American Vantage Companies Announces Results for First Quarter.Business Editors & Gaming Writers LAS VEGAS--(BUSINESS WIRE)--Dec. 13, 2001 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 October October: see month. 31, 2001, its first quarter of fiscal 2002. Loss from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the for the period totaled $277,000 as compared to a loss from continuing operations of $76,000 for the first quarter of fiscal 2001. Net loss for the first quarter of fiscal 2002 was $277,000 ($0.06 loss 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) versus a net loss of $577,000 ($0.12 loss per basic and diluted share) for the same period in fiscal 2001. The company is pursuing an acquisition or merger strategy. In this regard, the company has retained an investment banker Investment Banker A person representing a financial institution that is in the business of raising capital for corporations and municipalities. Notes: An investment banker may not accept deposits or make commercial loans. to assist it in the evaluation of acceptable candidates. Prospects have been presented to the investment banker for review. Currently, preliminary due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. is being conducted to determine if any of these candidates present a viable opportunity for the company. 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. 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 be found 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
October 31, 2001 and July 31, 2001
October 31, July 31,
2001 2001
----------- -----------
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $11,299,000 $11,565,000
Accrued interest 25,000 23,000
Refundable income taxes 1,024,000 1,024,000
Prepaid expenses 64,000 43,000
----------- -----------
Total current assets 12,412,000 12,655,000
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Property and equipment, net 120,000 125,000
Land held for sale 3,544,000 3,544,000
Investment in unconsolidated
restaurant subsidiary 1,809,000 1,861,000
Other assets - principally restricted cash 14,000 15,000
----------- -----------
$17,899,000 $18,200,000
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 233,000 $ 153,000
Accrued expenses 76,000 180,000
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Total current liabilities 309,000 333,000
----------- -----------
Commitments and contingency -- --
Stockholders' equity:
Common stock, $.01 par;
30,000,000 shares authorized;
shares issued and outstanding -
4,865,856 and 4,865,856 49,000 49,000
Preferred stock, $.01 par;
10,000,000 shares authorized;
shares issued and outstanding - none -- --
Capital in excess of par 2,940,000 2,940,000
Capital in excess of par - stock options 278,000 278,000
Retained earnings 14,323,000 14,600,000
----------- -----------
17,590,000 17,867,000
----------- -----------
$17,899,000 $18,200,000
=========== ===========
American Vantage Companies
Consolidated Statements of Loss
Three Months Ended October 31, 2001 and 2000
(Unaudited)
2001 2000
----------- -----------
Revenues $ -- $ --
----------- -----------
Costs and expenses:
Casino consulting 41,000 32,000
General and administrative 440,000 441,000
Amortization and depreciation 5,000 7,000
Income of unconsolidated
restaurant subsidiary (98,000) (179,000)
----------- -----------
388,000 301,000
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Loss from continuing operations (388,000) (301,000)
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Other income:
Interest income 111,000 189,000
Miscellaneous -- 1,000
----------- -----------
111,000 190,000
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Loss from continuing operations
before income taxes (277,000) (111,000)
----------- -----------
Income tax benefit (expense):
Current:
State -- --
Federal -- 96,000
Deferred:
State -- --
Federal -- (61,000)
----------- -----------
-- 35,000
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Loss from continuing operations (277,000) (76,000)
Discontinued operations:
Loss from discontinuance of restaurant
operation, including provision of
$101,000 for operating losses during
the phase-out period, less income
tax benefit of $ 33,000 -- (68,000)
Loss from operations of discontinued
recruitment operation, net of minority
interest ($36,000) and income tax
benefit of $61,000 -- (81,000)
Estimated loss on disposal of
discontinued recruitment operation,
including provision of $184,000 for
operating losses during phase-out
period and write off of goodwill
($250,000), net of minority interest
($51,000) and applicable income tax
benefit of $207,000 -- (352,000)
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Net loss $ (277,000) $ (577,000)
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Loss per common share - basic and diluted:
Loss from continuing operations $ (0.06) $ (0.02)
Discontinued operations -- (0.10)
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Net loss $ (0.06) $ (0.12)
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Weighted average number of common shares
and common share equivalents:
Basic 4,866,000 4,866,000
Stock options and warrants -- --
----------- -----------
Diluted 4,866,000 4,866,000
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