American Vantage Companies Reports 1998 Earnings.LAS VEGAS--(BUSINESS WIRE)--Oct. 30, 1998--American Vantage Companies (Nasdaq:ACES) Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant announced the results of its operations for the fiscal year ended July July: see month. 31, 1998. Revenues for Fiscal 1998 totaled $8,565,000, down from $9,050,000 for Fiscal 1997. Net income for Fiscal 1998 was $3,069,000 as compared to $4,468,000 for Fiscal 1997. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of was $0.19 and $0.28 for Fiscal 1998 and 1997, respectively. The decrease in net income in 1998 resulted from a reduction in consulting fees from the company's consulting agreement with 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 ; the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of the company's advances and investment in the proposed 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. development for the United Community of Auburn Auburn (ô`bərn). 1 City (1990 pop. 33,830), Lee co., E Ala.; inc. 1839. The city's economy centers around Auburn Univ.; there is some manufacturing. 2 City (1990 pop. 24,309), seat of Androscoggin co. Indians INDIANS. The aborigines of this country are so called. 2. In general, Indians have no political rights in the United States; they cannot vote at the general elections for officers, nor hold office. ($861,000); and reparation Compensation for an injury; redress for a wrong inflicted. The losing countries in a war often must pay damages to the victors for the economic harm that the losing countries inflicted during wartime. These damages are commonly called military reparations. expenses incurred in the refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies of money to investors in a subsidiary, G & L Acquisition Corp. ($550,000). "Revenues and net income were down in Fiscal 1998, but the company's financial strength grew stronger. 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 64% of revenues for the year as compared to 68% in the prior year. Furthermore, the Table Mountain Tribe has recently signed a compact with the State of 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). , extended the company's consulting agreement through June June: see month. 2000 and is undergoing an extensive expansion to provide more gaming, restaurant, entertainment and administrative space at the casino," stated Ronald J. Tassinari, president and chief executive officer. 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 has a gaming consulting contract with the Table Mountain Tribe for the Table Mountain Casino located near Fresno, Calif. 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 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. -0-
American Vantage Companies and Subsidiaries
Consolidated Statements of Income
Years Ended July 31, 1998 and 1997
1998 1997
Revenues:
Casino consulting fees $8,565,000 $9,050,000
Costs and expenses:
Casino consulting 1,709,000 1,597,000
Death care operations 61,000 --
General and administrative 1,205,000 1,133,000
Amortization and depreciation 122,000 144,000
Minority interest in net income of
consolidated subsidiary -- 20,000
3,097,000 2,894,000
Income from operations 5,468,000 6,156,000
Other income (expense):
Interest 907,000 769,000
Loss on disposition of fixed assets -- (4,000)
Gain on sale of land held for investment
or development -- 182,000
Miscellaneous 10,000 --
917,000 947,000
Income before write-off of project costs and
advances, investor reparation expense and
income taxes 6,385,000 7,103,000
Write-off of project costs and advances 861,000 --
Investor reparation expense 550,000 --
Income before income taxes 4,974,000 7,103,000
Income tax expense:
Current:
State 303,000 417,000
Federal 1,604,000 2,218,000
Deferred:
State -- --
Federal (2,000) --
1,905,000 2,635,000
Net income $3,069,000 $4,468,000
Earnings per common share:
Basic $0.20 $0.30
Diluted $0.19 $0.28
Weighted average number of common shares
and common share equivalents:
Basic 15,040,000 14,868,000
Stock options and warrants 1,171,000 1,187,000
Diluted 16,211,000 16,055,000
American Vantage Companies and Subsidiaries
Consolidated Balance Sheets
July 31, 1998 and 1997
1998 1997
ASSETS
Current assets:
Cash and cash equivalents $15,371,000 $12,588,000
Consulting fee and other receivables 180,000 191,000
Refundable income taxes 311,000 555,000
Deferred tax asset 4,000 2,000
Prepaid expenses 31,000 68,000
Total current assets 15,897,000 13,404,000
Property and equipment, net 180,000 212,000
Land held for investment or
development 5,101,000 3,803,000
Other assets:
Restricted cash -- 2,684,000
Consulting agreement acquisition
costs, net -- 396,000
Deposits and other 9,000 273,000
9,000 3,353,000
$21,187,000 $20,572,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $126,000 $56,000
Income taxes payable 10,000 --
Accrued expenses 143,000 101,000
Total current liabilities 279,000 157,000
Minority interest in consolidated
subsidiary -- 974,000
Commitments -- --
Stockholders' equity:
Common stock, $.01 par; 30,000,000 shares
authorized; 15,086,463 and 14,867,958
shares issued and outstanding 151,000 149,000
Preferred stock, $.01 par; 10,000,000 shares
authorized; shares issued and
outstanding - none -- --
Capital in excess of par 3,324,000 4,892,000
Retained earnings 17,433,000 14,400,000
20,908,000 19,441,000
$21,187,000 $20,572,000
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion