American Vantage Companies Reports Higher Fiscal 1997 Earnings.LAS VEGAS--(BUSINESS WIRE)--Oct. 29, 1997--American Vantage Companies (Nasdaq:ACES) Wednesday Wednesday: see week. announced net income of $4,468,000 or 28 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the year ended July July: see month. 31, 1997. This compared with net income of $3,796,000 and 23 cents per share for the year ended July 31, 1996. Revenues for 1997 totaled $9,050,000 as compared to $9,641,000 for 1996. Income from operations and other income (expense) before income taxes increased to $7,103,000 in 1997 from $6,593,000 in 1996. Ronald J. Tassinari, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "We are pleased that we were able to generate earnings in excess of the prior year. The company's balance sheet continues to be strong and our liquidity allows us to evaluate other business opportunities, both within and outside of the gaming industry. "We look forward to continued success in our consulting role 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 and its 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. operation. The Tribe recently announced plans to expand the casino to increase gaming and restaurant operations. The expanded facility will offer the central California Central California can refer to one of several divisions or regions of the U.S state of California:
"In 1998 we will continue with the development and construction of the previously announced funeral home and cemetery cemetery, name used by early Christians to designate a place for burying the dead. First applied in Christian burials in the Roman catacombs, the word cemetery came into general usage in the 15th cent. operation in North Las Vegas, Nevada North Las Vegas is a city in Clark County, Nevada, United States. As of the 2000 census, the city had a total population of 115,488, with a Census Bureau estimate of 197,567 as of 2006, and a Clark County estimate of 202,520 as of July 1, 2006 [2]. . We believe this segment of our business will allow us to provide a service which the community needs and will offer long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. benefits and additional value to our stockholders," Tassinari added. 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 two gaming consulting contracts with Indian tribes INDIAN TRIBE. A separate and distinct community or body of the aboriginal Indian race of men found in the United States. 2. Such a tribe, situated within the boundaries of a state, and exercising the powers of government and, sovereignty, under the national in 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). . One is with the Table Mountain Tribe for the Table Mountain Casino located near Fresno. The second consulting contract is to assist in the development and operation of a gaming facility for the United Auburn Indian Community The United Auburn Indian Community (UAIC) is a Native American tribe comprised mostly of Miwok and Maidu Indians indigenous to the Sacramento Valley region. The historic Auburn Rancheria is located in the Sierra Nevada foothills near Auburn, California. in Placer County near Sacramento. The company is also developing a funeral home and cemetery on a 40-acre parcel of land in North Las Vegas North Las Vegas, city (1990 pop. 47,707), Clark co., SE Nev., a residential suburb of Las Vegas; inc. 1946. Tourism is the economic mainstay of this growing suburb. The city's population more than tripled between 1990 and 2003. . 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, 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. These filings are available from the company free of charge to shareholders by request. They can also be found on the company's Web site at www.aces1.com and on the Securities and Exchange Commission's Web site at www.sec.gov . -0-
American Vantage Companies and Subsidiaries
Consolidated Statements of Income
Year Ended
July 31,
1997 1996
Revenues:
Casino consulting fees $9,050,000 $9,641,000
Costs and expenses:
Casino consulting 1,597,000 2,183,000
General and administrative 1,133,000 856,000
Amortization and depreciation 144,000 111,000
Minority interest in net income
of consolidated subsidiary 20,000 --
2,894,000 3,150,000
Income from operations 6,156,000 6,491,000
Other income:
Other income - interest 769,000 602,000
Loss on disposition of fixed assets (4,000) --
Gain on sale of land held for
investment or development 182,000 --
947,000 602,000
Income before NIGC civil fine
and income taxes 7,103,000 7,093,000
NIGC civil fine -- 500,000
Income before income taxes 7,103,000 6,593,000
Income tax expense:
Current:
State 417,000 463,000
Federal 2,218,000 1,960,000
Deferred:
State -- --
Federal -- 374,000
2,635,000 2,797,000
Net income $4,468,000 $3,796,000
Earnings per common share and
common share equivalent 28 cents 23 cents
Weighted average number of common
shares and common share
equivalents 16,055,000 16,203,000
American Vantage Companies and Subsidiaries
Consolidated Balance Sheets
July 31,
1997 1996
ASSETS
Current assets:
Cash and cash equivalents $12,588,000 $12,578,000
Consulting fee and other receivables 191,000 202,000
Refundable income taxes 555,000 187,000
Deferred tax asset 2,000 2,000
Prepaid expenses 68,000 45,000
Total current assets 13,404,000 13,014,000
Property and equipment, net 212,000 214,000
Land held for development 3,603,000 --
Other assets:
Restricted cash 2,684,000 --
Consulting agreement acquisition
costs, net 396,000 275,000
Deposits and other 273,000 133,000
3,353,000 408,000
$20,572,000 $13,636,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 56,000 $ 51,000
Accrued expenses 101,000 296,000
Total current liabilities 157,000 347,000
Minority interest in consolidated
subsidiary 974,000 --
Commitments -- --
Shareholders' equity:
Common stock, 1 cent par; 30 million shares
authorized; 14,867,958 and 14,367,958
shares issued and outstanding 149,000 144,000
Preferred stock, 1 cent par; 10 million shares
authorized; shares issued and outstanding -
none -- --
Capital in excess of par 4,892,000 3,213,000
Retained earnings 14,400,000 9,932,000
19,441,000 13,289,000
$20,572,000 $13,636,000
CONTACT: American Vantage Companies, 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. Audrey Tassinari, 702/227-9800 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion