American Vantage Companies Reports Results for Second Quarter.Business Editors LAS VEGAS--(BUSINESS WIRE)--March 18, 2002 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 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 :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, 2002, its second quarter of Fiscal 2002. Net loss for the second quarter of Fiscal 2002 was $619,000 ($0.13 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 $410,000 loss ($0.08 loss per basic and diluted share) for the same period in Fiscal 2001. The net loss for the six months ended January 31, 2002 totaled $896,000 or $0.18 per basic and diluted share compared to a net loss of $987,000 or $0.20 per basic and diluted share for the six months ended January 31, 2001. As a part of the Company's acquisition or merger strategy, 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. has been retained to evaluate potential candidates. Increased costs and expenses for the three and six month periods in Fiscal 2002 consisted mainly of financial 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" and legal fees related to 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. in connection with merger and acquisition activity. 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. 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 Securities and Exchange Commission's website 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, 2002 and July 31, 2001
January 31, July 31,
2002 2001
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 10,693,000 $ 11,565,000
Accrued interest - 23,000
Refundable income taxes 1,024,000 1,024,000
Prepaid expenses 69,000 43,000
Total current assets 11,786,000 12,655,000
Property and equipment, net 117,000 125,000
Land held for sale 3,544,000 3,544,000
Investment in unconsolidated
restaurant subsidiary 1,722,000 1,861,000
Other assets 14,000 15,000
$ 17,183,000 $ 18,200,000
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 98,000 $ 153,000
Accrued expenses 114,000 180,000
Total current liabilities 212,000 333,000
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 13,704,000 14,600,000
16,971,000 17,867,000
$ 17,183,000 $ 18,200,000
American Vantage Companies
Consolidated Statements of Loss
Three Months Ended January 31, 2002 and 2001
(Unaudited)
2002 2001
Revenues $ - $ -
Costs and expenses:
Casino consulting 52,000 23,000
General and administrative 579,000 542,000
Amortization and depreciation 5,000 6,000
Loss of unconsolidated
restaurant subsidiary 37,000 15,000
673,000 586,000
Loss from continuing operations (673,000) (586,000)
Other income:
Interest income 54,000 176,000
54,000 176,000
Loss from continuing operations
before income taxes (619,000) (410,000)
Income tax benefit (expense):
Current:
State - 6,000
Federal - 289,000
Deferred:
State -
Federal - (135,000)
- 160,000
Loss from continuing operations (619,000) (250,000)
Discontinued operations:
Discontinued restaurant operation,
net of income tax benefit
($1,000 - 2001) - (2,000)
Discontinued recruitment operation,
net of income tax benefit
($81,000 - 2001) - (158,000)
Net loss $ (619,000) $ (410,000)
Loss per common share -
basic and diluted:
Loss from continuing operations $ (0.13) $ (0.05)
Discontinued operations - (0.03)
Net loss $ (0.13) $ (0.08)
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
American Vantage Companies
Consolidated Statements of Loss
Six Months Ended January 31, 2002 and 2001
(Unaudited)
2002 2001
Revenues $ - $ -
Costs and expenses:
Casino consulting 93,000 54,000
General and administrative 1,020,000 986,000
Amortization and depreciation 9,000 13,000
Income of unconsolidated
restaurant subsidiary (61,000) (165,000)
1,061,000 888,000
Loss from continuing operations (1,061,000) (888,000)
Other income:
Interest income 165,000 364,000
Miscellaneous - 1,000
165,000 365,000
Loss from continuing operations
before income taxes (896,000) (523,000)
Income tax benefit (expense):
Current:
State - 6,000
Federal - 181,000
Deferred:
State -
Federal - 38,000
- 225,000
Loss from continuing operations (896,000) (298,000)
Discontinued operations:
Discontinued restaurant operation,
net of income tax benefit
($33,000 - 2001) - (69,000)
Discontinued recruitment operation,
net of minority interest ($87,000
- 2001); writeoff of goodwill
($250,000 - 2001) and income tax
benefit ($319,000 - 2001) - (620,000)
Net loss $ (896,000) $ (987,000)
Loss per common share -
basic and diluted:
Loss from continuing operations $ (0.18) $ (0.06)
Discontinued operations - (0.14)
Net loss $ (0.18) $ (0.20)
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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