,000
Miscellaneous 1,000 -
216,000 267,000
Income (loss) before income taxes (1,578,000) 1,328,000
Income tax benefit (expense):
Current:
State 6,000 (45,000)
Federal 639,000 (441,000)
Deferred:
State (48,000) -
Federal (100,000) -
497,000 (486,000)
Net income (loss) $(1,081,000) $ 842,000
Earnings (loss) per common share:
Basic $ (0.22) $ 0.17
Diluted $ (0.22) $ 0.16
Weighted average number of common shares
and common share equivalents:
Basic 4,887,000 5,040,000
Stock options and warrants 58,000 288,000
Diluted 4,945,000 5,328,000
Consolidated Statements of Income (Loss)
Six Months Ended January 31, 2000 and 1999
(Unaudited)
2000 1999
Revenues:
Casino consulting fees $ - $4,170,000
Restaurant sales 1,793,000 -
Fees and commissions -- recruitment and
Internet 137,000 -
1,930,000 4,170,000
Costs and expenses:
Casino consulting 340,000 964,000
Restaurant operations 2,485,000 121,000
Death care operations 278,000 31,000
Recruitment and Internet operations 226,000 -
General and administrative 1,129,000 726,000
Amortization and depreciation 144,000 16,000
Minority interest in consolidated subsidiary (16,000) -
Loss of unconsolidated subsidiary 192,000 -
4,778,000 1,858,000
Income (loss) from operations (2,848,000) 2,312,000
Other income:
Interest income 457,000 493,000
Miscellaneous 1,000 -
458,000 493,000
Income (loss) before income taxes (2,390,000) 2,805,000
Income tax benefit (expense):
Current:
State 6,000 (141,000)
Federal 883,000 (947,000)
Deferred:
State (48,000) -
Federal (69,000) -
772,000 (1,088,000)
Net income (loss) $(1,618,000) $1,717,000
Earnings (loss) per common share:
Basic $ (0.33) $ 0.34
Diluted $ (0.33) $ 0.32
Weighted average number of common shares
and common share equivalents:
Basic 4,887,000 5,036,000
Stock options and warrants 58,000 294,000
Diluted 4,945,000 5,330,000
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