American Vantage Companies Announces Results for Quarter.LAS VEGAS--(BUSINESS WIRE)--June 17, 1998--American Vantage Companies (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ACES) announced today the results of its operations for the third quarter ended April 30, 1998. Casino consulting revenues were $1,995,000 for the third quarter of Fiscal 1998 as compared to $2,490,000 in the third quarter of Fiscal 1997. Net income for the third quarter of Fiscal 1998 was $698,000 as compared to $1,162,000 for the same period in the prior year. Casino consulting revenues were $6,525,000 for the first nine months of Fiscal 1998 compared to $6,930,000 for the same period in Fiscal 1997. Nine months operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $4,055,000 and $4,630,000 for the 1998 and 1997 periods, respectively. Net income was $2,416,000 or $0.16 per basic share and $0.15 per share on a 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. basis for the nine month period in Fiscal 1998. Net income was $3,237,000 and $0.22 per basic share and $0.20 on a diluted basis for the same period in Fiscal 1997. The decrease in net income in the first nine months of Fiscal 1998 resulted from an $861,000 one-time write-off of the Company's advances and investment in the proposed casino development for the United Community of Auburn Indians and a reduction in consulting fees from the Company's agreement with the Table Mountain Tribe. The amended consulting agreement, which became effective February 1, 1998, extended the term of the agreement through June 2000. Ronald J. Tassinari, President and Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. stated, "We signed an amended consulting agreement with the Table Mountain Tribe in February 1998 extending our relationship with the Tribe through June 2000. Now that the State of California has signed a compact with the Pala Band of Mission Indians Mission Indians, Native Americans of S and central California; so called because they were under the jurisdiction of some 21 Spanish missions that were established between 1769 and 1823. , it should be the first step in removing the cloud from the business of Indian gaming in California, thereby bringing it to a long overdue level of respectability re·spect·a·bil·i·ty n. The quality, state, or characteristic of being respectable. Noun 1. respectability - honorableness by virtue of being respectable and having a good reputation reputability and credibility. Furthermore, a California compact will allow planned growth and expansion at the Table Mountain Casino to move forward in a more stable environment." American Vantage Companies (NASDAQ:ACES) has a gaming consulting contract with the Table Mountain Tribe for the Table Mountain Casino located near Fresno, California “Fresno” redirects here. For other uses, see Fresno (disambiguation). Fresno is the sixth-largest city in California and the county seat of Fresno County, with an official Census Bureau estimated population of 481,035 as of July 1, 2006. . The Company is developing a funeral home and cemetery on a 40-acre parcel of land in N. 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. , Nevada. This press 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, such as the legal status of Indian gaming in the State of California. 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 website at www.aces1.com and on the Securities and Exchange Commission's website at www.sec.gov. CONTACT: American Vantage Companies, Las Vegas Audrey Tassinari, Roy Keefer, 702/227-9800 |
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